1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints of the Report - The supply - side of lithium carbonate showed a decrease last week, with a production of 20,744 tons, a 3.82% week - on - week reduction but still above the historical average. The demand - side saw a decrease in the inventory of sample enterprises of lithium iron phosphate and ternary materials. Cost - side analysis indicates that the cost of externally purchased spodumene concentrate remained flat, while the cost of lithium mica increased. The overall situation shows a tight supply - demand balance, with the market influenced by news - driven sentiment oscillations [8]. - The expected supply of lithium carbonate in the next month is predicted to decline, with production and imports decreasing by 16.31% and 11.02% respectively compared to the previous month. However, the demand is expected to strengthen, and inventory may be depleted. The price of lithium carbonate 2605 is expected to fluctuate in the range of 141,920 - 155,200 [8]. 3. Summary by Relevant Catalogs 3.1 Daily Views - **Fundamentals**: Supply decreased last week, demand - side inventory declined, and cost - side conditions varied. The cost of externally purchased spodumene concentrate was 141,645 yuan/ton, remaining unchanged daily, resulting in a loss of 5,050 yuan/ton. The cost of externally purchased lithium mica was 140,647 yuan/ton, a 2.70% daily increase, also with a loss. The production cost of the recycling end was generally higher than that of the ore end, while the quarterly cash production cost of the salt lake end was significantly lower, with sufficient profit margins and strong production motivation [8]. - **Basis**: On February 12th, the spot price of battery - grade lithium carbonate was 142,500 yuan/ton, and the basis of the 05 contract was - 6,920 yuan/ton, indicating a spot discount to the futures [8]. - **Inventory**: The smelter inventory was 18,356 tons, remaining unchanged week - on - week and below the historical average. Downstream inventory increased by 1.91% week - on - week and was above the historical average. Other inventories decreased by 4.44% week - on - week and were above the historical average. The total inventory decreased by 2.39% week - on - week and was below the historical average [8]. - **Disk**: The MA20 was downward, and the futures price of the 05 contract closed below the MA20 [8]. - **Main Position**: The main position was net short, and short positions increased [8]. - **Expectation**: In February 2026, lithium carbonate production and imports are expected to decline, while demand is expected to strengthen, and inventory may be depleted. The price of lithium carbonate 2605 is expected to fluctuate in the range of 141,920 - 155,200 [8]. 3.2 Market Overview - **Price and Basis**: The prices of various lithium compounds, including lithium carbonate, lithium hydroxide, and related upstream products, showed different degrees of change. For example, the price of battery - grade lithium carbonate increased by 3.26% to 142,500 yuan/ton, and the price of industrial - grade lithium carbonate increased by 3.35% to 139,000 yuan/ton [14]. - **Supply - side Data**: The weekly operating rate remained unchanged at 87.14%. The daily production cost of spodumene remained flat at 141,645 yuan/ton, while the daily production cost of lithium mica increased by 2.70% to 140,647 yuan/ton. The monthly total production of lithium carbonate decreased by 11.49% to 26,950 tons [17]. - **Demand - side Data**: The monthly production of lithium iron phosphate decreased by 5.00% to 325,200 tons, and the monthly export of lithium iron phosphate decreased by 47.82% to 4,028,745 kilograms. The monthly total battery loading volume increased by 4.92% to 98,100 GWh [17]. 3.3 Supply - **Lithium Ore**: The price of lithium ore, production, and import volume showed different trends. The supply - demand balance of domestic lithium ore showed fluctuations, with a balance of 12,364 LCE in January 2026 [25][28]. - **Lithium Carbonate**: The weekly operating rate of lithium carbonate production from different raw materials and the monthly production and import volume were presented. The supply - demand balance of lithium carbonate also showed fluctuations, with a balance of 2,693 physical tons in January 2026 [32][40]. - **Lithium Hydroxide**: The weekly capacity utilization rate, monthly production, export volume, and supply - demand balance of lithium hydroxide were analyzed. The supply - demand balance of lithium hydroxide was - 1,361 physical tons in January 2026 [43][45]. 