Core Viewpoint - The suspension of mining operations at the Jiangxi Yichun lithium mines, particularly affecting Ningde Times' operations, has led to a significant increase in lithium carbonate prices and related stock prices in both Australia and Hong Kong [1][3][7]. Group 1: Company Impact - Ningde Times' subsidiary, Yichun Times New Energy Mining Co., has halted operations at the Zhanxiawo mining area due to the expiration of its mining license on August 9, 2023, with no immediate plans for resumption [1][2]. - The company is currently working on renewing its mining license and expects to resume production once the renewal is approved, stating that the suspension will not significantly impact overall operations [2][5]. - The mining area has a substantial capacity, with an estimated lithium resource of 2.6568 million tons, equivalent to approximately 6.57 million tons of lithium carbonate [6]. Group 2: Market Reaction - Following the news of the mining suspension, lithium carbonate futures surged, with the main contract rising by 8% to 81,000 CNY per ton [3][4]. - Australian lithium stocks experienced significant gains, with Liontown Resources up over 22% and Pilbara Minerals up over 17% [4][5]. - In Hong Kong, lithium mining stocks also rose, with Tianqi Lithium up 15% and Ganfeng Lithium up over 12% [5]. Group 3: Industry Context - The new Mineral Resources Law, effective July 1, 2025, classifies lithium as an independent mineral and raises the standards for associated mineral recognition, which may impact resource tax calculations and mining economics [5][7]. - Analysts suggest that the suspension of mining operations could lead to a reduction in lithium carbonate supply by 7,000 to 8,000 tons per month, further tightening the market during the traditional peak season from September to November [7]. - As of August 8, the average market price for battery-grade lithium carbonate was 72,000 CNY per ton, reflecting a 0.91% increase since August 1 [8].

Group 1 - The core issue revolves around the requirement for eight lithium mining companies in Yichun, Jiangxi, to complete their resource verification reports by the end of September, which has impacted lithium carbonate prices [1][10] - Ningde Times' subsidiary, Yichun Times New Energy Mining Co., has a significant mining right in the Zhenkouli-Fengxin County area, with a large production capacity, but has suspended operations since August 9 due to the expiration of its mining license [1][9] - The suspension of operations is expected to last for three months, and the company is in the process of applying for a mining license extension [1][9] Group 2 - Following the news of the suspension, lithium carbonate futures surged, with the main contract rising by 8% to 81,000 CNY/ton on August 11 [2][4] - Australian lithium stocks saw significant increases, with Liontown Resources up over 22% and Pilbara Minerals up over 17% on the same day [5] - Hong Kong-listed lithium mining stocks also rose, with Tianqi Lithium up 15% and Ganfeng Lithium up over 12% [6] Group 3 - Analysts suggest that the suspension may be linked to the need for companies to balance resource tax payments, technical iterations, and the reclassification of lithium as an independent mineral under the new Mineral Resources Law effective July 1, 2025 [9][10] - The mining rights for the Zhenkouli-Fengxin County area were acquired by Ningde Times for 865 million CNY, with estimated lithium resources of 2.6568 million tons, equivalent to approximately 6.57 million tons of lithium carbonate [9][10] - Some brokerages view the suspension as a positive development, predicting a potential monthly impact of 7,000 to 8,000 tons of lithium carbonate equivalent due to possible mining license approval delays [10] Group 4 - As of August 8, the average market price for battery-grade lithium carbonate was 72,000 CNY/ton, reflecting a 0.91% increase since August 1 [11] - The total inventory of lithium carbonate as of August 7 was 142,400 tons, with upstream smelting plants reducing inventory by 9,590 tons [11] - Market demand is showing signs of recovery, with increased purchasing activity from downstream battery material and cell manufacturers [11]

Group 1 - The 2025 China (Yichun) Lithium Battery Industry Conference was held in Yichun, Jiangxi, highlighting the shift from "involution" in the downstream to upstream lithium resource production regulation [1] - Jiangxi and Qinghai have begun to standardize lithium resource production, with the Yichun Natural Resources Bureau requiring local lithium mining companies to prepare reserve verification reports by September 30 [1] - A significant event in lithium production reduction occurred on August 10, with the suspension of mining operations in the Yifeng County area, potentially leading to a monthly supply loss of approximately 0.8 thousand tons of LCE, which is about 8% of the domestic lithium carbonate monthly supply [1] Group 2 - The gold market experienced volatility due to initial reports of a gold tariff, which later were clarified by the U.S. government as a misunderstanding, leading to a sharp price drop [2] - The People's Bank of China has increased its gold reserves for nine consecutive months, indicating a potential upward trend in gold prices driven by interest rate cuts and de-dollarization [2] - The industrial metals sector is expected to benefit from the ongoing "involution" optimization, improving profitability across various segments and supporting metal price increases [2] Group 3 - As of the end of July, the sector weights in the China Securities Nonferrous Metals Index, tracked by the Nonferrous Metal ETF, are copper (24.5%), aluminum (15.3%), gold (14.4%), rare earths (11.5%), and lithium (8.2%), providing a diversified investment opportunity [4] - The Nonferrous Metal ETF (159876) has shown resilience, with a 1.05% increase on August 8, marking a five-day consecutive rise [2]

