Group 1 - The core viewpoint of the article highlights that domestic lithium carbonate demand is projected to reach 102,000 tons by August 2025, marking a month-on-month increase of 7.49%, setting a new historical high [1] - Current lithium carbonate inventory remains above 140,000 tons, but the available days have been decreasing over the past six months, leading to increased price elasticity [1] - Specific demand drivers include a month-on-month increase of 8% in lithium carbonate demand from lithium iron phosphate, significant growth in energy storage demand estimated at 40%-50% for 2026, and a 12% increase in demand from ternary materials due to downstream replenishment [1] Group 2 - The market atmosphere indicates a rapid increase in warehouse receipts, with the virtual-to-real ratio returning to a low level, suggesting significant resistance to upward price breakthroughs unless explosive news arises [3] - Potential short-selling opportunities include the production ramp-up of major salt lake projects and the possibility that reductions in Jiangxi may not meet expectations, likely leading to an increase in domestic lithium carbonate production [3] - Overall, before the National Day holiday, the market is expected to continue a tug-of-war between strong realities and weak expectations, with lithium carbonate prices fluctuating around 70,000 yuan [5]

Group 1: Company Performance and Financials - The company plans to distribute a cash dividend of 2.95 billion in mid-2024 and 3.14 billion in mid-2025, emphasizing shareholder returns [3][4] - The average selling price of electricity in 2025 is expected to decline compared to 2024 due to market reforms [7] - The revenue from wind and solar power generation in 2024 is projected to be 1.638 billion, a year-on-year increase of 4.92%, with this segment now accounting for over 50% of total revenue [11] Group 2: Lithium Mining and Market Strategy - The Li family mine project has a designed capacity of 4,200 tons per day, with an annual output of 180,000 tons, expected to generate over 900 million in revenue at current lithium prices [8][12] - The company is actively exploring new storage technologies and solid-state battery technologies, indicating a strategic shift towards these emerging markets [9][12] - The company has committed to avoiding competition with its controlling shareholder, ensuring that business operations remain distinct [15] Group 3: Market Challenges and Responses - The company acknowledges that its stock price has lagged behind various indices, attributing this to macroeconomic factors and market sentiment [7][10] - The company is focused on enhancing its market value management and improving communication with investors to address concerns about stock performance [4][10] - The company plans to increase its lithium production capacity to 6,000 tons per day, with a focus on optimizing production costs and maximizing profitability [12][14] Group 4: Future Projects and Developments - The company has ongoing wind and solar projects with a total installed capacity of 2.07 million kilowatts, expected to be operational between 2026 and 2028 [11][12] - The company is exploring partnerships for solid-state battery production, indicating a proactive approach to future energy storage solutions [9][12] - The company is conducting geological studies in the Ganzi and Aba regions to secure additional lithium mining rights [9][10]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Last week, the market was centered around the resumption of Ningde's lithium mines, and prices stabilized at the previous low level. The market's initial reaction to the news of Ningde's potential mine resumption was a jump - gap lower opening, but after further verification, prices stabilized. The previous low prices may indicate that after the resource - disturbance logic ends, anti - involution could be the next topic in the long - short game [3]. - The fundamental situation remains bearish, but the risk of resource disturbances is less than that of involution governance policies, and lithium prices will fluctuate. The expected resource disturbances in Jiangxi are likely to be limited, while more detailed involution governance policies may be implemented in September. New energy vehicle sales are weakening both year - on - year and month - on - month, and fiscal subsidies mainly support the power terminal without significantly boosting it. The subsidy funds may flow more to service - oriented industries. The energy storage industry remains hot, with improved profits and positive order trends. Supply may decline slightly due to weakening prices, but the supply elasticity during the decline is relatively small, and the marginal variables in the fundamentals are limited [3][14]. 