格隆汇8月25日丨永杉锂业(603399.SH)发布2025年半年度报告，报告期实现营业收入23.92亿元，同比下 降28.63%；归属上市公司股东的净利润-1.44亿元，同比下降315.62%；扣除非经常性损益后的归属于上 市公司股东的净利润-1.64亿元，基本每股收益-0.28元。 ...

中原期货研究咨询部 晨会纪要 2025 第（155）期 发布日期：2025-08-25 | 中原期货研究咨询部 | 0371-58620081 | | --- | --- | | 0371-58620083 | | | 公司官方微信 | | 0371-58620081 0371-58620083 公司官方微信 1 中原期货研究咨询部 2 中原期货研究咨询部 宏观要闻 1、个人消费贷款贴息政策将于 9 月 1 日正式开闸，这是中央财政首次在个人消费贷款领域实施 贴息政策。本次个人贷款贴息政策主要是对消费贷款中真正"用于消费的部分"予以精准支持。 消费金融行业人士预计，贴息政策对行业影响很大，会加速各机构向各类消费场景拓展，通过 与商户的直接合作，更好把控资金流向。 2、据中国证券报，近日召开的国务院常务会议和全国消费品以旧换新工作推进电视电话会议对 下阶段消费品以旧换新作出部署，释放出政策支持加力信号。专家表示，从当前各地对以旧换 新政策优化调整的路径看，后续以旧换新政策有可能在上调资金支持规模、扩大品类范围等方 面发力，同时将进一步强化政策协同与技术赋能，确保政策红利直达消费者，有效扩大内需、 提振消费。 3 ...

中报显示，赣锋锂业系锂生态企业，拥有五大类逾40种锂化合物及金属锂产品的生产能力，公司已经形 成垂直整合的业务模式，业务贯穿上游锂资源开发、中游锂盐深加工及金属锂冶炼、下游锂电池制造及 退役锂电池综合回收利用。2025年上半年，公司实现营业收入约83.76亿元，同比下降12.65%；对应实 现归属净利润约-5.31亿元，同比减亏；对应实现扣非后归属净利润约-9.13亿元，同比增亏。 北京商报讯（记者 马换换 实习记者 李佳雪）8月23日，赣锋锂业（002460）发布2025年半年度报告显 示，公司上半年实现归属净利润约-5.31亿元，同比减亏。 交易行情显示，8月22日，赣锋锂业收涨0.34%，收于38.3元/股，总市值772.6亿元。 ...

重要新闻提示 国务院常务会议研究释放体育消费潜力进一步推进体育产业高质量发展的意见 证监会修订发布《证券公司分类评价规定》 平安银行（000001）：发布2025年中期利润分配方案，拟10派2.36元（含税），预计派现金额合计为 45.8亿元 财经新闻 1. 新华社消息，国务院总理李强8月22日主持召开国务院常务会议，听取实施大规模设备更新和消费品 以旧换新政策情况汇报，研究释放体育消费潜力进一步推进体育产业高质量发展的意见，审议通过 《"三北"工程总体规划》，部署开展海洋渔船安全生产专项整治工作。 2. 8月22日，证监会修订发布《证券公司分类评价规定》。新规突出促进证券公司功能发挥；引导证券 公司聚焦高质量发展，支持中小机构差异化发展、特色化经营；突出"打大打恶"导向，强化综合惩戒， 切实加强中小投资者保护。 3. 8月22日，中国光伏行业协会发布《关于进一步加强行业自律，共同维护公平竞争、优胜劣汰的光伏 市场秩序的倡议》。中国光伏行业协会倡议，企业严格遵守《中华人民共和国价格法》《中华人民共和 国反垄断法》《中华人民共和国招标投标法》《中华人民共和国反不正当竞争法》等法律法规，坚决抵 制以低于成本的价格 ...