3.4 Cost and Profit of Lithium Compounds - The cost and profit of externally purchased spodumene concentrate, lithium mica concentrate, and various recycling production methods for lithium carbonate were analyzed. The profit and cost of lithium hydroxide production by different methods, as well as the profit of related processing and conversion, were also presented [48][50][53]. 3.5 Inventory - The weekly inventory of lithium carbonate in smelters and the total inventory, as well as the monthly inventory of lithium hydroxide by source, were shown [56]. 3.6 Demand - **Lithium Battery - Power Battery**: The price, production, loading volume, and export volume of power batteries were analyzed. The monthly production of power battery cells and the monthly loading volume showed different trends [58]. - **Lithium Battery - Energy Storage**: The inventory, winning bids, operating rate, production, and cost of energy - storage batteries were presented [60]. - **Ternary Precursor**: The price, cost, profit, processing fee, capacity utilization rate, production, and supply - demand balance of ternary precursors were analyzed [63][66]. - **Ternary Material**: The price, cost, profit, processing fee, operating rate, production, and inventory of ternary materials were analyzed [70][72]. - **Phosphorus Iron/Phosphorus Iron Lithium**: The price, production cost, profit, capacity, operating rate, production, and export volume of phosphorus iron and phosphorus iron lithium were presented [74][77]. - **New Energy Vehicle**: The production, sales, export volume, sales penetration rate, retail - wholesale ratio, and dealer inventory of new energy vehicles were analyzed [82][83][86].

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the non-ferrous metals industry, focusing on lithium, rare earths, copper, aluminum, and strategic metals [2][3][4][8][9]. Core Insights and Arguments Lithium Market - The lithium market shows strong fundamentals, with short-term supply weakness and strong demand. Inventory levels are low, with a significant price tolerance for lithium at 200,000 CNY/ton, yielding an IRR of over 8% [2][5]. - The impact of regulatory changes in Yichun and strict requirements for tailings storage may delay the resumption of production [2][5]. - Demand for lithium remains robust, with production in March expected to increase by 23% month-on-month and over 50% year-on-year [5]. Rare Earths - The rare earth sector demonstrates resilience, with prices continuing to rise, particularly in Wuxi where prices exceed 900,000 CNY. The market has not fully reflected the improvements in the fundamentals of rare earth prices [2][8]. - Supply tightness is expected to continue, with the overall price center projected to reach 800,000 CNY or higher in 2026 [8]. Copper Market - The outlook for the copper sector is optimistic, supported by macroeconomic trends and structural demand increases from AI data centers and strategic reserves [4][15]. - Supply remains rigid, with several companies lowering their production guidance for 2026 due to various constraints, leading to a projected supply gap of over 650,000 tons [16][17]. Aluminum Sector - The aluminum supply is expected to increase by approximately 70,000 tons this year, with global demand growth projected at 2.5% [21]. - The cost of alumina is anticipated to decrease, enhancing the profitability of Chinese electrolytic aluminum enterprises [24]. Strategic Metals - Investment in strategic metals is recommended due to their industrial applications and low cost ratios, with potential candidates including tungsten, oil, and antimony [10][11][12]. - The strategic metal sector is expected to benefit from geopolitical tensions and military applications, making it a compelling investment opportunity [9][10]. Additional Important Insights - The gold market is viewed as undergoing a technical correction, with expectations of a narrative consolidation period ahead [9]. - The copper market is influenced by China's actions to enhance its copper resource reserve system, which may increase demand and valuation [19]. - Companies to watch include major players in the non-ferrous metals sector such as Zijin Mining, Jiangxi Copper, and others that are expected to benefit from the current market dynamics [20][30]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the non-ferrous metals industry.