Core Viewpoint - The recent suspension of lithium mining operations in Yichun, Jiangxi, particularly by Ningde Times, has significantly impacted lithium carbonate prices, leading to a surge in market activity and price increases [1][2][6]. Group 1: Company Impact - Ningde Times' subsidiary, Yichun Times New Energy Mining Co., has halted operations at the Zhenkouli-Fengxin County mining area due to the expiration of its mining license, which was initially obtained on August 9, 2022, and is set to expire on August 9, 2025 [1][5]. - The company has stated that the suspension will not significantly affect its overall operations and is in the process of applying for a mining license extension [1][4]. - The suspension is expected to impact the supply of lithium carbonate, with estimates suggesting a potential reduction of 7,000 to 8,000 tons of lithium carbonate equivalent per month due to similar issues faced by other lithium mines in the region [6]. Group 2: Market Reaction - Following the news of the mining suspension, lithium carbonate futures surged, with the main contract rising by 8% to 81,000 CNY per ton on August 11 [2][3]. - Australian lithium stocks experienced significant gains, with Liontown Resources up over 22% and Pilbara Minerals up over 17% [3]. - Hong Kong-listed lithium mining stocks also saw increases, with Tianqi Lithium up 15% and Ganfeng Lithium up over 12% [4]. Group 3: Regulatory Context - The new Mineral Resources Law, effective July 1, 2025, will classify lithium as an independent mineral and raise the standards for recognizing associated minerals, which may affect resource tax calculations and mining economics [4][6]. - The need for companies to balance mineral reclassification, resource tax payments, and technological upgrades is highlighted as a potential reason for the mining suspension [4]. Group 4: Supply and Demand Dynamics - As of August 8, the average market price for battery-grade lithium carbonate was 72,000 CNY per ton, reflecting a 0.91% increase since August 1 [7]. - The total inventory of lithium carbonate as of August 7 was 142,400 tons, with upstream smelting plants reducing inventory by 9,590 tons [7]. - Market demand is showing signs of recovery, with increased purchasing activity noted in August, although actual transactions remain primarily driven by rigid demand [7].

Industry Investment Rating - The investment rating indicates that the lithium carbonate industry is showing a relatively strong trend, with a trend strength of 1 [6]. Core View - The lithium carbonate market is expected to remain strong due to factors such as the shutdown of a large mine in Jiangxi and government support for lithium mining projects [2][6]. Summary by Relevant Catalogs Fundamental Tracking - **Futures Contracts**: The 2509 and 2511 contracts of lithium carbonate showed price increases, with the 2509 contract closing at 76,640 and the 2511 contract at 76,960. Trading volume and open interest also changed significantly [4]. - **Spot and Basis**: The spot prices of battery - grade and industrial - grade lithium carbonate increased. The basis between spot and futures contracts and between different futures contracts also showed various changes [4]. - **Raw Materials and Lithium Salts**: The prices of raw materials such as lithium spodumene concentrate and lithium mica increased, as did the prices of lithium salts like battery - grade and industrial - grade lithium carbonate [4]. - **Downstream Products**: The prices of downstream products such as lithium iron phosphate and ternary materials also showed different degrees of change [4]. Macro and Industry News - **Price Increase**: The SMM battery - grade lithium carbonate index price rose to 71,961 yuan/ton, with battery - grade and industrial - grade lithium carbonate prices also increasing [5]. - **Mine Shutdown**: The mining end of Ningde Times' Jiaxiaowo Mine will stop production, with no short - term复产 plan [6]. - **Government Investment**: The Australian government will invest 50 million Australian dollars in Liontown Resources to enhance key mineral supply capacity [6].

| 8.68 | 10.01% 卖 1 | | | | --- | --- | --- | --- | | | 三1 | 分时成交 ▼ | 8.68 80.7万 | | | 9:34 | 8.68 | 234 | | | 9:34 | 8.68 | 166 | | 7.89 | 9:34 | 8.68 | 265 | | | 9:34 | 8.68 | 342 | | | 9:34 | 8.68 | 175 | | | | | 9:34 | 8.68 | 520 | | --- | --- | --- | --- | --- | --- | | 7.10 | | -10.01% | 9:34 | 8.68 | 340 | | | | | 9:34 | 8.68 | 182 | | MACD | DIF:0.000 DEA:0.000 M:0.000 | | 9:34 | 8.68 | 1064 | | 0.000 | | V | 9:34 | 8.68 | 375 | | | | | 9:34 | 8.68 | 104 | | 0.000 | | | 9:35 | 8.68 | 271 | | | | | 9 ...

