Report Industry Investment Rating - Not provided in the content Core View of the Report - On November 13, the main contract of lithium carbonate futures fluctuated widely. The spot market had light trading, and the basis discount widened. With supply and demand both showing certain trends, the news of the resumption of lithium mines in Jiangxi was inconsistent, lithium carbonate production remained high, high prices intensified the downstream wait - and - see sentiment, the spot market trading was light, there was an expectation of weakening in power demand, and the long - short game intensified. It is expected that lithium prices will fluctuate widely. Production enterprises can conduct sell - hedging at high levels, and speculators can try short positions lightly after the upward trend encounters resistance [1] Summary by Related Content Futures Market - On November 13, the closing price of the near - month contract was 86,400 yuan/ton (+1,480 compared to the previous day), the closing price of the continuous - one contract was 87,660 yuan/ton (+1,160), the closing price of the continuous - two contract was 87,620 yuan/ton (+1,340), the closing price of the continuous - three contract was 87,620 yuan/ton (+1,340), and the closing price of another contract was 87,840 yuan/ton (+1,260). The trading volume of the active contract was 1,106,011 lots (-39,318), and the open interest was 536,514 lots (+7,548). The inventory was 27,508 tons (-779) [1] - The spread between the near - month and continuous - one contracts was - 1,260 yuan/ton (+320), the spread between the continuous - one and continuous - two contracts was 40 yuan/ton (-180), the spread between the continuous - two and continuous - three contracts was 0 yuan/ton (unchanged), and the basis was - 3,490 yuan/ton (-210) [1] Spot Market - Lithium spodumene concentrate (6%, CIF China) average price was 1,001 US dollars/ton (+17), lithium mica (Li2O: 1.5% - 2.0%) average price was 1,450 yuan/ton (+30), lithium mica (Li2O: 2.0% - 2.5%) average price was 2,280 yuan/ton (+35), phospho - lithium - aluminum stone (Li2O: 6% - 7%) average price was 8,085 yuan/ton (+205), phospho - lithium - aluminum stone (Li2O: 7% - 8%) average price was 9,510 yuan/ton (+215) [1] - Battery - grade lithium carbonate (99.5%, domestic) average price was 84,350 yuan/ton (+1,050), industrial - grade lithium carbonate (99.2%, domestic) average price was 82,000 yuan/ton (+900), battery - grade lithium hydroxide (56.5%, CIF China, Japan and South Korea) average price was 10.15 US dollars/kg (+0.15), battery - grade lithium hydroxide (56.5%, coarse - grained, domestic) average price was 76,180 yuan/ton (+200), battery - grade lithium hydroxide (56.5%, micronized, domestic) average price was 81,050 yuan/ton (+150) [1] - The spread between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 8,170 yuan/ton (-850), the spread between battery - grade and industrial - grade lithium carbonate was 2,350 yuan/ton (+150), the spread between CIF China, Japan and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide was - 4,252.03 yuan/ton (+894.97) [1] - Lithium hexafluorophosphate (99.95%, domestic) average price was 131,000 yuan/ton (+5,500), ternary precursor 523 (polycrystalline, consumer - type) average price was 105,500 yuan/ton (+100), ternary precursor 523 (single - crystal, power - type) average price was 95,025 yuan/ton (+50), ternary precursor 622 (polycrystalline, consumer - type) average price was 88,275 yuan/ton (+25), ternary precursor 811 (polycrystalline, power - type) average price was 106,850 yuan/ton (+25) [1] - Ternary material 523 (single - crystal, power - type) average price was 141,650 yuan/ton (+500), ternary material 523 (polycrystalline, consumer - type) average price was 154,325 yuan/ton (+1,000), ternary material 622 (polycrystalline, consumer - type) average price was 143,075 yuan/ton (+3,500), ternary material 811 (polycrystalline, power - type) average price was 160,350 yuan/ton (+100) [1] - Lithium iron phosphate (power - type) average price was 36,960 yuan/ton (+355), lithium iron phosphate (mid - high - end energy - storage type) average price was 35,510 yuan/ton (+255), lithium iron phosphate (low - end energy - storage type) average price was 32,180 yuan/ton (+250), cobalt acid lithium (60%, 4.35V, domestic) average price was 