Core Viewpoint - Albemarle Corporation (ALB.US) experienced a decline of over 4%, closing at $167.42, despite reporting a 16% year-over-year increase in sales for Q4 2025, reaching $1.4 billion [1] Financial Performance - Q4 2025 sales amounted to $1.4 billion, reflecting a 16% increase compared to the previous year [1] - Volume growth for the quarter was reported at 12% [1] - The company incurred a net loss of $414 million for Q4, translating to a diluted loss per share of $3.87 [1] - Adjusted EBITDA for Q4 reached $269 million, marking a 7% increase year-over-year [1] Business Segments - The growth in Adjusted EBITDA was primarily driven by the energy storage business, which grew by 25% [1] - The Keggin business also contributed significantly, with a growth rate of 39% [1]

Group 1: Acquisition Background and Scale - The company announced on February 5, 2026, its plan to acquire a 13.93% stake in Huirong Mining from Xiamen Chuangyi for 1.26 billion yuan, aiming for 100% control of the Muro Lithium Mine [1] - Since 2020, the company has invested over 5 billion yuan through multiple rounds of capital increases and equity acquisitions to fully control the mine, including a 1.456 billion yuan acquisition of a 21% stake in September 2025 and a 2.08 billion yuan acquisition of the remaining 30% in December 2025 [1] - The Muro Lithium Mine has significant resources, with identified lithium oxide resources of 989,600 tons and an average grade of 1.62%, with a designed annual production capacity of 3 million tons, which will enhance the company's self-sufficiency in lithium raw materials by over 50% after production [1] Group 2: Reasons for Stock Price Fluctuation - The full acquisition of the Muro Lithium Mine is seen as a key move for the company to strengthen upstream resource control, with lithium prices rebounding since the second half of 2025, leading to expectations of improved cost advantages and benefits from industry recovery [2] - Despite a net loss of 752 million yuan in the first three quarters of 2025, the company achieved a net profit of 88.72 million yuan in the third quarter, indicating a turnaround mainly due to rising lithium salt prices and the commencement of its Indonesia project, alleviating market concerns about ongoing losses [2] - On January 23, 2026, institutional investors net bought over 700 million yuan, reflecting optimism about the company's prospects post-acquisition, while the company plans to raise 3.2 billion yuan through a private placement to ease financial pressure [2] Group 3: Recent Stock Performance - As of February 12, 2026, the company's stock closed at 38.85 yuan, with a single-day increase of 3.82% and a cumulative increase of 13.90% over the past five days, driven by the acquisition and the lithium price rebound [3] - The construction period for the Muro Lithium Mine is long (approximately 4 years), and any delays in production or fluctuations in lithium prices could impact performance [3] Group 4: Industry Policy Status - The demand for new energy vehicles and energy storage continues to grow, with global lithium demand expected to increase by 30% year-on-year in 2025, supporting a tight supply-demand balance that raises the central price of lithium [4] - The company, with a lithium salt production capacity of 137,000 tons per year, aligns its resource layout with the industry's favorable conditions [4]

Core Viewpoint - Tianqi Lithium Industries (002466) expects a net profit attributable to shareholders of 369 million to 553 million yuan in 2025, marking a turnaround from losses in the previous year. The company is simultaneously advancing H-share placement financing and equity disposal plans to optimize asset liquidity [1][2]. Performance and Operating Conditions - The company disclosed its earnings forecast on January 30, 2026, projecting a net profit attributable to shareholders of 369 million to 553 million yuan for 2025, a significant improvement driven by the optimization of lithium ore pricing cycles and increased investment income from SQM [2]. Recent Events - On January 27, 2026, the Chilean Supreme Court made a final ruling rejecting Tianqi Lithium's appeal, which will change the control of SQM's collaboration with the Chilean National Copper Company starting in 2031. This may have long-term implications for Tianqi Lithium's investment returns and asset impairment risks as the second-largest shareholder of SQM [3]. Capital Increase and Financing - On February 3, 2026, the company announced plans to place H-shares at 45.05 HKD per share and issue 2.6 billion yuan in zero-coupon convertible bonds, aiming to raise a net amount of approximately 5.829 billion HKD. The funds will be used for lithium resource acquisitions, project development, and working capital supplementation [4]. Company Status - On February 4, 2026, the company announced plans to selectively dispose of part of its holdings in Zhongxin Innovation and SQM to enhance asset liquidity, aligning with its financing strategy. Additionally, the company continues to invest in new lithium battery technologies, such as all-solid-state battery materials, and participates in industry conferences [5].

