Group 1 - The A-share market continues to rise, but there is a lack of investment opportunities that appeal to the company [1][2] - The company expresses frustration over holding cash without suitable investment options, comparing the situation to being in a KTV without finding suitable companions [2][3] - The company emphasizes the importance of being selective in investments, avoiding poor choices despite the urge to invest [4] Group 2 - In the securities sector, a high position was reached with a doji candlestick pattern, leading to a reluctance to invest at this level [5][6] - The liquor sector has shown unexpected strength, but the company remains cautious due to fundamental concerns, despite the potential short-term bottom for a leading brand at 1400 yuan [7][8] - The new energy sector has displayed lackluster performance recently, with no significant movements in lithium, silicon materials, or wind power equipment [9]

Report Industry Investment Rating - Unilateral: Cautiously bullish; Inter - term: None; Cross - variety: None; Spot - futures: None; Options: None [4] Core View - The lithium carbonate futures market is mainly affected by supply - side disturbances. With the current mine stoppages, it is expected that domestic lithium carbonate will start to significantly reduce inventory in September. If subsequent production cuts are substantial and last for a long time, the oversupply pattern of lithium carbonate may reverse, and the futures price may still have upward potential with certain consumption support [2] Market Analysis Summary - On August 18, 2025, the main lithium carbonate contract 2511 opened at 88,160 yuan/ton and closed at 89,240 yuan/ton, with a 4.67% change from the previous day's settlement price. The trading volume was 1,036,328 lots, and the open interest was 421,106 lots, up from 401,139 lots the previous day. The current basis was - 4,160 yuan/ton, and the number of lithium carbonate warehouse receipts was 23,555 lots, a change of 70 lots from the previous trading day [1] - According to SMM data, the price of battery - grade lithium carbonate was 82,500 - 86,700 yuan/ton, up 1,900 yuan/ton from the previous day; the price of industrial - grade lithium carbonate was 81,600 - 83,000 yuan/ton, also up 1,900 yuan/ton. The price of 6% lithium concentrate was 1,035 US dollars/ton, up 45 US dollars/ton from the previous day. Downstream procurement enthusiasm continued to increase, and market activity enhanced. Due to the rigid demand of some downstream enterprises and the reluctance of upstream and traders to sell, the spot transaction price of lithium carbonate continued to rise significantly [1] - According to the latest weekly data, the weekly output increased by 424 tons to 19,980 tons, with the output from salt lakes and spodumene increasing and the output from mica decreasing. The weekly inventory decreased by 162 tons to 142,256 tons, with an increase in intermediate - link inventory and a decrease in smelter inventory [1] Strategy Summary - The lithium carbonate futures market is mainly affected by supply - side disturbances. The mining end in Jiangxi is greatly affected, with large factories having stopped production and the resumption progress unknown. Other mines are required to complete relevant report writing by September 30, and the subsequent impact on production is uncertain. In addition, a lithium salt production enterprise in Qinghai may face the possibility of shutdown due to mining license issues. Based on the current mine stoppages, it is expected that domestic lithium carbonate will start to significantly reduce inventory from September. If subsequent production cuts are large and last for a long time, the oversupply pattern of lithium carbonate may change, and the futures price may still have upward potential with certain consumption support [2]

Group 1: Report Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: August 19, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Market Review and Operation Suggestions - **Market Performance**: Carbonate lithium futures rose significantly, with the main contract breaking through 90,000 yuan during the session. The spot price of electric carbon increased by 1,900 yuan to 84,600 yuan, Australian ore rose by 45 to 1,035, lithium mica ore rose by 85 to 2,185, 5-series power-type ternary materials rose by 500, and lithium iron phosphate rose by 515. The production profit of salt plants purchasing lithium spodumene narrowed to 1,069, and the production loss of salt plants purchasing lithium mica expanded to 4,968. The current futures price has a premium of over 4,000 yuan over the spot price [12]. - **Main Drivers**: The rise was mainly due to the news that the mining license of Qinghai Xitai Jinaier Salt Lake of CITIC Guoan expired, and short - term disturbances in the resource side were the main cause of lithium price fluctuations [12]. - **Outlook**: The high supply is expected to remain unchanged in the short term, but the market's short - term trading sentiment is still concentrated on the production cuts and suspensions in the lithium resource sector. It is expected that the price of carbonate lithium is likely to rise and difficult to fall [12]. Group 3: Industry News - **Ganfeng Lithium**: On August 18, Ganfeng Lithium stated on the interactive platform that the future reversal of lithium prices depends on the intensity of supply - side clearance and the pace of demand growth. The company is optimistic about long - term lithium demand, will adjust production capacity flexibly and optimize hedging strategies, and the current volume of carbonate lithium futures hedging is low [13]. - **India's Policy Proposal**: India proposed to reduce the goods and services tax for entry - level two - wheelers, small cars, and hybrid passenger cars, and the proposal is expected to be implemented before October [13]

