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]

邵婉嫕 投资咨询从业资格号：Z0015722 shaowanyi020696@gtjas.com 二 〇 二 四 年 度 2025 年 10 月 12 日 碳酸锂：宏观压制价格，偏弱运行 供应：周度产量再创新高至 20635 吨，云母冶炼企业通过外购原料进行生产。藏格矿业公告正式收到 自然资源部颁发的《不动产权证书（采矿权）》与《采矿许可证》，将采矿权期限变更为 2025 年 8 月 10 日 至 2029 年 12 月 1 日，新增矿盐、镁盐、锂矿、硼矿等共伴生矿种。 需求：短期现货市场表现强劲。宏观方面，商务部、海关总署公告，对锂电池、正极材料、石墨负极 进行出口管制，其中锂电池包含能量密度≥300Wh/kg 的电芯、电池组以及制造电池的设备；正极材料包 含压实密度≥2.5 g/cm3 且克容量≥156mAh/g 的铁锂、三元前驱体等，主要影响固态和少量三元需求。 美国总统特朗普表示将自 2025 年 11 月 1 日起对中国商品加征 100%关税，作为现有关税的额外措施。若 中国提前采取进一步行动，美国相关措施可能提前生效。预计对新能源车影响有限，可能对动力电池产生 影响，但体量小，对储能电池影响较大。 ...

Report Industry Investment Rating - No specific industry investment rating is provided in the report [1] Core Viewpoints - On October 9, the main contract of lithium carbonate futures fluctuated within a range. The spot market trading was weak, and the basis premium decreased. Both supply and demand were strong. The inventory pressure of upstream producers was not significant. The expectation of lithium ore supply contraction weakened, and the downstream inventory reached its peak. The demand inflection point had arrived. It is expected that the price of lithium carbonate will fluctuate at a low level. Wait for the situation after Jiangxi's mining end submits the reserve report [1] - The trading strategy is to suggest waiting and seeing [1] Summary by Relevant Content Futures Market Data - Futures contract closing prices: The closing price of the near - month contract was 72,740 yuan/ton, the first - continuous contract was 72,860 yuan/ton, the second - continuous contract was 72,860 yuan/ton, and the third - continuous contract was 72,880 yuan/ton [1] - Futures trading volume and open interest: The trading volume of lithium carbonate futures was 361,093 lots (+43,635), and the open interest was 229,022 lots (-2,942) [1] - Inventory: The registered warehouse receipt inventory was 42,379 tons (+670), and the social inventory decreased. The inventory of smelting plants, downstream, and others decreased [1] - Spreads: The spread between the near - month and the first - continuous contract was 240 yuan/ton (-60), the spread between the first - and second - continuous contracts was -40 yuan/ton (-20), and the spread between the second - and third - continuous contracts was 0 yuan/ton (+40) [1] - Basis: The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was 750 yuan/ton (-540) [1] Spot Market Data - Lithium ore prices: Lithium spodumene concentrate (6%, CIF China) average price was 843 US dollars/ton (-15), lithium mica (Li2O: 1.5% - 2.0%) average price was 1,110 yuan/ton (-15), lithium mica (Li2O: 2.0% - 2.5%) average price was 1,835 yuan/ton (-20), etc. [1] - Lithium compound prices: Battery - grade lithium carbonate (99.5%/domestic) average price was 73,550 yuan/ton (0), industrial - grade lithium carbonate (99.2%/domestic) average price was 71,300 yuan/ton (0), etc. [1] - Other battery material prices: The average price of ternary precursor 523 (polycrystalline/consumer - type) was 90,450 yuan/ton (+3,500), the average price of ternary material 523 (single - crystal/power - type) was 122,350 yuan/ton (+1,500), etc. [1] Supply and Demand Information - Supply: Last week, the production of lithium carbonate increased [1] - Demand: Last week, the production of lithium iron phosphate and ternary materials increased. In September, the scheduled production of lithium carbonate and lithium hydroxide increased. Last week, the production of power batteries increased. In August, the year - on - year growth rate of new energy vehicle production and sales slowed down. The 3C product shipments were average. In September, the scheduled production of energy - storage batteries increased [1] Industry News - German resource company Neptune Energy announced that an international evaluation company found that the lithium ore resources in the Altmark region of Saxony - Anhalt, Germany, had a lithium carbonate equivalent of 43 million tons. The company plans to produce battery - grade lithium from local brine lithium resources using the DLE direct lithium extraction method [1]

