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） ...

证券日报网讯 盐湖股份（000792）8月18日在互动平台回答投资者提问时表示，公司新建碳酸锂项目建 设进展顺利，部分核心装置已完成中交验收，并计划于2025年9月底启动联动试车。 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The current speculation on mining license issues may be overheated. The market has two logics: one is the "step - by - step" upward chain of "futures rise - capacity release - increased ore consumption - ore price increase" driven by macro - sentiment and supply - side disturbances, which may lead to a temporary shortage of lithium ore and push up the price center of lithium salts; the other is the "negative feedback" cycle of "lithium salt decline - ore price loosening - lithium salt decline again" in the downward price cycle. The cost reduction also drives the downward movement of the price center of lithium carbonate. Overall, the futures market in the second half of the year is expected to rise in the third quarter and fall in the fourth quarter [3]. 3. Summary by Relevant Catalogs 3.1 Futures Data - **Price and Volatility**: The short - term strong support level of the lithium carbonate main contract is 65,000 yuan/ton, with a current volatility (20 - day rolling) of 42.2% and a current volatility historical percentile (3 - year) of 73.5% [2]. - **Contract Performance**: The closing price, trading volume, and open interest of the lithium carbonate main contract and LC2601 contract all increased. For example, the closing price of the lithium carbonate main contract rose from 86,900 yuan/ton to 89,240 yuan/ton, with a daily increase of 2,340 yuan/ton (2.69%) and a weekly increase of 8,240 yuan/ton (10.17%) [9]. - **Month - to - Month Spread**: The LC11 - 12 spread decreased from 320 to 0, a 100% decrease; the LC11 - 01 spread decreased from 480 to 200, a 58% decrease [11]. 3.2 Spot Data - **Lithium Ore**: The average daily prices of various lithium ores, such as lithium mica, lithium spodumene, and phospho - lithium - aluminum stone, all increased. For example, the average price of lithium mica (Li2O: 2 - 2.5%) rose from 2,100 yuan/ton to 2,185 yuan/ton, with a daily increase of 85 yuan/ton (4.05%) and a weekly increase of 310 yuan/ton (16.53%) [15]. - **Carbon/Hydrogen Lithium**: The average daily prices of industrial - grade and battery - grade lithium carbonate and lithium hydroxide all increased. For example, the average price of industrial - grade lithium carbonate rose from 80,400 yuan/ton to 82,300 yuan/ton, with a daily increase of 1,900 yuan/ton (2.36%) and a weekly increase of 10,000 yuan/ton (13.83%) [18]. - **Downstream Products**: The average daily prices of downstream products such as lithium iron phosphate, ternary materials, and electrolytes also showed varying degrees of increase. For example, the average price of power - type lithium iron phosphate rose from 35,655 yuan/ton to 36,170 yuan/ton, with a daily increase of 515 yuan/ton (1.44%) [23]. 3.3 Basis and Warehouse Receipt Data - **Basis**: The basis of lithium carbonate main contract and brand basis of different companies are provided. For example, the brand basis of Tianqi Lithium Industry (LI2CO3≥99.8%, LC2507) is 400 yuan/ton [26]. - **Warehouse Receipts**: The total number of lithium carbonate warehouse receipts increased from 21,939 to 23,485, an increase of 1,546. The warehouse receipts of some warehouses increased, such as Xiangyu Speed Transmission Shanghai, which increased from 1,870 to 2,010 [29][30]. 3.4 Cost and Profit - Production profit, theoretical delivery profit, and import profit of lithium carbonate are presented in the form of charts, but specific numerical summaries are not provided in the text [32]. 3.5 Risk Management Strategies - **Inventory Management**: For enterprises with high product inventory and risk of impairment, it is recommended to short lithium carbonate futures (20% of inventory) and sell call options (20%) to lock in profits and hedge risks. Buying out - of - the - money put options is also recommended [2]. - **Procurement Management**: For enterprises with future procurement plans, it is recommended to buy long - term lithium carbonate contracts according to the procurement plan to lock in procurement costs, and sell put options and buy out - of - the - money call options [2].

