盘面上，大型科技股普遍走低，阿里巴巴跌4.65%，腾讯跌1.77%。AI概念相关股今日悉数下挫，中 芯、华虹均跌超6%；广期所对碳酸锂限仓，碳酸锂期货今日跌停，"锂矿双雄"均跌超一成；澳门预期 明年博彩收入2360亿澳门元，博彩股集体承压；加密货币市场抛售潮持续，相关概念股下行；医药、有 色、光伏等纷纷飘绿。另一边，个别内房股逆市上升，富力地产涨5%。 1. 科技股全天承压。截至收盘，中芯国际(00981)跌6.39%，报68.8港元；华虹半导体(01347)跌6.09%， 报73.25港元；阿里巴巴-W(09988)跌4.65%，报147.6港元；腾讯(00700)跌1.77%，报610港元。 智通财经APP获悉，隔夜美股市场上演过山车行情，港股今日随外围向下，恒指及国指跌超2%，恒科 指数则大跌超3%。截止收盘，恒生指数跌2.38%或615.55点，报25220.02点，全日成交额为2857.02亿港 元；恒生国企指数跌2.45%，报8919.78点；恒生科技指数跌3.21%，报5395.49点。全周来看，恒指累跌 5.09%，国指累跌5.09%，恒科指数累跌7.18%。 国证国际指出，当前市场正处于关键 ...

Group 1: Lithium Carbonate Price Trends and Short-term Expectations - Current lithium carbonate price has reached 100,000 yuan/ton, expected to continue rising above this level but not exceeding 110,000 yuan in the short term [1][14] - Anticipated price fluctuations before New Year likely to be between 100,000 and 150,000 yuan, with a concentration around 120,000 yuan [1][14] - First quarter price expected to fluctuate within 150,000 yuan, primarily between 100,000 and 120,000 yuan [2][14] Group 2: Price Support Logic and Supply-Demand Structure - Key factors supporting short-term prices include raw material supply shortages, with 45%-50% of domestic lithium carbonate capacity relying on ore extraction, and significant raw material being locked by leading companies [3][15] - Lithium carbonate inventory has dropped below 100,000 tons, with a production-to-sales ratio close to 1:1, indicating production may not meet export demand [3][15] - Current supply-demand gap is slightly tight, with a shortfall of only 50,000 to 100,000 tons, suggesting price increases are more driven by market sentiment than actual supply constraints [4][19] Group 3: Industry Chain Dynamics and Inventory Situation - Some lithium carbonate factories are beginning to stockpile, reducing sales from 10,000 tons to 8,000 tons while retaining 2,000 tons [5][16] - Australian mines, initially expected to resume operations in Q2 2026, may do so earlier in Q1 2026 due to current price support [5][19] - Environmental compliance issues are delaying the resumption of operations at Jiangxi mica mines [6][24] Group 4: Downstream Demand and Operating Rates - Average operating rates for iron lithium factories are around 50% before August 2025, increasing to approximately 80% thereafter [7][18] - Major companies like CATL have reached operating rates of 100%-110% as of November 2025, with plans to maintain high production levels into Q1 2026 [7][18] - Iron lithium total capacity is projected to be between 4.5 million and 5 million tons by 2025, with demand expected to exceed 5 million tons [8][18] Group 5: Supply and Cost Curve for Lithium Carbonate - Supply predictions for 2026 indicate that at a price of 80,000 yuan/ton, supply will be around 1.6 million tons, increasing to 1.9 million tons at 120,000 yuan/ton [10][21] - Domestic salt lakes are expected to add only 30,000 to 40,000 tons of capacity, while overseas salt lakes will contribute some incremental supply [10][19] Group 6: Long-term Contract Prices and Trading Strategy Suggestions - Long-term contract prices for major companies are expected to rise to over 85,000 yuan/ton in Q1 2026, with potential short-selling opportunities if prices exceed 100,000 yuan [12][25] - Current market conditions suggest that short-selling is not advisable due to high risks associated with hedging pressures [12][15] Group 7: Lithium Recycling Market Situation - Lithium recycling volume is projected to be around 15,000 tons in 2025, with current operations facing losses [13][23] - By 2030, recycled lithium is expected to account for 10% of total market supply, driven by increasing battery retirements [13][23] Group 8: Other Key Industry Chain Information - Phosphate iron market is currently facing losses, with some companies considering price increases [8][28] - Battery equipment manufacturers are receiving new orders, indicating expectations for sustained high operating rates in 2026 [8][28]

数据来源:SMM WIND | 碳酸锂日评20251121:谨防冲高回落 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期(日) | 2025-11-20 | 2025-11-19 | 2025-11-13 | 较昨日变化 | 近两周走势 | 近月合约 | 收盘价 | 98880.00 | 99060.00 | 86400.00 | -180.00 | | | | | 99300.00 | 87660.00 | 连一合约 | 收盘价 | 98980.00 | -320.00 | 14 - | 99160.00 | 87840.00 | 收盘价 | 99300.00 | -140.00 | 连二合约 | | | | 收盘价 | -140.00 | 连三合约 | 99160.00 | 99300.00 | 87620.00 | 2 | 99300.00 | -320.00 | 收盘价 | 98980.00 | ...

