人民财讯1月27日电，赣锋锂业（002460）1月27日发布业绩预告，预计2025年归母净利11亿元—16.5亿 元，上年同期亏损20.74亿元，同比扭亏为盈。报告期内，公司持有的Pilbara Minerals Limited(PLS)股票 价格上涨产生了公允价值变动收益。公司通过转让控股子公司部分股权并成功引入战略投资人，确认了 相应的投资收益。 ...

格隆汇1月27日｜赣锋锂业(002460.SZ)公告称，公司预计2025年归属于上市公司股东的净利润为11.00亿 元–16.50亿元，上年同期亏损20.74亿元，同比扭亏为盈。报告期内，公司持有的PilbaraMineralsLimited （PLS）股票价格上涨产生了公允价值变动收益，在领式期权相关的既定风险管理策略对冲后，整体公 允价值变动收益约10.3亿元。 ...

（文章来源：每日经济新闻） 每经AI快讯，1月27日，雅化集团(002497.SZ)公告称，预计2025年度归属于上市公司股东的净利润为 6.00亿元~6.80亿元，同比增长133.36%~164.47%。报告期内，公司优质头部客户订单稳定，下半年锂盐 市场价格有所回升，部分客户终端产品市场反馈良好带动公司第三、四季度产品销量大幅增长。同时， 公司加强生产运营各环节管控，加强矿、产、销平衡，提高效率，降低成本，使公司经营业绩持续回 升，较去年同期有所增长。 ...

Lithium Carbonate Futures Market Data Change Analysis - **Main Contract and Basis**: The price of the main lithium carbonate contract dropped from 181,520 yuan/ton on January 23, 2026, to 165,680 yuan/ton on January 26, 2026, a decline of 8.73%, showing a slight pullback. The basis strengthened from -11,020 yuan/ton to 12,820 yuan/ton, with a change rate of 216.33%, indicating a significant strengthening of the basis [39]. - **Open Interest and Trading Volume**: The open interest decreased from 438,728 lots to 416,719 lots, a reduction of 5.02%, showing a contraction in open interest. The trading volume increased from 342,805 lots to 575,675 lots, a growth of 67.93%, indicating a significant expansion of trading volume [39]. Industry Chain Supply, Demand, and Inventory Change Analysis - **Supply Side**: According to information, the lithium ore project of Yahua Group (January 16) has improved self - sufficiency; Sigma Lithium (January 23) sold lithium ore and denied operational issues. The price of spodumene concentrate rose from 17,985 yuan/ton to 19,470 yuan/ton (8.26%), and the price of lepidolite concentrate rose from 8,500 yuan/ton to 8,700 yuan/ton (2.35%), indicating an increase in raw material costs. The production capacity utilization rate of lithium carbonate remained stable at 87.14% [40]. - **Demand Side**: The data from the Passenger Car Association (January 21) showed a year - on - year decline in new energy vehicle sales, indicating weak demand. However, the prices of downstream products such as power ternary materials (from 186,300 yuan/ton to 190,300 yuan/ton, up 2.15%) and power lithium iron phosphate (from 58,630 yuan/ton to 61,175 yuan/ton, up 4.34%) increased, and the prices of battery cells generally rose, indicating demand support. Information mentioned that the cost of energy - storage battery cells increased, with price transmission lagging, and downstream resistance to high prices. In new energy vehicle exports, PHEV growth was faster than BEV, reflecting a change in demand structure [40]. - **Inventory and Warehouse Receipts**: The lithium carbonate inventory decreased from 109,679 physical tons to 108,896 physical tons (a change of - 783 tons, - 0.71%), showing a slight decline in inventory. Warehouse receipt data was not directly provided, but the inventory reduction implied supply tightness or increased demand [40]. Price Trend Judgment Based on the rising supply cost, demand - side support, and decreasing inventory, it is expected that the lithium carbonate futures price will maintain a low - level oscillation pattern in the next one to two weeks, with a possibility of a slight rebound, but attention should be paid to demand changes and macro factors [43].

