Core Points - Chile's President Boric announced the "National Lithium Strategy" on April 20, 2023, which led to negotiations between Codelco and SQM authorized by Corfo on May 24, 2023 [1] - Codelco disclosed that discussions with Morgan Stanley regarding an "underground agreement" began 21 days prior to the announcement of the lithium strategy, with Morgan serving as a financial advisor during negotiations with SQM [1] - A financial advisory agreement between Codelco and Morgan Stanley was signed on March 30, 2023, prior to the announcement of the lithium strategy, with Morgan's commission set at 0.4% of the net profits from the Codelco-SQM collaboration [1] Company Developments - Codelco's president submitted a copy of the agreement with Morgan Stanley to the Chilean House of Representatives, revealing undisclosed terms, including a provision that no base commission would be paid until a final agreement with SQM was signed [1] - On May 15, 2023, Codelco announced the establishment of two subsidiaries, Codelco de Chile SpA and MineralTararSpA [1] - Codelco sent a letter to Corfo on May 22, 2023, agreeing to enter into cooperation negotiations with SQM [1]

在激烈市场博弈与竞争中，由于供需关系转换带来的 "周期熊" 还在持续深刻影响全球锂矿江 湖。 最新数据显示，碳酸锂期货主力合约LC2507已经连续三天 （5月26日、27日、28日） 盘中跌破6 万元/吨关口，最低下探至5.95万元/吨，尽管随后小幅回升，报收6.04万元/吨，仍较2024年年末 下跌了22.23%。 在新能源强势崛起的背景下，作为国家级战略资源，锂价的每一轮剧烈波动，都会引发一轮市场 关注与争议风暴。回顾过去十年锂价的演进历程，期间历经多轮 "牛熊" 周期的洗礼，每一轮周 期变化都对产业格局产生了深远影响。 众所周知，2023年以来锂产业供需结构已经发生了根本性转变，具体而言，资金大举进入上游加 速产能释放的情况下，下游的需求却并未同步快速增长，导致整个锂电产业链都陷入产能过剩状 态，进而行业内卷加剧，新能源行业面临残酷洗牌，所以近乎一致的预期导致市场对锂价的下跌 毫无抵抗力。 尤其2024年是全球锂资源集中投产的重要一年，随着前期各国在锂资源开发和建设方面的布局逐 步完善，各主要矿区的新项目陆续投产并释放产能。然而，受锂价持续下跌的影响，从年中开 始，不少项目相继传出停产检修的消息，行业过 ...

Sociedad Química y Minera de Chile (SQM) Q1 2025 Earnings Call May 28, 2025 12:00 PM ET Company Participants Isabel Bendeck - Investor RelationsRicardo Ramos - CEO & General ManagerBen Isaacson - Managing Director - Equity ResearchGerardo Illanes - VP - Services & FinanceJoel Jackson - Managing DirectorFelipe Smith - Senior Commercial VP - LithiumCarlos Díaz Ortiz - General Manager - Lithium Potassium DivisionAndres Fontannaz - Commercial Vice PresidentAlejandro Demichelis - Managing Director - Equity Resea ...

Sociedad Química y Minera de Chile (SQM) Q1 2025 Earnings Call May 28, 2025 12:00 PM ET Company Participants Isabel Bendeck - Investor RelationsRicardo Ramos - CEO & General ManagerBen Isaacson - Managing Director - Equity ResearchGerardo Illanes - VP - Services & FinanceJoel Jackson - Managing DirectorFelipe Smith - Senior Commercial VP - LithiumCarlos Díaz Ortiz - General Manager - Lithium Potassium DivisionAndres Fontannaz - Commercial Vice PresidentAlejandro Demichelis - Managing Director - Equity Resea ...

Core Viewpoint - Despite the ongoing decline in lithium prices, SQM, one of the largest lithium producers globally, has achieved record lithium sales in the first quarter due to low-cost expansion and strong demand from the electric vehicle market, particularly in China, as well as new demand from energy storage systems [1] Group 1 - SQM reported a 27% year-over-year increase in lithium sales for the three months ending in March [1] - The growth in lithium sales is attributed to the robust expansion of the electric vehicle market and emerging needs from energy storage systems [1]

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 2025年5月28日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 2 基本面/持仓数据 每日观点 | | | 供给端来看 上周碳酸锂产量为16093吨 环比减少3 高于历史同期平均水平 22% ， ， 。 . , | | --- | --- | --- | | | | 需求端来看 上周磷酸铁锂样本企业库存为82550吨 环比减少4 62% 上周三元材料 ， ， . , | | | | 样本企业库存为15176吨 环比减少0 07% ， . 。 | | 1 | 基本面: | 成本端来看 外购锂辉石精矿成本为66208元/吨 日环比减少0 15% 生产所得为 ， ， . , 中性 | | 、 | | 。 5065元/吨 有所亏损 外购锂云母成本为66952元/吨 日环比持平 ...

