1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - Short - term lithium carbonate prices may stabilize due to policy expectations, but the high - inventory and oversupply situation remains unchanged. The downward trend in the cost side opens up price space, and it is expected to maintain a weak oscillation [12] 3. Summary by Directory 3.1 Viewpoint Overview - The short - term price of lithium carbonate may be affected by policy expectations and stabilize, but the high - inventory and oversupply pattern persists, and the cost decline allows for price drops, with a forecast of weak oscillation [12] 3.2 Balance Sheet 3.2.1 Global Balance Sheet - From 2018 to 2025E, global lithium demand has been growing, with the global effective lithium demand reaching 142.3 million tons in 2025E, a year - on - year increase of 29%. Global lithium supply has also been increasing, with the global effective lithium supply reaching 165.0 million tons in 2025E, a year - on - year increase of 13%. The global lithium market shows a trend of changing from surplus to shortage and then back to surplus, with a surplus of 22.7 million tons in 2025E, accounting for 16% of the total demand [15] 3.2.2 Domestic Balance Sheet - In 2024 - 2025, the supply and demand of domestic lithium carbonate are both increasing. In May 2025E, the total supply of lithium carbonate is expected to be 91,250 tons, and the total demand is expected to be 90,421 tons, with a supply - demand difference of 829 tons [16] 3.3 Fundamental Data 3.3.1 Supply and Demand - In April, the estimated total supply of lithium carbonate was 89,560 tons, and the total demand was 87,292 tons, with a supply - demand difference of 2,268 tons. In May, the estimated total supply was 91,250 tons, and the total demand was 90,421 tons, with a supply - demand difference of 829 tons [10] 3.3.2 Inventory - According to SMM data, the monthly inventory in April was 96,202 physical tons, including 45,169 physical tons of downstream inventory and 51,033 physical tons of smelter inventory. The weekly inventory this week was 131,920 physical tons, including 56,522 physical tons of smelter inventory, 41,428 physical tons of cathode factory inventory, and 33,970 physical tons of battery and trader inventory. According to Baichuan data, the lithium carbonate factory inventory was 34,785 tons [10] 3.3.3 Price Difference - On May 16, the spot price of battery - grade lithium carbonate was 64,500 yuan/ton, a month - on - month decrease of 1.15%, the futures price was 61,800 yuan/ton, and the basis was 2,700 yuan/ton [10]

Core Viewpoint - Yongshan Lithium Industry plans to issue up to 71.8391 million shares at a price of 6.96 yuan per share, raising no more than 500 million yuan to support liquidity and enhance technological research and supply chain layout [1][2] Group 1: Company Strategy and Operations - The company adheres to a "large mining enterprise" supply strategy, focusing on Australian large-scale mines as the supply base while expanding supply channels in Africa and South America [2] - The company is driving innovation through process optimization and technology breakthroughs, including flexible production lines and lithium extraction processes [2] - The raised funds will enhance operational efficiency, market adaptability, and supply assurance to key downstream customers, supporting the implementation of supply chain resource layout and technological research strategies [2] Group 2: Financial Impact and Shareholder Confidence - Following the issuance, the total assets and net assets of the company will increase, optimizing the asset-liability structure and alleviating short-term cash flow pressure [2] - The controlling shareholder, Yongrong Zhisheng, will see an increase in shareholding percentage, reinforcing control stability and demonstrating confidence in the company's future development [3]

Report Industry Investment Rating No relevant information provided Core View The fundamental pattern of supply surplus in the lithium carbonate market remains unchanged. Although the futures market has rebounded in the short - term due to improved macro - sentiment and expectations of energy storage exports, the upside space is limited, and the spot trading volume is average [1][2] Summary by Related Content Market Analysis - On May 15, 2025, the main lithium carbonate contract 2507 opened at 64,680 yuan/ton and closed at 64,120 yuan/ton, a 0.83% decline from the previous settlement price. The trading volume was 230,077 lots, and the open interest was 289,360 lots, an increase of 12,404 lots from the previous day. The total open interest of all contracts was 480,821 lots, a decrease of 3,011 lots, and the total trading volume decreased by 194,070 lots. The overall speculation degree was 0.58. The lithium carbonate warehouse receipts decreased by 52 lots to 36,664 lots [1] - According to SMM data, on May 15, 2025, the price of battery - grade lithium carbonate was 63,800 - 65,800 yuan/ton, and the price of industrial - grade lithium carbonate was 62,650 - 63,650 yuan/ton, both up 100 yuan/ton from the previous day. Some lithium salt enterprises have carried out maintenance or production cuts, with the weekly output decreasing by 1,115 tons to 16,600 tons, but the production cut is less than expected, and the output is still at a high level [1] - The latest inventory is 131,920 tons, a slight increase of 351 tons from the previous period, with a significant increase in lithium salt factory inventories [2] Strategy - Unilateral: Range trading, sell - hedging on rallies - Options: Sell out - of - the - money call options or use bear - spread options [3]