| 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 002240 | 盛新锂 能 | 6.77 | 16.99 | 28594.80 | 4.76 | | 000792 | 盐湖股 份 | 1.12 | 3.99 | 15121.94 | 2.50 | | 002141 | 贤丰控 股 | 10.00 | 11.16 | 12366.15 | 26.79 | | 301092 | 争光股 份 | 20.01 | 19.17 | 10073.71 | 21.82 | | 300774 | 倍杰特 | 20.02 | 15.55 | 6953.04 | 11.47 | | 300631 | 久吾高 科 | 5.86 | 17.40 | 5519.32 | 7.76 | | 600338 | 西藏珠 | 1.10 | 14.12 | 4876.19 | 2.25 | 峰 | 688101 | 三达膜 | 13.74 | 6.72 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The fundamentals of lithium carbonate have limited changes, and market sentiment changes should be focused on [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing prices of the 2601 and 2605 contracts are 99,300 yuan and 100,460 yuan respectively; the trading volumes are 1,767,428 and 427,422 respectively; the open interests are 503,132 and 319,331 respectively [1] - **Warehouse Receipts**: The warehouse receipt volume is 26,766 lots [1] - **Basis**: The basis between spot and 2601 contract is -10,400 yuan; between spot and 2605 contract is -11,560 yuan; between 2601 and 2605 contracts is -1,160 yuan [1] - **Raw Materials**: The prices of lithium spodumene concentrate (6%, CIF China) and lithium mica (2.0%-2.5%) are 1,086 US dollars and 2,575 yuan respectively [1] - **Lithium Salts**: The prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, and battery - grade lithium hydroxide (micropowder) are 88,900 yuan, 86,500 yuan, and 83,850 yuan respectively [1] - **Related Products**: The prices of products such as lithium iron phosphate (power type) and ternary materials vary, with the price of lithium iron phosphate (power type) at 38,165 yuan [1] 3.2 Macro and Industry News - SMM battery - grade lithium carbonate index price is 89,837 yuan/ton, up 1,870 yuan/ton from the previous working day; the average price of battery - grade lithium carbonate is 88,900 yuan/ton, up 1,500 yuan/ton; the average price of industrial - grade lithium carbonate is 86,500 yuan/ton, up 1,450 yuan/ton [2] - On November 19, Liontown held a lithium spodumene concentrate auction. The auctioned 10,000 wet tons of 5.2% lithium spodumene was sold at CIF SC6 1,254 US dollars/dry ton, and the goods are expected to be shipped in the first half of January 2026 [2][3] 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral trend [3]

资金流入比率方面，金圆股份、倍杰特、唯赛勃等流入比率居前，主力资金净流入率分别为22.70%、 12.40%、12.00%。（数据宝） 盐湖提锂概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 002460 | 赣锋锂 业 | 3.86 | 10.19 | 60148.23 | 6.70 | | 002466 | 天齐锂 业 | 6.09 | 9.09 | 41536.93 | 4.93 | | 000792 | 盐湖股 份 | 5.31 | 3.58 | 39545.61 | 7.51 | | 000155 | 川能动 力 | 5.23 | 7.95 | 22985.46 | 11.14 | | 601899 | 紫金矿 业 | 3.35 | 0.93 | 10301.75 | 1.84 | | 000762 | 西藏矿 业 | 3.67 | 12.77 | 9742.68 | 4.78 | | 0005 ...

人民财讯11月19日电，A股三大指数今日小幅低开，全天维持震荡走势，截至收盘，沪指涨0.18%，深 证成指平收，创业板指涨0.25%。盘面上，水产板块强势上扬，国联水产20%涨停，獐子岛、大湖股 份、百洋股份、开创国际等多股涨停；锂矿板块大涨，融捷股份、金圆股份涨停；燃气概念走弱，胜利 股份跌停。此外，深海科技、黄金珠宝、保险、盐湖提锂、航天军工等概念涨幅居前，燃气、房地产、 海南自贸港、光伏玻璃、短剧游戏等板块跌幅居前。全市场成交额超1.7万亿元，较昨日缩量超2000亿 元，下跌个股超4100只。 转自：证券时报 ...

记者丨刘雪莹 编辑丨江佩霞 11月19日，A股三大指数涨跌不一，截至中午收盘，沪指冲高回落跌0.04%，创业板指一度涨超1%。中小盘股普跌，微盘股指数跌超2%。沪深 两市半日成交额1.12万亿，较上个交易日缩量2099亿。市场共4582股下跌，820股上涨。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3938.29 | 13038.33 | 1459.23 | | -1.52 -0.04% -42.15 -0.32% -22.59 -1.52% | | | | 科创50 | 创业板指 | 万得全A | | 1343.15 | 3072.79 | 6250.20 | | -14.78 -1.09% +3.57 +0.12% -37.91 -0.60% | | | | 沪深300 | 中证500 | 中证A500 | | 4577.77 | 7096.06 | 5495.82 | | +9.57 +0.21% -54.96 -0.77% -0.72 -0.01% | | | | 中证1000 | 深证100 | 中证红利 ...

Group 1 - Chuaneng Power and Jinyuan Co. have reached the daily limit on stock price increase [1] - Salt Lake Industry, Tibet Summit, Keda Manufacturing, Ganfeng Lithium, and Tianqi Lithium have shown significant price increases [1]

Group 1 - The company has established two salt lake lithium mines in Argentina through controlling and participating investments, aiming to meet its integrated industrial strategy needs [1] - The company expects to control lithium resources exceeding 10 million tons of LCE (Lithium Carbonate Equivalent) [1] - The company plans to mine the lithium resources in Argentina based on its own needs and market conditions [1]