Group 1: Company Operations and Projects - The company’s salt lake project is currently in the trial production phase, with plans for technical upgrades and optimization to enhance production efficiency [1][2] - The company aims to ensure stable production and achieve profitability once the salt lake project is fully operational [2] - The company is focusing on controlling production costs and improving efficiency in response to declining lithium prices [1][2] Group 2: Financial Performance - For the year 2024, the company reported a revenue of 6.734 billion yuan and a net profit attributable to shareholders of 39.7145 million yuan [3] - In the first quarter, the company achieved a revenue of 1.743 billion yuan, with a gross profit of -8.702 million yuan and a net profit of 16.17 million yuan [3] Group 3: Strategic Plans and Market Position - The company has no current plans to introduce strategic partners or undergo restructuring [2][3] - The company is committed to implementing its "New Energy 515" plan and dual-drive strategy, focusing on the salt lake project to enhance production and efficiency [3] - The company acknowledges that its stock price is influenced by market sentiment and macroeconomic factors, and it will continue to monitor market trends [3] Group 4: Investor Relations and Communication - The company has assured investors that it will adhere to commitments regarding shareholding changes and has issued a reduction commitment letter [2] - The company is actively engaging with investors through online platforms to address their concerns and provide updates on operational progress [1][2]

丨证券研究报告丨 公司研究丨点评报告丨天齐锂业（002466.SZ） [Table_Title] 减值拖累业绩，轻装上阵成本优势有望体现—— 天齐锂业 2024 年报点评 报告要点 [Table_Summary] 公司 2024 年实现营业收入 130.63 亿元，同比-67.75%，实现归母净利-79.05 亿元，同比- 208.32%，实现扣非归母净利-79.23 亿元，同比-210.4%。2024Q4 实现营业收入 29.99 亿元， 同比-57.79%，环比-17.76%；实现归母净利-22.03 亿元，同比-174.98%，环比-344.51%；实 现扣非归母净利-21.86 亿元，同比-171.26%，环比-323.58%。 分析师及联系人 [Table_Author] 王鹤涛 王筱茜 许红远 肖百桓 周相君 SAC：S0490512070002 SAC：S0490519080004 SAC：S0490520080021 SAC：S0490522080001 SFC：BQT626 %% %% %% %% research.95579.com 1 天齐锂业（002466.SZ） cjzqdt1111 ...

丨证券研究报告丨 公司研究丨点评报告丨赣锋锂业（002460.SZ） [Table_Title] 锂价下滑压制盈利，静待自有资源放量——赣锋 锂业 2024 年报点评 报告要点 [Table_Summary] 公司公布 2024 年报，全年实现归母净利-20.74 亿元，扣非归母净利-8.87 亿元；24Q4 实现归 母净利-14.34 亿元，扣非归母净利-5.3 亿元。 分析师及联系人 [Table_Author] 王鹤涛 王筱茜 许红远 肖百桓 周相君 SAC：S0490512070002 SAC：S0490519080004 SAC：S0490520080021 SAC：S0490522080001 SFC：BQT626 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 锂价下滑压制盈利，静待自有资源放量 2] ——赣 锋锂业 2024 年报点评 [Table_Summary2] 事件描述 公司公布 2024 年报，全年实现归母净利-20.74 亿元，扣非归母净利-8.87 亿元；24Q4 实现归 母净利-14.34 亿元，扣非归母 ...

丨证券研究报告丨 公司研究丨点评报告丨赣锋锂业（002460.SZ） [Table_Title] 锂价下行，盈利持续承压——赣锋锂业 2025Q1 业绩点评 报告要点 [Table_Summary] 2025Q1 公司实现营收 37.72 亿元，同比-25.43%，环比-24.28%；实现归母净利-3.56 亿元， 同比+18.93%，环比+75.18%；实现扣非归母净利-2.42 亿元，同比+4.72%，环比+54.28%。 分析师及联系人 [Table_Author] 王鹤涛 王筱茜 许红远 肖百桓 周相君 SAC：S0490512070002 SAC：S0490519080004 SAC：S0490520080021 SAC：S0490522080001 SFC：BQT626 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 赣锋锂业（002460.SZ） cjzqdt11111 [Table_Title 锂价下行，盈利持续承压——赣锋锂业 2] 2025Q1 业绩点评 [Table_Summary2] 事件描述 2025Q1 公司实现营收 37.72 亿元 ...