Group 1 - The company, Rongjie Co., has addressed concerns regarding competition in the lithium salt business with its controlling shareholder by implementing a entrusted operation model [2] - The company has provided details on the resolution plan for the competition issue in its announcement dated July 22, 2022, and in its periodic reports [2] - The company commits to strictly adhere to legal regulations and fulfill information disclosure obligations in the event of any merger or acquisition activities [2]

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Core Viewpoints - The supply - demand of lithium carbonate remained stable during the holiday, and the range - bound oscillation continued [1] - The trend strength of lithium carbonate is 0, indicating a neutral outlook [3] 3) Summary by Related Catalogs Fundamental Tracking - **Futures Contracts**: For the 2511 contract, the closing price was 72,800 yuan, down 1,120 yuan compared to T - 1; the trading volume was 317,458 lots, down 148,133 lots; the open interest was 231,964 lots, down 19,785 lots. For the 2601 contract, the closing price was 72,860 yuan, down 1,040 yuan compared to T - 1; the trading volume was 80,759 lots, down 50,162 lots; the open interest was 175,678 lots, up 964 lots [1] - **Warehouse Receipts**: The warehouse receipt volume was 41,709 lots, up 590 lots compared to T - 1 [1] - **Basis**: The basis of spot - 2511 was 750 yuan, down 370 yuan compared to T - 1; the basis of spot - 2601 was 690 yuan, down 350 yuan compared to T - 1; the basis of 2511 - 2601 was - 60 yuan, up 20 yuan compared to T - 1 [1] - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 858 US dollars, unchanged compared to T - 1; the price of lepidolite (2.0% - 2.5%) was 1,855 yuan, down 20 yuan compared to T - 1 [1] - **Lithium Salts**: The price of battery - grade lithium carbonate was 73,550 yuan, unchanged compared to T - 1; the price of industrial - grade lithium carbonate was 71,300 yuan, unchanged compared to T - 1 [1] - **Downstream Products**: The price of ternary material 523 (polycrystalline/consumer - type) was 118,825 yuan, up 800 yuan compared to T - 1; the price of hexafluorophosphate lithium was 63,250 yuan, up 3,000 yuan compared to T - 1 [1] Macro and Industry News - SMM's battery - grade lithium carbonate index price was 73,488 yuan/ton, up 32 yuan/ton compared to the previous working 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] - Hangzhou suspended the implementation of the automobile replacement subsidy policy from 0:00 on October 9, 2025, and optimized the implementation of the automobile scrapping and replacement subsidy policy [3] - On September 30, Guoxuan High - tech's mineral type change reserve verification report passed the approval of the Ministry of Natural Resources [3]

Core Viewpoint - Salt Lake Co., Ltd. is entering a pivotal year in 2025, aiming to integrate deeply into the China Minmetals system and the national salt lake strategy, with a focus on becoming a world-class salt lake industry leader [2] Group 1: Company Strategy and Goals - The company plans to enhance its full industry chain layout and resource integration, targeting significant expansions in potassium and lithium resource production [2] - By 2030, the company aims to achieve an annual production capacity of 10 million tons of potassium fertilizer, 200,000 tons of lithium salt, and over 30,000 tons of magnesium and magnesium-based materials [2] - The strategic vision includes establishing a world-class salt lake industry base, emphasizing food security, renewable energy stability, and high-end lightweight metal materials [2] Group 2: Project Developments - The company has nearly completed its 40,000 tons/year integrated lithium salt project, entering the trial production phase with qualified battery-grade lithium carbonate products [3] - Current lithium salt production capacity stands at 80,000 tons/year, with plans to further expand product offerings and enhance value [3][4] - The project has optimized its budget from 7.099 billion yuan to 6.083 billion yuan, saving approximately 1 billion yuan, reflecting a total investment optimization rate of about 14.58% [3] Group 3: Production and Financial Performance - In the first half of the year, the company produced 20,000 tons of lithium carbonate, with sales of 20,600 tons, generating revenue of 1.242 billion yuan [4] - Despite global lithium price fluctuations, the company maintained a gross margin of 49.96% for lithium salt products in the first half of the year [4] - The estimated cost of lithium carbonate production for 2024 is 1.516 billion yuan, translating to approximately 36,500 yuan per ton, with projected prices for 2025 ranging between 60,000 yuan and 80,000 yuan per ton [4] Group 4: Market Position and Competitive Advantage - The scaling of production capacity is expected to solidify the company's leading position in domestic brine lithium extraction and enhance its pricing power in the market [5] - The company aims to leverage the integrated operational advantages of China Minmetals and its strong technological innovation capabilities to drive the salt lake industry towards high-end, green, and intelligent transformation [5]