Group 1 - The company, Shengxin Lithium Energy (002240.SZ), has completed a share buyback program, repurchasing a total of 27.35133 million shares, which represents 2.99% of its total share capital [1] - The highest transaction price during the buyback was 17.74 CNY per share, while the lowest was 15.32 CNY per share [1] - The total amount spent on the share buyback was 445 million CNY, excluding transaction fees [1]

Core Viewpoint - The company is currently in the ramp-up phase of production at its Lijiagou lithium mine, which has been operating well since trial production began [2]. Group 1: Company Operations - The company has successfully debugged and produced qualified battery-grade lithium salt at De'a Lithium by July 2025 [2]. - The company plans to align its production and sales strategy with market conditions to maximize operational efficiency from its integrated resource advantages [2]. - The company is committed to developing its new energy business and will continue to accelerate the construction of existing projects while increasing efforts to acquire new resources [2]. Group 2: Shareholder Value - The company aims to deliver good performance and long-term value to shareholders in response to their support [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The market is worried about the contraction of domestic lithium carbonate supply due to the suspension of the Jianxiaowo lithium mica mine and uncertainties in domestic salt lake supply. The "anti - involution" sentiment continues, and the short - term price of lithium carbonate is expected to be strong. However, high prices will stimulate the release of overseas resources, and the long - term fundamental pattern remains unchanged. Attention should be paid to the progress of Jiangxi mines and the continuity of the "anti - involution" sentiment [4][90] 3. Summary by Relevant Catalogs 3.1 Investment Strategy - Strategy: Short - term operation, be cautious when chasing long positions, and appropriately buy options for protection; Operating range: 70,000 - 100,000 [4][90] - Resource side: There are still concerns about the supply of lithium mica in Jiangxi, the output of spodumene is basically flat, and the import volume of lithium ore has decreased [4][90] - Supply side: Last week, the output of lithium carbonate continued to increase, the import volume of lithium salts decreased, the export volume of lithium salts from Chile increased significantly, and the recycling end was strengthened [4][90] - Demand side: The growth rate of new energy vehicle production and sales has slowed down. The production schedules of cathode and cell factories have increased, with inventory accumulation of lithium iron phosphate and ternary materials last week. The production schedule of energy - storage batteries has increased slightly, and the energy - storage winning bid scale has decreased [4][90] - Cost side: The prices of spodumene concentrate and lithium mica have risen significantly [4][90] - Inventory: Overall inventory reduction, inventory reduction in smelters, and inventory accumulation in downstream and other sectors [4][90] 3.2 Market Review - Last week, lithium carbonate fluctuated at a high level, with a weekly increase of 15.87%. The trading volume reached 4.63 million lots (+1.86 million), and the open interest reached 401,100 lots (+80,400). The basis was at a discount of 4,200 yuan/ton [6][7] 3.3 Supply - Side Analysis 3.3.1 Lithium Ore - In July, China's spodumene output was 6,500 tons of LCE, a month - on - month increase of 0.8%; lithium mica output was 16,100 tons of LCE, a month - on - month decrease of 4.2% [12] - In June, the import volume of lithium concentrate decreased to 427,600 tons, a month - on - month decrease of 17.2% and a year - on - year decrease of 18.1% [16] - In April, the volume of spodumene shipped from Port Hedland to China decreased to 58,400 tons, a month - on - month decrease of 49.3% and a year - on - year increase of 13.3% [21] 3.3.2 Lithium Battery Recycling - In August, the expected recycling volume of waste lithium batteries was 23,484 tons, a month - on - month increase of 6.4% and a year - on - year increase of 28.9% [26] 3.3.3 Lithium Carbonate - Last week, the output of lithium carbonate was 19,980 tons, a month - on - month increase of 2.2% - In June, the import volume of lithium carbonate decreased to 17,698 tons, a month - on - month decrease of 16.3% and a year - on - year decrease of 9.6% - In July, the volume of lithium carbonate exported from Chile to China was 13,633 tons, a month - on - month increase of 33.3% and a year - on - year decrease of 13.5% [32][34] 3.3.4 Lithium Hydroxide - In August, the operating rate of lithium hydroxide was 36%, and the output was 23,820 tons, a month - on - month decrease of 5.4% and a year - on - year decrease of 24.3% - In June, the export volume of lithium hydroxide