川能动力（000155.SZ）8月18日在投资者互动平台表示，公司在建177.08万千瓦风光项目，其中风电 97.08万千瓦、光伏80万千瓦。公司李家沟锂矿项目正处于产能爬坡阶段，期间生产的锂精矿销售随行 就市，具体可关注公司定期报告披露的相关信息。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：董秘好！ 1、请问公司会东淌塘三期、小街二期、堵格 二期、美姑沙马乃托二期、四季吉二期、通江兴隆、理塘高城等共计 177.08 万千瓦风光电项目，其 中，风电是多少万千瓦？ 2、公司自产的锂精矿是多少品位？1吨锂精矿含税出厂价多少钱、毛利率大 约是多少？ ...

Group 1 - The core viewpoint of the article highlights that Chuaneng Power (000155) has reported good operational performance since the trial production of its Lijiagou lithium mine, which is currently in the capacity ramp-up phase [1] - De'A Lithium has successfully debugged and produced qualified battery-grade lithium salt as of July 2025, indicating progress in production capabilities [1] - The company plans to develop its production and sales strategy based on market conditions, aiming to maximize the operational benefits from its integrated resource advantages [1]

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View of the Report - The short - term supply and demand of lithium carbonate are both strengthening, with profit margins expanding, production rebounding, downstream demand rising, and social inventory being depleted. However, due to the cooling measures taken by the Dalian Commodity Exchange on coking coal futures, there is a need to guard against the decline of the "anti - involution" sentiment. It is expected that the price of lithium carbonate will fluctuate widely. The recommended operation strategy is short - term range trading, and appropriate purchase of options for protection [3]. 3. Summary by Related Catalog 3.1 Market Data - **Futures Market**: On August 15, 2025, the main contract of lithium carbonate futures fluctuated widely. The trading volume was 868,811 lots (-191,316), and the open interest was 401,139 lots (+11,962). The spreads between different contracts (near - month to consecutive - one, consecutive - one to consecutive - two, consecutive - two to consecutive - three) and the basis also showed certain changes [3]. - **Spot Market**: The SMM average price of battery - grade lithium carbonate and the prices of various lithium minerals (spodumene concentrate, lithium mica, etc.) changed. The price of spodumene concentrate increased, and the price of lithium mica also rose. The price differences between battery - grade and industrial - grade lithium carbonate, battery - grade lithium hydroxide and battery - grade lithium carbonate, etc., also had corresponding changes [3]. - **Inventory**: The registered warehouse receipts were 23,485 tons (+1,546). The social inventory decreased, the inventory of smelters decreased, while the inventory of downstream and other sectors increased [3]. 3.2 Supply and Demand Analysis - **Supply Side**: Last week, the production of lithium carbonate increased. The production of lithium phosphate increased, and the production of ternary materials rose. In August, the production of lithium cobalt oxide decreased, and the production of lithium manganate increased. Last week, the production of power batteries increased [3]. - **Demand Side**: In July, although the year - on - year growth rate of new energy vehicle production and sales continued, the month - on - month sales decreased. The shipment volume of 3C products was average. In August, the production plan of energy - storage batteries increased [3]. 3.3 Company News - **Sigma Lithium**: From April to June 2025, the company's lithium carbonate ore production totaled 68,368 tons, a year - on - year increase of 38%, exceeding the quarterly target of 67,500 tons. The total sustaining cash cost was $594 per ton, lower than the target of $660 per ton and 24% lower than the same period last year. However, the sales volume in the second quarter decreased by 23% to 40,350 tons. The company's revenue decreased to $21.1 million compared with the first quarter of 2024, and the net loss expanded from $10.8 million to $18.8 million [3]. - **Global Lithium Resources**: On August 13, it reached an aboriginal land mining agreement for its flagship Manna lithium project in the Eastern Goldfields of Western Australia. With the agreement, the company can accelerate other project priorities, and the final feasibility study and mining lease application optimization will be completed by the end of the year. The Manna lithium project has a mineral resource of 51.6 million tons with a lithium grade of 1.0% [3]. - **Green Technology Metals**: On August 13, it obtained two new 21 - year mining licenses for its Seymour lithium project. The new licenses cover the entire proposed construction area, which is an important regulatory milestone for the project and further promotes the project's development schedule. The project only needs to be subject to provincial environmental assessment disclosure and does not require federal review under Canada's Impact Assessment Act [3].