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截至目前，公司已通过集中竞价方式回购股份数量27,351,330股，占公司总股本的2.99%；最高成交价 为17.74元/股，最低成交价为15.32元/股，支付的总金额为44,494.45万元（不含交易费用）。本次回购 金额不低于回购方案中的回购资金总额下限，且未超过回购资金总额上限，公司本次回购股份方案已实 施完毕，本次回购符合公司的回购股份方案及相关法律法规的要求。 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 盛新锂能集团股份有限公司（以下简称"公司"）于2025年6月23日召开第八届董事会第二十次会议，审 议通过了《关于回购公司股份方案的议案》，同意公司使用自有资金及回购专项贷款以集中竞价方式回 购公司部分已发行的人民币普通股（A股）股票用于维护公司价值及股东权益。本次拟用于回购的资金 总额为不低于人民币40,000万元且不超过人民币50,000万元，回购价格不超过人民币17.75元/股，回购 股份的实施期限为自公司董事会审议通过本次回购方案之日起三个月内。具体情况详见公司分别于2025 年6月25日 ...

Group 1 - The core viewpoint of the articles indicates that lithium carbonate futures have risen significantly due to supply contraction expectations, despite some improvements in the market fundamentals [1][2][3] - As of August 18, the main contract LC2511 reached a peak of 90,100 yuan/ton, closing at 89,240 yuan/ton, marking a 4.67% increase [1] - Analysts highlight that the upcoming traditional peak season raises questions about supply and demand improvements in the lithium carbonate industry [1][2] Group 2 - Weekly lithium carbonate production reached approximately 20,000 tons as of August 14, an increase of 424 tons from the previous week, driven by higher lithium spodumene processing rates [2] - Despite the shutdown of the Jiangxia Wokeng mine by CATL, the impact on lithium carbonate production is expected to be minimal in the short term [2] - Current weekly inventory of lithium carbonate is 142,300 tons, showing a slight decrease of 162 tons, primarily from smelting plants, indicating a trend of "increased production and inventory reduction" as the peak season approaches [2] Group 3 - The price of lithium spodumene has also increased, with some Australian mine auction prices exceeding $1,000/ton, providing strong support for lithium carbonate futures [3] - However, there has been a noticeable decline in new energy vehicle sales since July, with July's domestic sales at 1.037 million units, down 7.8% month-on-month, which could pressure lithium carbonate prices if demand growth slows [3] - Short-term outlook suggests that supply disturbances remain, but demand support from the peak season may keep lithium carbonate prices stable [3] Group 4 - In the medium to long term, sustained high prices of lithium carbonate may incentivize high-cost mines and smelting operations to resume production, potentially increasing supply elasticity and altering the current tight balance [4] - Market sentiment driven by news may have a greater impact than actual changes in fundamentals, with improvements in the lithium salt supply-demand balance relying on substantial reductions in mining output [4] - The production situation in regions like Qinghai and Jiangxi remains uncertain, which could lead to price increases, but the arrival of overseas resources may alleviate domestic supply shortages [4]