was 6,260 tons, a month - on - month increase of 12.1% and a year - on - year decrease of 56.1% [42] 3.4 Downstream Demand Analysis 3.4.1 Lithium Iron Phosphate - Last week, the output of lithium iron phosphate was 79,053 tons, a month - on - month increase of 1.4% - In July, the operating rate of iron phosphate was 59%, and the output was 252,200 tons, a month - on - month increase of 10% and a year - on - year increase of 70% [45] 3.4.2 Ternary Materials - Last week, the output of ternary materials was 16,283 tons, a month - on - month increase of 3.4% - In June, the import and export volume increased [50] 3.4.3 Ternary Precursors - In August, the operating rate of ternary precursors was 41%, and the output was 76,160 tons, a month - on - month increase of 8.1% and a year - on - year increase of 5.4% - In June, the export volume decreased [53] 3.4.4 Manganese - Based and Cobalt - Based Materials - In August, the operating rate of lithium manganate was 33%, and the output was 11,978 tons, a month - on - month increase of 3% and a year - on - year increase of 26% - In August, the operating rate of lithium cobaltate was 61%, and the output was 8,880 tons, a month - on - month decrease of 3.8% and a year - on - year increase of 11.1% [54] 3.4.5 Electrolyte - In August, the output of electrolyte was 169,680 tons, a month - on - month increase of 4.1% and a year - on - year increase of 38.0% - In June, the export volume of lithium hexafluorophosphate increased [61] 3.5 Terminal Demand Analysis 3.5.1 Power Batteries - In July, the output of power batteries was 133.8 GWh, a month - on - month increase of 3.6% and a year - on - year increase of 45.8% - In July, the installed capacity of power batteries was 55.9 GWh, a month - on - month decrease of 4.0% and a year - on - year increase of 34.3% [64] 3.5.2 New Energy Vehicles - In July, the production of new energy vehicles was 1.243 million, a month - on - month decrease of 2.0% and a year - on - year increase of 26.3% - In July, the sales of new energy vehicles was 1.262 million, a month - on - month decrease of 5.1% and a year - on - year increase of 27.4% [67] 3.5.3 Energy Storage - In August, the output of energy - storage batteries was 45.15 GWh, a month - on - month increase of 2.2% and a year - on - year increase of 42.9% - In June, the winning bid power scale of energy storage was 4.57 GW, a month - on - month decrease of 11.3% and a year - on - year increase of 15.1%; the winning bid capacity scale was 12.11 GWh, a month - on - month decrease of 27.3% and a year - on - year increase of 45.0% [72] 3.5.4 Consumer Electronics - In July, China's smartphone production was 94.32 million units, a month - on - month decrease of 12.9% and a year - on - year increase of 2.1% - In July, China's micro - computer production was 25.52 million units, a month - on - month decrease of 19.2% and a year - on - year decrease of 9.8% [75] 3.6 Cost Analysis - Lithium ore prices have risen significantly. The price of spodumene concentrate has increased by $163/ton, and the price of lithium mica has increased by 300 yuan/ton [79] 3.7 Inventory Analysis - The total lithium carbonate inventory decreased by 162 tons. Structurally, smelters' inventory decreased by 1,306 tons, downstream inventory increased by 124 tons, and other inventory increased by 1,020 tons - Last week, lithium iron phosphate inventory increased by 483 tons, and ternary materials inventory increased by 737 tons [86][87]

Group 1 - The core viewpoint of the articles indicates that the lithium carbonate market is experiencing fluctuations, with prices showing a strong upward trend recently, driven by supply-side disturbances and production capacity adjustments [1][2] - Lithium carbonate futures opened at 88,160.0 yuan/ton, reaching a high of 90,100.0 yuan and a low of 87,720.0 yuan, reflecting a price increase of approximately 5.25% [1] - The supply side remains a critical factor, with expectations of reduced supply from various sources, including domestic mica and salt lakes in Chile, contributing to potential price increases [2] Group 2 - Hualian Futures noted that lithium carbonate production remains stable, with an increase in production capacity utilization among processing enterprises, while the demand from the new energy vehicle sector shows signs of marginal slowdown [1] - Newhu Futures emphasized that the current trading focus is on supply-side disturbances, with expectations of price increases due to potential supply reductions and upcoming seasonal demand [2] - CICC Futures highlighted uncertainties in the market, particularly regarding mining permits and potential production halts, which could lead to significant price volatility in the fourth quarter [2]

每经AI快讯，有投资者在投资者互动平台提问：请问一里坪盐湖的项目建设进度如何？ （文章来源：每日经济新闻） 赣锋锂业（002460.SZ）8月18日在投资者互动平台表示，青海一里坪盐湖项目为公司持有49%权益的项 目，资源量为165万吨LCE。该项目已形成年产1.5万吨碳酸锂的产能。 ...

