Market Overview - The three major A-share indices collectively rose in early trading, with the Shanghai Composite Index up 0.35% at 3778.95 points, the Shenzhen Component Index up 2.01%, and the ChiNext Index up 3.48% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.396 trillion yuan, a decrease of 222.7 billion yuan compared to the previous day, with over 3900 stocks rising across the market [1] Sector Performance - The solid-state battery sector saw significant gains, with stocks like Jinyinhai and Huasheng Lithium hitting the daily limit up, and several other stocks such as Tianqi Materials and Guanghua Technology also experiencing substantial increases [1] - Leading companies in the solid-state battery sector reported a substantial order growth of 80% [1] - Lithium mining stocks surged due to anticipated production cuts, with stocks like BQ Materials hitting the daily limit up, and Ganfeng Lithium and Tianqi Lithium rising over 5% [1] - The photovoltaic equipment sector strengthened, with stocks like Aina Ju rising nearly 15%, and others like Canadian Solar and Sunshine Energy increasing over 10% following a government plan addressing low-price competition in photovoltaic products [1] - CPO concept stocks rebounded, with Tengjing Technology hitting the daily limit up, and other stocks like Woge Optoelectronics and Kechuan Technology rising by 10% [1] Declines in Other Sectors - Banking stocks experienced a pullback, with Postal Savings Bank and Agricultural Bank both declining over 2% [1] - The consumer sector faced widespread declines, particularly in tourism, food and beverage, and retail, with stocks like Guoguang Chain hitting the daily limit down and others like Miaokelando and Changbaishan dropping over 7% [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The lithium carbonate futures rose as the market speculated on the change of mine types in Yichun. However, in the afternoon, the increase narrowed due to the broader decline in the A - share market. With the spot price remaining higher than the futures price, stronger price - holding at the mine end, the arrival of the peak demand season, and the uncertainty of the mine type change in Yichun, lithium prices are expected to stop falling and rebound [10] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The lithium carbonate futures increased, with the main contract reaching a maximum of 74,440. The spot price dropped by 900 to 75,000, the Australian ore price remained flat at 850, and the lithium mica ore price dropped by 20 to 1,865. The production losses of salt plants using purchased lithium spodumene and lithium mica expanded to 1,567 and 6,991 respectively [10] 3.2 Industry News - Salt Lake Co., Ltd. (000792) responded to the policy investigation on the compliance of salt - lake lithium extraction mining rights in Qinghai, stating that its mining business is fully compliant and production is stable [13] - Ascend Elements announced the first commercial production of black recycled lithium carbonate with a purity of over 99% at its facility in Georgia. The company plans to expand the annual production of recycled lithium carbonate in the US and Europe to over 15,000 tons by 2027 [13]

Core Viewpoint - The recent surge in lithium mining stocks in the A-share market is primarily driven by expectations of potential production cuts in China, particularly following the suspension of operations at the Jiangxiawo mine, which is one of the largest lithium mines globally [1][2]. Group 1: Market Performance - Lithium mining stocks such as Yiwei Lithium Energy, Xinwanda, and Guocheng Mining have seen increases of over 6%, while companies like Ganfeng Lithium and Zhongkuang Resources have risen over 5% [1]. - Notable stock performances include: - Yiwei Lithium Energy: 6.44% increase, market cap of 145.7 billion - Xinwanda: 6.16% increase, market cap of 49.6 billion - Guocheng Mining: 6.12% increase, market cap of 17 billion - Ganfeng Lithium: 5.50% increase, market cap of 88 billion - Zhongkuang Resources: 5.03% increase, market cap of 30 billion [2]. Group 2: Supply and Price Implications - The suspension of production at the Jiangxiawo mine, which accounts for approximately 3% of global lithium production, is expected to reduce short-term supply of lithium carbonate, potentially leading to upward pressure on prices [1]. - UBS has predicted that lithium spodumene prices may increase by 32% over the next three years due to the impact of Chinese lithium mine suspensions, while lithium chemical prices could rise by 17% [1]. - Potential supply disruption risks have been highlighted, including the operations of companies like Ningde Times and Cangge Mining, as well as the closure of several mica mines in Yichun, Jiangxi province, after September 30 [1].