行 有色金属 2026 年 01 月 27 日 业 研 究 有色金属 锂产业链月度追踪（202512）：12 月锂供需短缺， 基本面推动锂价快速上涨 投资要点： 究 报 告 锂价：12月，电池级碳酸锂均价9.99万元/吨，环比+15%，同比+30%。 截至2026年1月26日，电池级碳酸锂价格为17.85万元/吨，较年初上涨50%， 较2025年最低点上涨192%。我们判断，当前仍处于下游淡季，锂价或将 维持高位震荡，节后下游进入产销旺季，锂价或重新开启新一轮上涨趋势。 投资建议：当前需求淡季不淡，带动去库，基本面向好驱动锂价持续 上涨至高位震荡，农历春节后下游有望进入旺季，积极备库的背景下供需 将维持紧张格局，锂价有望进一步上涨。建议关注大中、国城、盛新、雅 化、天华、永兴、藏格、天齐、赣锋等。 风险提示 下游需求低于预期；供给端超预期释放产能。 强于大市（维持评级） 行 业 定 期 报 告 锂矿：2025年12月锂辉石进口量约76.6万吨，环比+5%，同比+19%。 根据海关总署数据显示，2025年12月从澳大利亚进口量31万吨，同比-5%， 环比-27%，占比40%；12月从津巴布韦进口量13.2万吨， ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The lithium carbonate market is expected to experience high - level shock adjustment, with a focus on marginal changes in supply and demand [2][5] 3. Summary by Related Catalogs Market Performance - The main contract of lithium carbonate futures showed a volatile downward trend yesterday, with an intraday decline of 6.56% and closing at 165,680 yuan/ton. The net short position of the main force in the capital market continued, the long - short ratio decreased month - on - month, and the warehouse receipts increased slightly by 490 tons to 28,646 tons. The average price of SMM electric carbon in the spot market was 181,500 yuan/ton [3] Fundamental Analysis - **Supply**: Last week, the raw material market showed a differentiated trend. Overseas lithium spodumene remained stable with a slight increase, while domestic spot lithium ore generally declined. The total weekly operating rate of SMM lithium carbonate was 50.99% (-1.7%), and the total output was 22,217 tons (-388 tons) [4] - **Demand**: There was a significant structural differentiation. SMM lithium iron phosphate and ternary materials increased production and inventory, the output of power cells decreased slightly. As of January 18, the penetration rate of new energy vehicle sales increased to 55.6%, and the production and sales of energy - storage cells were strong with extremely low inventory [4] - **Inventory**: The social inventory of the four - place sample of SMM increased by 2% (+860 tons) week - on - week, the sample weekly inventory decreased slightly by 0.7% (-783 tons), the total inventory days were 27.8 days, and the inventory structure was significantly differentiated [4] Macro - policy Analysis - **Demand - side**: Multiple incentives such as subsidies for car trade - ins and battery export tax rebates stimulate terminal consumption and improve macro - liquidity [5] - **Supply - side**: On January 15, the National Development and Reform Commission proposed to introduce management measures for the comprehensive utilization of new energy vehicle power batteries, which will optimize the domestic supply structure and raise the cost support center in the long term [5] - **Industrial Planning**: The industrial planning of Qinghai Salt Lake, the key points of energy storage in the "15th Five - Year Plan", and a series of deployments of the Central Economic Work Conference form a coordinated positive effect to support the long - term balance of supply and demand [5] - **Macro - environment**: The central bank's structural interest rate cut indirectly strengthens the long - term macro - positive atmosphere [5]

Regulatory Actions - The China Securities Regulatory Commission (CSRC) issued its first fine of the year targeting market manipulation, with individual Yu Han penalized over 1 billion yuan for manipulating the stock price of "Doctor Glasses" [1] - Zhejiang Securities Regulatory Bureau is investigating misleading statements in the restructuring plan of "Sunflower" [1] - The Shenzhen Stock Exchange is closely monitoring *ST Lifan and *ST Changyao for suspected false financial reporting, indicating a strong regulatory stance against market violations [1] Banking Sector - Several banks have reduced their operating loan interest rates, with some as low as 2.31%, reflecting a nearly 20 basis point decrease from the previous month [1] - The competition among banks for quality small and micro-enterprise clients has intensified, leading to a price war in the lending market [1] - The financial sector is under pressure to balance price competition with sustainable operations, particularly for smaller banks with weaker client bases [1] Consumer Loan Policies - The implementation period for the personal consumption loan interest subsidy policy has been extended to December 31, 2026, with adjustments made to include credit card installment plans [2] - Current consumer loan rates are reported to be as low as 3%, with funds primarily allocated for home renovations, vehicle purchases, and travel [2] Biopharmaceutical Industry - Over 50 A-share biopharmaceutical companies are expected to report profits in 2025, driven by improving industry conditions and favorable policies [3] - As of January 26, 2023, 53 companies have issued profit forecasts, with 14 companies expecting to double their net profits [3] Lithium Market - The lithium carbonate market is expected to return to a tight balance by 2026, despite recent volatility in futures contracts [4] - Supply chain improvements and new mining licenses are anticipated, although challenges remain in waste management [4] Aviation Industry - COMAC plans to increase the production and delivery of its C919 narrow-body aircraft, targeting the delivery of 28 or more units this year [4] Technology and Research - China has achieved a record in superconducting magnet technology with a field strength of 35.6 Tesla, marking a significant advancement in high-temperature superconductors [5] - A study from the National University of Singapore has identified a key protein, DMTF1, that can restore the regenerative capacity of aging neural stem cells, offering potential for new therapies against brain aging [5] Alcohol Industry - Moutai has relaxed its requirements for distributors regarding payment for sauce-flavored liquor, allowing orders based on actual conditions to prevent excessive inventory [6] Corporate Developments - JD Smart Manufacturing has submitted a listing application to the Hong Kong Stock Exchange [6] - Anta Sports plans to acquire a 29.06% stake in PUMA SE for approximately 12.278 billion yuan [6] - Youkeshu intends to change its name to "Xingyun Technology" to better reflect its strategic direction [7] - Fuyijie expects a significant loss for 2025, with specific shareholders planning to liquidate their holdings [8] - Sunny Optical Technology has submitted a listing application for the spin-off of its automotive optical business [8] - Huakong Saige anticipates a net loss of 97 million to 120 million yuan for 2025 due to various operational challenges [9] - Guoen Co., Ltd. has set a preliminary price range for its H-share issuance between 34 and 42 Hong Kong dollars [9] Stock Market Performance - U.S. stock indices closed higher, with the Nasdaq up 0.43%, the Dow Jones up 0.64%, and the S&P 500 up 0.5%, driven by strong durable goods data [10] - The U.S. dollar has seen a decline, while gold prices have reached historical highs, with significant fluctuations in the commodities market [10]