Core Viewpoint - The report analyzes historical market pullbacks during bull markets and identifies potential risk factors for the current market, emphasizing that while a pullback is not imminent, preparation is necessary for possible future risks [1][8]. Group 1: Historical Pullback Experiences - Liquidity tightening is the primary trigger for pullbacks in past bull markets, with macro liquidity tightening having a more profound impact on valuation and inflation levels [2][9]. - Micro liquidity tightening leads to more controllable pullbacks, often presenting opportunities for positioning [10]. - The report categorizes pullback causes into five main types: macro liquidity tightening, micro liquidity tightening, policy tightening, geopolitical events, and fundamental downturns, with macro liquidity tightening being the most frequent cause [9][11]. Group 2: Potential Future Pullback Triggers - Key macro liquidity factors to monitor include whether the current easing will meet expectations, particularly in light of anticipated U.S. Federal Reserve rate cuts [30]. - On the micro liquidity side, attention should be paid to margin account inspections, quantitative trading regulations, IPO lock-up releases, and significant ETF outflows [31]. - Geopolitical events, particularly the Russia-Ukraine conflict and U.S.-China trade negotiations, are critical areas for monitoring [32]. Group 3: Reiteration of Re-inflation Bull Market View - The current bull market is characterized by financial re-inflation, with the stock market serving as a vehicle for excess liquidity as cash product yields decline [39]. - The transition to the second half of the bull market is expected to focus on real asset re-inflation, with M1 leading PPI by 6-9 months [49]. - The report emphasizes the importance of fund recovery and reallocation effects, suggesting that as funds recover, redemption pressures may increase, but this does not necessarily indicate a long-term negative outlook [52].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply - demand pattern of lithium carbonate is characterized by strong supply and weak demand due to capacity mismatch, and the downward trend is difficult to change [14]. - Lithium carbonate 2511 is expected to fluctuate in the range of 85,000 - 88,800 [10]. 3. Summary by Relevant Catalogs 3.1 Daily Views - **Supply - side**: Last week, lithium carbonate production was 19,980 tons, a 2.16% week - on - week increase, higher than the historical average [8]. In July 2025, production was 81,530 physical tons, and next - month production is predicted to be 84,200 tons, a 3.27% increase [10]. - **Demand - side**: Last week, the inventory of lithium iron phosphate sample enterprises was 95,081 tons, a 0.51% week - on - week increase, and the inventory of ternary material sample enterprises was 17,296 tons, a 4.45% week - on - week increase [8]. - **Cost - side**: The cost of purchased lithium spodumene concentrate is 79,952 yuan/ton, a 0.28% daily increase, with a production profit of 1,579 yuan/ton; the cost of purchased lithium mica is 84,292 yuan/ton, a 0.69% daily increase, with a production loss of 4,868 yuan/ton; the production cost of the recycling end is close to that of the ore end, and the production enthusiasm is average; the quarterly cash production cost of the salt lake end is 31,745 yuan/ton, with sufficient profit margins and strong production motivation [9]. - **Fundamentals**: Neutral [9]. - **Basis**: On August 15, the spot price of battery - grade lithium carbonate was 82,700 yuan/ton, and the basis of the 11 - contract was - 4,200 yuan/ton, with the spot at a discount to the futures. Bearish [9]. - **Inventory**: The smelter inventory was 49,693 tons, a 2.56% week - on - week decrease, lower than the historical average; the downstream inventory was 48,283 tons, a 0.26% week - on - week increase, higher than the historical average; other inventories were 44,280 tons, a 2.36% week - on - week increase, higher than the historical average; the total inventory was 142,256 tons, a 0.11% week - on - week decrease, higher than the historical average. Neutral [9]. - **Market trend**: MA20 is upward, and the futures price of the 11 - contract closed above MA20. Bullish [11]. - **Main positions**: The main positions are net short, and short positions increased. Bearish [11]. - **Positive factors**: Manufacturers' shutdown and production reduction plans, a month - on - month decrease in the amount of lithium carbonate imported from Chile, and a decline in lithium spodumene imports [12]. - **Negative factors**: High - level supply at the ore/salt lake end with limited decline, and insufficient willingness of the power battery end to take delivery [13]. 