以下文章来源于中粮期货研究中心 ，作者中粮期货研究中心 中粮期货研究中心 . 2025年6月，国家审计署在《江西省矿产资源开发利用保护及相关资金审计报告》中指出，宜春市8宗涉 锂矿权存在"规避上级审批权限、越权办理矿权手续"的违规问题。这些矿权虽以"陶瓷土矿"名义获批， 实际开采的却是高价值锂云母资源，暴露出"证载矿种与实际开采矿种不符"的监管漏洞。为落实整改， 宜春市自然资源局于7月7日下发通知，要求8家矿企在9月30日前完成矿种变更储量核实报告编制，明确 主矿种属性。涉及企业包括宁德时代枧下窝矿、国轩高科水南矿等宜春核心锂云母项目，其产能占全国 锂云母总产量的70%以上，凸显此次整改对行业的关键影响。 值得注意的是，2025年7月1日新修订的《矿产资源法》正式实施，首次将锂列为战略性矿产独立矿种， 进一步强化了监管的合法性基础。 02 8家矿企储量报告提交与审批动态 02 8家矿企储量报告提交与审批动态 截至2025年9月30日最后期限，宜春地区8家涉事锂矿企业已全部提交矿种变更储量核实报告，其中宜春 时代枧下窝储量报告已于9月下旬评审，国轩高科相关报告已于9月28日通过国家自然资源部审批，选矿 试验、开 ...

Core Viewpoint - Tibet Mining (000762.SZ) clarified that the payment for mining rights transfer fees, the second phase project engineering costs of the Zabuye project, and operational management expenses will be handled by its subsidiary, Tibet Zabuye, which will be the unified payment entity [1] Group 1 - The company confirmed that the mining rights transfer fee amounts to 581 million yuan and the operational management fee to be paid to Donghua Technology is 1.069 billion yuan [3] - The inquiry from investors emphasized the need for clear disclosure regarding the payment responsibilities for these significant expenses, whether they fall on the listed company or are shared among Zabuye Lithium's shareholders based on their equity ratios [3] - The company responded to investor concerns regarding compliance with the disclosure requirements set by the Shenzhen Stock Exchange [3]

Core Viewpoint - China has achieved a historic breakthrough in lithium mining exploration, discovering the "Asian Lithium Belt" that spans across four provinces: Sichuan, Qinghai, Tibet, and Xinjiang [1] Group 1 - The discovery of the "Asian Lithium Belt" is a significant development for China's lithium resources [1] - This breakthrough is expected to enhance China's position in the global lithium market [1] - The geographical span of the discovery covers a vast area from east to west across multiple provinces [1]

Core Insights - Tianqi Lithium Industries saw a 2.43% increase in stock price on September 30, with a trading volume of 4.036 billion yuan [1] - The company reported a financing buy-in of 521 million yuan and a net financing outflow of 21.76 million yuan on the same day [1][2] - As of June 30, 2025, Tianqi Lithium's revenue decreased by 24.71% year-on-year, while net profit increased by 101.62% [2] Financing and Trading Activity - On September 30, Tianqi Lithium's total financing and securities lending balance reached 3.019 billion yuan, with financing balance accounting for 4.29% of the circulating market value [1] - The company had a high financing balance, exceeding the 90th percentile of the past year [1] - The securities lending activity included a repayment of 24,100 shares and a sale of 6,500 shares, with a remaining securities lending balance of 849.6 million yuan [1] Shareholder and Dividend Information - As of June 30, 2025, the number of shareholders decreased by 6.08% to 270,800, while the average circulating shares per person increased by 6.45% to 5,451 shares [2] - Since its A-share listing, Tianqi Lithium has distributed a total of 7.868 billion yuan in dividends, with 7.137 billion yuan distributed in the last three years [3] - Major institutional shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings among several funds [3]

