1. Report Industry Investment Rating - The report gives a "Volatility" rating for lithium carbonate [4] 2. Core Viewpoints of the Report - Lithium ore supply is facing continuous disruptions, with the ore end mainly in a state of inventory reduction and maintaining a tight pattern. Although the tightness of the ore end has not yet been fully reflected in the salt end, there is potential for the salt end to become tight in the future. The short - term direct demand for lithium carbonate is increasing, and in the long - term, there is support from the narrative of new energy replacing old energy. It is recommended to focus on the opportunity of buying on dips, but it is difficult for the spot price to drive the futures price to break through the previous high before the supply disruption is actually realized [1][2] 3. Summary According to the Directory 3.1. Mineral End Disturbances Frequent, and the Transmission from Mineral Tightness to Salt Tightness Remains to Be Seen - **Price Changes**: In the week of 3/23 - 3/27, lithium salt prices rose significantly. The closing price of LC2605 increased by 17.1% to 168,400 yuan/ton; the average spot prices of SMM battery - grade and industrial - grade lithium carbonate increased by 6.0% and 6.2% to 158,000 and 155,000 yuan/ton respectively. The price of lithium hydroxide fluctuated accordingly [11] - **Supply Side**: Zimbabwe has stopped exporting lithium ore for one month, and the situation is more pessimistic than expected. In Australia, due to the limited diesel supply caused by the Iran war, the mining operations of some iron ore producers have been affected, and the market is worried about the supply of lithium ore. However, the probability of large - scale shutdown of Australian mines is low. The lithium ore inventory days are at a low level, and the ore for April - May has basically been sold out. The ore processing fee has decreased in disguise [1][13] - **Demand Side**: The market focuses on the change of power demand. From March 16 - 22, the retail sales of new - energy passenger vehicles were 210,000, a year - on - year increase of 5%; the wholesale volume was 218,000, a year - on - year decrease of 8%. Considering the improvement of power demand and the increase in the battery capacity per vehicle, the report is not pessimistic about power demand [1][14] - **Mineral Tightness and Salt Tightness**: The tightness of the ore end has not been fully reflected in the salt end. This week, SMM's lithium carbonate inventory increased by 616 tons. Considering off - balance - sheet inventory, lithium carbonate supply is relatively loose. It is estimated that in Q2 2026, lithium carbonate supply will increase slightly, demand will still be supported, and inventory is expected to decrease, but the decline may be lower than that in Q1. If the issues in Zimbabwe and other places are resolved, inventory may increase significantly in Q3; otherwise, lithium carbonate may continue to reduce inventory, and the salt end may become more tense [2][15] 3.2. Weekly Industry News Review - **雅化集团**: Yahua Group signed a "Purchase and Sales Agreement" with MGLIT. Yahua Group will purchase at least 120,000 dry metric tons of spodumene concentrate from MGLIT each year for five years after MGLIT's stable production. The minimum purchase price is set at $1,000 per dry metric ton (based on 6% lithium oxide content) [16] - **大中矿业**: Dazhong Mining plans to cooperate with Wanhua Battery Materials and others to invest in a 200,000 - ton lithium salt project in Meishan High - tech Industrial Park. The project will be built in three phases, with the first - phase annual production of 30,000 tons, the second - phase of 70,000 tons, and the long - term plan of 100,000 tons. The total investment in the first and second phases is 2.2 billion yuan [16] 3.3. Key High - Frequency Data Monitoring of the Industrial Chain - **Resource End**: The price trends of ore and salt are consistent [17] - **Lithium Salt**: The inventory of lithium salt has changed from reduction to increase. This week, SMM's lithium carbonate inventory increased by 616 tons, with the total inventory days at 27.9 days [15] - **Downstream Intermediate Products**: The demand in March is still supported. The production and price of downstream intermediate products such as ternary materials and lithium iron phosphate have certain changes [44][46] - **Terminal**: Attention should be paid to the subsequent power sales. The installation volume and production - sales growth rate of power batteries and new - energy vehicles are important indicators [57]