Group 1 - Jiu Wu Gao Ke plans to issue convertible bonds to raise no more than 504 million yuan, with proceeds allocated for lithium chloride pilot production line, special inorganic membrane components production line, and working capital [1] - The move indicates Jiu Wu Gao Ke's strategic positioning in the new energy and environmental protection sectors, potentially enhancing its competitiveness and market share [1] Group 2 - Weilan Lithium Chip's subsidiary plans to invest 83.88 million USD in an LED project in Malaysia, aiming to establish a CSP production capacity of 700KK chips per month upon completion [2] - The investment reflects Weilan Lithium Chip's efforts to expand its international market presence and enhance global competitiveness, positively impacting the LED industry [2] - Weilan Lithium Chip reported a net profit of 333 million yuan for the first half of 2025, marking a year-on-year increase of 99.09% [2] Group 3 - Longbai Group reported a net profit of 1.385 billion yuan for the first half of 2025, a year-on-year decrease of 19.53%, with revenue of 13.331 billion yuan, down 3.34% [3] - The company has decided not to distribute cash dividends or issue bonus shares for the half-year, likely to retain funds for market challenges or future development projects [3] - Investors are advised to monitor Longbai Group's strategic adjustments and market performance moving forward [3]

编者按：美银发布研究报告指出，中国锂市场正经历深刻变革。从供应端看，政府因《矿产资源法》修订等，整治锂云母矿产能，关停部分矿山、加强 合规管理，推动市场再平衡，锂价有望受支撑；从需求端，电动汽车曾过度追求规模致产能过剩，如今 "反内卷" 行动调整，同时电池储能需求因可再生 能源发展重要性凸显，但其产量与装机量差异影响锂需求。变革中存在锂价上涨推高电动车行业成本等权衡，整体是政府引导资源合理开发、平衡多方 利益的结构性调整，重塑锂市场供需格局 。 几年前，由于矿山供应迅速增加，锂市场陷入过剩。尽管如此，如今自愿性的（中国境外）和强制性的（中国境内）生产管控，正使市场逐渐恢复常 态。 中国的 "反内卷" 行动对锂市场意义重大 中国政府修订了《矿产资源法》，新法规明确矿山的登记和审批权归自然资源部所有。这意味着地方政府未经自然资源部批准，不得擅自发放采矿许可 证，这也是目前诸多矿山接受调查的原因所在。 由于锂是战略资源，矿商必须在 2025 年 9 月 30 日前明确主要生产情况，并提交资源储量和品位评估报告。归根结底，有关部门正致力于实现以下几方 面的结合：1）削减产量；2）加强对在产矿山的合规管理；3）推行更严 ...

Core Viewpoint - The Chinese lithium market is undergoing significant transformation due to government interventions aimed at balancing supply and demand, which may support lithium prices while addressing overcapacity issues in the electric vehicle sector [1][2][4]. Supply Side Summary - The Chinese government is implementing stricter regulations on lithium mica mining, including the closure of certain mines and enhanced compliance management, which is expected to stabilize lithium prices [1][2]. - Following the closure of the JXW lithium mica mine, lithium prices increased by 20%, indicating the immediate impact of supply-side adjustments [1][24]. - The revised Mineral Resources Law centralizes mining permit authority with the Ministry of Natural Resources, limiting local governments' ability to issue permits without approval [2][26]. Demand Side Summary - Demand for lithium is rising, particularly from electric vehicles and energy storage systems, although the growth rate is slower than previously anticipated [3][28]. - The energy storage market is projected to have a significant impact on lithium demand, with an estimated annual production of 440 GWh of storage batteries in China, compared to an expected installation capacity of 250 GWh [3][43]. - The discrepancy between production and installation capacity indicates a potential underestimation of lithium demand in the energy storage sector [3][47]. Market Rebalancing Summary - The lithium market is gradually rebalancing, with potential shortages anticipated if production controls continue [4][5]. - Historical overproduction has led to a supply surplus, but current production controls are helping to restore market equilibrium [4][5]. - By 2026, the lithium market is expected to remain in surplus, but further reductions in lithium mica production could lead to a shift towards scarcity [5][9]. Price Dynamics Summary - The average lithium price is projected to rise to $20,000 per ton by the end of 2025, compared to an average of $9,100 per ton this year, highlighting the potential impact of regulatory actions [2][28]. - The balance between rising lithium prices and the cost pressures on electric vehicle manufacturers is a critical consideration for the industry [28][30].

证券日报网讯 8月18日晚间，盛新锂能发布公告称，截至本公告披露日，公司本次回购股份方案已实施 完毕，截至目前，公司已通过集中竞价方式回购股份数量27，351，330股，占公司总股本的2.99%。 （文章来源：证券日报） ...