3. Summary by Relevant Catalogs 3.1 Market Data | Indicator | 2025/9/12 | 2025/9/5 | Change | Change Rate | Unit | | --- | --- | --- | --- | --- | --- | | Imported lithium ore (1.3% - 2.2%) | 138 | 144 | - 6.50 | - 4.51% | USD/ton | | Imported lithium concentrate (5.5% - 6%) | 821 | 856 | - 35.00 | - 4.09% | USD/ton | | Domestic lithium concentrate (5.5% - 6%) | 821 | 856 | - 35 | - 4.09% | CNY/ton | | Spot exchange rate: USD/CNY | 7.122 | 7.138 | - 0.02 | - 0.22% | / | | Battery - grade lithium carbonate spot price | 7.12 | 7.43 | - 0.31 | - 4.17% | Ten thousand CNY/ton | | Industrial - grade lithium carbonate spot price | 7.07 | 7.30 | - 0.23 | - 3.15% | Ten thousand CNY/ton | | Lithium carbonate main contract price | 7.12 | 7.39 | - 0.27 | - 3.65% | Ten thousand CNY/ton | | Battery - grade lithium hydroxide (coarse - grained) | 7.40 | 7.58 | - 0.18 | - 2.37% | Ten thousand CNY/ton | | Battery - grade lithium hydroxide (fine - grained) | 7.90 | 8.05 | - 0.15 | - 1.86% | Ten thousand CNY/ton | | Total lithium carbonate inventory | 91541 | 93844 | - 2303 | - 2.45% | ton | | Lithium iron phosphate price | 3.38 | 3.40 | - 0.02 | - 0.59% | Ten thousand CNY/ton | | Lithium cobalt oxide price | 21.50 | 21.50 | 0.00 | 0.00% | Ten thousand CNY/ton | | Ternary material price: 811 | 14.50 | 14.55 | - 0.05 | - 0.34% | Ten thousand CNY/ton | | Ternary material price: 622 | 12.45 | 12.65 | - 0.20 | - 1.58% | Ten thousand CNY/ton | [5] 3.2 Market Analysis and Outlook 3.2.1 Last Week's Market Analysis - Regulatory and delivery: As of September 12, 2025, the total warehouse receipt scale of the Guangzhou Futures Exchange was 38,625 tons, and the latest matching transaction price was 70,800 CNY/ton. The open interest of the main contract 2511 was 309,400 lots [7]. - Supply side: As of September 12, the weekly production of lithium carbonate was 21,000 tons, an increase of 250 tons from the previous period. Vulcan Energy received approval to build a lithium salt project in the Hoechst Industrial Park, with a planned first - phase capacity of about 24,000 tons and expansion expectations in the second phase [7]. - Lithium salt import: In July, the import volume of lithium carbonate was about 13,800 tons, a month - on - month decrease of 21.8% and a year - on - year decrease of 42.7%. Imports from Chile were about 8,584 tons, a month - on - month decrease of 27.6%, accounting for about 62.2%. Imports from Argentina were 3,950 tons, a month - on - month decrease of 22.5%, accounting for about 28.6%. Chile's lithium carbonate exports in July were about 20,900 tons, a year - on - year and month - on - month increase of 4%/43%. Exports to China were about 13,600 tons, a year - on - year decrease of 13% and a month - on - month increase of 33%, accounting for about 65.07% of Chile's total exports [7]. - Lithium ore import: In July, the total import of lithium ore was about 750,700 tons, a month - on - month increase of 30.3%. Imports from Australia were 427,000 tons, a month - on - month increase of 67.2%, accounting for about 56.88%; imports from Zimbabwe were about 64,000 tons, a month - on - month decrease of 36.2%, accounting for about 8.5%; imports from South Africa were about 106,000 tons, a month - on - month increase of 8.1%, accounting for 14.1%; imports from Nigeria were about 116,000 tons, a month - on - month increase of 47.3%. The significant increase in lithium spodumene concentrate imports in July was mainly due to the higher relative economic efficiency of spodumene ore after the sharp rise in mica ore prices [8][9]. - Demand side: - Downstream cathode materials: As of September 12, the total production of lithium iron phosphate was about 78,307 tons, the operating rate was 68.9%, an increase of 1.2 percentage points from the previous period, and the inventory was 49,550 tons, an increase of 350 tons from the previous period. The total production of ternary materials was about 17,860 tons, the operating rate was 46.76%, an increase of 0.05 percentage points from the previous period, and the inventory was 12,875 tons, a decrease of 40 tons from the previous period. The price of ternary materials slightly increased, while the price of lithium iron phosphate decreased. The demand for cathode materials is mainly driven by energy storage [10]. - New energy vehicles: From September 1 - 7, the retail sales of new - energy passenger vehicles in China were 181,000 units, a year - on - year decrease of 3% and a month - on - month decrease of 1%. The retail penetration rate of the new - energy market was 59.6%, and the cumulative retail sales since the beginning of the year were 7.752 million units, a year - on - year increase of 25%. The growth rate of new - energy vehicle consumption weakened both year - on - year and month - on - month, mainly due to the high sales base in August 2025 and the subsidy policy focusing on high - end models [11]. - Inventory: As of August 29, the total lithium carbonate inventory was 100,834 tons, a decrease of about 5,221 tons from the previous period. Factory inventory was 25,165 tons, a decrease of about 590 tons from the previous period; market inventory was 75,669 tons, a decrease of about 4,631 tons from the previous period. Exchange inventory was 29,887 tons, an increase of 4,897 tons from the previous week [12][13]. 