2018年，天齐锂业斥资40亿美元（当时约合人民币258亿元）购买智利SQM公司23.77%股权，持有全球 储量最大的锂盐湖——位于智利的阿塔卡马项目的股权。但SQM一直存在税务相关诉讼。2024年，智 利圣地亚哥法院判决SQM缴纳约11亿美元的所得税费用，相应减少其净利润约11亿美元。因此，2024 年报中，SQM公司净资产占天齐锂业净资产比重为19.63%，投资收益却是-8.85亿元。 2025年12月26日起，天齐锂业已处置SQM的B类股，公司不再持有SQM的B类股。目前，天齐锂业通过 全资子公司天齐智利持有SQM的A类股 6255.65万股，占其股份总数的21.90%。 新京报贝壳财经讯（记者林子）千亿锂电龙头可能要抛售近19亿元核心资产了。2月4日中午，天齐锂业 宣布拟择机对参股公司中创新航价值4.59亿元的股权和Sociedad Química y Minera de Chile S.A.（简 称"SQM"）价值14.33亿元的部分股权进行处置，合计18.92亿元。 编辑 岳彩周 具体来看，天齐锂业拟择机处置持有的中创新航股份数量合计不超过2021.72万股，这意味着天齐锂业 可能全部清仓所持的中 ...

Core Viewpoint - The chairman of Tianli Lithium Energy, Wang Ruiqing, emphasizes the importance of recognizing shortcomings and striving for progress, aiming to create a new phase of development for the company in 2026 [50]. Group 1: Business Strategy - The company aims to extend its business footprint and enhance product influence [9][60]. - Continuous improvement of profitability is a key focus for the company [11][61]. - The company adheres to a technology-led and innovation-driven strategy [13][63]. Group 2: Research and Development - The R&D team is encouraged to engage deeply in their work to inject core competitiveness into products [14][66]. - Collaboration with upstream and downstream enterprises, as well as research institutions, is essential for building a cooperative ecosystem [20][71]. Group 3: Talent and Team Building - The company is committed to improving its talent cultivation system and optimizing incentive mechanisms [28][79]. - A united and progressive team is crucial for sharing the company's development achievements [30][81]. Group 4: Corporate Mission and National Strategy - The company is dedicated to responding to national strategies and actively integrating into the national 14th Five-Year Plan for industrial development [25][76]. - The goal is to assist in the high-quality development of the lithium battery industry [26][76]. Group 5: Company Culture and Values - The company promotes a sense of responsibility and a mission-driven approach among its employees [33][83]. - There is a strong emphasis on confidence and unity within the organization [38][86].

2 月 3 日，富临精工的一则公告，揭示了动力电池龙头宁德时代对其上游核心资产的又一次重注。 公告显示，富临精工拟将所持有的江西升华 5 亿元债权转作对其增资，认购江西升华新增注册资本 4.07 亿元， 宁德时代拟现金增资 7.47 亿元，认购江西升华新增注册资本 6.07 亿元。 本次增资完成后，公司持有江西升华的股权比例将由 79.57% 减少至 64.37% ，宁德时代持有江西升华的股权比例将由 18.74% 增加至 33% 。至此，宁德时代稳坐第二大股东席位。 2024 年 8 月，富临精工以 3.89 亿元回购宁德时代所持江西升华 40% 股权，宁德时代暂时退出股东行列，但双方签署《业务合作协 议》，宁德时代支付一定预付款锁定江西升华 7.5 万吨产能，并承诺 2025-2027 年每年至少采购 14 万吨磷酸铁锂。 2025 年 3 月，宁德时代以 4 亿元重新入股江西升华，持股比例为 18.74% ，并签署全面《战略合作协议》。 6 月，双方将合作产能扩至 36 万吨 / 年，宁德时代一次性支付 5 亿建设预付款，并将"江西升华 100% 产能优先供应宁德时代"修订为后 者承诺"每年采购量不低于 ...