天风证券认为，此次宁德锂矿争议落地，对江西地区后续类似问题有代表性意义，碳酸锂供给收缩预期 加剧，或迎来价值重估。财通证券分析称，江西多个锂矿或因矿证审批流程也面临停产可能，或导致每 月7000至8000吨碳酸锂当量受到影响。瓷土矿转锂土矿对应税率也将大幅提高成本，叠加9-11月传统旺 季供需更紧，多重因素推高碳酸锂价格。建议关注锂矿资源相关标的。 本文源自：智通财经网 智通财经获悉，锂业股早盘高开，截至发稿，天齐锂业(09696)涨14.97%，报47.16港元；赣锋锂业 (01772)涨11.24%，报31.28港元。 消息面上，碳酸锂期货主力合约今日开盘涨停，报81000元/吨。据期货日报报道，8月9日，记者从市场 各方及宁德时代相关人士处交叉求证获悉，宁德时代枧下窝矿区采矿端将于当晚12时停产。自8月10日 起，该矿区采矿端就开始停产了，且短期内没有复产计划。今早，宁德时代在互动平台表示，公司在宜 春项目采矿许可证8月9日到期后已暂停了开采作业，正按相关规定尽快办理采矿证延续申请，待获得批 复后将尽早恢复生产，该事项对公司整体经营影响不大。 ...

Market Overview - On August 11, 2025, A-shares showed mixed performance with over 2900 stocks rising, while sectors like communication, building materials, and electronics led the gains, and comprehensive, banking, and public utilities sectors weakened [1] Lithium Industry Insights - The main contract for lithium carbonate futures opened at a limit-up price of 81,000 yuan per ton [1] - The shutdown of the Jiangxia Wokeng mining area by CATL (300750) on August 10, 2025, indicates a supply contraction and price volatility in the short term, exacerbating corporate pain [1] - The current turmoil in the lithium industry represents a transition from "global capacity first" to "global quality first," marking a painful yet necessary phase for the industry's healthy development [1] New Energy ETF Launch - The Huaxia New Energy ETF (159368) is the first ETF tracking the new energy index on the ChiNext board, covering sectors such as solar, wind, biomass, nuclear energy, and components of the new energy vehicle industry [1] - This ETF is driven by both elasticity and growth, providing new investment opportunities in the new energy sector [1] Fee Structure of New Energy ETF - The management fee for the Huaxia New Energy ETF is 0.15%, and the custody fee is 0.05%, totaling only 0.2%, which is the lowest among similar products [2] - This low fee structure facilitates quick investment opportunities for those optimistic about future developments in the new energy sector [2]

有色龙头ETF（159876）成份股中矿资源于6月27日公告，为进一步降低锂盐业务生产成本，加速推进智能制造转型升级，深化绿色低碳发展模式，下属全 资公司中矿资源（江西）锂业有限公司拟对年产2.5万吨锂盐生产线进行综合技术升级改造，投资建设年产3万吨高纯锂盐技改项目，停产检修及技改时间约 为6个月。 8月10日，宁德时代旗下的宜丰县圳口里—奉新县枧下窝矿区采矿端于当晚12点停产，或成为国内锂矿减产标志性事件，也是本轮反内卷又一标志性事件。 业内人士指出，若停产持续，将导致每月约 0.8 万吨 LCE的供应量缺失，约占国内碳酸锂月度供应总量的 8%，这一供应缺口在短期内将对碳酸锂价格形成 有力支撑。 8月8日，2025中国（宜春）锂电新能源产业大会在"亚洲锂都"江西宜春召开。"反内卷"正从终端环节向上游传导，，江西、青海等地已开始规范涉锂资源生 产，从政策端帮助行业收缩产能。据了解，7月14日，宜春市自然资源局下发通知，要求当地8家涉锂矿山企业编制储量核实报告，并在9月30日前完成报告 编制。监管部门正在加快治理锂资源违规开发现象。 未来产业「金属心脏」，现代工业「黄金血液」！按照申万三级行业口径，截至7月底， ...

每经AI快讯，8月11日，锂矿股早盘大幅走强，江特电机涨停，中矿资源、盛新锂能、永衫锂业、天齐 锂业等涨超7%。消息面上，宁德时代宜春项目采矿许可证8月9日到期后已暂停开采作业，正按相关规 定尽快办理采矿证延续申请。 ...