Core Viewpoint - The article highlights the significant recovery and growth of Tianqi Lithium's performance in 2025, driven by effective cost control, pricing optimization, and a robust vertical integration strategy in the lithium industry [3][4][5]. Group 1: Financial Performance - Tianqi Lithium reported a revenue of 10.346 billion yuan and a net profit of 463 million yuan in 2025, marking a substantial year-on-year increase of 105.85% and a turnaround from a loss of 7.905 billion yuan in 2024 [3][4]. - The company achieved a gross margin of 39.47% for the year, with a fourth-quarter gross margin of 40.71%, indicating improved profitability and resilience [4]. - The annual report noted that the adverse effects of mismatched pricing cycles for lithium concentrate and lithium chemical products have significantly diminished, allowing production costs to align more closely with market prices [4][5]. Group 2: Market Dynamics - The lithium carbonate market exhibited a "V-shaped" fluctuation in 2025, with prices dropping from approximately 80,000 yuan per ton at the beginning of the year to a low of 60,000 yuan per ton by June, before rebounding to over 120,000 yuan per ton by year-end [5][6]. - The demand from downstream sectors surged in the second half of the year, leading to a tight balance in supply and demand, which contributed to the price recovery [5][9]. Group 3: Industry Positioning - Tianqi Lithium has established a comprehensive layout across key stages of the lithium industry chain, enhancing its cost control and operational efficiency [6][7]. - The company focuses on both hard rock lithium mines and salt lake brine resources, ensuring a dual resource security system that includes significant holdings in the Greenbushes lithium mine in Australia, which has an annual capacity of 2.14 million tons [7]. - The company has also invested in various lithium chemical product production bases globally, achieving a total production capacity of approximately 121,600 tons per year [7][8]. Group 4: Strategic Developments - In 2025, Tianqi Lithium completed the construction and commissioning of a 30,000-ton lithium hydroxide project in Jiangsu, which can flexibly adjust to produce lithium carbonate [8]. - The company is advancing its strategic upgrade by investing in cutting-edge technologies, including the establishment of an innovation research institute focused on next-generation lithium battery materials and recycling technologies [8]. - Tianqi Lithium is also targeting the solid-state battery sector, with a pilot project for lithium sulfide materials already underway, aiming to transition from a basic material supplier to a provider of core functional materials and technical solutions [8].

Core Viewpoint - The lithium mining sector in A-shares has experienced a surge, driven by increased demand for lithium batteries due to high oil prices and geopolitical tensions, particularly the conflict in the Middle East [2][3]. Group 1: Lithium Mining Sector Performance - On March 27, A-share lithium mining stocks saw a wave of limit-up trading, with leading companies like Ganfeng Lithium hitting the limit, and Rongjie Co. achieving four consecutive limit-ups [2]. - Global lithium battery orders are reportedly flooding into China, with strong demand observed in energy storage, new energy passenger vehicles, and heavy-duty trucks [2]. - Analysts from Guojin Securities predict a potential short-term contraction in lithium production from Australia due to operational impacts from limited diesel supply caused by the Iran conflict [2]. Group 2: Strength of New Energy Sector - The new energy sector has shown resilience despite overall market pressure, with significant performances noted in lithium batteries, photovoltaics, wind power, and energy storage in March [3][4]. - As of March 27, leading lithium battery manufacturer CATL approached historical highs with a monthly increase exceeding 20% [3]. - Other sectors within new energy, such as photovoltaics and wind power, have also reached historical highs, indicating a broad-based strength in the new energy market [3]. Group 3: Underlying Factors for New Energy Growth - The surge in new energy demand is attributed to rising fossil fuel prices and geopolitical tensions, which have heightened the appeal of cost-effective renewable energy sources [5]. - The rapid expansion of AI data centers, which are significant energy consumers, is driving demand for low-cost renewable energy, supported by national policies promoting green energy [5]. - Technological advancements and emerging needs, such as solid-state batteries and space photovoltaics, are revitalizing the new energy sector [6]. Group 4: Institutional Investment Trends - As of the end of 2025, the electric equipment sector, primarily focused on new energy, became the second-largest sector for public funds, with a total holding value of approximately 374 billion yuan [8]. - Notable stocks include CATL with over 180 billion yuan held by funds, and several lithium mining stocks also featured prominently among the top holdings [8]. - The performance of new energy stocks has been robust, with 13 stocks, including De Ye Co. and Yongxing Materials, showing gains exceeding 20% year-to-date as of March 27 [8]. Group 5: Foreign Investment in New Energy - Northbound funds, representing foreign investment, have heavily favored the new energy sector, with the electric equipment industry being the largest sector for these funds, holding over 449.7 billion yuan [10]. - CATL leads with over 250 billion yuan held by foreign investors, followed by other significant players like Sunshine Power and BYD [10]. - The overall market performance indicates that 11 new energy stocks have gained over 20% year-to-date, reflecting strong investor confidence [11]. Group 6: Financing Trends in New Energy - As of March 26, 49 new energy stocks have financing balances exceeding 1 billion yuan, with CATL, BYD, and Sunshine Power leading with balances over 10 billion yuan [13][14]. - The performance of these stocks has been notable, with several, including Rongjie Co. and Ganfeng Lithium, showing significant year-to-date gains [15]. - The trend indicates that financing activities are a major contributor to the recent strength in the A-share market, particularly in the new energy sector [13].