377,000 yuan/ton (unchanged) [1] - Artificial graphite (high - end, ≥355mAh/g) average price was 0 yuan/ton (unchanged), electrolyte (for ternary power) average price was 27,500 yuan/ton (unchanged), electrolyte (for lithium iron phosphate) average price was 25,750 yuan/ton (unchanged), electrolyte (for cobalt acid lithium) average price was 0 yuan/ton (unchanged), electrolyte (for manganese acid lithium) average price was 20,250 yuan/ton (unchanged) [1] - Electrolytic cobalt (≥99.8%, Jinchuan) average price was 394,000 yuan/ton (+1,250), cobalt sulfate (≥20.5%, domestic) average price was 88,500 yuan/ton (+100), cobalt tetroxide (≥72.8%, domestic) average price was 342,500 yuan/ton (unchanged) [1] Inventory - SMM lithium carbonate inventory: smelters had 28,270 tons (-2,445 compared to the previous week), downstream had 48,772 tons (-3,236), others had 43,430 tons (+2,200), and the total was 120,472 tons (-3,481) [1] Industry News - Atlantic Lithium, an Australian - based company, announced that the mining lease for its flagship Ewoyaa lithium project in Ghana has been submitted to the Ghanaian Parliament for review and approval. The lease was initially granted in October 2023 for 15 years and is renewable. Once approved, the company can proceed with financing and off - take agreements for Ghana's first lithium mine [1] - Rio Tinto, the world's second - largest mining company, has put its controversial Jadar lithium project in Serbia on hold. The project, with an investment of $2.95 billion, will enter the "maintenance" state. The project has faced local community opposition, political difficulties, and slow permit approvals [1] Supply and Demand - Supply: Last week, lithium carbonate production was flat month - on - month. Production from spodumene and lithium mica decreased, while production from salt lakes and recycling increased [1] - Demand: Last week, lithium iron phosphate production increased, ternary material production decreased. In November, cobalt acid lithium production is planned to increase, manganese acid lithium production is planned to decrease. Last week, power battery production increased. In October, the growth rate of new energy vehicle production and sales slowed down month - on - month. 3C shipments were average. In November, energy - storage battery production is planned to increase [1]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Views of the Report - In the short term, the lithium carbonate futures may continue to fluctuate in a moderately strong manner, but the upside space is limited. The high capacity utilization rate on the supply side and the expected launch of lithium mine projects suppress the long - term price, while the accelerated spot destocking and the resilient demand for new energy vehicles support the near - month contracts. However, it is necessary to be vigilant against the negative feedback risk caused by the poor cost - pressure transmission of downstream cell enterprises, and the price fluctuations may widen due to intensified year - end capital games [3] Group 3: Summary by Relevant Catalogs 1. Daily Market Summary - **Carbonate Lithium Futures Market Data Changes**: On November 12, the main contract of lithium carbonate rose slightly by 40 yuan to 86,580 yuan/ton, and the basis strengthened from - 4,540 yuan/ton to - 4,380 yuan/ton. The open interest of the main contract increased slightly by 2,473 lots to 529,000 lots, and the trading volume rebounded significantly by 26.9% to 1,145,000 lots [1] - **Analysis of Industrial Chain Supply - Demand and Inventory Changes** - **Supply Side**: On November 12, the price of spodumene concentrate rose by 130 yuan to 7,995 yuan/ton, with continuous cost - side pressure. The capacity utilization rate of lithium carbonate increased to 75.34%. Coupled with the progress of the 50,000 - ton lithium carbonate project of Dazhong Mining's Jiada Lithium Mine, the medium - term supply increase expectation suppressed market sentiment [2] - **Demand Side**: In October, 1.4 million new energy vehicles were retailed, a year - on - year increase of 17%, driving the demand for power batteries. The prices of cathode materials were stable with a slight increase. The price of power - type lithium iron phosphate rose by 245 yuan to 36,605 yuan/ton, but the cell prices remained stable. Downstream acceptance