News Focus - The National Development and Reform Commission is soliciting public opinions on the "Standards for Determining Major Electrical Accident Hazards and Governance Supervision Management Regulations" to enhance the identification and management of major electrical accident hazards [2] - Six departments, including the Ministry of Industry and Information Technology, released a plan indicating that the mechanical industry is expected to maintain a stable and positive trend from 2025 to 2026, with an average annual revenue growth rate of around 3.5%, aiming to exceed 10 trillion yuan [2] Domestic News - China has built the world's largest water conservancy infrastructure system, with 172 major water conservancy projects initiated since the 14th Five-Year Plan, including 95,000 reservoirs and 200 large and medium-sized water diversion projects [3] - A new large-scale renewable energy base in Inner Mongolia has commenced construction, with a total investment of 98.8 billion yuan, planning to build 8 million kilowatts of photovoltaic and 4 million kilowatts of wind power [3] Infrastructure Developments - The second phase of the Qinghai-Tibet DC expansion project has officially commenced operation, doubling the transmission capacity between Qinghai and Tibet to 1.2 million kilowatts, which is significant for enhancing power supply security in Tibet [4] - The Yunnan Central Water Diversion Project has achieved a breakthrough with the successful construction of the Qujiang siphon project, which is part of the largest water diversion project under construction in China [4] Corporate News - China Salt Lake Industrial Group has launched a 40,000-ton lithium salt project and a 20,000-ton lithium carbonate project in Qinghai, promoting technological upgrades in the lithium salt industry [8] - China National Offshore Oil Corporation has made significant discoveries in the Bohai Bay Basin, drilling a high-yield oil and gas well with a daily output of approximately 500 tons of crude oil and 20,000 cubic meters of natural gas [8]

Core Viewpoint - Salt Lake Co. has officially entered the commissioning phase of its 40,000 tons/year integrated lithium salt project, successfully producing qualified battery-grade lithium carbonate products, marking a significant step in its strategy to expand lithium production as part of the "14th Five-Year Plan" for ecological salt lake industry development [2] Group 1 - The 40,000 tons/year integrated lithium salt project is a key initiative to enhance the company's production capacity and market competitiveness in the lithium salt sector [2] - As of the announcement date, the project is nearly completed, with key devices such as the lithium adsorption device successfully producing qualified liquid, and the nanofiltration reverse osmosis system completing membrane installation and water linkage [2] - The successful commissioning of this project will further increase the company's production scale in the lithium salt field, enhancing its market competitiveness, profitability, and risk resistance [2] Group 2 - The smooth progress of this project provides core support for the high-quality development of the company's ecological salt lake industry and injects strong momentum for sustainable development [2]

Core Viewpoint - The announcement highlights the commencement of trial production for a 40,000 tons/year integrated lithium salt project by Qinghai Salt Lake Industry Co., Ltd, which aims to enhance the company's lithium salt production capacity and market competitiveness [1]. Summary by Relevant Sections Project Development - The 40,000 tons/year integrated lithium salt project has been substantially completed, with key components such as the lithium adsorption device successfully producing qualified liquid [1]. - The nanofiltration and reverse osmosis systems have completed membrane installation and water linkage, while core equipment for lithium precipitation and auxiliary projects has undergone individual trial runs [1]. Production Capacity and Market Impact - The trial production phase has officially begun, yielding qualified battery-grade lithium carbonate products [1]. - This project is expected to significantly boost the company's lithium salt production capacity, enhancing its market competitiveness, profitability, and risk resilience [1]. Strategic Importance - The project aligns with the company's "14th Five-Year" ecological salt lake industry development plan, specifically the strategy to expand lithium production [1]. - It is positioned as a core support for the high-quality development of the ecological salt lake industry and contributes to sustainable development in the salt lake sector [1].

Company Developments - Wanda Group and its legal representative Wang Jianlin have recently been subjected to consumption restrictions due to economic disputes involving subsidiary project companies, with ongoing negotiations for resolution [7] - Hugging Face, the world's largest AI open-source community, announced its latest model rankings, with Alibaba's Tongyi models achieving significant recognition, including the newly released Qwen3-Omni model topping the list [7] - Xuancheng Pang Donglai reported sales data indicating that its 2025 sales have reached 17.032 billion yuan, surpassing the total for 2024, despite the founder's intention to limit sales to within 20 billion yuan [7] - Bright Dairy's subsidiary New Light plans to sell its assets in New Zealand's North Island [7] - Salt Lake Co. has commenced trial operations for its integrated lithium salt project with an annual capacity of 40,000 tons [7] Industry Insights - The Ministry of Industry and Information Technology, along with eight other departments, issued a "Work Plan for Stable Growth in the Nonferrous Metals Industry (2025-2026)," targeting an average annual growth of 5% in added value for the nonferrous metals industry and a 1.5% increase in the production of ten nonferrous metals [3] - The plan emphasizes resource efficiency, high-level application of rare metals, and innovation in advanced materials, including superconductors and liquid metals [3] - The traffic infrastructure investment in China reached 2.26 trillion yuan from January to August, with railways, highways, waterways, and civil aviation investments reported at 504.1 billion yuan, 1.5412 trillion yuan, 143.3 billion yuan, and 70.7 billion yuan respectively [4]