长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 【产业服务总部|有色中心】 研究员：汪国栋 执业编号：F03101701 投资咨询号：Z0021167 咨询电话：027-65777106 资深研究员：李 旎 执业编号：F3085657 投资咨询号: Z0017083 碳酸锂周报 2025/8/18 01 周度观点 l 供需状况： 从供应端来看，宁德枧下窝矿山确认停产3个月，中信国安超采被要求停产，7月国内碳酸锂产量环比增加5.8%，6月锂精矿进口 量环比减少5%，6月锂盐进口环比减少16%，预计后续南美锂盐进口量将对供应形成补充。从需求端来看，储能终端需求较好，8月 大型电芯厂排产环比增加7%。宜春和青海地区生产企业均收到矿权转让重审的通知，矿证风险持续存在，供应受到影响，利润修复 背景下矿石提锂持续增产，成本中枢上移。电池厂长协客供比例提高，预计短期碳酸锂价格具有支撑。下游排产超预期，当前矿端减 产情况对整体供应影响频发，下游采购碳酸锂相对谨慎，预计价格延续强势局面，建议谨慎交易，建议持续关注上游企业减产情况和 正极材料厂排产情况。 资料来源：IFIND、SMM、百川盈孚、长江期货有色产 ...

Core Viewpoint - Blue Sky Technology (300487) has recently received a bid notification for a project related to lithium extraction, which is expected to have a minor impact on the company's overall operations [1] Group 1 - The company has won a bid for the lithium extraction system in the comprehensive utilization and expansion project of the old brine at the Lop Nur Salt Lake, owned by China National Investment Xinjiang Lithium Industry Co., Ltd [1] - The bid amount is 35.7712 million yuan, which accounts for approximately 1.40% of the company's audited total revenue for the fiscal year 2024 [1] - The project is not expected to significantly affect the company's production and operations [1]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The suspension of Ningde Times' Jianxiakeng lithium mine has ignited the bullish sentiment. As the peak season approaches in the second half of the year, the market expects a significant supply shortage of domestic lithium carbonate. The improvement of the lithium salt supply - demand pattern depends on the substantial reduction in the mining end. Recently, the supply side will be the focus of the market. The emotional fluctuations brought by news are significantly greater than the actual changes in the fundamentals. The rise in lithium prices will drive the supply of hard - rock resources in Africa, Australia and other places to fill the gap of domestic mines. The extent of domestic lithium carbonate destocking remains to be observed. Currently, the uncertainty of capital gaming is high. It is recommended that speculative funds wait and see cautiously. Lithium carbonate holders can seize the entry point in a timely manner according to their own operations. In the future, attention should be paid to the industrial chain information and market atmosphere [12]. Summary by Directory 1. Weekly Assessment and Strategy Recommendation - **Period - spot Market**: On August 15, the morning quotation of the Mysteel MMLC lithium carbonate spot index was 82,832 yuan, with a weekly increase of 18.62%. The average price of MMLC battery - grade lithium carbonate was 83,000 yuan. On the same day, the closing price of LC2511 on the Guangzhou Futures Exchange was 86,900 yuan, with a weekly increase of 12.92% [12][20]. - **Supply**: On August 14, the weekly output of domestic lithium carbonate was 19,980 tons, a 2.2% increase from the previous week. The output of lithium carbonate from spodumene reached a record high, the operating rate of salt - lake lithium carbonate rebounded, and the output of lithium carbonate from lepidolite declined. The output in August was slightly revised downwards. In June, China imported about 10,200 tons of lithium carbonate from Chile, and the overseas supply pressure was relatively small in July. In July 2025, the export volume of lithium carbonate from Chile was 20,900 tons, a 43% increase from the previous month and a 4% increase year - on - year. Among them, 13,600 tons were exported to China, a 33% increase from the previous month and a 13% decrease year - on - year [12][32][41]. - **Demand**: In July 2025, the global sales of new energy vehicles were about 1.6 million, with a cumulative year - on - year increase of 25.1% from January to July. In July 2025, the production and sales of new energy vehicles in China were 1.243 million and 1.262 million respectively, with year - on - year increases of 26.3% and 27.4% respectively. From January to July 2025, the production and sales of new energy vehicles in China were 8.232 million and 8.22 million respectively, with year - on - year increases of 39.2% and 38.5% respectively. In July, the total production of power and other batteries in China was 133.8 GWh, a 3.6% increase from the previous