3.2.2 This Week's Outlook The expectation of capacity reduction still exists, and lithium prices will fluctuate. The fundamental bearish pattern remains unchanged, with the risk of resource disturbances being less than that of involution governance policies [14]. 3.3 Industry News - KoBold Metals obtained 7 exploration licenses for lithium and other minerals in the Democratic Republic of the Congo [15]. - The "Dobra" lithium mine project, which may be the first project of the US - Ukraine joint investment fund, is expected to emerge. Ukraine has launched a public tender for the mining rights of the lithium deposit in Kirovohrad Oblast [15]. - Jiangxi Yongxing's supporting mining right obtained a three - year ceramic clay safety production license, with an annual mining scale of 3 million tons. The risk of suspension of production in Jiangxi's lithium mining sector remains, and further attention should be paid to enterprise dynamics [15]. - Galan Lithium received an investment of 20 million Australian dollars and is expected to start production in early 2026. The first - phase capacity of the Hombre Muerto West (HMW) project is 4,000 tons of LCE per year [15]. 3.4 Relevant Charts The report provides multiple charts showing the price and production trends of lithium carbonate, battery - grade lithium hydroxide, lithium iron phosphate, ternary materials, etc., as well as the import and supply structure of lithium carbonate [17][19][21][24][26][27][28].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Lithium Mining and Production in China - **Key Players**: Tianqi Lithium, Ganfeng Lithium, Qinghai Salt Lake Industry (QSLI) Core Insights and Arguments 1. **Supply Disruption Risks**: The Chinese government is investigating mining rights, which may lead to supply disruptions. Eight lepidolite mines in Yichun need verification as lithium mines, requiring new mining licenses and production permits. The Jianxiawo mine could potentially receive a new license in three months if the process is expedited [1][2][4] 2. **Demand Dynamics**: Battery demand, particularly for energy storage systems, is expected to be stronger than market forecasts. Year-over-year (YoY) growth in lithium demand in China continues to outpace supply growth as of September [2][4] 3. **Inventory Trends**: Lithium carbonate and hydroxide inventories are expected to decline, with downstream producers restocking due to improved demand outlook. Upstream producers are anticipated to destock lithium chemicals [2][4] 4. **CAPEX Trends**: Downstream capital expenditures (CAPEX) from battery producers are outpacing those of lithium producers, indicating a positive medium- to long-term outlook for lithium prices. Increased demand for solid-state batteries is seen as a potential driver for downstream CAPEX expansion [3][4] 5. **Market Sentiment**: The overall sentiment towards China's lithium sector remains constructive due to strong demand, improved inventory structures, and a mismatch in CAPEX expansion between upstream and downstream sectors. However, there are potential downside risks if supply disruptions are less severe than anticipated [4] Additional Important Insights 1. **Investment Preferences**: The preferred order of investment in lithium companies is Tianqi > Ganfeng - A > QSLI > Ganfeng - H, reflecting varying levels of confidence in their performance [4] 2. **Risks and Opportunities**: - **Downside Risks**: Include weakening lithium demand, less severe supply disruptions, increased CAPEX for current projects, and high acquisition costs for other lithium targets [29][31][33] - **Upside Risks**: Include worse-than-expected supply disruptions, earlier-than-expected demand drivers, quicker expansion of key mines, and lower acquisition costs for lithium targets [30][32][34] 3. **Regulatory Environment**: The ongoing mining rights investigation poses a significant risk to the sector, with potential regulatory changes impacting production and supply dynamics [28][4] 4. **Price Targets and Ratings**: Current price targets for key companies are as follows: - **Tianqi Lithium**: Buy, Rmb 46.24 - **Ganfeng Lithium - A**: Buy, Rmb 48.90 - **Qinghai Salt Lake Industry**: Buy, Rmb 20.71 - **Ganfeng Lithium - H**: Neutral, HK$ 36.82 [45] This summary encapsulates the critical insights from the conference call regarding the lithium industry in China, highlighting both the opportunities and risks present in the current market landscape.