Group 1 - The core viewpoint of the article highlights the recent price increase of lithium carbonate, with the main contract reaching 150,000 yuan/ton, driven by supply disruptions from major producer Albemarle's suspension of operations at its Kemerton lithium refinery in Western Australia [3][8] - The average price of battery-grade lithium carbonate rose by 2,000 yuan/ton to 138,000 yuan/ton, while industrial-grade lithium carbonate also increased by 2,000 yuan/ton to 134,500 yuan/ton [4][9] - The weekly production of lithium carbonate decreased by 825 tons to 20,744 tons, with a notable decline in the production of battery-grade lithium carbonate by 17.6% month-on-month to 58,835 tons [4][9] Group 2 - On the demand side, the production of ternary materials fell by 14.6% month-on-month to 69,250 tons, and lithium iron phosphate production decreased by 10.7% to 354,000 tons [4][9] - Social inventory of lithium carbonate decreased by 2,019 tons to 105,463 tons, with downstream inventory increasing by 3,058 tons to 43,657 tons [4][9] - The article notes that the recent surge in prices may be influenced by pre-holiday stockpiling, and the market may experience volatility as domestic production resumes in March [4][9]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The supply side last week showed that lithium carbonate production was 20,744 tons, a 3.82% decrease from the previous week but still higher than the historical average. The demand side indicated that the inventory of lithium iron phosphate sample enterprises was 95,032 tons, a 1.84% decrease, and the inventory of ternary material sample enterprises was 18,243 tons, a 2.39% decrease. The cost side showed that the cost of purchased lithium spodumene concentrate was 139,374 yuan/ton, unchanged from the previous day, with a production loss of 5,545 yuan/ton; the cost of purchased lithium mica was 136,955 yuan/ton, a 0.68% increase from the previous day, also with a production loss. The cost of the recycling end was generally higher than that of the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost of the salt lake end was 32,231 yuan/ton, significantly lower than that of the ore end, with sufficient profit margins and strong production motivation. The basis on February 11th showed that the spot price of battery-grade lithium carbonate was 138,000 yuan/ton, and the basis of the 05 contract was -12,260 yuan/ton, indicating a spot discount to the futures. The overall inventory was 105,463 tons, a 1.87% decrease from the previous week, lower than the historical average. The MA20 of the disk was downward, and the price of the 05 contract closed below the MA20. The net short position of the main contract decreased. It is predicted that the production and import of lithium carbonate will decrease next month, while the demand is expected to strengthen, and the inventory may be reduced. The price of lithium carbonate 2605 fluctuates greatly, and cautious operation is recommended [8]. - The positive factors include the production cut plan of lithium mica manufacturers and the decrease in the volume of lithium carbonate imported from Chile. The negative factors are the continuous high supply from the ore and salt lake ends with limited decline [9][10]. - The main logic is the emotional shock caused by news under the tight supply-demand balance [11]. Summary by Directory 1. Daily Viewpoints - **Supply Side**: Last week, lithium carbonate production was 20,744 tons, a 3.82% decrease from the previous week, higher than the historical average. In January 2026, the production was 97,900 physical tons, and the predicted production for next month is 81,930 physical tons, a 16.31% decrease [8]. - **Demand Side**: The inventory of lithium iron phosphate sample enterprises was 95,032 tons, a 1.84% decrease; the inventory of ternary material sample enterprises was 18,243 tons, a 2.39% decrease. The demand is expected to strengthen next month [8]. - **Cost Side**: The cost of purchased lithium spodumene concentrate was 139,374 