month and a 44.3% increase year - on - year. From January to July, the cumulative production of power and other batteries in China was 831.1 GWh, with a cumulative year - on - year increase of 57.5%. The production of lithium iron phosphate in July increased by about 3.1% from the previous month. It is expected that the month - on - month increase in the output of cathode materials will be slightly larger in August [12][48][57]. - **Inventory**: On August 14, the weekly inventory of domestic lithium carbonate was reported at 142,256 tons, a decrease of 162 tons (- 0.1%) from the previous week. On August 15, the registered warehouse receipts of lithium carbonate on the Guangzhou Futures Exchange were 23,485 tons, a 24.7% increase from the previous week [12][64]. - **Cost**: The ore price adjusted following the lithium salt price. On August 16, the quotation of SMM Australian imported SC6 lithium concentrate was 960 - 1,020 US dollars per ton, a 26.1% increase from the previous week and an 18.5% increase in the past month. The pressure on high - cost hard - rock mines overseas has eased [12][75]. 2. Period - spot Market - On August 15, the MMLC lithium carbonate spot index quoted 82,832 yuan in the morning, up 18.62% week - on - week. The average price of MMLC battery - grade lithium carbonate was 83,000 yuan. The closing price of LC2511 on the Guangzhou Futures Exchange was 86,900 yuan, up 12.92% week - on - week [20]. - The average discount of the exchange - standard electric carbon trading market is about - 450 yuan. The net short position of lithium carbonate contract holdings has increased [23]. - The price difference between battery - grade and industrial - grade lithium carbonate is 2,300 yuan, and the price difference between battery - grade lithium carbonate and lithium hydroxide is 8,660 yuan [26][27]. 3. Supply Side - On August 14, the weekly output of domestic lithium carbonate was 19,980 tons, a 2.2% increase from the previous week. The output of lithium carbonate from spodumene reached a record high, the operating rate of salt - lake lithium carbonate rebounded, and the output of lithium carbonate from lepidolite declined. The output in August was slightly revised downwards. In July 2025, the domestic lithium carbonate output was 81,530 tons, a 4.4% increase from the previous month and a 25.5% increase year - on - year, with a cumulative year - on - year increase of 40.6% in the first seven months [32]. - In July, the output of lithium carbonate from spodumene was 44,810 tons, a 13.6% increase from the previous month and a 47.9% increase year - on - year, with a cumulative year - on - year increase of 73.8% in the first seven months. The output of lithium carbonate from lepidolite in July was 18,000 tons, a 7.6% decrease from the previous month, with a cumulative year - on - year increase of 21.0% in the first seven months [35]. - The output of salt - lake lithium carbonate in July decreased by 7.6% to 12,340 tons, with a cumulative year - on - year increase of 15.6% from January to July. Some salt - lake mines reduced production or stopped production, and the output of salt - lake lithium carbonate declined during the peak season. The output of recycled lithium carbonate in July increased by 9.8% to 6,380 tons, with a cumulative year - on - year increase of 17.4% from January to July [38]. - In June 2025, China imported 17,698 tons of lithium carbonate, a 16.3% decrease from the previous month and a 9.6% decrease year - on - year. Among them, 11,853 tons were imported from Chile and 5,094 tons from Argentina. The total import of lithium carbonate in China from January to June was about 118,000 tons, a 10.7% increase year - on - year. In June, Chile exported about 10,200 tons of lithium carbonate to China, and the overseas supply pressure was relatively small in July. In July 2025, the export volume of Chilean lithium carbonate was 20,900 tons, a 43% increase from the previous month and a 4% increase year - on - year. Among them, 13,600 tons were exported to China, a 33% increase from the previous month and a 13% decrease year - on - year [41]. 