Group 1 - Zimbabwe's lithium export policy is tightening, which is expected to drive lithium carbonate futures prices up to 180,000-200,000 yuan per ton, benefiting companies with increasing lithium carbonate production by 2026 [1] - Each 1GW of energy storage capacity requires approximately 600-800 tons of copper, indicating that the significant rise in energy storage demand may enhance the performance of copper foil companies [1] - The fifth generation of high-voltage lithium iron phosphate has achieved mass production, primarily utilizing lithium dihydrogen phosphate and lithium carbonate, with both companies having already put their lithium dihydrogen phosphate production capacity into operation [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 Tianqi Lithium Corporation 天齊鋰業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9696） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條刊發。 茲載列天齊鋰業股份有限公司（「本公司」）在深圳證券交易所網站(http://www.szse.cn/) 刊發的《第六屆董事會第三十次會議決議公告》《2025年度董事會工作報告》《2025年年度 報告摘要》《2025年年度報告》《2026年度財務預算報告》《關於2025年度擬不進行利潤分 配的公告》《2025年度內部控制自我評價報告》《2025年度内部控制審計報告》《2025年年 度審計報告》《關於2025年度計提資產減值準備的公告》《董事會對獨立董事獨立性評估的 專項意見》《獨立董事2025年度述職報告（向川）》《獨立董事2025年度述職報告（唐國 瓊）》《獨立董事2025年 ...

Group 1: Key Events - Iran has announced the closure of the Strait of Hormuz, prohibiting ships from enemy ally ports from passing through, leading to a spike in international oil prices, with Brent crude reaching $104 per barrel [1][3] - The China Securities Regulatory Commission (CSRC) predicts that by 2025, the net inflow of various long-term funds into the A-share market will exceed 1 trillion yuan, with significant contributions from social security, insurance, and public funds [2][3] - The lithium battery sector saw a significant surge, with nearly 30 stocks hitting the daily limit due to increased demand driven by high oil prices and supply constraints from Australia [3][11] Group 2: Market Data Review - A-shares experienced a strong rebound, with all three major indices closing higher, and over 4,300 stocks in the green, indicating a notable recovery in market sentiment [5][11] - The trading volume in the Shanghai and Shenzhen markets was 1.864 trillion yuan, a decrease of 93.1 billion yuan from the previous day [7][11] - The energy metals, chemical pharmaceuticals, and medical services sectors saw the highest gains, with energy metals experiencing a net inflow of 3.949 billion yuan [9][11] Group 3: Market Analysis - The A-share indices closed higher, with the Shanghai Composite Index at 3,913.72 points, up 0.63%, and the Shenzhen Component Index at 13,760.37 points, up 1.13%, reflecting a significant recovery from previous declines [11][12] - The lithium sector's performance was driven by supply concerns from Australia, which may face operational disruptions due to diesel supply issues, impacting lithium production [3][11] - The CSRC's announcement of long-term capital inflows supports the market's liquidity, reinforcing the commitment to long-term investment strategies [11][15] Group 4: Future Outlook - The Shanghai Composite Index has shown signs of stabilization above the 3,900-point mark, with potential resistance at 3,950 points and support from the 5-day moving average [13][15] - The geopolitical situation remains uncertain, particularly regarding Iran, which could impact energy supply chains if tensions escalate [14][15] - The focus on the renewable energy sector, particularly lithium, is expected to continue, but caution is advised regarding potential corrections if supply issues are resolved [16][17]