彭博社8月20日报道，全球市值最大锂业公司SQM看好锂市场，决定于年内增加2 万吨碳酸锂销量。尽管二季度全球锂价下跌28%，但SQM仍坚持扩张计划，其下属地 方生产厂年内锂产量将增加10%。该公司透露，7月，SQM与澳大利亚合资公司 Kwinana完成首批氢氧化锂提取，计划2026年生产量达到5万吨，其中一半归SQM所 有。随着中国锂产量大幅收缩，SQM预计年内全球锂需求量将增加17%。 （原标题：智利锂业公司SQM拟增加锂销量） ...

公司已于报告期内完成固态304Ah方形储能固态电池的开发，在安全性、低温性能、存储性能等关键指 标上显著优于传统液态电池;固态314Ah、392Ah电池亦计划于本年底上市，具备180℃高温不起 火、-20℃容量保持率95%等突出优势。 智通财经APP讯，赣锋锂业(002460.SZ)发布2025年半年度报告，该公司营业收入为83.76亿元，同比减 少12.65%。归属于上市公司股东的净亏损为5.31亿元，同比收窄30.13%。归属于上市公司股东的扣除非 经常性损益的净亏损为9.13亿元，同比扩大469.14%。基本每股亏损为0.27元。 报告期内，四川赣锋年产5万吨锂盐项目在上半年完成生产线调试，产能逐步释放;青海赣锋一期年产 1,000吨金属锂项目处于试生产阶段，生产线爬坡至最优状态，计划今年9月申请安全验收，预计年底达 产;公司电池级硫化锂产线逐步释放产能，赣锋硫化锂产品主含量≥99.9%、D50≤5μm，凭借高纯度、低 杂质含量及优异的一致性，可满足高导电性固态电解质材料技术要求，目前已通过客户质量认证，已向 多家下游客户供货。 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][14]. Core Views - The company's main profit contribution in the first half of 2025 came from its civil explosives business, while the lithium segment is expected to recover in the second half due to the ramp-up of self-controlled lithium mines and downstream capacity expansion [3][14]. - The target price for the company is set at 17.00 yuan, reflecting a 20x PE valuation for 2026, considering the expected growth in lithium production and stable demand in the civil explosives sector [14]. Financial Summary - The company achieved total revenue of 34.23 billion yuan in the first half of 2025, a year-on-year decrease of 13.0%, with a net profit attributable to the parent company of 1.36 billion yuan, up 32.9% year-on-year [14]. - The second quarter of 2025 saw revenues of 18.86 billion yuan, down 9.5% year-on-year but up 22.7% quarter-on-quarter, with a net profit of 0.53 billion yuan, down 38.9% year-on-year and 35.4% quarter-on-quarter [14]. - The lithium business faced challenges due to a significant drop in lithium prices, with the average price of battery-grade lithium hydroxide falling by 26.97% year-on-year to 67,401 yuan per ton in the first half of 2025 [14]. Business Segments - The civil explosives segment reported revenue of 14.65 billion yuan in the first half of 2025, a 3.7% increase year-on-year, with a net profit of 2.53 billion yuan, up 2.4% year-on-year [14]. - The company is expected to see improvements in its lithium business in the second half of 2025 as self-controlled mines ramp up production and the price gap in refining improves [14]. - The civil explosives business has a diversified target market, with market shares of 5% and 11% for industrial explosives and electronic detonators, respectively, and a significant presence in the Sichuan region [14].

点击蓝字，关注我们 今日上午港股 1. 周生生(00116)涨超18%， 周生生发布公告，预计中期持续经营业务股东应占溢利约9亿至9.2亿港元。 2. 小鹏汽车-W(09868)涨超4%， 小鹏汽车-W发布截2025年中期业绩，二季度营收同比增长125.3%，创单 季度历史新高。 3. 舜宇光学科技(02382)涨超6%， 8月19日，舜宇光学科技发布截至2025年6月30日止六个月中期业绩， 中期股东应占溢利同比增加52.56%。 5. 翰森制药(03692)跌超8%， 翰森制药公布，公司折让6.5%配股净筹近39亿港元，主要用于创新药物研 发。 6. 泡泡玛特(09992)涨超6%。 泡泡玛特发布2025年中期业绩，上半年经调整净利同比增长3.6倍。 7. 昆仑能源(00135)跌超3%， 8月19日，昆仑能源公布2025年中期业绩，上半年股东应占溢利同比减少 4.36%，中期息派16.6分。 8. 歌礼制药-B(01672)再跌超8%， 歌礼制药近日公告称，拟以先旧后新方式配售，所得款项净额4.68亿 港元。同时，歌礼制药的控股股东套现近3.9亿港元。 9. 易鑫集团(02858)涨超1%， 易鑫集团发 ...

