智通财经APP讯，赣锋锂业(01772)发布公告，公司于近日接到公司股东李良彬先生将其持有的公司部分 股份解除质押的通知，解除质押股数为460万股。 ...

（记者 曾健辉） 每经头条（nbdtoutiao）——特朗普的"完美人选"颠覆美联储？解码凯文·沃什的"新政构想"：左手放水 右手抽水，要靠AI驯服通胀，拒做美债"大买家" 每经AI快讯，盛新锂能2月4日晚间发布公告称，截至本公告日，公司及控股子公司实际发生的对外担 保余额为人民币约45.44亿元，占2024年12月31日经审计归属于母公司净资产的37.78%。 ...

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建 议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 碳酸锂产业日报 2026/2/4 研究员: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 | 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） | 147,220.00 | -880.00↓ 前20名净持仓（日，手） | -139,888.00 | +1481.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 359,912.00 | +4142.00↑ 近远月合约价差（日，元/吨） | 1,780.00 | +88 ...

每经AI快讯，赣锋锂业2月4日晚间发布公告称，李良彬先生及其一致行动人累计质押股数为8207万 股，占其持有股份比例为20.18%，占公司总股本比例为3.91%。 （记者 王瀚黎） 每经头条（nbdtoutiao）——特朗普的"完美人选"颠覆美联储？解码凯文·沃什的"新政构想"：左手放水 右手抽水，要靠AI驯服通胀，拒做美债"大买家" ...

Market Overview - As of February 4, the domestic lithium carbonate market is stable, with the battery-grade lithium carbonate (99.5%) spot settlement price at 151,500 CNY/ton, unchanged from the previous working day. There is an increase in downstream inquiries, and sellers are showing a reluctance to sell at lower prices [1] - The battery-grade lithium hydroxide (56.5% coarse particles) settlement price is also stable at 152,000 CNY/ton [1] - In the futures market, lithium carbonate futures prices have rebounded slightly, with the main contract closing at 147,220 CNY/ton, an increase of 1,920 CNY from the previous working day, and a slight recovery in open interest [1] ICC Lithium Battery Settlement Prices - As of February 4, the settlement prices for various lithium products are as follows: - Lithium concentrate: 2,030 CNY/ton - Battery-grade lithium carbonate (99.5%): 151,500 CNY/ton - Lithium hydroxide (56.5%): 152,000 CNY/ton - Lithium iron phosphate (power type): 5.24 CNY/kg - NCM materials: 20.65 CNY/kg - Prismatic energy storage cells (lithium iron phosphate): 0.375 CNY/Wh [2] Industry Focus - On February 3, Tianqi Lithium's board approved a proposal to selectively dispose of part of its equity in SQM, with a maximum of 3,565,970 shares (not exceeding 1.25% of SQM's total shares) [5] Company Insights - Current average price levels for energy storage cells suggest that second-tier companies can withstand lithium carbonate prices around 154,000 CNY [4] - Despite a general decline in lithium battery and cathode material production in February, this is largely within expectations. The reduction in lithium carbonate production is comparable to that of lithium iron phosphate, indicating that the tight balance in the market remains unchanged. Short-term upward momentum appears insufficient, while downward demand support is relatively strong. It is expected that lithium carbonate prices will continue to fluctuate between 140,000 and 160,000 CNY before the Spring Festival, with a focus on downstream companies' restocking after the holiday [6]

2025Q4 锂精矿（化学和技术级）的平均实现价格为 850 美元/吨（澳大利亚离岸价），环比上涨 16%。 [Table_Title] Greenbushes 锂矿 2025Q4 产销量分别环比+10%、 +9%至 35.2 万吨、32.8 万吨，2025Q4 单位现金生 产成本环比下降 4%至 373 澳元/吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►锂业务 1、Greenbushes 锂矿（100%基础） 2025Q4 锂精矿生产量为 35.2 万吨，环比增长 10%，同比 减少 10%。 2025Q4 锂精矿销售量为 32.8 万吨，环比增长 9%，同比增 长 5%。 证券研究报告|行业研究报告 [Table_Date] 2026 年 2 月 4 日 2025Q4 单位现金生产成本为 373 澳元/吨，环比下跌 4%，同比上涨 15%。 2025Q4 资本支出为 1.178 亿澳元（2025Q3：1.211 亿澳 元 ）。 CGP3 于 2025 年 12 月 18 日按照调试计划处理了第一批矿 石。目前已完成一些小型附加工程，重点是提高产能 ...

