证券日报网讯 12月15日，天齐锂业（002466）在互动平台回答投资者提问时表示，公司的生产经营安 排需综合考虑市场需求、库存结构、客户订单、资源禀赋及公司长期发展等多方面因素。公司始终坚持 以市场化原则开展经营活动，相关生产、销售和库存策略均会在充分评估行业环境和公司实际情况的基 础上审慎制定。公司将持续关注市场供需变化，保持经营稳健，为股东创造长期价值。 ...

智利政坛迎来数十年来最剧烈的右转，一位承诺效仿强硬边境政策并回归自由市场正统的领导人即将掌 舵。这场胜利不仅重塑了拉美的地缘政治版图，更让这一个个至关重要的关键矿产供应国坚定地站在了 西方保守派阵营，标志着该国经济与安全战略的决定性转向。 这种强硬立场引起了选民的共鸣。据益普索（Ipsos）上月的民调显示，63% 的智利受访者将犯罪和暴 力视为主要担忧。 回归自由市场与财政紧缩 据央视新闻，当地时间12月14日，智利举行总统选举第二轮投票。极右翼政党智利共和党候选人何塞· 安东尼奥·卡斯特竞选团队宣布卡斯特胜选。他以 58% 的得票率击败了对手 Jeannette Jara。这一得票率 优势创下了智利自 1990 年回归民主以来最悬殊的选举记录之一。卡斯特被视为美国总统特朗普的潜在 盟友，这表明选民对治安与非法移民问题的关注压倒了其他议题。 卡斯特的当选为拉美右翼政治力量的卷土重来增添了新的动力，也为白宫在反移民政策上提供了一位新 的地区盟友。对于全球市场而言，这位候任总统不仅掌控着全球最大的铜生产国和第二大锂生产国，其 激进的财政紧缩承诺和去监管计划也将对投资环境产生深远影响。 现年59岁的卡斯特并不否认支 ...

Core Viewpoint - Silicon and lithium are essential materials in the new energy revolution, driving the green and low-carbon transition of the energy structure and supporting the achievement of carbon neutrality goals [1] Demand Overview - In 2026, lithium salt consumption is expected to increase by over 350,000 tons LCE, driven by the demand from electric vehicles and energy storage, while supply is projected to grow by approximately 300,000 tons LCE, leading to a supply-demand gap [2] - Domestic new energy vehicle sales are projected to grow by 18% in 2026, with global sales increasing by 15% [3][4] - From January to October 2025, domestic new energy vehicle sales reached 12.911 million units, a year-on-year increase of 32.4%, with a retail market penetration rate exceeding 57% since September [3] - The global perspective shows that the U.S. electric vehicle market faces challenges after federal subsidies end in Q3 2025, while Europe is more proactive with carbon emission regulations and consumer subsidies [3] Energy Storage Cell Growth - Energy storage cell increments are estimated at 180 GWh for 2025 and 220 GWh for 2026, with China leading in new energy storage installations [8] - By mid-2025, China's new energy storage capacity reached 94.9 GW, with a total capacity of 222.0 GWh [8] Supply Overview - In 2026, global lithium salt supply is expected to increase by over 300,000 tons LCE, with domestic production contributing significantly [11][14] - Domestic lithium carbonate production in 2025 is projected to reach 964,000 tons, a year-on-year increase of 42.7% [11] - Domestic mining supply is expected to increase by 130,000 tons LCE, with significant contributions from various lithium resource projects [17][19] Price Outlook - The price of lithium carbonate is expected to fluctuate between 90,000 and 130,000 yuan per ton in 2026, with a central price around 100,000 yuan per ton [25]

（编辑 姚尧） 证券日报网讯 12月12日，中伟股份在互动平台回答投资者提问时表示，公司已于阿根廷布局了两座盐 湖锂矿，预计掌握锂资源超1000万吨LCE，该资源量有望随着勘探工作的深入而增加。后续公司将进一 步确认两座盐湖锂矿储量，并根据勘探和建设情况，结合自身及市场需求进行开采。公司将根据有关规 定及时披露阿根廷锂矿相关进展。 ...