（原标题：德国锂矿大发现引发智利矿界高度关注） 智利《信使报》9月30日报道，日前，德国发布境内锂资源重大发现的消息引发智 利矿界高度关注，部分矿企将此称为是对智利的"战略警告"，智利锂矿和能源国际商会 （CIL lithium）、智利发展大学、智利矿产商会以及智利国家矿业协会等纷纷发表言论 认为：（一）该发现给智利敲响警钟，智应谨慎加以对待，有必要通过具体方案与合 作加速实施国家锂战略，努力实现技术创新、增加产品附加值，不被全球锂电池完整 产供链所抛弃；（二）不久的将来新化学产品将替代锂成为更质优价廉的电池原材 料，而智利还在"睡大觉"，未能意识到当下锂开采的重要性。因此，智利面临的挑战并 非来自德国锂发现，而是快速推进新生产计划的能力。尽管智利拥有无可辩驳的诸多 锂优势（高质量的盐湖区、低开采成本以及多年开采经验等），但行政审批缓慢、规 则不确定以及锂开采不具备特许经营权等严重制约了国家在该领域发展；（三）智利 不能妄自菲薄，至今仍是全球三大锂生产国之一，德国不具备矿业生产传统，在将矿 产资源转化为工业产品过程中还有很长的路要走，且需要长期投资、基建设施以及环 评结果等，因此，短期内德国不会给智利带来竞争 ...

Core Insights - The lithium extraction concept from salt lakes has seen a 2.29% increase, ranking 10th among concept sectors, with 35 stocks rising, including notable gains from companies like Fulin Precision and *ST Zhengping, which hit the daily limit up [1][2] Market Performance - The top-performing sectors today include zinc (3.62%), lead (3.61%), and cobalt (3.49%), while the trust concept and other sectors experienced declines [2] - The salt lake lithium extraction sector attracted a net inflow of 621 million yuan, with 20 stocks receiving net inflows, and 11 stocks exceeding 10 million yuan in net inflow [2] Key Stocks in Salt Lake Lithium Extraction - Major stocks in the salt lake lithium extraction sector include: - Huayou Cobalt: 9.38% increase with a net inflow of 71.89 million yuan [3] - Yiwei Lithium Energy: 8.75% increase with a net inflow of 51.65 million yuan [3] - Fulin Precision: 19.98% increase with a net inflow of 51.53 million yuan [3] - Luoyang Molybdenum: 6.51% increase with a net inflow of 24.01 million yuan [3] Fund Flow Ratios - The highest net inflow ratios were observed in: - Jinyuan Co.: 16.33% [4] - Fulin Precision: 10.11% [4] - Keda Manufacturing: 9.55% [4]

Core Viewpoint - The article discusses the recent developments regarding lithium mining companies in Yichun City, highlighting the submission and approval of mineral change reserve verification reports by eight lithium mining enterprises, including those under CATL and Guoxuan High-Tech [3][6]. Group 1: Submission and Approval of Reports - Eight lithium mining companies in Yichun have submitted mineral change reserve verification reports, with Guoxuan High-Tech confirming the approval of its report by the Ministry of Natural Resources on September 28 [3][6]. - The Yichun Natural Resources Bureau had previously mandated these companies to complete the verification reports by September 30, following an audit report that raised concerns about the approval processes of mining rights [6][7]. Group 2: Operational Status of Mining Companies - Except for the suspended CATL's Jiangxiawo lithium mine, other seven mining companies are reportedly continuing normal operations during the processing of subsequent procedures [6][7]. - There is optimism regarding the resumption of operations at CATL's lithium mine, with local expectations for a restart in October, and preparations for equipment checks already underway [6][7]. Group 3: Background and Context - The suspension of CATL's lithium mine was attributed to specific circumstances, including the expiration of its mining certificate and an ongoing audit by the National Audit Office [6][7]. - The audit highlighted issues related to the circumvention of higher-level approval processes for mining rights, prompting the Yichun Natural Resources Bureau to enforce stricter compliance measures [6].