Core Viewpoint - Albemarle Corporation (ALB.US) experienced a decline of over 4%, closing at $167.42, despite reporting a 16% year-over-year increase in sales for Q4 2025, reaching $1.4 billion [1] Financial Performance - Q4 2025 sales amounted to $1.4 billion, reflecting a 16% increase compared to the previous year [1] - Volume growth for the quarter was reported at 12% [1] - The company incurred a net loss of $414 million for Q4, translating to a diluted loss per share of $3.87 [1] - Adjusted EBITDA for Q4 reached $269 million, marking a 7% increase year-over-year [1] Business Segments - The growth in Adjusted EBITDA was primarily driven by the energy storage business, which grew by 25% [1] - The Keggin business also contributed significantly, with a growth rate of 39% [1]

Group 1: Acquisition Background and Scale - The company announced on February 5, 2026, its plan to acquire a 13.93% stake in Huirong Mining from Xiamen Chuangyi for 1.26 billion yuan, aiming for 100% control of the Muro Lithium Mine [1] - Since 2020, the company has invested over 5 billion yuan through multiple rounds of capital increases and equity acquisitions to fully control the mine, including a 1.456 billion yuan acquisition of a 21% stake in September 2025 and a 2.08 billion yuan acquisition of the remaining 30% in December 2025 [1] - The Muro Lithium Mine has significant resources, with identified lithium oxide resources of 989,600 tons and an average grade of 1.62%, with a designed annual production capacity of 3 million tons, which will enhance the company's self-sufficiency in lithium raw materials by over 50% after production [1] Group 2: Reasons for Stock Price Fluctuation - The full acquisition of the Muro Lithium Mine is seen as a key move for the company to strengthen upstream resource control, with lithium prices rebounding since the second half of 2025, leading to expectations of improved cost advantages and benefits from industry recovery [2] - Despite a net loss of 752 million yuan in the first three quarters of 2025, the company achieved a net profit of 88.72 million yuan in the third quarter, indicating a turnaround mainly due to rising lithium salt prices and the commencement of its Indonesia project, alleviating market concerns about ongoing losses [2] - On January 23, 2026, institutional investors net bought over 700 million yuan, reflecting optimism about the company's prospects post-acquisition, while the company plans to raise 3.2 billion yuan through a private placement to ease financial pressure [2] Group 3: Recent Stock Performance - As of February 12, 2026, the company's stock closed at 38.85 yuan, with a single-day increase of 3.82% and a cumulative increase of 13.90% over the past five days, driven by the acquisition and the lithium price rebound [3] - The construction period for the Muro Lithium Mine is long (approximately 4 years), and any delays in production or fluctuations in lithium prices could impact performance [3] Group 4: Industry Policy Status - The demand for new energy vehicles and energy storage continues to grow, with global lithium demand expected to increase by 30% year-on-year in 2025, supporting a tight supply-demand balance that raises the central price of lithium [4] - The company, with a lithium salt production capacity of 137,000 tons per year, aligns its resource layout with the industry's favorable conditions [4]

经济观察网天齐锂业（002466）预计2025年归母净利润为3.69亿至5.53亿元，同比扭亏为盈。公司近期 同步推进H股配售融资及参股公司股权处置计划，以优化资产流动性。 2026年2月4日，公司宣布拟择机处置所持中创新航和SQM的部分股权，以提升资产流动性，该举措与 融资计划同步进行。此外，公司持续布局锂电新技术(如全固态电池材料)，并参与行业会议。 以上内容基于公开资料整理，不构成投资建议。 定增股票 2026年2月3日，公司公告拟按每股45.05港元配售H股，并发行26亿元零息可转债，合计募资净额约 58.29亿港元。资金将用于锂资源并购、项目开发及营运资金补充。 公司状况 业绩经营情况 公司于2026年1月30日披露业绩预告，预计2025年归母净利润为3.69亿至5.53亿元，同比扭亏为盈。正式 年报计划在近期发布，业绩改善主要得益于锂矿定价周期优化、SQM投资收益增长等因素。 近期事件 智利最高法院于2026年1月27日作出终审判决，驳回天齐锂业上诉，SQM与智利国家铜业公司的合作将 从2031年起变更控制权。这可能长期影响天齐锂业作为SQM第二大股东的投资收益和资产减值风险。 ...