3.2 Lithium Carbonate Market Overview - **Prices**: The prices of various lithium - related products such as lithium spodumene, lithium mica concentrate, battery - grade lithium carbonate, and lithium hexafluorophosphate showed different degrees of increase or remained stable [17]. - **Supply - demand data**: The weekly operating rate of lithium carbonate was 63.92%, unchanged from the previous value; the monthly operating rate of lithium iron phosphate increased by 5.36%, and the monthly production increased by 9.70% [19]. 3.3 Supply - Lithium Ore - **Prices**: Lithium ore prices have shown fluctuations over the years [24]. - **Production**: The production of Chinese sample lithium spodumene mines and domestic lithium mica has changed over different years [24]. - **Imports**: Lithium concentrate imports have fluctuated, with imports from Australia and other regions varying [24]. - **Supply - demand balance**: The supply - demand balance of domestic lithium ore has shown different situations in different months and years [26]. 3.4 Supply - Lithium Carbonate - **Operating rate**: The weekly operating rate of lithium carbonate production from different sources (lithium spodumene, lithium mica, salt lake, recycling materials) has changed over time [29]. - **Production**: Lithium carbonate production has shown an upward or fluctuating trend over different years and months [29]. - **Imports**: The import volume of lithium carbonate from different countries (Chile, Argentina, etc.) has changed [29]. - **Supply - demand balance**: The monthly supply - demand balance of lithium carbonate has shown different situations in different months and years [34]. 3.5 Supply - Lithium Hydroxide - **Capacity utilization**: The weekly capacity utilization rate of domestic lithium hydroxide has changed over different years [37]. - **Production**: The production of lithium hydroxide from different sources (smelting, causticizing) has changed [37]. - **Exports**: China's lithium hydroxide export volume has shown an upward trend over different years [37]. - **Supply - demand balance**: The monthly supply - demand balance of lithium hydroxide has shown different situations in different months and years [40]. 3.6 Lithium Compound Cost - Profit - **Cost - profit of different raw materials**: The cost - profit of purchasing lithium spodumene concentrate, lithium mica concentrate, and various recycled materials for lithium carbonate production has changed over time [43][46][49]. - **Processing cost - profit**: The cost - profit of processing lithium hydroxide from different forms (coarse - grained to fine - grained), and the cost - profit of various lithium compound conversion processes have changed [49]. 3.7 Inventory - **Lithium carbonate inventory**: The inventory of lithium carbonate in smelters, downstream, and other aspects has changed over time [51]. - **Lithium hydroxide inventory**: The inventory of lithium hydroxide in downstream and smelters has changed [51]. 3.8 Demand - Lithium Battery - **Prices**: The prices of lithium batteries have changed over time [55]. - **Production**: The monthly production of power cells and energy - storage cells has changed [55]. - **Exports**: The export volume of lithium batteries has shown an upward trend over different years [55]. 3.9 Demand - Ternary Precursor - **Prices**: The prices of ternary precursors have changed over time [60]. - **Production**: The monthly production of ternary precursors of different series has changed [60]. - **Supply - demand balance**: The monthly supply - demand balance of ternary precursors has shown different situations in different months and years [63]. 3.10 Demand - Ternary Material - **Prices**: The prices of ternary materials have changed over time [66]. - **Cost - profit**: The cost - profit of ternary materials has changed [66]. - **Operating rate**: The weekly operating rate of ternary materials has changed over different years [66]. - **Exports and imports**: The export and import volumes of ternary materials have changed [68]. 3.11 Demand - Iron Phosphate/Iron Phosphate Lithium - **Prices**: The prices of iron phosphate and iron phosphate lithium have changed over time [70]. - **Cost - profit**: The cost - profit of iron phosphate lithium has changed [70]. - **Production**: The monthly production of iron phosphate and iron phosphate lithium has changed [73]. - **Exports**: The monthly export volume of iron phosphate lithium has shown an upward trend over different years [73]. 3.12 Demand - New Energy Vehicles - **Production**: The production of new energy vehicles (plug - in hybrids and pure - electric vehicles) has changed over different years [78]. - **Exports**: The export volume of new energy vehicles has shown an upward trend over different years [78]. - **Sales**: The sales volume of new energy vehicles (plug - in hybrids and pure - electric vehicles) and the sales penetration rate have changed over different years [78][79]. - **Inventory indicators**: The retail - wholesale ratio, inventory warning index, and inventory index of new energy vehicles have changed over different years [82].