Core Viewpoint - Cangge Mining (000408.SZ) has received approval to resume lithium resource development activities, with plans for its subsidiary Cangge Lithium to restart production on October 11, 2025 [1] Group 1: Company Developments - Cangge Lithium plans to achieve a lithium carbonate production and sales target of 11,000 tons in 2025, having already produced 5,170 tons and sold 4,470 tons in the first half of the year [1] - The temporary production halt lasted for 87 days, but the estimated impact on the company's 2025 financial performance is expected to be minimal [1] - The company will implement measures such as equipment maintenance, production planning, and flexible sales strategies to mitigate the impact of reduced lithium carbonate production and sales on its financial performance [1]

Core Viewpoint - Cangge Mining (000408.SZ) has received approval to resume lithium resource development activities, with plans for its subsidiary to restart production in October 2025 [1] Group 1: Company Developments - Cangge Mining's wholly-owned subsidiary, Golmud Cangge Potash Fertilizer Co., Ltd. has been granted permission by the Haixi Prefecture Natural Resources Bureau and Haixi Salt Lake Management Bureau to resume lithium resource development [1] - Golmud Cangge Lithium Co., Ltd. plans to achieve a lithium carbonate production and sales target of 11,000 tons in 2025, with 5,170 tons produced and 4,470 tons sold in the first half of the year [1] - The temporary production halt lasted for 87 days, but the estimated impact on the company's 2025 financial performance is expected to be minimal [1] Group 2: Operational Strategy - The company will implement measures such as equipment maintenance, enhancing operational stability, and flexible sales strategies to mitigate the impact of reduced lithium production and sales on overall performance [1] - Cangge Mining aims to optimize production planning and respond to customer demand changes to lower production costs and improve profit margins [1]

藏格矿业10月13日公告，全资子公司格尔木藏格钾肥有限公司收到海西州自然资源局、海西州盐湖管理 局下发的《关于同意恢复锂资源开发利用活动的批复》。该《批复》明确同意藏格钾肥恢复锂资源开发 利用活动。根据《批复》要求，公司全资子公司格尔木藏格锂业有限公司于2025年10月11日正式复产。 ...

Core Viewpoint - The company has received approval to resume lithium resource development activities, which is expected to enhance its operational capacity and market position in the lithium sector [1] Group 1 - The company's wholly-owned subsidiary, Geermu Cangge Potash Co., Ltd., has been granted permission by the Haixi Prefecture Natural Resources Bureau and the Haixi Salt Lake Management Bureau to resume lithium resource development [1] - The approval document specifies that Geermu Cangge Lithium Industry Co., Ltd., another wholly-owned subsidiary, will officially resume production on October 11, 2025 [1]

Group 1 - The company announced that its wholly-owned subsidiary, Geermu Cangge Potash Co., Ltd., has received approval from the Haixi Prefecture Natural Resources Bureau and the Haixi Salt Lake Management Bureau to resume lithium resource development activities [1] - The approval document specifies that Geermu Cangge Lithium Industry Co., Ltd., another wholly-owned subsidiary, will officially resume production on October 11, 2025 [1]

Core Insights - Tianqi Lithium Industries (002466) reported that as of September 30, 2025, the number of A-share shareholders is 310,109 [1] Company Summary - Tianqi Lithium Industries has provided an update on its shareholder base, indicating a significant number of A-share shareholders as of the specified date [1]

Core Viewpoint - Cangge Mining (000408) announced the approval for its wholly-owned subsidiary, Golmud Cangge Potash Co., Ltd. ("Cangge Potash"), to resume lithium resource development activities, with production set to restart on October 11, 2025 [1] Group 1: Company Developments - Cangge Potash received approval from Haixi Prefecture Natural Resources Bureau and Haixi Salt Lake Management Bureau to resume lithium resource development [1] - Cangge Lithium Co., Ltd. ("Cangge Lithium"), another wholly-owned subsidiary, plans to achieve a lithium carbonate production and sales target of 11,000 tons in 2025 [1] - The temporary suspension lasted for 87 days, and the estimated impact on the company's 2025 financial performance is minimal [1] Group 2: Production and Sales Metrics - In the first half of the year, Cangge Lithium produced 5,170 tons of lithium carbonate and sold 4,470 tons [1] - The company aims to fully recover production capabilities by the specified date in 2025 [1]

Core Viewpoint - Cangge Mining (000408.SZ) announced the approval to resume lithium resource development activities, which is expected to have a minimal impact on the company's 2025 financial performance [1] Group 1: Company Announcement - Cangge Mining's wholly-owned subsidiary, Golmud Cangge Potash Fertilizer Co., Ltd., received approval from the Haixi Prefecture Natural Resources Bureau and the Haixi Prefecture Salt Lake Management Bureau to resume lithium resource development activities [1] - The subsidiary Golmud Cangge Lithium Industry Co., Ltd. is set to officially resume production on October 11, 2025 [1] - The temporary suspension lasted for a total of 87 days [1] Group 2: Financial Impact - The company anticipates that the impact of the temporary suspension on its 2025 operating performance will be minimal [1]