4. Demand Side - The battery field dominates lithium demand. In 2024, it accounted for 87% of global consumption. The main growth point of future lithium salt consumption still depends on the growth of the lithium - battery industry, while the traditional application fields have limited proportions and weak growth [45]. - In July 2025, the global sales of new energy vehicles were about 1.6 million, with a cumulative year - on - year increase of 25.1% from January to July. In July 2025, the production and sales of new energy vehicles in China were 1.243 million and 1.262 million respectively, with year - on - year increases of 26.3% and 27.4% respectively. From January to July 2025, the production and sales of new energy vehicles in China were 8.232 million and 8.22 million respectively, with year - on - year increases of 39.2% and 38.5% respectively [48]. - The total sales of new energy vehicles in Europe from January to June were 1.191 million, a 24.8% increase compared to the previous year. The total sales of new energy vehicles in the United States from January to June were 761,000, a 6.4% increase compared to the previous year [51]. - In July, the total production of power and other batteries in China was 133.8 GWh, a 3.6% increase from the previous month and a 44.3% increase year - on - year. From January to July, the cumulative production of power and other batteries in China was 831.1 GWh, with a cumulative year - on - year increase of 57.5%. The production of lithium iron phosphate in July increased by about 3.1% from the previous month. It is expected that the month - on - month increase in the output of cathode materials will be slightly larger in August [54][57]. 5. Inventory - On August 14, the weekly inventory of domestic lithium carbonate was reported at 142,256 tons, a decrease of 162 tons (- 0.1%) from the previous week. On August 15, the registered warehouse receipts of lithium carbonate on the Guangzhou Futures Exchange were 23,485 tons, a 24.7% increase from the previous week [64]. - The inventory cycle of cathode materials is about one week. The sales - to - inventory ratio of power batteries is at a recent median, and the inventory of energy - storage batteries is at a recent low due to the rush for exports [67]. 6. Cost Side - The ore price adjusted following the lithium salt price. On August 16, the quotation of SMM Australian imported SC6 lithium concentrate was 960 - 1,020 US dollars per ton, a 26.1% increase from the previous week and an 18.5% increase in the past month [75]. - In June, the domestic import of lithium concentrate was 428,000 tons, a 18.1% decrease year - on - year and a 17.2% decrease from the previous month. From January to June, the domestic import of lithium concentrate was 2.806 million tons, a cumulative year - on - year decrease of 0.2%. In the first half of 2025, the import of lithium concentrate from Australia increased by 6.1% year - on - year, and the import from Africa decreased by 13.0% year - on - year. The supply pressure of high - cost hard - rock mines began to ease in July [78].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - Supply - side: Mine shutdowns have led to a significant increase in lithium salt and lithium ore prices. Australian suppliers are reluctant to sell and are holding up prices, with the latest auction price reaching $1005 per ton, equivalent to a lithium salt price of 85,000 yuan per ton. Although the output of spodumene processing has increased significantly, the inventory of imported ore is being digested quickly, and there may be a short - term supply gap in September. [6] - Demand - side: Energy storage orders remain strong, and power orders are also stronger than expected. The monthly sequential growth rate of demand from August to October exceeds 3% each month. The proportion of cathode factories' customer - supplied materials has decreased, forcing them to purchase in the spot market. Based on the expectation of price increases, there may be hoarding demand during price corrections. [6] - Market: The basis has strengthened to par or a slight discount. When the futures market rises sharply, it provides certain arbitrage opportunities between futures and spot, which also provides the motivation to register warehouse receipts and reduces the spot liquidity. [6] - Strategy: For single - side trading, it is recommended to buy on dips as the upward elasticity and driving force of lithium prices are in