【zx金属碳酸锂点评】锂价日内振幅14%，把握股票回调后的建仓机会 1、碳酸锂期货价盘中下跌14%，主要由于监管对多头指导，基本面并无实质性利空，持续看多锂价，建议关注股 票回调后的买入机会，推荐#盐湖股份、#中矿资源、#赣锋锂业、#盛新锂能。 2、国内供应端，上游春季检修即将开始，周度产量会进一步下滑。 海外供应端，3月之前非洲澳洲无新增供应到港，巴西Sigma锂矿出售尾 【zx金属碳酸锂点评】锂价日内振幅14%，把握股票回调后的建仓机会 海外供应端，3月之前非洲澳洲无新增供应到港，巴西Sigma锂矿出售尾精粉的品质较低，国内加工能力不足，鲜 有贸易商愿意接货，对国内供应影响有限。 3、储能电芯需求维持旺盛，终端电站的建设并无阻碍，降息背景利好收益率提升。 动力电池需求受益于单车带电量的大幅提高(12月69度电)，终端车销量下滑不影响电池厂排产稳定，2月电池排产 数据或成为需求端新的利多。 4、近期产业链库存仍维持极低水平，且结构已开始变化。 上游厂累库代表惜售情绪加重，下游找贸易商询价接货量大幅增加，库存从贸易商转移至下游。 临近春节，下游主动补库的意愿更强。 近期每次下跌都会推动下游采购量大幅提升，已经 ...

近期，宜春八矿中已有两矿更新进度，处于换证进程中。 自然资源部采矿许可信息查验系统显示，宜春国轩矿业有限责任公司的水南矿开采主矿种已变更为"锂 矿"，说明已经进入换证阶段。同样，宁德时代枧下窝锂矿的开采主矿种也变更为"锂矿"。此前，枧下 窝锂矿已于2025年12月18日进入第一次环评公示阶段，公示期为10个工作日。 关于换证停产问题，国轩高科回应记者称，目前也在了解情况，以公司公开信息为准。 按照有关法规，换证期间矿山应处于停产状态。《矿产资源开采登记管理办法》规定，变更主要开采矿 种的，采矿权人应当在采矿许可证有效期内，向登记管理机关申请变更登记。任何单位和个人未领取采 矿许可证擅自采矿的，由登记管理机关依照有关法律、行政法规的规定予以处罚。 新的采矿许可证下达或仍需等待较长周期。一位业内知情人士告诉记者，矿山企业申请变更开采主矿 种，是矿业权管理中的重大变更登记事项之一，其办理周期长、流程复杂、不确定性高。通常，一个完 整的变更流程至少需要1.5年至3年甚至更长时间，具体周期受项目基础、地区政策、审批层级等因素影 响巨大。其中，如涉及重做或重大变更，环评报告需重新报批，整个过程包括编制、公示、评审、批 复 ...

（文章来源：证券日报） 证券日报网讯 1月26日，赣锋锂业在互动平台回答投资者提问时表示，截至2026年1月9日，公司A股股 东人数为319504户。 ...