Core Viewpoint - The company has established two salt lake lithium mines in Argentina, with an expected lithium resource of over 10 million tons LCE, which may increase with further exploration efforts [1] Group 1: Company Developments - The company plans to confirm the reserves of the two salt lake lithium mines and will conduct mining based on exploration and construction conditions, as well as market demand [1] - The company will disclose updates regarding the lithium mines in Argentina in accordance with relevant regulations [1]

每经讯 12月11日至13日，由每日经济新闻与海南国际经济发展局联合主办的2025第十四届上市公司发 展年会暨海南自贸港开放机遇交流大会系列活动在海口举行。在12月12日的主会场圆桌讨论环节，盛新 锂能总经理邓伟军表示，在有色行业领域，"资源"是最核心的部分。 "未来三至五年，我们会聚焦于全球范围内找矿。比如我们在四川甘孜州的木绒锂矿如果三至五年内能 开出来，大概能解决公司在四川所有产能的原料问题，而且成本比较低。"邓伟军表示。 封面图片来源：图片来源：每经原创 据公开资料，四川甘孜州木绒锂矿是四川地区锂矿品位最高的矿山之一，设计生产规模为300万吨/年 （折碳酸锂当量约7.5万吨）。盛新锂能近期称，拟以现金14.56亿元收购四川启成矿业有限公司21%股 权，收购后持股比例增加至70%，由此获得木绒锂矿采矿权。 此外，邓伟军还在会上介绍，对公司位于津巴布韦、尼日利亚、阿根廷等国家的矿资源开采，可能是未 来三至五年，或者未来五至十年最核心的工作，也是竞争力所在。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 ...

Core Viewpoint - The company has established two salt lake lithium mines in Argentina, with an estimated lithium resource exceeding 10 million tons of LCE, which may increase with further exploration efforts [2]. Group 1: Company Plans and Resources - The company plans to confirm the reserves of the two salt lake lithium mines and will conduct mining based on exploration and construction conditions, as well as market demand [2]. - The company will disclose updates regarding the lithium mines in Argentina in accordance with relevant regulations [2].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The lithium carbonate futures price is expected to fluctuate. Although the short - term futures price has risen rapidly, the spot price has limited follow - up. The weekly production of lithium carbonate has increased, the social inventory has been reduced but the de - stocking intensity is expected to weaken, and the futures price is supported by the spot price below [11] 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - The lithium carbonate futures price increased, and the total open interest rose by 22,591 lots to 1.06 million lots. The spot price of electric carbon increased by 800 to 93,500, and the spot discount in the trading market widened to 2,800. The weekly production of lithium carbonate increased by 59 tons to 21,998 tons, mainly from the lithium spodumene end. The production of lithium carbonate from mica dropped to 2,876 tons. The social inventory decreased by 2,133 tons, and the de - stocking volume declined compared with the previous week [11] 3.2行业要闻 (Industry News) - The US lithium miner Albemarle's direct lithium extraction (DLE) pilot plant in Chile has completed verification, with a lithium recovery rate of over 94% during stable operation, a water reuse rate of up to 85%, and an operation time of over 3,000 hours. The company allocated $30 million for the pilot plant and an additional $216 million for the salt recovery plant at the Atacama salt flat [12] - Domestic lithium battery manufacturers are adjusting prices. Degjia Energy will raise the prices of its battery products by 15% from December 16 due to rising raw material costs. Fuen Technology is communicating with customers about price increases, and some products have already seen price hikes. The industry is experiencing a wave of orders centered on "locking in volume", with tight production capacity and rising prices. Chinese lithium - battery companies are expected to increase their global industrial influence [12][13]