每经讯 12月11日至13日，由每日经济新闻与海南国际经济发展局联合主办的2025第十四届上市公司发 展年会暨海南自贸港开放机遇交流大会系列活动在海口举行。在12月12日的主会场圆桌讨论环节，盛新 锂能总经理邓伟军表示，在有色行业领域，"资源"是最核心的部分。 "未来三至五年，我们会聚焦于全球范围内找矿。比如我们在四川甘孜州的木绒锂矿如果三至五年内能 开出来，大概能解决公司在四川所有产能的原料问题，而且成本比较低。"邓伟军表示。 封面图片来源：图片来源：每经原创 据公开资料，四川甘孜州木绒锂矿是四川地区锂矿品位最高的矿山之一，设计生产规模为300万吨/年 （折碳酸锂当量约7.5万吨）。盛新锂能近期称，拟以现金14.56亿元收购四川启成矿业有限公司21%股 权，收购后持股比例增加至70%，由此获得木绒锂矿采矿权。 此外，邓伟军还在会上介绍，对公司位于津巴布韦、尼日利亚、阿根廷等国家的矿资源开采，可能是未 来三至五年，或者未来五至十年最核心的工作，也是竞争力所在。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 ...

Core Viewpoint - The company has established two salt lake lithium mines in Argentina, with an estimated lithium resource exceeding 10 million tons of LCE, which may increase with further exploration efforts [2]. Group 1: Company Plans and Resources - The company plans to confirm the reserves of the two salt lake lithium mines and will conduct mining based on exploration and construction conditions, as well as market demand [2]. - The company will disclose updates regarding the lithium mines in Argentina in accordance with relevant regulations [2].