Report Overview - The report is about the lithium carbonate market, dated September 15, 2025, titled "Lithium Carbonate: Supply and Demand Both Increase, Operating Under Pressure" [1] Industry Investment Rating - No investment rating is provided in the report Core View - The lithium carbonate market shows a situation of both supply and demand increasing, and the price is under pressure. The trend strength of lithium carbonate is -1, indicating a relatively bearish view [1][3] Summary by Related Catalogs Fundamental Tracking - **Futures Market Data**: For the 2511 contract, the closing price was 71,160, with a decrease compared to previous periods (e.g., -3,100 compared to T - 5). The trading volume was 410,989, also showing a decline. The open interest was 309,402, which decreased as well. Similar trends were observed for the 2601 contract [1] - **Basis and Other Data**: The basis between spot and 2511 contract was 1,290, with fluctuations over different time intervals. The difference between electric - grade and industrial - grade lithium carbonate was 2,250, remaining stable on the latest day [1] - **Raw Material and Lithium Salt Prices**: The price of lithium spodumene concentrate (6%, CIF China) was 842, showing a downward trend. Battery - grade lithium carbonate was priced at 72,450, down 400 from the previous day [1] Macro and Industry News - SMM's battery - grade lithium carbonate index price was 72,398 yuan/ton, down 406 yuan/ton from the previous workday. Battery - grade lithium carbonate was in the range of 7.09 - 7.4 million yuan/ton, with an average of 7.245 million yuan/ton, down 400 yuan/ton. Industrial - grade lithium carbonate was in the range of 6.96 - 7.08 million yuan/ton, with an average of 7.02 million yuan/ton, down 400 yuan/ton [2] - On September 12, 2025 (Argentine local time), Zijin Mining's Lithium Industry Kesi 3Q lithium salt lake project with an annual production capacity of 20,000 tons of lithium carbonate was put into operation. The second - phase project with a planned capacity of 40,000 tons/year is in the pre - work stage. After full operation of both phases, the annual capacity is expected to reach 60,000 - 80,000 tons [3] Trend Intensity - The trend intensity of lithium carbonate is -1, within the range of [-2, 2]. A value of -2 represents the most bearish view, and 2 represents the most bullish view [3]

Core Viewpoint - Tianhua New Energy plans to acquire 75% equity of Suzhou Tianhua Times New Energy Industry Investment Co., Ltd. from its controlling shareholder for approximately 1.25 billion yuan, despite the target company's zero revenue in the first half of 2025 but a net profit exceeding 86.43 million yuan [1][2]. Group 1: Acquisition Details - The acquisition is aimed at integrating the controlling shareholder's lithium mining assets into the listed company [1]. - The target company, Suzhou Tianhua Times, focuses on overseas lithium resource investment and development, with total assets of approximately 1.816 billion yuan and net assets of about 1.67 billion yuan as of June 30, 2025 [2]. - The net profit of Suzhou Tianhua Times primarily comes from the reversal of bad debt provisions and returns from idle fund investments [2]. Group 2: Financial Aspects - The acquisition price of approximately 1.25 billion yuan is based on a professional valuation, with the total equity of Suzhou Tianhua Times valued at around 1.67 billion yuan [4]. - The payment for the acquisition must be completed within 30 working days after the transaction date [4]. - The controlling shareholder, Pei Zhenhua, has made a commitment for future impairment compensation based on a valuation to be conducted by an accounting firm by December 31, 2027 [5]. Group 3: Corporate Governance - The transaction has been approved by Tianhua New Energy's board and will require further approval from the shareholders' meeting [3]. - The company asserts that the transaction adheres to principles of fairness, voluntariness, and reasonableness, with no harm to the interests of the company and its shareholders [1].

今日关注 当地时间9月14日下午，中美双方在西班牙马德里就有关经贸问题开始举行会谈。 宏观经济 1、从9月15日开始，我国首部专门规范住房租赁活动的行政法规《住房租赁条例》正式施行，这标志着 住房租赁市场将从"野蛮生长"迈入依法规范成长的新阶段。 2、新华社：消费者对预制菜的安全性、营养性和价值存疑，是长期信息不透明、标准差异大、监管执 行不一造成的。要重拾消费者的信任，先得把预制菜拿到阳光下晒一晒。 3、为保持银行体系流动性充裕，中国人民银行将在9月15日以固定数量、利率招标、多重价位中标方式 开展6000亿元6个月期限买断式逆回购操作。 4、2025年夏粮旺季收购进入收尾阶段。国家粮食和物资储备局最新统计数据显示，全国各类粮食经营 主体累计收购小麦超1亿吨，收购进展整体顺利。 5、为加强食品安全监管队伍建设，提升食品安全检查员专业化水平，市场监管总局研究起草了《食品 安全检查员管理暂行办法(征求意见稿)》，近期面向社会公开征求意见，意见反馈截止日期为2025年10 月13日。 6、为期三天的2025中国文化旅游产业博览会现场达成60项合作成果，签约总金额达到240.921亿元。 1、据中国证券报，近期，证 ...