Core Insights - The report from Guolian Minsheng Securities indicates that lithium concentrate production in Australia is expected to reach 1.0122 million tons in Q2 2025, with a quarter-on-quarter increase of 12.1%, while sales are projected at 1.0703 million tons, up 16.8% from the previous quarter [1] Production and Sales - In Q2 2025, the total lithium concentrate production from major Australian mines is 1.0122 million tons, with a quarter-on-quarter increase of 12.1% [1] - Sales for the same period are 1.0703 million tons, reflecting a quarter-on-quarter increase of 16.8% [1] - The production recovery is attributed to Pilbara's resilience against extreme weather and the significant output from the P1000 project [1] New Projects and Cost Trends - New projects launched in 2024 are still ramping up production, with overall performance below expectations, particularly for Holland and Kathleen Valley mines [2] - Kathleen Valley is transitioning to 100% underground mining, with production guidance for FY2026 expected to grow by 24%-53% compared to FY2025 [2] - The Holland mine continues to incur losses, while Kathleen Valley's costs surged due to low-grade ore, with costs increasing by 12.5% quarter-on-quarter in Q2 2025 [3] Cost Management and Market Conditions - Mainstream mines maintain low cash cost levels, generally below $600 per ton, but the potential for further cost reductions is limited [4] - Cost-cutting measures include reducing labor, improving feed grades, and optimizing processing, but some mines are experiencing rising costs [4] - The ongoing decline in lithium prices poses challenges for Australian companies, impacting their operations [4] Investment Recommendations - The report suggests that during the current lithium cycle, companies with secured resources and increasing production are more resilient [5] - Recommended stocks include Salt Lake Potash (000792.SZ), Zhongjin Lingnan Nonfemet Company (002738.SZ), and Yongxing Materials (002756.SZ) [5]

Report Industry Investment Rating - No information provided on the industry investment rating Core Viewpoint - The expectation of tariff escalation suppresses demand, and lithium prices may face pressure [1] Summary by Relevant Catalogs Fundamental Tracking - **Futures Contracts**: The closing price of the 2511 contract was 72,740 yuan, down 600 yuan from T - 1; the trading volume was 294,783 lots, down 66,310 lots; the open interest was 221,919 lots, down 7,103 lots. The closing price of the 2601 contract was 72,900 yuan, down 540 yuan from T - 1; the trading volume was 108,403 lots, down 26,276 lots; the open interest was 191,709 lots, up 8,305 lots [1] - **Warehouse Receipts**: The warehouse receipt volume was 42,669 lots, up 290 lots from T - 1 [1] - **Basis**: The basis of spot - 2511 was 810 yuan, up 600 yuan from T - 1; the basis of spot - 2601 was 650 yuan, up 540 yuan; the basis of 2511 - 2601 was - 160 yuan, down 60 yuan [1] - **Raw Materials and Lithium Salts**: The price of spodumene concentrate (6%, CIF China) was 839 yuan, down 4 yuan from T - 1; the price of lithium mica (2.0% - 2.5%) was 1,810 yuan, down 25 yuan. The price of battery - grade lithium carbonate was 73,550 yuan, unchanged from T - 1; the price of industrial - grade lithium carbonate was 71,300 yuan, unchanged [1] Macro and Industry News - **Lithium Carbonate Price**: The SMM battery - grade lithium carbonate index price was 73,453 yuan/ton, up 7 yuan/ton from the previous trading day; the average price of battery - grade lithium carbonate was 73,550 yuan/ton, unchanged; the average price of industrial - grade lithium carbonate was 71,300 yuan/ton, unchanged [2] - **Mining Rights**: Zangge Mining's subsidiary received the "Real Estate Certificate (Mining Right)" and "Mining License" for the Chaerhan Salt Lake Potash and Magnesium Mine, with an area of 724.3493 square kilometers and mining depths from 2680 meters to 2658 meters. The main ore is potash salt, and associated ores include salt, magnesium salt, lithium ore, and boron ore [3] - **Lithium Purchase Delay**: Ford postponed its plan to purchase lithium from Liontown and cancelled the plan to apply for electric vehicle tax credits. Due to the decline in electric vehicle sales, Ford will not obtain any lithium resources from Liontown's Kathleen Valley project in 2027 and 2028, and the future delivery volume will be halved to 256,250 tons [3] Trend Intensity - The trend intensity of lithium carbonate is - 1, indicating a weak bearish outlook [3]