of high prices was limited, and purchases were mainly for rigid demand [2] - **Inventory and Warehouse Receipts**: Lithium carbonate inventory decreased for four consecutive weeks. On November 7, the inventory decreased by 3,405 tons compared with October 31 to 124,000 tons, and the destocking speed accelerated [2] - **Market Summary**: In the short term, the lithium carbonate futures may continue to fluctuate in a moderately strong manner, but the upside space is limited. Attention should be paid to the negative feedback risk and price fluctuations [3] 2. Industrial Chain Price Monitoring - The prices of the lithium carbonate main contract, basis, main - contract open interest, main - contract trading volume, battery - grade lithium carbonate market price, spodumene concentrate market price, lithium hexafluorophosphate, power - type ternary materials, and power - type lithium iron phosphate all showed varying degrees of increase on November 12 compared with the previous day. The lithium mica concentrate market price remained unchanged. The capacity utilization rate of lithium carbonate increased, and the inventory decreased. The prices of various types of cells remained stable [5] 3. Industrial Dynamics and Interpretations - **Spot Market Quotations**: On November 12, the SMM battery - grade lithium carbonate index price and the average prices of battery - grade and industrial - grade lithium carbonate increased. The lithium carbonate futures price fluctuated within a range. The market sentiment was high, and downstream material factories were cautious. The supply side had a high overall operating rate, and it was expected that the domestic lithium carbonate production in November would be roughly the same as that in October. The demand in the power and energy - storage markets was strong, and significant destocking of lithium carbonate was expected in November [6] - **Downstream Consumption**: According to preliminary statistics from the Passenger Car Association, from October 1 to 31, the national new - energy passenger - vehicle market retail volume was 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%. The cumulative retail volume since the beginning of this year was 10.27 million, a year - on - year increase of 23%. The wholesale volume was 1.614 million, a year - on - year increase of 16% and a month - on - month increase of 8%. The cumulative wholesale volume since the beginning of this year was 12.061 million, a year - on - year increase of 30% [7] - **Industry News** - On October 28, Dazhong Mining's "Jiada Lithium Mine Mineral Resources Mining Plan" passed the review of the Ministry of Natural Resources. After reaching full capacity, it can produce about 50,000 tons of lithium carbonate per year, marking a step closer to obtaining the mining license [9] - On October 23, the overall price of the echelon market remained stable. The cost - side pressure, supply - side capacity release, and demand - side cautious purchasing formed a hedging effect [9] - According to the National Market Regulatory Administration, China is about to enter the stage of large - scale retirement of power batteries. In 2024, the domestic power - battery recycling volume exceeded 300,000 tons, corresponding to a market scale of over 48 billion yuan. It is expected that the domestic market scale will exceed 100 billion yuan by 2030 [10] 4. Industrial Chain Data Charts - The report provides multiple data charts, including those on the lithium carbonate futures main contract and basis, battery - grade and industrial - grade lithium carbonate prices, lithium concentrate prices, lithium hexafluorophosphate and electrolyte prices, ternary precursor prices, ternary material prices, lithium iron phosphate prices, lithium carbonate operating rate, lithium carbonate inventory, and cell selling prices [13][16][18]

截至11月13日收盘，盐湖提锂概念上涨4.14%，位居概念板块涨幅第6，板块内，40股上涨，盛新锂 能、*ST正平等涨停，富临精工、天齐锂业、新化股份等涨幅居前，分别上涨11.11%、9.98%、9.50%。 跌幅居前的有倍杰特、国机通用等，分别下跌1.63%、1.56%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 氟化工概念 | 4.50 | 芬太尼 | -0.31 | | 有机硅概念 | 4.47 | 同花顺果指数 | -0.29 | | 钠离子电池 | 4.47 | 深圳国企改革 | -0.24 | | 金属铅 | 4.27 | 高压氧舱 | -0.21 | | 磷化工 | 4.25 | F5G概念 | 0.06 | | 盐湖提锂 | 4.14 | 培育钻石 | 0.10 | | 金属锌 | 4.05 | DRG/DIP | 0.14 | | 石墨电极 | 4.01 | 太赫兹 | 0.17 | | 金属镍 | 3.93 | 青蒿素 | 0.23 | | 固态电池 | 3.86 | 血氧仪 | 0 ...