place, and the upward trend is maintained. For arbitrage, it is recommended to wait and see. For options, sell out - of - the - money put options of the 2511 contract. [6] 3. Summary According to Relevant Catalogs 3.1 Demand Analysis - **New Energy Vehicles** - In China, from January to July, the production and sales of new energy vehicles reached 6.968 million and 6.937 million units respectively, with year - on - year growth of 41.4% and 40.3%. However, the sales in July decreased sequentially. The expected wholesale volume of new energy passenger vehicles in 2025 is 15.48 million units, with a growth of 27%. The power cell output in July also declined following the vehicle sales. [20][21] - Globally, from January to June 2025, the cumulative sales of new energy vehicles increased by 30.8% year - on - year to 9.55 million units. In the US, the cumulative sales from January to June 2025 increased by 0.6% year - on - year to 828,000 units. In Europe, the cumulative sales from January to June 2025 increased by 22.4% year - on - year to 1.756 million units. China's new energy vehicle exports from January to July 2025 increased by 81% year - on - year to 1.281 million units. [22][25] - **Energy Storage Market** - In June 2025, the newly commissioned installed capacity of domestic new energy storage projects was 2.33GW/5.63GWh, with year - on - year and sequential declines. In the first half of 2025, the national new energy storage installed capacity increased by about 29%/32% compared to the end of 2024. The main reason for the good performance of domestic energy storage orders is the "rush to export" demand. From January to July, China's energy storage cell production reached 208GWh, with a year - on - year increase of 61%. [26][30] - **Battery and Cathode Production Scheduling in August** - The production scheduling of 6 battery enterprises in August was 110.3GWh, with a year - on - year increase of 43% and a sequential increase of 1%. The production scheduling of 6 cathode enterprises was 147,000 tons, with a year - on - year increase of 16% and a sequential increase of 3%. It is expected that the orders will increase by more than 3% sequentially each month from September to November. [31][34] 3.2 Supply Analysis - **Carbonate Lithium Zhoudu Production** - Affected by the shutdown of the Jianxiawo mine, Jiangxi smelters have reduced production. High prices have stimulated an increase in processing output and imports. This week's output increased slightly sequentially, but the inventory has started to decline. It is expected that the weekly output will start to decrease next week. The price of ore has risen following the lithium salt price, and mines are taking the opportunity to hold up prices. The latest SQM auction price of SC6 lithium ore has reached $1005 per ton. [35][38] - **Monthly Production of Carbonate Lithium by Raw Material in China** - The production of carbonate lithium from different raw materials such as salt lakes, spodumene, lepidolite, and recycling shows different trends over time. [39] - **Supply Growth of Carbonate Lithium in July and Slight Sequential Increase in August** - From January to June 2025, China's carbonate lithium import volume was 1.17 million tons, with a year - on - year increase of 11%. From January to July, Chile's lithium salt exports to China increased by 3% year - on - year to 1.34 million tons. It is expected that the domestic lithium salt import volume will also increase sequentially from August to September. [42][48] 3.3 Supply - Demand Balance and Inventory - **Supply - Demand Balance Estimation of Carbonate Lithium** - The report analyzes the supply - demand balance of carbonate lithium, but specific data and trends are presented in relevant charts and descriptions. [49] - **Carbonate Lithium Inventory Turned to De - stocking This Week** - The inventory of carbonate lithium has started to decline this week. The proportion of customer - supplied materials has decreased, and spot purchases have increased significantly. The inventory in smelters has been transferred to downstream. The Guangzhou Futures Exchange warehouse receipts have increased recently, but far behind the growth of positions. [51][56]