Group 1 - Salt Lake Co. announced that its 40,000 tons/year lithium salt integration project has entered the trial production phase, producing qualified battery-grade lithium carbonate [1] - The project marks a breakthrough in the industrialization of lithium extraction technology from salt lakes in China, enhancing the company's production capacity and market competitiveness [1] - Long-term prospects indicate that Salt Lake Co. could become a contender for pricing power in the global lithium salt market due to its resource monopoly and cost advantages, although water resource limitations need to be considered [1] Group 2 - Boqian New Materials signed a strategic cooperation agreement to sell 5,420 to 6,495 tons of nickel powder products to Company X, with estimated sales revenue between 4.3 billion to 5 billion yuan from August 2025 to December 2029 [2] - This agreement is expected to positively impact the company's operating performance in the current and future periods, establishing a long-term stable relationship with a key customer [2] - The deal highlights the high-end nickel powder technology barrier and significantly enhances performance certainty, although attention should be paid to capacity digestion and customer concentration risks [2] Group 3 - Zhiguang Electric is planning to acquire all or part of the minority equity of its subsidiary Zhiguang Energy through a combination of share issuance and cash payment, with the stock expected to be suspended for up to 10 trading days [3] - The transaction is not expected to constitute a major asset restructuring or related party transaction, and the actual controller of the company will remain unchanged, indicating a cautious approach [3] - The acquisition aims to enhance control over the core energy storage business and optimize governance structure, with potential profit enhancement and strengthened competitiveness in the energy storage sector post-integration [3]

Core Viewpoint - The announcement highlights the commencement of trial production for a 40,000 tons/year integrated lithium salt project by Qinghai Salt Lake Industry Co., Ltd, which is part of the company's strategic plan to expand lithium production during the 14th Five-Year Plan period [1]. Group 1: Project Development - The 40,000 tons/year integrated lithium salt project has been substantially completed, with key components such as the lithium extraction device successfully producing qualified liquid [1]. - The nanofiltration and reverse osmosis systems have completed membrane installation and water linkage, while the lithium sedimentation and auxiliary engineering have finished core equipment single-machine testing [1]. - The project has officially entered the trial production phase, yielding qualified battery-grade lithium carbonate products [1]. Group 2: Strategic Importance - The trial production of the integrated lithium salt project is expected to enhance the company's lithium salt production capacity, thereby improving market competitiveness, profitability, and risk resistance [1]. - This initiative is positioned as a core support for the high-quality development of the ecological salt lake industry and is anticipated to inject strong momentum into the sustainable development of salt lakes [1].

Report Industry Investment Rating - Not provided Core Views - The lithium carbonate futures market maintained a volatile trend this week. The main contract 2511 closed at 72,880 yuan/ton on Friday, with a weekly decline of 1.46% and a position volume of 248,640 tons. Spot prices changed little, and spot trading was average. When futures prices declined, it stimulated some point-price procurement demand [2]. - On the supply side, the weekly output of lithium carbonate increased slightly to 20,516 tons. Output from various sources such as spodumene, mica, salt lakes, and recycling all showed different degrees of change [2]. - On the consumption side, the output of lithium iron phosphate decreased by 0.08% month-on-month, while that of ternary materials, cobalt acid lithium, and manganese acid lithium increased. Downstream production was expected to increase, and the demand in the terminal power battery and energy storage markets supported the demand for lithium salts, but the actual replenishment was lower than expected [3]. - In terms of inventory, the total inventory decreased by 705 tons compared to last week. Inventory continued to transfer, with an increase in downstream replenishment inventory and a decrease in smelter inventory [3]. - In terms of profit, lithium ore prices fluctuated slightly, and overseas mines were reluctant to lower prices. Enterprises using externally purchased raw materials relied on futures hedging to balance profits and losses. Enterprises with their own ore sources and salt lake lithium extraction had significant cost advantages and relatively stable profit margins [3]. - The output of lithium hydroxide increased slightly this week. Due to high upstream spodumene prices and production line maintenance, the overall supply capacity of the lithium hydroxide market remained tight [4]. Strategy - The futures market maintained a volatile trend in the short term. There was some support from consumption, and the pre - National Day replenishment demand still existed. Although the disturbance in the ore sector weakened, it did not end completely. If mines resumed production and consumption weakened in the future, the market might be weak [5]. - For unilateral operations, short - term range trading was recommended. If the market rebounded significantly, selling hedging could be considered. There were no specific strategies for inter - period, inter - variety, spot - futures, and options trading [5].