Investment Rating - The industry is rated as "Recommended" [6] Core Insights - The NAL project in North America reported a decrease in lithium concentrate production to 44,154 tons in Q4 2025, a 15% decrease quarter-on-quarter, primarily due to high iron content affecting recovery rates and a decline in raw material grade [1][2] - The total sales volume of lithium concentrate reached 66,016 tons in Q4 2025, marking a significant increase of 154% compared to the previous quarter [3] - The average actual selling price (FOB) for Q4 2025 was $998 per ton, reflecting strong market conditions driven by increased demand and reduced expectations for the reactivation of idle capacity [4] - The unit operating cost (FOB) for Q4 2025 was slightly lower than the previous quarter at $812 per ton, despite a 14% increase in total costs associated with mining and stripping [5] - Revenue for Q4 2025 reached $66 million, setting a quarterly operational record, primarily due to the increase in sales volume and a 27% rise in average selling price [9] Production and Sales Summary - In Q4 2025, the processing plant treated 351,592 tons of ore, a 3% increase quarter-on-quarter, with an average raw material grade of 0.98% Li₂ O [1] - The recovery rate for Li₂ O in Q4 2025 was 62%, down from 69% in Q3 2025, due to lower raw material grades and increased iron content [1] - The processing plant's utilization rate was 89%, a 2% increase from the previous quarter, despite planned downtime for equipment maintenance [1] Inventory and Future Outlook - As of December 31, 2025, finished product inventory decreased to 29,913 tons due to increased shipments and reduced production [8] - The company has revised its production forecast for FY 2026 to between 180,000 and 190,000 tons, with sales expectations of 170,000 to 190,000 tons, and unit sales operating costs adjusted to $860 to $880 per ton [18]

证券研究报告|行业研究报告 [Table_Date] 2026 年 2 月 4 日 [Table_Title] Greenbushes 锂矿 2025Q4 产销量分别环比+10%、 +9%至 35.2 万吨、32.8 万吨，2025Q4 单位现金生 产成本环比下降 4%至 373 澳元/吨 CGP3 于 2025 年 12 月 18 日按照调试计划处理了第一批矿 石。目前已完成一些小型附加工程，重点是提高产能。 截至 2025 年 12 月 31 日，Windfield 持有现金余额 1.992 亿美元（2.976 亿澳元），已提取债务 12 亿美元 （17.929 亿澳元），其中 1.5 亿美元债务已于 2026 年第二 季度偿还。 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►锂业务 1、Greenbushes 锂矿（100%基础） 2025Q4 锂精矿生产量为 35.2 万吨，环比增长 10%，同比 减少 10%。 2025Q4 锂精矿销售量为 32.8 万吨，环比增长 9%，同比增 长 5%。 2025Q4 锂精矿（化学和技术级）的平均实现价格为 ...

Investment Rating - The industry is rated as "Recommended" [6] Core Insights - The NAL project in North America experienced a decrease in lithium concentrate production by 15% to 44,154 tons in Q4 2025, primarily due to high iron content affecting recovery rates and a decline in raw material grade [1][2] - The total sales volume of lithium concentrate surged by 154% to 66,016 tons in Q4 2025, with two batches sold [3] - The average actual selling price (FOB) reached $998 per ton, reflecting strong market conditions driven by increased demand and reduced expectations for idle capacity [4] - The unit operating cost (FOB) slightly decreased to $812 per ton, while total costs for mining and stripping increased by 14% in line with a 15% rise in mining volume [5] Production and Sales Summary - In Q4 2025, the processing plant treated 351,592 tons of ore, a 3% increase from the previous quarter, with an average raw material grade of 0.98% Li₂ O [1] - The recovery rate for Li₂ O was 62%, down from 69% in Q3 2025, due to lower raw material grades and increased iron content [1] - Finished product inventory decreased to 29,913 tons as of December 31, 2025, due to increased shipments and reduced production [8] Financial Performance - Revenue for Q4 2025 reached $66 million, setting a quarterly operational record, driven by a 154% increase in lithium concentrate sales and a 27% rise in average FOB price [9] Future Outlook - The company has revised its production forecast for FY 2026 to 180,000 to 190,000 tons, with sales expectations of 170,000 to 190,000 tons, and unit sales operating costs adjusted to $860 to $880 per ton [19]

Core Viewpoint - Tianqi Lithium Industries (09696) has announced a temporary suspension of trading on the Hong Kong Stock Exchange starting from 9:04 AM on February 4, 2026, to publish supplementary information regarding (1) the placement of new H-shares under a general mandate and (2) the proposed issuance of zero-coupon convertible bonds maturing in 2027 under the same general mandate [1] Group 1 - The company will halt trading to provide additional details on the issuance of new H-shares [1] - The announcement includes plans for issuing zero-coupon convertible bonds that will mature in 2027 [1]