行业 碳酸锂期货日报 日期 2025 年 12 月 12 日 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾与操作建议 图1：碳酸锂现货价及价差 图2：碳酸锂期货持仓量成交量 数据来源：Wind，建信期货研究发展部 碳酸锂期货上涨，总持仓增 22591 手至 106 万手，现货电碳涨 800 至 93500，贸 易市场现货贴水扩大至 2800，短期期货价格快速上涨但现货跟涨有限，本周碳酸 锂周度产量增 59 吨至 21998 吨，主要增量来自于锂辉石端，云母产碳酸锂量跌至 2876 吨，本周社库去库 2133 吨，去库量较前一周有所下滑，维持前期去库力度 将减弱判断，而且短期期货 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoint - On December 11, the main contract of lithium carbonate futures fluctuated upward. The short - term fundamentals show strong supply and weak demand, and it is expected that there is limited upside space for lithium prices. Suggest to hold short positions cautiously and set stop - losses [1] Summary by Relevant Catalogs Futures Data - On December 11, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures were 95,600 yuan/ton, 96,980 yuan/ton, 97,240 yuan/ton, and 97,240 yuan/ton respectively, with increases of 1,960 yuan/ton, 2,900 yuan/ton, 2,840 yuan/ton, and 2,840 yuan/ton compared to the previous day. The trading volume was 744,190 lots (+123,255), and the open interest of the active contract was 634,283 lots (+28,830). The inventory was 14,750 tons (+1,070) [1] Spot Price - On December 11, 2025, the average price of battery - grade lithium carbonate (99.5%/domestic) was 93,500 yuan/ton (+800), and the average price of industrial - grade lithium carbonate (99.2%/domestic) was 91,000 yuan/ton (+750). The prices of other lithium - related products also had corresponding changes [1] Supply and Demand - **Supply**: Last week, lithium carbonate production increased, with increased production of spodumene and recycled lithium, and decreased production of lithium carbonate from salt lakes and lithium mica. - **Demand**: Last week, the production of ammonium phosphate decreased, and the production of ternary materials decreased. In December, the production of lithium cobalt oxide and lithium manganate decreased. In November, the month - on - month and year - on - year growth rates of new energy vehicle production and sales slowed down; 3C shipments were weak; in December, the production schedule of energy - storage batteries stagnated [1] Inventory - Registered warehouse receipts were 14,750 tons (+1,070). Social inventory decreased, with inventory reduction in smelters and downstream, and inventory accumulation in other sectors [1] Industry News - American company Albemarle announced that the direct lithium extraction (DIE) pilot plant in Chile has completed verification. The lithium recovery rate exceeded 94% during stable operation, and the water reuse rate was as high as 85% during the verification phase. The company funded $30 million for the pilot plant and an additional $216 million for the salt recovery plant in the Atacama Salt Flat [1] - On December 10, the integrated mining, beneficiation, and smelting project of Xiangyuan lithium polymetallic ore of Zijin Mining was put into operation in Daoxian, Hunan. The project has a total investment of about 13 billion yuan, with a registered ore volume of about 1.96 billion tons and 670,000 tons of lithium oxide [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The short - term fundamentals of lithium carbonate show strong supply and weak demand, and the lithium price is expected to fluctuate weakly under position limits. It is recommended to hold short positions [1] 3. Summary by Related Catalogs 3.1 Lithium Carbonate Futures Market - **Price**: On December 10, 2025, the closing price of the near - month contract was 93,640 yuan/ton, with an increase of 1,060 yuan compared to December 9; the trading volume of lithium carbonate futures was 620,935 hands, an increase of 108,720 hands; the open interest was 605,453 hands, an increase of 30,032 hands [1] - **Spread**: The spread between the near - month and the first - consecutive contract was - 440 yuan, the spread between the first - consecutive and the second - consecutive contract was - 80 yuan, and the spread between the second - consecutive and the third - consecutive contract was - 60 yuan [1] - **Inventory**: The registered inventory was 1,368 tons, an increase of 760 tons [1] 3.2 Lithium - Related Product Prices - **Lithium Ore**: The average price of lithium spodumene concentrate (6%, CIF China) was 1,178 US dollars/ton; the average price of lithium mica (Li2O: 1.5% - 2.0%) was 1,640 yuan/ton [1] - **Lithium Compounds**: The average price of battery - grade lithium carbonate (99.5% domestic) was 92,700 yuan/ton, a decrease of 50 yuan; the average price of battery - grade lithium hydroxide (56.5% CIF China, Japan and South Korea) was 10.2 US dollars/kg [1] - **Other Products**: The average price of lithium hexafluorophosphate (99.95% domestic) was 171,000 yuan/ton; the average price of ternary precursor 523 (polycrystalline/consumer type) was 106,050 yuan/ton [1] 3.3 Lithium Supply and Demand - **Supply**: Last week, the output of lithium carbonate increased, with a decrease in the output of salt - lake lithium carbonate and an increase in the output of lithium carbonate from other raw materials [1] - **Demand**: Last week, the output of lithium iron phosphate and ternary materials decreased; in December, the production scheduling of lithium iron phosphate and lithium manganate decreased; last week, the output of power batteries increased; in November, the month - on - month and year - on - year growth rates of new - energy vehicle production and sales slowed down; the 3C shipments weakened; the production scheduling growth of energy - storage batteries stagnated in December [1] 3.4 Lithium Inventory - The SMM lithium carbonate inventory: the inventory of smelters was 20,767 tons, the inventory of downstream was 41,984 tons, and the inventory of others was 49,140 tons. The total inventory decreased by 2,366 tons compared to the previous week [1] 3.5 Industry News - Standard Lithium and Equinor's joint - venture Smackover Lithium announced that its Arkansas Smackover project has attracted over $1.1 billion in financing intentions, covering 76% of the $1.45 billion construction cost of Phase I. The project uses uncommercialized direct lithium extraction (DLE) technology but faces challenges [1]

Core Viewpoint - The company is progressing as planned with the tunneling work at its lithium mines in Sichuan and Hunan, utilizing tunnel boring machines (TBM) effectively [1] Group 1: Project Updates - At the Gada lithium mine project, the "Dazhong" and "Jiada" tunnel boring machines are operating steadily and advancing the project through a dual-machine collaborative tunneling mode [1] - At the Jijia Mountain lithium mine project, the "Longyuan" tunnel boring machine has efficiently completed 7.3 kilometers of excavation for the transportation corridor and access roads in the first half of 2025, and has recently undergone comprehensive maintenance and upgrades before being put back into operation [1]