Report Industry Investment Rating - Not provided in the report Core Viewpoint - On December 11, the main contract of lithium carbonate futures fluctuated upward. The short - term fundamentals show strong supply and weak demand, and it is expected that there is limited upside space for lithium prices. Suggest to hold short positions cautiously and set stop - losses [1] Summary by Relevant Catalogs Futures Data - On December 11, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures were 95,600 yuan/ton, 96,980 yuan/ton, 97,240 yuan/ton, and 97,240 yuan/ton respectively, with increases of 1,960 yuan/ton, 2,900 yuan/ton, 2,840 yuan/ton, and 2,840 yuan/ton compared to the previous day. The trading volume was 744,190 lots (+123,255), and the open interest of the active contract was 634,283 lots (+28,830). The inventory was 14,750 tons (+1,070) [1] Spot Price - On December 11, 2025, the average price of battery - grade lithium carbonate (99.5%/domestic) was 93,500 yuan/ton (+800), and the average price of industrial - grade lithium carbonate (99.2%/domestic) was 91,000 yuan/ton (+750). The prices of other lithium - related products also had corresponding changes [1] Supply and Demand - **Supply**: Last week, lithium carbonate production increased, with increased production of spodumene and recycled lithium, and decreased production of lithium carbonate from salt lakes and lithium mica. - **Demand**: Last week, the production of ammonium phosphate decreased, and the production of ternary materials decreased. In December, the production of lithium cobalt oxide and lithium manganate decreased. In November, the month - on - month and year - on - year growth rates of new energy vehicle production and sales slowed down; 3C shipments were weak; in December, the production schedule of energy - storage batteries stagnated [1] Inventory - Registered warehouse receipts were 14,750 tons (+1,070). Social inventory decreased, with inventory reduction in smelters and downstream, and inventory accumulation in other sectors [1] Industry News - American company Albemarle announced that the direct lithium extraction (DIE) pilot plant in Chile has completed verification. The lithium recovery rate exceeded 94% during stable operation, and the water reuse rate was as high as 85% during the verification phase. The company funded $30 million for the pilot plant and an additional $216 million for the salt recovery plant in the Atacama Salt Flat [1] - On December 10, the integrated mining, beneficiation, and smelting project of Xiangyuan lithium polymetallic ore of Zijin Mining was put into operation in Daoxian, Hunan. The project has a total investment of about 13 billion yuan, with a registered ore volume of about 1.96 billion tons and 670,000 tons of lithium oxide [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The short - term fundamentals of lithium carbonate show strong supply and weak demand, and the lithium price is expected to fluctuate weakly under position limits. It is recommended to hold short positions [1] 3. Summary by Related Catalogs 3.1 Lithium Carbonate Futures Market - **Price**: On December 10, 2025, the closing price of the near - month contract was 93,640 yuan/ton, with an increase of 1,060 yuan compared to December 9; the trading volume of lithium carbonate futures was 620,935 hands, an increase of 108,720 hands; the open interest was 605,453 hands, an increase of 30,032 hands [1] - **Spread**: The spread between the near - month and the first - consecutive contract was - 440 yuan, the spread between the first - consecutive and the second - consecutive contract was - 80 yuan, and the spread between the second - consecutive and the third - consecutive contract was - 60 yuan [1] - **Inventory**: The registered inventory was 1,368 tons, an increase of 760 tons [1] 3.2 Lithium - Related Product Prices - **Lithium Ore**: The average price of lithium spodumene concentrate (6%, CIF China) was 1,178 US dollars/ton; the average price of lithium mica (Li2O: 1.5% - 2.0%) was 1,640 yuan/ton [1] - **Lithium Compounds**: The average price of battery - grade lithium carbonate (99.5% domestic) was 92,700 yuan/ton, a decrease of 50 yuan; the average price of battery - grade lithium hydroxide (56.5% CIF China, Japan and South Korea) was 10.2 US dollars/kg [1] - **Other Products**: The average price of lithium hexafluorophosphate (99.95% domestic) was 171,000 yuan/ton; the average price of ternary precursor 523 (polycrystalline/consumer type) was 106,050 yuan/ton [1] 3.3 Lithium Supply and Demand - **Supply**: Last week, the output of lithium carbonate increased, with a decrease in the output of salt - lake lithium carbonate and an increase in the output of lithium carbonate from other raw materials [1] - **Demand**: Last week, the output of lithium iron phosphate and ternary materials decreased; in December, the production scheduling of lithium iron phosphate and lithium manganate decreased; last week, the output of power batteries increased; in November, the month - on - month and year - on - year growth rates of new - energy vehicle production and sales slowed down; the 3C shipments weakened; the production scheduling growth of energy - storage batteries stagnated in December [1] 3.4 Lithium Inventory - The SMM lithium carbonate inventory: the inventory of smelters was 20,767 tons, the inventory of downstream was 41,984 tons, and the inventory of others was 49,140 tons. The total inventory decreased by 2,366 tons compared to the previous week [1] 3.5 Industry News - Standard Lithium and Equinor's joint - venture Smackover Lithium announced that its Arkansas Smackover project has attracted over $1.1 billion in financing intentions, covering 76% of the $1.45 billion construction cost of Phase I. The project uses uncommercialized direct lithium extraction (DLE) technology but faces challenges [1]