Core Viewpoint - Ganfeng Lithium experienced a trading halt with a closing price increase, indicating strong market interest and activity in the stock [1] Trading Activity - On March 27, Ganfeng Lithium's stock reached a trading limit with a transaction volume of 10.074 billion yuan [1] - The turnover rate for the stock was recorded at 10.83%, suggesting significant trading activity [1] - The Shenzhen Stock Connect saw a net purchase of 749 million yuan and a net sale of 670 million yuan, indicating a positive sentiment from institutional investors [1] - Three institutional special seats recorded a net purchase of 303 million yuan, reflecting strong institutional interest [1] - Notably, Guotai Junan's Ningbo Guangfu Street (Zhang Mengzhu) had a net purchase of 148 million yuan, highlighting specific institutional confidence in the stock [1]

Group 1 - Ganfeng Lithium's stock reached the daily limit, with a trading volume of 131,213,302 shares and a total transaction amount of 10.07 billion yuan [2][3] - The turnover rate for Ganfeng Lithium was 10.83%, indicating significant trading activity [2] - The net buying by institutional investors amounted to 3.03 billion yuan, with notable purchases from the Shenzhen Stock Connect and specific institutional seats [2][3] Group 2 - The Shenzhen Stock Connect specialized seat bought 748.65 million yuan and sold 669.60 million yuan, showing a strong interest in Ganfeng Lithium [3] - Institutional investors also showed significant activity, with one specialized seat buying 302.64 million yuan and selling 125.21 million yuan [3] - The total transaction amount for Ganfeng Lithium on the day was 10.07 billion yuan, reflecting robust market interest [3]

Core Viewpoint - The A-share lithium mining stocks experienced a collective surge, with several companies seeing significant increases in their stock prices, indicating strong market interest and potential growth in the lithium sector [1]. Group 1: Stock Performance - Tianhua Xinneng saw a rise of 14.77%, with a total market capitalization of 54 billion and a year-to-date increase of 65.02% [2]. - Xinxunda increased by 12.37%, with a market cap of 4.168 billion and a year-to-date rise of 20.90% [2]. - Jiangte Electric experienced a 10.05% increase, with a market cap of 17.6 billion and a year-to-date rise of 10.29% [2]. - Chuaneng Power rose by 10.01%, with a market cap of 29.8 billion and a year-to-date increase of 16.16% [2]. - Shengxin Lithium Energy increased by 10%, with a market cap of 38.7 billion and a year-to-date rise of 42.23% [2]. - Rongjie Co. also saw a 10% increase, with a market cap of 20.3 billion and a year-to-date rise of 78.00% [2]. - Yongxing Materials rose by 10%, with a market cap of 43.8 billion and a year-to-date increase of 81.21% [2]. - Ganfeng Lithium increased by 10%, with a market cap of 167 billion and a year-to-date rise of 79.67% [2]. - Other notable increases include Xizang Zhuofeng (9.25%), Guocheng Mining (8.99%), and Xizang City Investment (8.11%) [1][2]. Group 2: Market Trends - The overall trend in the lithium sector suggests a strong investor sentiment, as multiple companies reached their daily limit increases, indicating robust demand for lithium-related stocks [1]. - The year-to-date performance of these stocks reflects a significant recovery and growth potential in the lithium market, driven by increasing demand for electric vehicles and energy storage solutions [2].

Market Overview - The A-share market showed a mixed performance with the Shanghai Composite Index up by 0.26%, the Shenzhen Component Index rising by 0.93%, and the ChiNext Index increasing by 0.83% as of midday trading [2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.14 trillion yuan, a decrease of 84.3 billion yuan compared to the previous trading day, with over 3,700 stocks rising [5] Sector Performance - The pharmaceutical and lithium battery sectors experienced significant gains, while sectors such as photovoltaics, wind power, coal, ports, and banking showed weak performance [4] - The lithium mining sector saw notable activity, with stocks like Rongjie Co. hitting the daily limit, and other companies such as Tibet Mining and Ganfeng Lithium also rising due to a government ban on raw mineral and lithium concentrate exports from Zimbabwe [5] - The small metals sector continued to rise, with Yunnan Zinc Industry hitting the daily limit and other companies like Xianglu Tungsten and China Rare Earth following suit [5] Stock Movements - The market opened lower, with the Shanghai Composite Index down by 0.95%, the Shenzhen Component Index down by 1.34%, and the ChiNext Index down by 1.10% [9] - Notable individual stock movements included *ST Panda, which resumed trading and hit the daily limit down after completing relevant verification work [11] Commodity Prices - WTI crude oil futures saw a decline of 2%, trading at $92.58 per barrel [8]