2023年，天华新能也曾筹划收购苏州天华时代60%股权，但最终因交易条件不成熟而终止。 长江商报消息 时隔一年多，天华新能（300390.SZ）再度向实际控制人收购目标公司股权。 9月12日晚间，天华新能发布公告，公司拟与裴振华签署协议，向其收购苏州天华时代新能源产业投资 有限责任公司（以下简称"苏州天华时代"或"标的公司"）75%股权，交易对价约为12.54亿元。 交易对方裴振华系天华新能实际控制人，本次交易构成关联交易。 天华新能称，目标公司聚焦海外锂矿资源投资和开发，通过本次收购，将实际控制人在锂矿资源的投资 和开发转至上市公司体内，并消除潜在同业竞争风险。 备受关注的是，苏州天华时代还有一名股东，那就是全球"动力电池一哥"宁德时代，持股25%。 押注上游，天华新能能否达到预期，有待观察。 近几年，受锂盐产品价格下跌影响，天华新能业绩承压。历经连续2年下降后，2025年上半年，公司实 现的营业收入为34.58亿元，同比下降近7%；归母净利润为-1.56亿元，为近10年来首次中期亏损。 重启收购实控人名下公司 重启收购，天华新能试图将实际控制人裴振华名下公司纳入上市公司体系。 根据最新公告，天华新能拟与裴 ...

Core Insights - The overall performance of Sichuan A-share listed companies in the first half of 2025 shows a total revenue of 549.6 billion yuan, a year-on-year increase of 2.61%, and a net profit attributable to shareholders of 56.4 billion yuan, with a growth rate of 7.02% [2] Group 1: Traditional Industries - The food and beverage sector, particularly the liquor industry, has shown robust performance, with Wuliangye leading with a net profit of 19.49 billion yuan and a sales gross margin of 99.52% [2] - Luzhou Laojiao follows with a net profit of 7.66 billion yuan and a sales gross margin of 87.09% [2] - Shede Distillery reported a net profit of 443 million yuan with a sales gross margin of 65.71% [2] Group 2: Emerging Sectors - New energy sectors faced challenges, with Tongwei Co. reporting a net loss of 4.96 billion yuan due to a 42% drop in photovoltaic silicon material prices [2] - Emerging sectors like military, communication, and hydrogen energy have shown rapid growth, with Shudao Equipment's net profit soaring by 5972.30% to 10.15 million yuan [2] - NewEase's net profit reached 3.94 billion yuan, a year-on-year increase of 355.68%, driven by a 350% increase in shipments of high-speed optical modules [2] Group 3: R&D Investment - Total R&D expenses for the 179 Sichuan companies reached 12.35 billion yuan, a year-on-year increase of 12.3%, significantly outpacing revenue growth [2] - Tongwei invested 533 million yuan in photovoltaic technology, while Dongfang Electric increased R&D spending by 16.45% focusing on hydrogen energy projects [2] Group 4: Performance Disparity - There is a notable performance disparity among Sichuan companies, with leading firms like Sichuan Changhong achieving a revenue of 56.7 billion yuan and a net profit increase of 78.6% [2] - Conversely, companies like *ST Lihang and *ST Zhisheng reported losses of 44.57 million yuan and 32.88 million yuan, respectively, highlighting the challenges faced by some firms [2] - 41% of the 179 companies experienced a net profit decline of over 10% year-on-year, indicating significant pressure from macroeconomic conditions and market competition [2][3]

Group 1 - The discovery of 1500 tons of gold in Liaoning marks a significant breakthrough in China's gold exploration, positioning it among the world's top gold mines [1][2][13] - This discovery enhances China's economic security and its status in the global mineral resource landscape, shifting from a passive consumer to an active player with increased pricing power [2][4] Group 2 - The Chinese government has invested nearly 450 billion yuan in geological exploration during the 14th Five-Year Plan, leading to significant discoveries across various mineral sectors, including oil and gas [2][4] - The emergence of a new "Asia Lithium Belt" across multiple provinces supports the growth of China's new energy industry, while breakthroughs in helium extraction technology reduce reliance on imports [4][11] Group 3 - Advanced drilling technologies have enabled significant discoveries, with China's deep drilling record reaching 4006.17 meters, showcasing the country's technological advancements in mineral exploration [6][11] - The increase in mineral resources, including oil, natural gas, and strategic minerals, strengthens China's economic resilience against global market fluctuations [7][8] Group 4 - The discovery of high-purity quartz, essential for high-tech industries, reflects China's shift towards innovative and efficient mineral exploration strategies [11][13] - The narrative of China transitioning from a resource-poor nation to a strong exploration power highlights the importance of technological prowess and sustained efforts in resource management [13]