Core Viewpoint - Ganfeng Lithium (002460) currently has no plans to jointly develop lithium mines with state-owned enterprises in the power sector, and will fulfill information disclosure obligations if any related matters arise in the future [1] Summary by Category - **Company Plans** - The company has stated that there are no current plans to collaborate with state-owned enterprises in the electric power sector for lithium mining [1] - **Information Disclosure** - The company will adhere to relevant regulations and ensure timely information disclosure if any future developments occur regarding partnerships in lithium mining [1]

格隆汇12月5日丨天齐锂业(002466.SZ)在互动平台表示，公司锂产品订单涵盖长单和短单，具体销售价 格则结合不同客户的商业需求和商务条件随行就市确定。公司目前下游客户提货正常。公司库存处于安 全水平。公司将持续密切关注下游需求变化及市场动态，灵活调整销售策略，确保公司经营稳健。关于 您提到的碳酸锂购买事宜，公司产品主要面向具备相关资质的工业客户进行销售，暂不提供零售服务。 ...

格隆汇12月5日丨天齐锂业(002466.SZ)在互动平台表示，公司锂产品订单涵盖长单和短单，具体销售价 格则结合不同客户的商业需求和商务条件随行就市确定。公司目前下游客户提货正常。公司库存处于安 全水平。公司将持续密切关注下游需求变化及市场动态，灵活调整销售策略，确保公司经营稳健。关于 您提到的碳酸锂购买事宜，公司产品主要面向具备相关资质的工业客户进行销售，暂不提供零售服务。 ...

2025 年 12 月 5 日 碳酸锂：去库边际放缓，上方或承压 | 邵婉嫕 投资咨询从业资格号：Z0015722 | shaowanyi@gtht.com | | --- | --- | | 刘鸿儒（联系人） 期货从业资格号：F03124172 | liuhongru@gtht.com | 【基本面跟踪】 期货研究 商 品 研 究 国 泰 君 安 期 货 研 究 所 期货研究 碳酸锂基本面数据 | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2601合约（收盘价） | 92,260 | 200 | -1,740 | -6,720 | 13,700 | 13,740 | | | | 2601合约（成交量） | 101,978 | -11,379 | -114,937 | -1,493,668 | -874,000 | 22,106 | | | | 2601合约（持仓量） | 203,219 | -13,013 | -76,989 | -276,3 ...

Core Viewpoint - The company is developing two key lithium mining projects in Hunan and Sichuan, both currently in the construction phase, with significant production capacities planned for lithium carbonate [1] Group 1: Project Details - The Hunan Jijia Mountain lithium mine has a total mining capacity of 20 million tons per year, which corresponds to an annual production of 80,000 tons of lithium carbonate [1] - The company is focusing on the first phase of the project, which aims for an annual production of 20,000 tons of lithium carbonate and is prioritized for early completion [1] - The Sichuan Jiada lithium mine has a mining scale of 2.6 million tons per year, which is expected to yield approximately 50,000 tons of lithium carbonate annually, currently in the exploration to mining transition phase [1]

Group 1 - The company has confirmed that the resource evaluation for the first mining area of the Sichuan Jada Lithium Mine, covering 2.056 square kilometers, is expected to be completed and submitted for review by the Ministry of Natural Resources in the first half of 2025 [2] - The mining plan for the Jada Lithium Mine is anticipated to pass expert review by October 2025 [2] - The company is actively advancing the exploration and transition to mining work for the Jada Lithium Mine, although reports for exploration outside the first mining area have not yet been submitted to the Ministry of Natural Resources [2]

Core Points - The company announced that its wholly-owned subsidiary has obtained a mining license for the Hunan Jijiao Mountain lithium mine, which is reported to have a resource volume of 490 million tons, making it the largest lithium resource approved by the Ministry of Natural Resources [1] Group 1 - The mining license was officially granted in October and is valid for 30 years [1] - The total mineral resource amount for the Hunan Jijiao Mountain lithium mine is 48,987.2 million tons, corresponding to approximately 324,430 tons of lithium carbonate equivalent [1] - The mine is designed for an open-pit mining scale of 20 million tons per year, with an expected annual output of about 80,000 tons of lithium carbonate from 20 million tons of raw ore [1]

