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 ...

Group 1 - Morgan Stanley increased its stake in Tianqi Lithium Industries (09696) by 646,960 shares at a price of HKD 42.9015 per share, totaling approximately HKD 27.7556 million [1] - Following the increase, Morgan Stanley's total shareholding in Tianqi Lithium is approximately 8.7292 million shares, representing a holding percentage of 5.31% [1]

Group 1 - Tianqi Lithium Industries (002466)(09696) announced that all conditions of the revised and restated placement agreement have been met, and the placement was completed on February 11, 2026 [1] - The placement agent successfully placed a total of 65.05 million shares at a price of HKD 45.05 per share to no less than six subscribers, with an estimated net price of approximately HKD 44.95 per share [1] - Additionally, all conditions of the revised and restated subscription agreement have been met, and bonds totaling RMB 2.6 billion were issued on February 11, 2026 [1] Group 2 - The bonds can be converted into H-shares under the terms and conditions specified, with an initial conversion price of HKD 51.85 per H-share, subject to adjustments [1] - Assuming the bonds are fully converted at the initial conversion price, they will convert into approximately 56.48 million H-shares [1]

业绩经营情况 天齐锂业已发布业绩预告，预计2025年归母净利润为3.69亿至5.53亿元，实现扭亏为盈。正式年报预计 在近期披露，业绩改善主要得益于锂矿定价周期缩短、SQM投资收益增长等因素。 经济观察网天齐锂业（002466）近期披露多项重要动态，涉及融资计划、资产处置、业绩预告及海外投 资法律事件。 股票近期走势 天齐锂业于2026年2月3日公告，拟按每股45.05港元配售新H股融资，并发行26亿元人民币零息可转债， 预计合计募资净额约58.29亿港元。资金将用于锂领域战略发展，包括项目开发、并购及补充营运资 金。摩根大通分析指出，完成融资后公司并购可能性可能增加，但需关注股权稀释潜在影响。 关联交易情况 公司于2026年2月4日宣布，拟择机处置参股公司中创新航和SQM的部分股权，以提升资产流动性。这 一举措与融资计划同步进行，旨在优化财务结构。 行业政策现状 以上内容基于公开资料整理，不构成投资建议。 事件影响 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。这可能导致天齐锂业作为SQM第二大股东的投资收益面临不确定性，长期或 ...

在智利法院败诉后，天齐锂业宣布出售 SQM 部分持股，主动调整资本结构，为下一个锂业周期做准备 ▶ 拥有世界最大锂盐滩的SQM，在该国政策下逐步被收归国有， 天齐锂业向法院申诉未果 ▶ 公司同时宣布配股及发行可转换债券，集资约58亿港元 Image Key takeaways: 公司估算，目前SQM的1.25%股权价值约2.06亿美元。若按天齐当年入股成本比例计算，该部分原始投资额约2.16亿美元，意味可能出 现轻微账面损失。公司指，此举对盘活公司存量资产，提高公司资产流动性等将起到积极作用。 大规模配股集资 时间拉回2018年， 天齐锂业 股份有限公司（9696.HK; 002466.SZ）斥资约41亿美元买入智利化工矿业公司Sociedad Química y Minera de Chile S.A.（SQM）近24%股权时，市场普遍认为，这是一场对全球锂资源上游的关键押注。 智利锂开采量占全球三成，是世界第二大，其中，SQM在全球锂化学品市占率超过两成。全球每五辆电动车，就有一辆的碳酸锂来自 他们。旗下拥有的阿塔卡马盐滩（Salar de Atacama）锂矿场，是全世界最大的锂盐滩，可开采面积达820 ...

Group 1 - The A-share market is currently experiencing a defensive stance rather than an offensive one, with indices showing continued low trading volume and fluctuations as most funds are inactive due to the upcoming holiday [1] - The lithium mining sector is showing signs of a rebound, although the opportunity to participate has passed for now, indicating a wait for the next optimal entry point [1] - The CRO sector is expected to continue its downward trend, suggesting that better entry positions may arise in the future [2] Group 2 - The liquor industry is still facing declines, with recent rebounds attributed to external commentary, indicating that such recoveries may not be sustainable [3] - Caution is advised regarding heavy positions in the liquor sector, as the market dynamics suggest potential volatility [3]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 150,260.00 | +12920.00↑ 前20名净持仓（日，手） | -105,816.00 | +9000.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 356,531.00 | +10542.00↑ 近远月合约价差（日，元/吨） | -3,400.00 | -1940.00↓ | | | 广期所仓单（日，手/吨） | 35,527.00 | -10.00↓ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 138,000.00 | +2000.00↑ 工业级碳酸锂平均价（日，万元/吨） | 134,500.00 | +2000.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | -12,260.00 | -10920.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 1,950.00 | 0.00 磷锂铝石平均价（ ...