Core Viewpoint - The company is issuing A-shares to specific investors, which may dilute immediate returns for existing shareholders, but aims to enhance its financial structure and support future growth initiatives [1][5][9]. Group 1: Impact of A-Share Issuance - The issuance is expected to dilute the company's earnings per share (EPS) and return on equity (ROE) due to an increase in total share capital [5][9]. - Under three scenarios of net profit growth (0%, 20%, and 40%), the basic and diluted EPS will be affected, with potential declines in immediate returns [2][4][3]. Group 2: Necessity and Rationale for Issuance - The issuance will supplement working capital, supporting technology research and supply chain development amidst a competitive lithium market [5]. - It aims to convey a positive signal to the market, reinforcing the controlling shareholder's commitment to the company's future [6]. - The financial structure will be optimized, alleviating short-term cash flow pressures and enhancing financial stability [6]. Group 3: Measures to Mitigate Dilution Risks - The company will implement strict management of the raised funds to ensure they are used effectively and in accordance with regulations [7]. - Efforts will be made to enhance core competitiveness through improved supply chain management and increased R&D investment [8]. - The governance structure will be strengthened to ensure shareholder rights are protected and to maintain effective oversight [8]. Group 4: Commitments from Stakeholders - The controlling shareholder and management have made commitments to uphold measures that will mitigate the dilution of immediate returns and protect investor interests [10][11].

Fundraising Plan - The company plans to raise a total of up to 500 million yuan through a private placement of A-shares, with all proceeds intended to supplement working capital after deducting issuance costs [1][2] Necessity and Feasibility Analysis - The global lithium salt industry is experiencing accelerated differentiation in supply and demand, with a significant market capacity for future product demand growth [1] - The company aims to establish a supply chain security system by focusing on resource development efficiency and cost control, while also optimizing processes and driving technological innovation [1] - The fundraising will support the company's supply chain resource layout and technology research and development, enhancing its core competitiveness [1] Impact on Management and Financial Status - The fundraising will enhance the company's capital strength and asset scale, improving its risk resistance and overall competitiveness in the market [3][4] - The company's total assets and net assets will increase post-fundraising, optimizing its financial structure and potentially reducing future debt financing costs [4] Compliance and Governance - The company has established a governance structure in line with listing standards, ensuring independent operation of its shareholder meetings, board of directors, supervisory board, and management [3] - A fundraising management method has been implemented to regulate the storage, use, and supervision of the raised funds, ensuring compliance and risk prevention [3] Conclusion on Feasibility - The fundraising plan aligns with the company's strategic development and complies with relevant policies and regulations, demonstrating both necessity and feasibility [4]

Group 1: Industry Outlook - The lithium industry is expected to maintain growth due to global energy transformation and electrification trends, despite facing challenges such as technological iteration and resource competition [1] - The civil explosives industry will experience consolidation and technological advancements driven by policy integration, infrastructure investment, and mining demand [1] Group 2: Company Performance - The company reported a significant increase in lithium salt product sales for the fiscal year 2024, with stable orders from high-quality clients [2] - The net profit attributable to the parent company reached 257 million yuan, representing a year-on-year increase of 539.36% [2] Group 3: Future Growth Drivers - The company plans to leverage cost and efficiency advantages in the civil explosives sector and expand its operations in Africa and Australia to drive growth [2]

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View - On May 14, 2025, the improvement of macro - sentiment led to a short - covering rally in the lithium carbonate futures market. The downstream demand was mainly met by customer - supplied and long - term contracts, while upstream lithium salt plants had strong price - holding intentions. The US tariff policy created an expectation of rush exports for Chinese energy - storage cells, but falling ore prices and high inventories suppressed prices. Meanwhile, China's new energy vehicle exports showed significant growth in April [1][2]. 3. Summary by Related Contents Market Analysis - On May 14, 2025, the lithium carbonate main contract 2507 opened at 63,860 yuan/ton and closed at 65,200 yuan/ton, up 3.0% from the previous settlement price. The trading volume was 377,525 lots, and the open interest was 276,956 lots, a decrease of 17,270 lots from the previous trading day. The total open interest of all contracts was 465,422 lots, a decrease of 3,011 lots, and the total trading volume increased by 198,389 lots compared to the previous day. The overall speculation degree was 1.02. The lithium carbonate warehouse receipts were 36,716 lots, an increase of 272 lots from the previous day [1]. Spot Market - According to SMM data, on May 14, 2025, the price of battery - grade lithium carbonate was 63,600 - 65,800 yuan/ton, up 100 yuan/ton from the previous day, and the price of industrial - grade lithium carbonate was 62,550 - 63,550 yuan/ton, also up 100 yuan/ton. The spot transaction price of lithium carbonate showed a slight upward trend. Downstream procurement willingness was low, mainly relying on customer - supplied and long - term contracts. Upstream lithium salt plants had strong price - holding intentions due to cost losses, and there were some transactions between traders and downstream enterprises. The US tariff policy created an expectation of rush exports for Chinese energy - storage cells, but falling ore prices and high inventories suppressed prices. In April, China's automobile exports reached 424,000 units, up 8.3% month - on - month and 1.4% year - on - year. New energy vehicle exports reached 186,000 units, up 32.6% month - on - month and 64.5% year - on - year [2]. Strategy - Unilateral: In the short term, the improvement of the macro situation drives the futures price to rebound. Traders can conduct range trading, and upstream producers can sell on rallies for hedging. - Inter - delivery spread: Not recommended. - Inter - commodity spread: Not recommended. - Futures - cash: Not recommended. - Options: Sell out - of - the - money call options or use bear - spread options [3].