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - Due to the previous resource - end disturbances, production scheduling has increased slightly. On the demand side, as new energy vehicles are in the off - season, the increase in production scheduling of cathode factories is limited. In terms of inventory, social inventory fluctuates at a high level, showing a pattern of inventory moving from upstream to downstream, but the actual consumption is not large, and downstream companies have stocked up a large amount of raw materials, weakening their subsequent purchasing power. It is expected that the supply - demand will be in a tight balance in September. Overall, although the supply - demand is in a tight balance, downstream companies have sufficient inventory and the terminal market is in the off - season, so the futures price is expected to fluctuate weakly. During this process, be vigilant about small rumors from the mining end before the 30th [2]. 3. Summary by Relevant Content Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 75,000 yuan/ton, down 900 yuan/ton; the average price of SMM industrial - grade lithium carbonate is 72,700 yuan/ton, down 900 yuan/ton [1]. Lithium Ore Prices - The average price of lithium spodumene concentrate (CIF China) is 874 yuan/ton, up 2 yuan/ton [1]. Futures Contract Prices - The closing price of lithium carbonate 2509 is 73,000 yuan/ton, with a decline of 0.27%; the closing price of lithium carbonate 2510 is 73,340 yuan/ton, with an increase of 0.88%; the closing price of lithium carbonate 2511 is 73,420 yuan/ton, with an increase of 1.05%; the closing price of lithium carbonate 2512 is 73,580 yuan/ton, with an increase of 1.1%; the closing price of lithium carbonate 2601 is 73,560 yuan/ton, with an increase of 1.16% [1]. Positive Electrode Material Prices - The price of lithium iron phosphate (power - type) is 33,995 yuan/ton, down 215 yuan/ton; the price of ternary material 523 (single - crystal/power - type) is 118,700 yuan/ton, down 100 yuan/ton; the price of ternary material 613 (single - crystal/power - type) is 123,625 yuan/ton, down 100 yuan/ton [2]. Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 2,300 yuan/ton; the difference between battery - grade lithium carbonate and the main contract is 1,580 yuan/ton, down 2,440 yuan/ton; the difference between the near - month and the first - continuous contract is - 80 yuan/ton, down 60 yuan/ton; the difference between the near - month and the second - continuous contract is - 240 yuan/ton, down 100 yuan/ton [2]. Inventory - The total weekly inventory is 140,092 tons, down 1,044 tons; the weekly inventory of smelters is 39,475 tons, down 3,861 tons; the weekly inventory of downstream is 55,207 tons, up 2,407 tons; the weekly inventory of others is 45,410 tons, up 410 tons; the daily registered warehouse receipts are 830 tons [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 75,475 yuan/ton, and the profit is - 1,567 yuan/ton; the cash cost of purchasing lithium mica concentrate externally is not clearly given, and the profit is - 6,991 yuan/ton [2].

Core Insights - The recent surge in lithium stocks in the A-share market is primarily driven by expectations of potential production cuts in China [1] - The suspension of production at the Jiangxiawo mine, operated by CATL, has raised concerns about supply disruptions, potentially leading to increased lithium carbonate prices [1] - UBS predicts that lithium spodumene prices may rise by 32% and lithium chemical prices by 17% over the next three years due to these supply interruptions [1] Company Performance - Yihui Lithium Energy (亿纬锂能) saw a price increase of 6.44%, with a market capitalization of 145.7 billion and a year-to-date increase of 54.05% [2] - XWANDA (欣旺达) increased by 6.16%, with a market cap of 49.6 billion and a year-to-date increase of 21.43% [2] - Guocheng Mining (国城矿业) rose by 6.12%, with a market cap of 17 billion and a year-to-date increase of 26.91% [2] - Ganfeng Lithium (赣锋锂业) increased by 5.50%, with a market cap of 88 billion and a year-to-date increase of 22.74% [2] - Zhongmin Resources (中矿资源) rose by 5.03%, with a market cap of 30 billion and a year-to-date increase of 18.76% [2] - Other notable increases include Weiling Co. (威领股份) at 4.57%, CATL (宁德时代) at 4.44%, and Defang Nano (德方纳米) at 4.43% [2]

公司已于2025年9月2日以每股H股29.28港元的配售价成功向不少于6名承配人(为独立专业或机构投资 者)配发及发行合共4002.56万股新H股，相当于经配售及已发行配售股份扩大后已发行H股数目的 9.02%。 9月2日，赣锋锂业发布公告，公司配售协议中载列的所有配售先决条件已获满足(包括获得上市批准)， 配售于2025年9月2日完成。 香港联交所最新资料显示，9月4日，赣锋锂业（002460）(01772)股东将股票由法国巴黎银行转入花旗 银行，转仓市值5.25亿港元，占比3.89%。 ...