Group 1 - The core viewpoint of the article highlights the recent price increase of lithium carbonate, with the main contract reaching 150,000 yuan/ton, driven by supply disruptions from major producer Albemarle's suspension of operations at its Kemerton lithium refinery in Western Australia [3][8] - The average price of battery-grade lithium carbonate rose by 2,000 yuan/ton to 138,000 yuan/ton, while industrial-grade lithium carbonate also increased by 2,000 yuan/ton to 134,500 yuan/ton [4][9] - The weekly production of lithium carbonate decreased by 825 tons to 20,744 tons, with a notable decline in the production of battery-grade lithium carbonate by 17.6% month-on-month to 58,835 tons [4][9] Group 2 - On the demand side, the production of ternary materials fell by 14.6% month-on-month to 69,250 tons, and lithium iron phosphate production decreased by 10.7% to 354,000 tons [4][9] - Social inventory of lithium carbonate decreased by 2,019 tons to 105,463 tons, with downstream inventory increasing by 3,058 tons to 43,657 tons [4][9] - The article notes that the recent surge in prices may be influenced by pre-holiday stockpiling, and the market may experience volatility as domestic production resumes in March [4][9]

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 2026年2月12日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 | | | 供给端来看 ， | 上周碳酸锂产量为20744吨 环比减少3 82% ， . | 高于历史同期平均水平 。 , | | | | --- | --- | --- | --- | --- | --- | --- | | | | 需求端来看 ， | 上周磷酸铁锂样本企业库存为95032吨 ， | 环比减少1 84% 上周三元材料 . , | | | | | | 样本企业库存为18243吨 | 环比减少2 39% ， . 。 | | | | | | | 成本端来看 ， | 外购锂辉石精矿成本为139374元/吨 ， | 日环比持平 生产所得为 ， | ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - After the previous panic - driven decline, market sentiment has recovered, and bullish confidence has gradually returned, leading to the rebound of lithium carbonate. Although the demand is in the off - season before the Spring Festival, the expected significant increase in lithium battery production in March supports the price increase. The support of energy storage demand, the short - term tight supply situation, and the strong performance of the non - ferrous sector will keep the current price at a high level [1][2] 3. Summary by Relevant Catalogs Market Analysis - On February 11, 2026, the lithium carbonate main contract 2605 opened at 138,000 yuan/ton and closed at 150,260 yuan/ton, with a 9.18% change in the closing price compared to the previous day's settlement price. The trading volume was 351,877 lots, and the open interest was 356,531 lots (the previous day's open interest was 345,989 lots). The current basis is - 5,120 yuan/ton (average price of electric carbon - futures), and the lithium carbonate warehouse receipts were 35,527 lots, a change of - 10 lots from the previous trading day [1] Spot Market - According to SMM data, the battery - grade lithium carbonate is quoted at 134,000 - 142,000 yuan/ton, a change of 2,000 yuan/ton from the previous day; the industrial - grade lithium carbonate is quoted at 131,000 - 138,000 yuan/ton, also a 2,000 - yuan/ton change. The price of 6% lithium concentrate is 1,980 US dollars/ton, a 15 - dollar/ton change from the previous day. The total spot inventory is 105,463 tons, a month - on - month decrease of 2,019 tons. Among them, smelter inventory is 18,356 tons, a month - on - month decrease of 647 tons; downstream inventory is 43,657 tons, a month - on - month increase of 3,058 tons; other inventory is 43,450 tons, a month - on - month decrease of 4,430 tons [2] Strategy - Given the large price fluctuations of lithium carbonate and the approaching Spring Festival, it is necessary to pay attention to position risks. Short - term trading should focus on range operations. If the price correction is too large, consider going long at low levels after the festival. For single - side trading, conduct short - term range operations and consider going long at low levels if the correction is significant. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [3]

消息面上，美国雅保公布去年第四季度业绩，销售额同比增长16%至14.28亿美元，超过分析师预期的 13.48亿美元；净亏损4.559亿美元，而去年同期净利润为3360万美元；调整后每股亏损0.53美元，分析 师预期每股亏损0.41美元。期内，储能业务净销售额同比增长23%至7.59亿美元，主要得益于销量增长 (+17%)和定价上涨(+6%)。 此外，美国雅保将闲置其位于西澳大利亚州Kemerton氢锂加工厂的剩余运营列车1号列车，并立即对其 进行护理和维护。公司曾于2024年采取行动将2号列车纳入护理和维护并停止3号列车和4号列车的扩建 计划。(格隆汇) 全球最大的锂生产商美国雅保(ALB.US)夜盘跌近2%，报172.1美元。 ...