Group 1: Domestic Policy Insights - The article by General Secretary Xi Jinping emphasizes the importance of private enterprises in the development of the socialist market economy, highlighting the need for policies that support and protect non-public ownership [10][11][12] - The 2025 National Ecological Day event focused on promoting the concept of "Lucid waters and lush mountains are invaluable assets," aiming for a more beautiful ecological environment and sustainable economic growth [12][14] Group 2: Monetary and Fiscal Policy - The People's Bank of China (PBOC) reported a GDP growth of 5.3% year-on-year for the first half of 2025, indicating a need for stable and flexible monetary policies to support economic growth [25][26] - Recent fiscal policies include the implementation of interest subsidy programs for personal consumption loans and service industry loans, aimed at reducing financing costs and stimulating consumer spending [15][23] Group 3: Equity Market Analysis - A-share indices showed significant gains, with the ChiNext Index rising by 8.58% and the CSI 500 and Shenzhen Component Index both increasing by over 3.5% [24] - The MSCI China A-share Index rose by 2.85%, reflecting positive market sentiment and capital inflows, with net inflows exceeding 35 billion yuan in the second week of August [24] Group 4: Commodity Market Trends - The non-ferrous metals sector experienced a rebound, while crude oil prices saw a slight decline, and agricultural products remained under pressure [4][27] - The OPEC monthly report predicts a tighter oil market in the coming year, indicating potential supply constraints [4] Group 5: Foreign Exchange Market Overview - The US dollar index fell to 97.84, down 0.43% week-on-week, while the Chinese yuan remained stable at 7.19 [5][30] - Recent developments include a slight decrease in the bank's foreign exchange settlement and sales balance, reflecting ongoing adjustments in the foreign exchange market [5][30]

Investment Rating - The report recommends a "Buy" rating for the lithium industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the upcoming months [7]. Core Insights - The total lithium carbonate production for Q2 2025 is approximately 8,500 tons, reflecting an 18% quarter-over-quarter increase. The company is on track to meet its production target of 30,000 to 35,000 tons for the year 2025 [1][2]. - The unit cash operating cost for lithium carbonate in Q2 2025 is reported at $6,098 per ton, an 8% decrease from the previous quarter, indicating successful cost optimization measures and increased production [3]. - The average realized price for lithium carbonate in Q2 2025 is approximately $7,400 per ton, impacted by a global decline in lithium prices [3]. Summary by Sections Production and Sales - In Q2 2025, the total shipment of lithium carbonate is about 8,635 tons, showing a 21% increase compared to the previous quarter [2]. - The company achieved a total lithium production of approximately 15,700 tons in the first half of 2025, supporting its annual production goals [1]. Cost Management - The unit total cash cost for lithium carbonate in Q2 2025 is $6,366 per ton, down about 7% from the previous quarter [3]. - The report highlights the effectiveness of cost optimization initiatives implemented in Q2 2025 [3]. Expansion Plans - The Cauchari-Olaroz project is advancing an expansion plan to add 40,000 tons per year of lithium carbonate capacity, utilizing existing infrastructure and solar evaporation techniques [6]. - A comprehensive feasibility study is expected to be completed by the end of the year, assessing options for producing up to 150,000 tons of lithium carbonate using mixed direct lithium extraction (DLE) technology [8]. Financial Performance - In Q2 2025, the company reported a net loss of $4.1 million, compared to a net profit of $2.2 million in the same period last year. This loss is attributed to reduced financial instrument gains and increased equity incentive costs [11]. - As of June 30, 2025, the company holds $68 million in cash and cash equivalents, down from $73.9 million at the end of Q1 2025 [14].