yuan/ton, unchanged from the previous day, with a production loss of 5,545 yuan/ton; the cost of purchased lithium mica was 136,955 yuan/ton, a 0.68% increase from the previous day, also with a production loss. The cost of the recycling end was generally higher than that of the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost of the salt lake end was 32,231 yuan/ton, significantly lower than that of the ore end, with sufficient profit margins and strong production motivation [8]. - **Basis**: On February 11th, the spot price of battery-grade lithium carbonate was 138,000 yuan/ton, and the basis of the 05 contract was -12,260 yuan/ton, indicating a spot discount to the futures [8]. - **Inventory**: The overall inventory was 105,463 tons, a 1.87% decrease from the previous week, lower than the historical average. The inventory of smelters was 18,356 tons, a 3.40% decrease; the downstream inventory was 43,657 tons, a 7.53% increase; other inventory was 43,450 tons, a 9.25% decrease [8]. - **Disk**: The MA20 of the disk was downward, and the price of the 05 contract closed below the MA20 [8]. - **Main Position**: The net short position of the main contract decreased [8]. - **Expectation**: It is predicted that the production and import of lithium carbonate will decrease next month, while the demand is expected to strengthen, and the inventory may be reduced. The price of lithium carbonate 2605 fluctuates greatly, and cautious operation is recommended [8]. 2. Fundamental/Position Data - **Upstream Price**: The price of lithium spodumene (6%) increased by 1.95% to 1,937 US dollars/ton; the price of lithium mica concentrate (2%-2.5%) increased by 0.91% to 4,415 yuan/ton; the price of battery-grade lithium carbonate increased by 1.47% to 138,000 yuan/ton, etc. [14]. - **Supply and Demand Data**: The weekly operating rate of lithium carbonate was 87.14%, unchanged from the previous week; the monthly production of lithium carbonate was 97,900 tons, a 1.31% decrease from the previous month; the monthly import of lithium carbonate was 24,500 tons, an 8.77% increase from the previous month; the monthly demand for lithium carbonate was -1818 tons, unchanged from the previous month [16]. - **Cost and Profit**: The cost of purchased lithium spodumene concentrate was 139,374 yuan/ton, unchanged from the previous day, with a production loss of 5,545 yuan/ton; the cost of purchased lithium mica was 136,955 yuan/ton, a 0.68% increase from the previous day, also with a production loss. The cost of the recycling end was generally higher than that of the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost of the salt lake end was 32,231 yuan/ton, significantly lower than that of the ore end, with sufficient profit margins and strong production motivation [8]. - **Inventory Data**: The overall inventory of lithium carbonate was 105,463 tons, a 1.87% decrease from the previous week, lower than the historical average. The inventory of smelters was 18,356 tons, a 3.40% decrease; the downstream inventory was 43,657 tons, a 7.53% increase; other inventory was 43,450 tons, a 9.25% decrease [8].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - After the previous panic - driven decline, market sentiment has recovered, and bullish confidence has gradually returned, leading to the rebound of lithium carbonate. Although the demand is in the off - season before the Spring Festival, the expected significant increase in lithium battery production in March supports the price increase. The support of energy storage demand, the short - term tight supply situation, and the strong performance of the non - ferrous sector will keep the current price at a high level [1][2] 3. Summary by Relevant Catalogs Market Analysis - On February 11, 2026, the lithium carbonate main contract 2605 opened at 138,000 yuan/ton and closed at 150,260 yuan/ton, with a 9.18% change in the closing price compared to the previous day's settlement price. The trading volume was 351,877 lots, and the open interest was 356,531 lots (the previous