Group 1 - The core point of the article highlights the recent stock transfer of Ganfeng Lithium (01772) from BNP Paribas to Citibank, with a market value of HKD 525 million, representing 3.89% of the total shares [1] - On September 2, Ganfeng Lithium announced that all conditions precedent for its placement agreement had been met, including obtaining listing approval, with the placement completed on September 2, 2025 [1] - The company successfully issued a total of 40.0256 million new H-shares at a placement price of HKD 29.28 per share to no fewer than six independent professional or institutional investors, which corresponds to 9.02% of the enlarged issued H-shares after the placement [1]

让 优 秀 被 发 € 175 - 6 ■ th th 16 D 扫码咨询 扫码报名 参部件年度贡献奖 中国汽公 申报第十届铃轩奖 主 流 车 企 研 发 采 购 专 家 评 选 年 度 零 部 件 推 CC . 17 作者 / 吴 静 编辑 / 黄大路 设计 / 张 萌 从身家千万，到穿仓破产，仅用了三个交易日。 2025年8月8日，周五，华南一家期货公司客户手中持有碳酸锂主力合约1750手，账户权益为1620万元。 周六周日平安无事，但是周一，8月11日，开盘后，碳酸锂期货突然直接封死涨停，账户权益骤降至700余万元，保证金使用率升至240%。 8月12日，期货公司以涨停价88840元/吨挂单集合竞价平仓，导致该客户每手净亏损11880元，总亏损不仅耗尽本金1600万元，还导致穿仓损失464万 元。 随后，"投资人做空碳酸锂期货穿仓亏完1600万本金倒欠464万"的消息就登上热搜。这一惨剧的导火索正是一则宁德时代矿产停产消息。 8月11日，宁德时代在互动平台回答投资者提问时表示，公司在宜春项目采矿许可证8月9日到期后已暂停了开采作业，正按相关规定尽快办理采矿证 延续申请，待获得批复后将尽早恢复生产。 虽然 ...

Core Viewpoint - The recent rebound in lithium carbonate futures indicates a potential market bottom, but long-term price support remains uncertain due to high inventory levels and supply chain dynamics [1][4]. Supply and Demand Analysis - As of August 28, lithium carbonate production capacity utilization was at 48.44%, with a weekly output of 15,200 tons, reflecting a 1.3% decrease from the previous period [2]. - The utilization rates for ternary materials and lithium iron phosphate were 56% and 63%, respectively, indicating stable production levels in the current demand environment [2][3]. Market Sentiment and Price Dynamics - The market is currently focused on the mining permit changes for the remaining seven mines in Jiangxi, with speculation about the resumption of operations at the Jiangxiawo mine by September 20 [4]. - Analysts suggest that the recent price decline is more influenced by market sentiment and futures trading rather than fundamental supply-demand factors, which remain strong [4].

Core Viewpoint - Tianqi Lithium's H1 2025 financial results show a revenue of 4.833 billion yuan, a year-on-year decrease of 24.71%, while net profit attributable to shareholders reached 84.41 million yuan, reflecting a significant increase of 101.62% year-on-year. The company anticipates a recovery in performance in the second half of the year due to recent increases in lithium carbonate prices [1] Financial Performance - In H1 2025, the company's gross margin was 39.73%, down 12.08 percentage points year-on-year. The Q2 gross margin was 34.46%, a decrease of 9.86 percentage points quarter-on-quarter, primarily due to falling prices of lithium carbonate and spodumene [2] - The average price of lithium carbonate in Q2 was 65,300 yuan per ton, down 13.92% quarter-on-quarter, while the average price of spodumene was 713.6 USD per ton, down 14.5% [2] - The company's total expenses for H1 were 23 million yuan, with an expense ratio of 0.48%, down 8.00 percentage points year-on-year. Financial expenses turned negative at -268 million yuan due to foreign exchange losses [2] Market Dynamics - Recent disruptions in lithium resource supply have led to an increase in lithium prices. Notable disruptions include the suspension of production at the salt lake owned by Zangge Mining and the Yichun mine operated by CATL [3] - The combined production capacity of the suspended projects is significant, which is expected to impact domestic lithium supply and support an increase in lithium carbonate prices to around 80,000 yuan per ton [3] Project Developments - The CGP3 project is expected to commence production by the end of 2025, with a planned capacity of 520,000 tons per year. The company has already established lithium concentrate production capacity of 1.62 million tons per year [4] - As of June 2025, the company has built lithium chemical product capacity of approximately 91,600 tons per year, with a new lithium hydroxide project in Jiangsu having completed construction and entered trial operation [4][5] Profit Forecast and Valuation - The company is expected to see a significant recovery in performance in the second half of the year, with projected net profits for 2025-2027 being 1.791 billion, 2.827 billion, and 3.553 billion yuan, respectively [6] - The estimated EPS for the same period is 1.09, 1.72, and 2.16 yuan, with a projected PB of 1.53 times for 2025. Given the company's leading position in the industry and upcoming expansion projects, a target price of 47.92/44.18 HKD is maintained [6]