证券研究报告 | 2026年02月04日 （1）政策演进分为三个阶段，2023 年初-2024 年 6 月，中央点明相关风险， 2024 年 7 月-2025 年 6 月中央首次提出防范"内卷式"恶性竞争，部分行业 开展自律探索但缺乏协同与刚性约束，2025 年 7 月至今为系统化实施期。 （2）核心定位方面，反内卷核心是破解地方保护主义与市场分割导致的资 源错配，与统一大市场形成双向支撑，前者为后者扫清不当竞争障碍，后者 为前者提供制度框架，共同服务于高质量发展。 实施特征看： （1）实施特征方面，呈现部委协同治理、行业自律为基、产能价格双控、 甄别标准多元四大特点。 （2）行业治理模式方面，煤炭、钢铁等传统上游行业以行政干预为主，多 晶硅、光伏等新兴及下游领域以行业自律为主，部分领域采用行政与自律结 合的模式。 （3）典型案例方面，光伏产业作为新兴产业内卷代表，经历"自律失败-政 策加力-实质推进"历程，2025 年政策加码后通过多重举措规范竞争，但下 游并网增速下滑、终端需求疲软导致硅料等环节提价压力难以传导，制约政 策效果。 宏观经济深度报告 反内卷系列一：将"反内卷"进行到底 反内卷政策是决策层针对 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 碳酸锂 姓名：龙奥明 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 碳酸锂 | 日报 2026 年 2 月 4 日 碳酸锂日报 专业研究·创造价值 碳酸锂震荡企稳 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 摘要 【期货市场】主力合约 LC2605.GFE 收盘价 147220 元/吨，较前日 下跌 880 元/吨，近 10 个交易日整体呈现下降走势。 【现货市场】碳酸锂现货价格为 152920 元/吨，较前日下跌 0.36%，近 10 个交易日整体呈现下降走势。 【基差分析】当前基差为 4260 点，正基差（现货升水），较前日 走弱 3910 点，近 10 个交易日基差整体走强。 【仓单情况】碳酸锂注册仓单量为 3 ...

Market Overview - As of February 4, the domestic lithium carbonate market is stable, with the battery-grade lithium carbonate (99.5%) spot settlement price at 151,500 CNY/ton, unchanged from the previous working day. There is an increase in downstream inquiries, and sellers are showing a reluctance to sell at lower prices [1] - The battery-grade lithium hydroxide (56.5% coarse particles) settlement price is also stable at 152,000 CNY/ton [1] - In the futures market, lithium carbonate futures prices have rebounded slightly, with the main contract closing at 147,220 CNY/ton, an increase of 1,920 CNY from the previous working day, and a slight recovery in open interest [1] ICC Lithium Battery Settlement Prices - As of February 4, the settlement prices for various lithium products are as follows: - Lithium concentrate: 2,030 CNY/ton - Battery-grade lithium carbonate (99.5%): 151,500 CNY/ton - Lithium hydroxide (56.5%): 152,000 CNY/ton - Lithium iron phosphate (power type): 5.24 CNY/kg - NCM materials: 20.65 CNY/kg - Prismatic energy storage cells (lithium iron phosphate): 0.375 CNY/Wh [2] Industry Focus - On February 3, Tianqi Lithium's board approved a proposal to selectively dispose of part of its equity in SQM, with a maximum of 3,565,970 shares (not exceeding 1.25% of SQM's total shares) [5] Company Insights - Current average price levels for energy storage cells suggest that second-tier companies can withstand lithium carbonate prices around 154,000 CNY [4] - Despite a general decline in lithium battery and cathode material production in February, this is largely within expectations. The reduction in lithium carbonate production is comparable to that of lithium iron phosphate, indicating that the tight balance in the market remains unchanged. Short-term upward momentum appears insufficient, while downward demand support is relatively strong. It is expected that lithium carbonate prices will continue to fluctuate between 140,000 and 160,000 CNY before the Spring Festival, with a focus on downstream companies' restocking after the holiday [6]