Core Viewpoint - The company has significant lithium production capacity under development, with two key lithium mining projects in Hunan and Sichuan, aiming to enhance its position in the lithium market [1] Group 1: Lithium Production Capacity - The Hunan Jijia Mountain lithium mine has a total mining capacity of 20 million tons per year, which corresponds to an annual production of 80,000 tons of lithium carbonate based on industry standards [1] - The company is focusing on the first phase of the project, which aims for an annual production of 20,000 tons of lithium carbonate, and is prioritizing resources to ensure its timely completion [1] - The Sichuan Gada lithium mine has a mining scale of 2.6 million tons per year, which corresponds to an annual production of approximately 50,000 tons of lithium carbonate, and is currently in the exploration to mining transition phase [1]

Group 1 - The company Dazhong Mining has received the mining license for its Hunan Jijieshan lithium mine from the Ministry of Natural Resources in October, allowing for an annual production capacity of 20 million tons [2] - The project is expected to produce 80,000 tons of lithium carbonate annually, with the first phase aiming for 20,000 tons per year to be completed and operational by 2026 [2] - The construction of the project will be phased, and the company will adjust the lithium carbonate production capacity based on the actual progress of the mining and selection engineering [2]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report 2. Core View The current supply and demand are both strong, and the news of lithium mine复产 is repeated The weekly output of lithium carbonate is at a high level, the downstream观望 sentiment is still strong, the spot market trading is light, the demand growth is stagnant, and the exchange intervenes to cool down It is expected that the lithium price will fluctuate weakly The trading strategy is to short at high prices [1][2] 3. Summary by Relevant Content 3.1 Near - two - week Market Trends - **Futures Prices**: On December 2, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures were 94,960 yuan/ton, 94,860 yuan/ton, 95,140 yuan/ton, and 95,140 yuan/ton respectively, with changes of - 40 yuan/ton, - 260 yuan/ton, - 420 yuan/ton, and - 420 yuan/ton compared to the previous day The trading volume was 454,290 lots (- 81,185), and the open interest was 552,239 lots (+ 8,606) [2] - **Spot Prices**: The average price of SMM battery - grade lithium carbonate was 94,400 yuan/ton, up 50 yuan/ton from the previous day The prices of various lithium - related products such as lithium hydroxide, ternary precursors, and cathode materials also showed different degrees of change [2] - **Spreads and Basis**: The spreads between different contracts and the basis between spot and futures prices also changed For example, the basis of SMM battery - grade lithium carbonate average price minus the active contract closing price of lithium carbonate was - 2,160 yuan/ton, an increase of 430 yuan/ton [2] 3.2 Industry News Kodal Minerals shipped 28,950 tons of lithium minerals from its Bougouni mine in southern Mali to a destination port in Hainan, China The company has produced a total of 45,000 tons of concentrates at the Bougouni concentrator, and the remaining 16,000 tons will be gradually exported in batches The expected unit price of the lithium concentrate will exceed 930 US dollars/dry ton [2] 3.3 Supply and Demand Analysis - **Supply**: Last week, the production of lithium carbonate decreased in salt - lake production but increased in other raw material production The registered warehouse receipts were 8,992 tons (+ 770 tons), and the social inventory situation was also provided [2] - **Demand**: Last week, the production of lithium iron phosphate and ternary materials increased In December, the production scheduling of lithium carbonate and lithium decreased, and the production of power batteries rebounded last week In terms of terminal demand, the month - on - month growth rate of new energy vehicle production and sales slowed down in October, the shipment volume weakened, and the production scheduling growth of energy - storage batteries stagnated in December [2] 3.4 Inventory Situation The SNN lithium carbonate inventory includes inventories of smelters, downstream, and others The total inventory was 118,420 tons, showing a certain change trend compared to previous periods [2]