day's open interest was 345,989 lots). The current basis is - 5,120 yuan/ton (average price of electric carbon - futures), and the lithium carbonate warehouse receipts were 35,527 lots, a change of - 10 lots from the previous trading day [1] Spot Market - According to SMM data, the battery - grade lithium carbonate is quoted at 134,000 - 142,000 yuan/ton, a change of 2,000 yuan/ton from the previous day; the industrial - grade lithium carbonate is quoted at 131,000 - 138,000 yuan/ton, also a 2,000 - yuan/ton change. The price of 6% lithium concentrate is 1,980 US dollars/ton, a 15 - dollar/ton change from the previous day. The total spot inventory is 105,463 tons, a month - on - month decrease of 2,019 tons. Among them, smelter inventory is 18,356 tons, a month - on - month decrease of 647 tons; downstream inventory is 43,657 tons, a month - on - month increase of 3,058 tons; other inventory is 43,450 tons, a month - on - month decrease of 4,430 tons [2] Strategy - Given the large price fluctuations of lithium carbonate and the approaching Spring Festival, it is necessary to pay attention to position risks. Short - term trading should focus on range operations. If the price correction is too large, consider going long at low levels after the festival. For single - side trading, conduct short - term range operations and consider going long at low levels if the correction is significant. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [3]

消息面上，美国雅保公布去年第四季度业绩，销售额同比增长16%至14.28亿美元，超过分析师预期的 13.48亿美元；净亏损4.559亿美元，而去年同期净利润为3360万美元；调整后每股亏损0.53美元，分析 师预期每股亏损0.41美元。期内，储能业务净销售额同比增长23%至7.59亿美元，主要得益于销量增长 (+17%)和定价上涨(+6%)。 此外，美国雅保将闲置其位于西澳大利亚州Kemerton氢锂加工厂的剩余运营列车1号列车，并立即对其 进行护理和维护。公司曾于2024年采取行动将2号列车纳入护理和维护并停止3号列车和4号列车的扩建 计划。(格隆汇) 全球最大的锂生产商美国雅保(ALB.US)夜盘跌近2%，报172.1美元。 ...

Market Overview - A-shares opened higher on February 12, with the Shanghai Composite Index rising by 5.0 points (0.12%) to 4136.99 points, the Shenzhen Component Index up by 17.03 points (0.12%) to 14177.97 points, and the CSI 300 Index increasing by 6.19 points (0.13%) to 4720.01 points [1] - The computing power leasing sector saw significant gains, with major stocks like Dawi Technology and TeFa Information hitting the daily limit, and YoukeDe rising over 15% [1] Company News - NetEase reported a revenue of 275 billion yuan for Q4 2025, with an annual total revenue of 1126 billion yuan and an operating profit growth of 21% to 358 billion yuan, supported by an 11% growth in online gaming [2] - In contrast, Wenta Technology faced negative news as a Dutch court upheld temporary measures affecting its subsidiary, Anshi Group, leading to uncertainty in asset control and pressure on stock performance [2] - Suiyuan Technology's IPO review status changed to "inquired," marking its entry into the A-share market as a cloud AI chip unicorn [2] Sector Trends - The resource sector has become a safe haven for funds, with black tungsten concentrate prices rising by 25% due to stricter mining safety and environmental regulations [4] - The lithium mining sector is experiencing a significant catalyst, with UBS predicting a third lithium price supercycle and raising the forecast for lithium spodumene prices by 74% to $3131 per ton [4] - The cloud infrastructure market in China has seen over 20% growth for two consecutive quarters, maintaining strong momentum in the cloud computing sector [4] Institutional Strategies - There is a divergence in institutional views regarding the market's recent volume adjustments, with Guotou Securities suggesting a potential resurgence of technology growth stocks post-Spring Festival [5] - Citic Securities cautioned that while precious metals may experience short-term corrections, the long-term upward trend remains intact due to global high debt and geopolitical risks [5] - Guosheng Securities interpreted the central bank's Q4 monetary policy report as indicating a cautious approach to future interest rate cuts, with a focus on promoting low-cost operations and fiscal collaboration to expand domestic demand [6]