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每经AI快讯，天铁科技（300587.SZ）2月3日在投资者互动平台表示，安徽天铁锂电新能源有限公司产 线已全面竣工投产，新增较多固定资产折旧、人工等固定成本，而其产能尚在逐步释放，对公司整体业 绩造成一定不利影响；关于受让欣界能源科技（浙江）有限公司30%股权的相关事宜，目前正在推进 中，进展情况敬请关注公司披露的公告；2025年限制性股票激励计划第一个限售期的业绩完成情况需以 经审计机构审计的数据为准，敬请关注公司披露的公告，公司管理层也始终秉持审慎经营原则，通过优 化资源配置、加强技术创新和市场拓展等举措持续提升公司竞争优势及经营业绩；公司当前生产经营状 况稳定，若有达到披露标准的订单或业务情况，公司将按照法律法规的要求及时履行信息披露义务，敬 请关注公司披露的公告；公司商誉减值金额需待评估机构及审计机构进行评估和审计后确定，敬请关注 公司披露的公告。 （记者 王晓波） ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][61] Core Insights - The report highlights the recent policy changes by the National Development and Reform Commission and the National Energy Administration regarding the capacity pricing mechanism for power generation, which aims to enhance the profitability of coal and gas power sources and stimulate investment in new energy storage projects [10] - The report indicates a significant increase in installed power generation capacity, with a total of 389 million kilowatts by the end of 2025, reflecting a year-on-year growth of 16.1%, and emphasizes the shift towards renewable energy sources [11][12] - The average utilization hours of power generation equipment decreased to 3119 hours in 2025, down 312 hours from the previous year, indicating challenges in energy consumption efficiency amidst rapid capacity expansion [12][27] Industry Events - On January 30, 2026, a notification was issued to improve the capacity pricing mechanism for coal, gas, and pumped storage power generation, establishing a new pricing mechanism for grid-side energy storage [10] - The National Energy Administration released national electricity statistics for 2025, showing a substantial increase in solar and wind power generation capacity [11] Market Performance - During the period from January 26 to February 1, 2026, the Shanghai and Shenzhen 300 index rose by 0.08%, while the power equipment index fell by 5.10%, underperforming the broader market [13][15] - Among the sub-sectors related to power energy, only the comprehensive energy service and hydropower sectors saw slight increases, while thermal power equipment and battery-related sectors experienced significant declines [19] Power Industry Operations - In December 2025, the total electricity consumption reached 908 billion kilowatt-hours, a year-on-year increase of 2.77%, with a total annual consumption of 10368.2 billion kilowatt-hours, reflecting a 5.00% growth [20][22] - The newly added power generation capacity for 2025 was 54617.1558 megawatts, with notable growth in thermal and wind power, while hydropower and nuclear power saw declines [22][24] New Power System Developments - As of December 2025, the cumulative installed capacity of energy storage projects in China reached 213 GW, a year-on-year increase of 54%, with new energy storage capacity growing by 85% [44] - The report provides detailed pricing trends for various components in the photovoltaic industry, indicating stability in polysilicon prices and fluctuations in battery component prices [37][47][48] - The total number of charging infrastructure units in China reached 20.092 million by the end of December 2025, marking a 56.75% increase year-on-year [51]

Investment Rating - The report assigns an "Outperform" rating for the lithium battery industry [3]. Core Insights - Lithium carbonate prices have decreased, while the average price of energy storage cells continues to rise [1]. - In December 2025, domestic battery production reached 201.7 GWh, a year-on-year increase of approximately 62% and a month-on-month increase of about 14% [1]. - The production of lithium iron phosphate (LFP) cathode materials in December 2025 was 269,300 tons, reflecting a year-on-year growth of 32.48% [1]. - The utilization rate of production capacity for LFP cathode materials was 59.85% [1]. - The average price of industrial-grade lithium carbonate as of January 30, 2026, was 148,000 CNY/ton, with a weekly decrease of 11.90% [1]. - The average price of LFP (power type) was reported at 47,100 CNY/ton on January 9, 2026, an increase of 4.43% from January 4, 2026 [1]. - The average price of ternary power cells remained stable at 0.47 CNY/Wh as of January 30, 2026 [1]. - The monthly loading volume of LFP batteries in December 2025 was 79.8 GWh, a year-on-year increase of 30.82% [1]. - The export volume of Chinese power batteries in December 2025 was 19.0 GWh, a year-on-year increase of 47.29% [1]. Summary by Sections Production - In December 2025, the production of LFP cathode materials and batteries showed significant growth compared to the same period in 2024 [1]. Prices - The report highlights a decline in lithium carbonate prices and an increase in the prices of energy storage cells and systems [1]. Domestic Demand - The report notes a strong demand for both LFP and ternary power batteries, with record monthly loading volumes and new bidding capacities for energy storage projects [1]. Overseas Demand - The export of power batteries from China has increased significantly, indicating robust international demand for lithium batteries [1].