. 贵金属有色金属产业日报 2025/5/14 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和建议。 在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形下做出修 改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使独立判断。对交 易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻版、复制、发表、引用 或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。 本公 ...

新能源及有色金属日报 | 2025-05-14 期现：无 期权：卖出虚值看涨或熊市价差期权 碳酸锂现货：根据SMM数据，2025年5月8日电池级碳酸锂报价6.35-6.7万元/吨，较前一交易日下跌0.14万元/吨， 工业级碳酸锂报价6.31-6.41万元/吨，较前一交易日下跌0.14万元/吨。碳酸锂现货成交价格重心暂时维稳。根据SMM 调研，下游企业采购意愿较为薄弱，整体需求量级主要由客供及长协供应来满足。上游锂盐厂在成本亏损的压力 之下，挺价意愿表现得十分强烈。目前仅在贸易商与下游企业之间存在一定的成交情况。美国关税豁免90天，对 储能电池出口有利，中国储能电芯或许存在抢出口预期，从而带动对碳酸锂的需求量级提升。 策略 整体来看，现货成交重心下移，带动矿价下跌，整体过剩格局并未改变，当前成交仍以刚需为主。关税减免后短 期宏观情绪或好转，或盘面出现反弹，可逢高卖出套保。 单边：逢高卖出套保 跨期：无 矿价及锂盐价格重心下移，碳酸锂盘面偏弱运行 市场分析 2025年5月13日，碳酸锂主力合约2505开于64200元/吨，收于63220元/吨，当日收盘价较昨日结算价收跌0.82%。当 日成交量为217033手，持 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current oversupply situation of lithium carbonate remains unchanged, and the market has been affected by recent tariff shocks and weakening domestic energy storage installation expectations, leading to a continuous decline in the futures market. After the Sino - US tariff negotiations, there is a certain positive impact on the export of energy storage batteries, and there may be a rush to export, which could lead to a short - term rebound in the futures market. However, in the medium term, domestic energy storage installation may still weaken, and the oversupply situation persists [4]. 3. Summary by Relevant Catalogs Market Analysis - On May 12, 2025, the main lithium carbonate contract 2507 opened at 63,720 yuan/ton and closed at 64,040 yuan/ton, up 0.53% from the previous day's settlement price. The trading volume was 313,934 lots, and the open interest was 284,331 lots, a decrease of 5,972 lots from the previous trading day. The total open interest of all contracts was 466,523 lots, a decrease of 3,011 lots from the previous day. The total trading volume of the day's contracts increased by 49,634 lots compared to the previous day, and the overall speculation degree was 0.86. The lithium carbonate warehouse receipts were 36,194 lots, a decrease of 157 lots from the previous day. The futures showed a trend of falling first and then rebounding, but the upward momentum was insufficient [1]. - As of May 8, 2025, the price of battery - grade lithium carbonate was 63,500 - 67,000 yuan/ton, a decrease of 1,400 yuan/ton from the previous day, and the price of industrial - grade lithium carbonate was 63,100 - 64,100 yuan/ton, also a decrease of 1,400 yuan/ton from the previous day. The downstream procurement willingness is weak, and the overall demand is mainly met by customer - supplied and long - term agreements. Although some upstream lithium salt plants have cut production or stopped production due to cost pressure, the mining end has not significantly reduced production, and the oversupply pattern remains unchanged [2]. - After the Sino - US Geneva economic and trade talks, the tariff was adjusted. For lithium carbonate, the direct export of lithium carbonate is relatively small, mainly in the form of lithium batteries and new energy vehicles. From January to April, the cumulative production of power and other batteries in China was 444.6 GWh, a year - on - year increase of 67.1%. The cumulative export was 83.9 GWh, a year - on - year increase of 83.2%, accounting for 20.8% of the cumulative sales in the first four months. Among them, the cumulative export of power batteries was 52.3 GWh, accounting for 62.3% of the total export volume, with a year - on - year increase of 28.9%; the cumulative export volume of other batteries was 31.6 GWh, accounting for 37.7% of the total export volume. The United States is the largest export market for Chinese lithium - ion batteries, accounting for 20.2% of China's total lithium - ion exports. From January to April, the production of new energy vehicles was 4.429 million, of which 642,000 were exported, accounting for 14.50%, and very few were exported to the United States [3]. Strategy - For lithium carbonate, short - term short positions can take profit. If the price rebounds significantly, sell - hedging can be carried out at high prices. There are no strategies for inter - delivery spread, inter - commodity spread, spot - futures, and options [4].