Group 1 - China's January CPI increased by 0.2% year-on-year, which is lower than expected [1] - The A-share market showed mixed results, with the Shanghai Composite Index rising by 0.09% to 4131.99 points, while the Shenzhen Component Index fell by 0.35% and the ChiNext Index dropped by 1.08% [1] - The total market turnover was 2 trillion yuan, a decrease of 123.7 billion yuan compared to the previous trading day, with over 3200 stocks declining [1] Group 2 - The glass fiber sector saw a surge, with leading companies like Guangyuan New Materials and International Composite raising prices for electronic fabrics, leading to stock price limits for several companies [1] - The small metals sector also performed well, with multiple stocks hitting their price limits [1] - The phosphate chemical and fertilizer sectors experienced gains, with Jinzhengda reaching its price limit [1] Group 3 - Conversely, sectors such as cultural media, film concepts, AI corpus, and Sora concepts saw declines, with stocks like Hengdian Film and Zhejiang Culture Industry hitting their price limits [1] - The tourism sector declined, with Haikan Co. dropping over 11% [1] - The cultivated diamond sector faced widespread declines, with Sifangda leading the drop [1]

Core Insights - The latest price of lithium carbonate is 136,000.00 yuan per ton as of February 10, with a significant increase of 42.06% over the last 60 days [2][4] Industry Overview - Lithium carbonate is experiencing a notable price surge, indicating strong demand and potential profitability for related companies in the sector [2][4] Related Companies - Key producers in the lithium carbonate market include: - Chuaneng Power (000155) - Cangge Mining (000408) - Tibet Mining (000762) - Salt Lake Co. (000792) - Jiangte Electric (002176) - Rongjie Co. (002192) - Shengxin Lithium Energy (002240) - Ganfeng Lithium (002460) - Tianqi Lithium (002466) - Yahua Group (002497) - Zhongmin Resources (002738) - Yongxing Materials (002756) - Tianhua New Energy (300390) - Jinyinhai (300619) - CATL (300750) - Hongxing Development (600367) - Keli Yuan (600478) - Yongshan Lithium (603399) - Fangyuan Co. (688148) [2][4] Investment Strategy - The article highlights a method for selecting cyclical stocks, which are defined as companies whose profits are significantly affected by fluctuations in raw material prices. Utilizing price data from the business community can help identify buying signals for cyclical stocks ahead of quarterly and annual reports [2][4]

Group 1 - Ganfeng Lithium (002460)(01772) saw a more than 4% increase in stock price, reaching 60.7 HKD with a trading volume of 517 million HKD [1] - Lithium carbonate main contract rose over 8% to 149,000 RMB/ton, indicating a significant price increase in the lithium market [1] - UBS believes the market has entered a third lithium price supercycle, with a persistent supply-demand gap supporting prices significantly above market consensus [1] Group 2 - UBS has raised its 2026 lithium spodumene price forecast by 74% to 3,131 USD/ton and lithium carbonate to 26,000 USD/ton, driven by the electric vehicle sector achieving "triple parity" and surging energy storage demand [1] - Global lithium demand is expected to double to 3.4 million tons by 2030 [1] - Ganfeng Lithium recently released a performance forecast, expecting a net profit attributable to shareholders of 1.1 to 1.65 billion RMB for 2025, indicating a turnaround from losses [1] Group 3 - Dongwu Securities reported that lithium salt shipments in Q4 2025 are expected to remain stable, with price increases contributing to profit elasticity [1] - For 2026, Ganfeng Lithium's lithium salt shipment volume is projected to reach 210,000 tons, a 25% year-on-year increase, with self-supply resources estimated at 130,000 to 140,000 tons [1] - Assuming a lithium carbonate price of 150,000 RMB/ton, the company could contribute over 9 billion RMB in profit [1]