Group 1 - The core point of the article is that Shengxin Lithium Energy announced the approval of a proposal to conduct commodity futures hedging business, which will be submitted for shareholder meeting review [2] - The maximum margin limit for the hedging business is set at 1.5 billion RMB, excluding physical delivery amounts of futures [2] - The funds within the approved margin limit can be reused, and the margin amount for any position at any time will not exceed the approved limit [2]

赣锋锂业（002460）(01772)发布公告，公司于近日接到公司股东李良彬先生将其持有的公司部分股份 解除质押的通知，解除质押股数为460万股。 ...

智通财经APP讯，赣锋锂业(01772)发布公告，公司于近日接到公司股东李良彬先生将其持有的公司部分 股份解除质押的通知，解除质押股数为460万股。 ...

Group 1 - The company, Shengxin Lithium Energy, announced that as of the date of the announcement, the actual external guarantee balance is approximately RMB 4.544 billion, which accounts for 37.78% of the audited net assets attributable to the parent company as of December 31, 2024 [1]

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建 议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 碳酸锂产业日报 2026/2/4 研究员: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 147,220.00 | -880.00↓ 前20名净持仓（日，手） | -139,888.00 | +1481.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 359,912.00 | +4142.00↑ 近远月合约价差（日，元/吨） | 1,780.00 | +88 ...

每经AI快讯，赣锋锂业2月4日晚间发布公告称，李良彬先生及其一致行动人累计质押股数为8207万 股，占其持有股份比例为20.18%，占公司总股本比例为3.91%。 （记者 王瀚黎） 每经头条（nbdtoutiao）——特朗普的"完美人选"颠覆美联储？解码凯文·沃什的"新政构想"：左手放水 右手抽水，要靠AI驯服通胀，拒做美债"大买家" ...

Market Overview - As of February 4, the domestic lithium carbonate market is stable, with the battery-grade lithium carbonate (99.5%) spot settlement price at 151,500 CNY/ton, unchanged from the previous working day. There is an increase in downstream inquiries, and sellers are showing a reluctance to sell at lower prices [1] - The battery-grade lithium hydroxide (56.5% coarse particles) settlement price is also stable at 152,000 CNY/ton [1] - In the futures market, lithium carbonate futures prices have rebounded slightly, with the main contract closing at 147,220 CNY/ton, an increase of 1,920 CNY from the previous working day, and a slight recovery in open interest [1] ICC Lithium Battery Settlement Prices - As of February 4, the settlement prices for various lithium products are as follows: - Lithium concentrate: 2,030 CNY/ton - Battery-grade lithium carbonate (99.5%): 151,500 CNY/ton - Lithium hydroxide (56.5%): 152,000 CNY/ton - Lithium iron phosphate (power type): 5.24 CNY/kg - NCM materials: 20.65 CNY/kg - Prismatic energy storage cells (lithium iron phosphate): 0.375 CNY/Wh [2] Industry Focus - On February 3, Tianqi Lithium's board approved a proposal to selectively dispose of part of its equity in SQM, with a maximum of 3,565,970 shares (not exceeding 1.25% of SQM's total shares) [5] Company Insights - Current average price levels for energy storage cells suggest that second-tier companies can withstand lithium carbonate prices around 154,000 CNY [4] - Despite a general decline in lithium battery and cathode material production in February, this is largely within expectations. The reduction in lithium carbonate production is comparable to that of lithium iron phosphate, indicating that the tight balance in the market remains unchanged. Short-term upward momentum appears insufficient, while downward demand support is relatively strong. It is expected that lithium carbonate prices will continue to fluctuate between 140,000 and 160,000 CNY before the Spring Festival, with a focus on downstream companies' restocking after the holiday [6]

Investment Rating - The report recommends a "Buy" rating for the industry, indicating a positive outlook for the sector's performance relative to the benchmark index [3]. Core Insights - The Greenbushes lithium mine produced 352,000 tons of lithium concentrate in Q4 2025, a 10% increase quarter-on-quarter, but a 10% decrease year-on-year. Sales volume reached 328,000 tons, up 9% quarter-on-quarter and 5% year-on-year. The average realized price for lithium concentrate was $850 per ton, a 16% increase quarter-on-quarter [1][2]. - The Kwinana lithium hydroxide plant's production decreased to 2,120 tons in Q4 2025 due to maintenance, operating at 35% of its rated capacity. However, sales volume increased to 3,599 tons, a 23% rise quarter-on-quarter and a significant 335% increase year-on-year [2]. - The Nova project reported nickel production of 3,790 tons in Q4 2025, an 11% increase quarter-on-quarter and a 12% increase year-on-year, while sales volume decreased by 31% [5]. Summary by Sections Lithium Business - Greenbushes lithium mine's production and sales figures for Q4 2025 were 352,000 tons and 328,000 tons respectively, with a cash production cost of 373 AUD/ton, down 4% quarter-on-quarter [1]. - Kwinana's lithium hydroxide production was 2,120 tons, with a cash processing cost of 20,642 AUD/ton, up 46% quarter-on-quarter [2]. Nickel Business - Nova project reported a nickel production of 3,790 tons and a sales volume of 2,288 tons in Q4 2025, with a cash cost of 4.54 AUD/pound, down 34% [5]. Financial Performance - The company reported a revenue of 82.4 million AUD in Q4 2025, a decrease of 22% quarter-on-quarter and 37% year-on-year. The basic EBITDA was 29.9 million AUD, reflecting a 55% increase [6][4]. 2026 Fiscal Year Guidance - For the 2026 fiscal year, Greenbushes is expected to produce slightly below the lower guidance limit for spodumene, with cash costs anticipated to be slightly above the upper limit. Capital expenditures are expected to be lower than guidance due to a focus on cost control [7][8].