2月12日，A股三大股指集体高开，其中上证综指上涨5.0点，涨幅0.12%报4136.99点；深证成指上涨 17.03点，涨幅0.12%报14177.97点；沪深300指数上涨6.19点，涨幅0.13%报4720.01点；创业板指数上涨 9.84点，涨幅0.3%报3294.57点；科创50指数上涨8.5点，涨幅0.58%报1463.61点；算力（核心股）租赁 板块竞价走高，大位科技、特发信息一字涨停，优刻得涨超15%，金开新能、东方国信、青云科技、并 行科技、利通电子跟涨。 盘面上，市场焦点股百川股份（11天8板）低开5.53%，并购重组的金富科技（5天4板）低开0.98%、龙 韵股份（3板）低开2.40%，实控人变更的吉华集团（5天4板）低开3.67%、小崧股份（2板）低开 5.34%，传媒（核心股）板块欢瑞世纪（3板）竞价跌停、掌阅科技（3板）竞价涨停，算力（核心股） 租赁板块大位科技（3板）竞价涨停、特发信息（2板）竞价涨停，光伏（核心股）板块雅博股份（3 板）低开0.84%，化工股金牛化工（4天3板）低开4.55%。 企业新闻： 在个股层面，几则重磅公告引发市场关注：网易盘前发布的财报显示，2025年 ...

香港联交所最新资料显示，2月11日，天齐锂业（002466）(09696)股东将股票存入花旗银行，存仓市值 27.65亿港元，占比39.64%。 天齐锂发布公告，经修订及重列配售协议所载全部条件均已达成，且配售已于2026年2月11日完成。配 售代理已根据经修订及重列配售协议的条款及条件按每股配售股份45.05港元的配售价向不少于6名承配 人成功配售合共6505万股配售股份。估计配售每股配售股份的净价将约为44.95港元。 此外，经修订及重列认购协议所载全部先决条件均已达成，且本金总额为人民币26亿元的债券已于2026 年2月11日完成发行。债券可在条款及条件所载的情况下转换为H股，初始转换价为每股H股51.85港元 (可予调整)，假设债券全部按每股H股51.85港元的初始转换价进行转换，债券将转换成约5648.19万股H 股。 ...

全球最大锂生产商雅宝公司(ALB.US)周三公布季度亏损超出预期，并表示由于电池金属价格持续疲 软，将关停澳大利亚一座主要加工厂。财报显示，雅宝四季度营收达14.3亿美元，同比增长16.3%，超 出预期8000万美元；净亏损为4.559亿美元，折合每股亏损3.87美元；而去年同期的净利润为3360万美 元，折合每股收益29美分。 剔除一次性项目(例如与其即将出售的Ketjen炼油催化剂业务相关的费用)后，雅宝每股亏损53美分，分 析师此前预期为每股亏损41美分。 尽管价格依然疲软，但雅宝报告称锂产品的销量增长了23%。 该公司预期2026财年营收为60亿美元，预计调整后每股收益为2.61美元。 雅宝表示，在去年关闭了西澳大利亚州凯默顿(Kemerton)加工厂的一条生产线后，将闲置该厂最后一条 活跃的加工生产线。该公司还取消了新增两条生产线的计划。 首席执行官肯特.马斯特斯在声明中表示，"遗憾的是，仅凭近期锂价的回升，不足以抵消西澳大利亚硬 岩锂转化业务所面临的挑战。" 凯默顿工厂负责加工来自格林布什(Greenbushes)矿山的锂辉石(一种含有锂的硬岩)。格林布什矿山是全 球最大的锂矿，由雅宝与中国的天齐 ...