每经记者｜胥帅 每经编辑｜段炼 廖丹 去年以来，全球最大盐湖阿塔卡马盐湖运营主体智利化工矿业公司（以下简称SQM）推进"公私合营"一事引发关注，焦点在于参股股东天齐锂业认为此 事未经特别股东大会审议程序，侵害了其子公司股东权益。为此，天齐锂业向智利当地法院提出诉讼。 11月12日晚间，事件有了进展，智利当地法院驳回了天齐锂业子公司的诉讼请求。天齐锂业表态，将在法律允许的范围内全面评估，不排除考虑在确保相 关股东利益得到保障的前提下可能采取进一步行动（包括但不限于提起上诉）。 每经记者独家获悉，天齐锂业已在智利当地发表声明："公司对智利司法机关，以及智利长期以来坚持的法治、公正与透明的法制体系表示尊重，但遗憾 地认为本案中法院的解释和判决与此严重背离。" 未经股东大会审批授权 全球最大盐湖被智利"公私合营" 11月12日晚间，天齐锂业公告称，公司全资子公司Inversiones TLC SpA（以下简称天齐智利）收到智利圣地亚哥上诉法院（以下简称智利法院）就本次诉 讼作出的判决书，其驳回了天齐智利于智利当地时间2024年7月26日提交的诉讼请求。 根据智利相关法律规定，该判决非终审判决，公司将在法律允许的范围内 ...

Core Viewpoint - The ongoing legal dispute between Tianqi Lithium and SQM regarding the public-private partnership agreement with Codelco has raised concerns about shareholder rights and governance in Chile's mining sector [2][3][5]. Group 1: Legal Developments - Tianqi Lithium's lawsuit against SQM was dismissed by a Chilean court, which has prompted Tianqi to consider further legal actions, including an appeal [2][3]. - The court's ruling is not final, allowing Tianqi to reassess its options within legal limits to protect shareholder interests [3]. Group 2: Shareholder Rights Concerns - Tianqi Lithium argues that SQM's partnership with Codelco was executed without proper shareholder approval, infringing on the voting rights of minority shareholders [3][5]. - The company claims that the court's decision sets a harmful precedent by allowing technicalities to undermine minority shareholder rights, which could deter international investment in Chile [6][8]. Group 3: SQM's Operations and Agreements - SQM operates the Atacama Salt Flat, which is the highest lithium-producing salt flat globally, holding approximately 10.8 million tons of lithium resources, accounting for 44% of global supply [3][4]. - The partnership agreement with Codelco is seen as a strategic move to enhance SQM's operational longevity, extending lithium extraction rights until 2060 [7][9]. Group 4: Regulatory Context - The partnership agreement is subject to conditions that include commitments to fair supply practices and timely reporting of significant supply changes, which are crucial for maintaining market stability [10].

Report Summary 1) Industry Investment Rating The report does not provide an industry investment rating. 2) Core View On November 12, the main contract of lithium carbonate futures fluctuated widely, with an increase in trading volume and open interest. The spot market trading was sluggish, and the basis discount narrowed. The prices of cost - related lithium concentrate and lithium mica increased. Last week, lithium carbonate production rose, as did the production of lithium iron phosphate and ternary materials. In November, the estimated production of lithium carbonate increased while the scheduled production decreased. The production of power batteries increased last week. Terminal demand showed a slowdown in the year - on - year and month - on - month growth rates of new energy vehicle production and sales in October, general 3C shipments, and an increase in the estimated production of energy - storage batteries in November. In terms of inventory, registered warehouse receipts increased, and there was destocking in smelters, downstream, and other sectors. Currently, both supply and demand are strong, with repeated news of the resumption of lithium mines in Jiangxi. High prices have intensified downstream wait - and - see sentiment, and the power demand is expected to weaken. The game between bulls and bears has intensified, and it is expected that lithium prices will fluctuate widely [1]. 