Core Viewpoint - The company is progressing as planned with the tunneling work at its lithium mines in Sichuan and Hunan, utilizing tunnel boring machines (TBM) effectively [1] Group 1: Project Updates - At the Gada lithium mine project, the "Dazhong" and "Jiada" tunnel boring machines are operating steadily and advancing the project through a dual-machine collaborative tunneling mode [1] - At the Jijia Mountain lithium mine project, the "Longyuan" tunnel boring machine has efficiently completed 7.3 kilometers of excavation for the transportation corridor and access roads in the first half of 2025, and has recently undergone comprehensive maintenance and upgrades before being put back into operation [1]

Report Industry Investment Rating - Not provided Core View of the Report - The short - term fundamentals of lithium carbonate show strong supply and weak demand, and the lithium price is expected to fluctuate weakly under position limits. It is recommended to hold short positions [1] Summary by Relevant Content Lithium Carbonate Futures Market - On December 10, 2025, the main contract of lithium carbonate futures oscillated upward. The trading volume was 620,935 hands (+108,720), and the open interest was 605,453 hands (+30,032) [1] - The prices of different contracts (near - month, consecutive - one, consecutive - two, consecutive - three) all increased compared with previous data, with price increases ranging from 3,080 yuan/ton to 3,180 yuan/ton [1] Spot Market - The spot market trading was sluggish, and the basis discount widened. The price of spodumene concentrate increased, while the price of mica also rose [1] Supply and Demand - **Supply**: Last week, the production of lithium carbonate increased. The production of lithium carbonate from salt lakes decreased, while that from other raw materials increased [1] - **Demand**: Last week, the production of lithium iron phosphate and ternary materials decreased. In December, the production plan of lithium iron phosphate and lithium manganate decreased. Last week, the production of power batteries increased. In November, the month - on - month and year - on - year growth rates of new energy vehicle production and sales slowed down; the 3C shipments weakened; the growth of the production plan of energy - storage batteries in December stagnated [1] Inventory - The registered inventory was 13,680 tons (+760), and the social inventory decreased. Refineries and other sectors destocked, while downstream sectors also destocked [1] Industry News - Standard Lithium and Equinor's joint - venture Smackover Lithium project in Arkansas has attracted over $1.1 billion in financing intentions, covering 76% of the $1.45 - billion construction cost of Phase I. The project uses direct lithium extraction (DLE) technology but faces challenges such as the complexity of brine composition and the stability of recovery rates [1]

盛新锂能公告称，其全资子公司盛威国际为控股子公司印尼盛拓原材料采购提供连带责任保证，担保期 限3年，第一年不超1.5亿美元（等值人民币），第二年和第三年分别不超2.4亿美元（等值人民币）。印 尼盛拓资产负债率高于70%，本次提供担保额度后，此类子公司可用担保额度为10.94亿元。截至公告 日，公司对印尼盛拓担保总额（不含本次）为12.91亿元。公司及控股子公司无逾期对外担保等情形。 ...

Core Viewpoint - The company has made significant progress in the development of the Jada lithium mine, with resource estimates exceeding expectations and plans for ecological restoration underway [1] Group 1: Development Progress - The first mining area of the Jada lithium mine, covering 2.056 square kilometers, is expected to complete the review and filing with the Ministry of Natural Resources by the first half of 2025, with an estimated lithium carbonate equivalent of approximately 148.42 thousand tons [1] - The mining resource extraction plan for the Jada lithium mine is scheduled to pass expert review by October 2025 [1] Group 2: Ecological Restoration - The company is currently advancing the preparation and review of the ecological restoration plan for the mining area, with specific progress to be announced in future company announcements [1]