Financial Data and Key Metrics Changes - The company achieved production of approximately 270,000 tons of lithium oxide concentrate, equivalent to about 40,000 tons of LCE, maintaining guidance for 2025 [6][13] - Short-term debt decreased by 16% compared to the previous quarter and by 40% year-over-year, indicating improved financial health [8][9] - Operating costs were reduced, with all-in sustaining costs dropping by 24% to $594 per ton, showcasing cost leadership in the industry [12][19] Business Line Data and Key Metrics Changes - Production increased by 40% year-over-year, with sales generating gross revenues of $21 million from approximately 40,350 tons sold [14][16] - The company maintained a disciplined approach to inventory management, temporarily warehousing 28,000 tons to preserve pricing power [15][44] Market Data and Key Metrics Changes - The average provisional price for sales in the second quarter was $637 for SC6, with adjustments leading to higher realized prices in subsequent quarters [14][21] - The company expects to see a positive adjustment in pricing due to recent market recoveries, with sales anticipated to be closer to production levels in the third quarter [46][60] Company Strategy and Development Direction - The company is focused on operational resilience and cost efficiency, with plans to expand production capacity to 120,000 tons of LCE equivalent by 2027 [33][34] - A disciplined approach to capital expenditure has been adopted, prioritizing immediate returns on investments related to expansion [29][62] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about market normalization and robust demand for lithium, particularly driven by EV growth, which has seen a year-on-year increase of around 27% [69] - The company is well-positioned to benefit from any recoveries in lithium prices due to its low-cost production and diversified client base [19][32] Other Important Information - The company celebrated two years without accidents or fatalities, highlighting its commitment to safety and operational excellence [10][11] - The company has secured $100 million in subsidized government debt to support its expansion projects [9] Q&A Session Summary Question: Will inventories normalize by the end of Q3? - Management confirmed that inventories are expected to normalize, with sales in Q3 anticipated to be closer to production levels [44][46] Question: Why haven't prepayment and offtake agreements been signed yet? - Management stated that negotiations are ongoing, and definitive documents will be announced once completed, emphasizing a cautious approach to announcements [48][50] Question: What are the expected consequences of US tariffs on the business? - Management noted a diversified customer base and a wait-and-see approach regarding refining, as the refining business currently has negative margins [54][55] Question: How many tons are still open to provisional pricing? - Management confirmed that provisional pricing has become a permanent feature of the business, with expectations for positive adjustments in the upcoming quarters [57][60] Question: Comments on recent price action and market developments? - Management highlighted a sharp recovery in lithium prices driven by market sentiment and noted that the market is susceptible to news, with expectations for stability in pricing moving forward [65][67]

Core Viewpoint - Ganfeng Lithium announced a strategic partnership with Lithium Argentina AG to integrate Millennial Lithium Corp and develop lithium salt lake assets in Argentina's Pozuelos-Pastos Grandes basin [1][3]. Group 1 - Ganfeng International will hold 67% of Millennial's shares post-integration, while LAR will hold 33% [3]. - As part of the transaction, Ganfeng will provide financial support of up to $130 million to LAR for funding needs and project development [3].

现时正在进行可行性研究，LCE目标年产能最高达15万吨，分三期开发，每期5万吨。 2025年8月12日，GFL International及Lithium Argentina订立框架协议，据此，双方决定通过持有 Millennial将其于项目公司及合并项目中的权益及投资合并为一家合资企业。由于资产合并，Millennial 将分别由GFL International及Lithium Argentina持有67%及33%。 关于资产合并，GFL International及Lithium Argentina应订立一份新的债务融资安排，据此，公司或其子 公司将向Lithium Argentina提供总额为1.3亿美元的财务资助，以支持Lithium Argentina的资金需求，包 括合并项目的开发或其他双方约定的用途。 赣锋锂业（002460）(01772)涨超3%，截至发稿，涨2.45%，报33.44港元，成交额3.76亿港元。 消息面上，8月12日，赣锋锂业发布公告，截至本公告日期，公司的全资附属GFL International直接或间 接拥有PPG项目公司100%的所有权权益，该公司拥有并运营PPG项目 ...