3) Summary by Related Content Futures Market - On November 12, the main contract of lithium carbonate futures fluctuated widely, with a trading volume of 1,145,329 lots (+242,839) and an open interest of 528,966 lots (+2,473) [1]. - The price differences between different contracts showed various changes, such as the spread between the near - month and the first - consecutive contract being - 1,720 yuan/ton, and the basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) being - 3,280 yuan/ton, with a change of +1,360 yuan/ton [1]. Spot Market - The spot market trading was sluggish, and the basis discount narrowed. The prices of lithium concentrate and lithium mica increased. The average price of SMM battery - grade lithium carbonate was 83,300 yuan/ton, an increase of 1,000 yuan/ton [1]. Supply and Demand - Supply side: Last week, lithium carbonate production increased, and the production of lithium carbonate from various raw materials all rose. In November, the estimated production of lithium carbonate increased while the scheduled production decreased [1]. - Demand side: Last week, the production of lithium iron phosphate and ternary materials increased. In October, the year - on - year and month - on - month growth rates of new energy vehicle production and sales slowed down, 3C shipments were general, and the estimated production of energy - storage batteries in November increased [1]. Inventory - Registered warehouse receipts were 28,287 tons (+188 tons), and there was destocking in smelters, downstream, and other sectors. The total SMM lithium carbonate inventory was 127,358 tons, a decrease of 3,405 tons compared to the previous week [1]. Industry News - Mineral Resources will sell 30% of its lithium business stake to POSCO for $765 million, aiming to reduce debt and repair the balance sheet. POSCO will enter the Australian lithium mining field for the first time [1]. - Ningde Times' Yichun Guanshixia lithium mine has new progress in resuming production. It may need to pay an additional 177 million yuan in mining rights transfer income [1]. - Core Lithium optimized the mining plan for the Grants deposit of the Finniss project, reducing pre - production capital expenditure by A$35 - 45 million, advancing the production time of the first batch of ore, increasing the ore reserve by 33% to 1.53 million tons, and increasing the lithium chloride content by 44% [1]. Investment Strategy - Production enterprises can conduct sell - hedging at high prices, and speculators can try short positions lightly after the upward trend encounters resistance [1].

智通财经APP讯，天齐锂业(002466.SZ)发布公告，2025年11月12日，公司全资子公司天齐智利收到智利 圣地亚哥上诉法院判决书，驳回了其诉讼请求，该判决非终审判决。SQM在未经其股东大会审批授权 的情况下与Codelco签署《合伙协议》，损害了公司全资子公司天齐智利作为SQM股东的投票权以及相 关股东权利。公司将在法律允许的范围内全面评估，不排除考虑在确保相关股东利益得到保障的前提下 可能采取进一步行动(包括但不限于提起上诉)。 ...

SQM在未经其股东大会审批授权的情况下与Codelco签署《合伙协议》，损害了公司全资子公司天齐智 利作为SQM股东的投票权以及相关股东权利。本公司将在法律允许的范围内全面评估，不排除考虑在 确保相关股东利益得到保障的前提下可能采取进一步行动(包括但不限于提起上诉)。 智通财经APP讯，天齐锂业(09696)发布公告，本公司全资子公司天齐智利于智利当地时间2024年7月26 日就CMF于2024年6月18日作出的决定向智利法院提起诉讼，智利法院于智利当地时间2025年5月14日 进行开庭审理。2025年11月12日，天齐智利收到智利法院就本次诉讼做出的判决书，其驳回了天齐智利 的诉讼请求。根据智利相关法律规定，该判决非终审判决。 ...

天齐锂业公告称，2025年11月12日，其全资子公司天齐智利收到智利法院判决书，驳回其于2024年7月 26日提交的诉讼请求。该判决非终审判决，天齐锂业表示将全面评估，不排除采取进一步行动。天齐智 利提起的诉讼申请未提及具体金额，且预计该判决暂不会对当期利润产生影响。此外，SQM与Codelco 的合作或使SQM未来收益变化，影响天齐锂业投资收益及权益，公司将持续评估。 ...

Core Viewpoint - Tianqi Lithium Industries has confirmed that its lithium concentrate production capacity primarily comes from the Greenbushes lithium spodumene mine, which currently has a total production capacity of 1.62 million tons per year [1] Group 1: Production Capacity - The Greenbushes lithium spodumene mine has four lithium concentrate processing plants, with a total established capacity of 1.62 million tons per year [1] - The company is currently constructing the third chemical-grade lithium concentrate plant, which is expected to be completed by December 2025 [1] - Once the third chemical-grade lithium concentrate plant is operational, the total production capacity of the Greenbushes lithium concentrate project will reach approximately 2.14 million tons per year [1] Group 2: Lithium Chemical Products - The company has six operational lithium chemical product production bases located in Sichuan, Chongqing, Jiangsu, Australia, and Sichuan, with a combined lithium chemical product capacity of 121,600 tons per year [1]