Investment Rating - The industry is rated as "Recommended" [6] Core Insights - The NAL project in North America reported a decrease in lithium concentrate production to 44,154 tons in Q4 2025, a 15% decrease quarter-on-quarter, primarily due to high iron content affecting recovery rates and a decline in raw material grade [1][2] - The total sales volume of lithium concentrate reached 66,016 tons in Q4 2025, marking a significant increase of 154% compared to the previous quarter [3] - The average actual selling price (FOB) for Q4 2025 was $998 per ton, reflecting strong market conditions driven by increased demand and reduced expectations for the reactivation of idle capacity [4] - The unit operating cost (FOB) for Q4 2025 was slightly lower than the previous quarter at $812 per ton, despite a 14% increase in total costs associated with mining and stripping [5] - Revenue for Q4 2025 reached $66 million, setting a quarterly operational record, primarily due to the increase in sales volume and a 27% rise in average selling price [9] Production and Sales Summary - In Q4 2025, the processing plant treated 351,592 tons of ore, a 3% increase quarter-on-quarter, with an average raw material grade of 0.98% Li₂ O [1] - The recovery rate for Li₂ O in Q4 2025 was 62%, down from 69% in Q3 2025, due to lower raw material grades and increased iron content [1] - The processing plant's utilization rate was 89%, a 2% increase from the previous quarter, despite planned downtime for equipment maintenance [1] Inventory and Future Outlook - As of December 31, 2025, finished product inventory decreased to 29,913 tons due to increased shipments and reduced production [8] - The company has revised its production forecast for FY 2026 to between 180,000 and 190,000 tons, with sales expectations of 170,000 to 190,000 tons, and unit sales operating costs adjusted to $860 to $880 per ton [18]

Investment Rating - The report provides a "Recommended" investment rating for the industry [3]. Core Insights - The Greenbushes lithium mine produced 352,000 tons of lithium concentrate in Q4 2025, a 10% increase quarter-on-quarter but a 10% decrease year-on-year. Sales volume reached 328,000 tons, up 9% quarter-on-quarter and 5% year-on-year. The average realized price for lithium concentrate was $850 per ton, a 16% increase quarter-on-quarter [1][2]. - The Kwinana lithium hydroxide plant's production decreased to 2,120 tons in Q4 2025, down 24% quarter-on-quarter but up 33% year-on-year due to maintenance shutdowns. The sales volume increased to 3,599 tons, a 23% increase quarter-on-quarter and a significant 335% year-on-year increase [2]. - The report indicates that the cash production cost for lithium concentrate was A$373 per ton, down 4% quarter-on-quarter but up 15% year-on-year [1][2]. Summary by Sections Lithium Business - Greenbushes lithium mine produced 352,000 tons in Q4 2025, with a sales volume of 328,000 tons. The average price was $850 per ton, and cash production costs were A$373 per ton [1]. - Kwinana lithium hydroxide plant produced 2,120 tons, with a sales volume of 3,599 tons. The cash processing cost was A$20,642 per ton [2]. Nickel Business - The Nova project produced 3,790 tons of nickel in Q4 2025, an 11% increase quarter-on-quarter and a 12% increase year-on-year. The sales volume was 2,288 tons, down 31% quarter-on-quarter [5]. - The average realized price for nickel was A$22,555 per ton, a 1% decrease quarter-on-quarter [5]. Financial Performance - The company reported revenue of A$8.24 million in Q4 2025, a 22% decrease quarter-on-quarter and a 37% decrease year-on-year. The basic EBITDA was A$2.99 million, a 55% increase quarter-on-quarter [6]. - As of Q4 2025, the company held A$29.89 million in cash, an increase from A$28.65 million in the previous quarter [6]. 2026 Fiscal Year Guidance - For the Greenbushes mine, spodumene production is expected to be slightly below the lower guidance limit, while cash costs are anticipated to be slightly above the upper guidance limit [7]. - The Kwinana refinery's production and cash cost guidance are expected to meet the targets, with capital expenditures projected to be at the lower end of the guidance range [9]. - The Nova mine's performance is expected to align with guidance, particularly in nickel production and cash costs [10].