Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Supply-side reform in China is evolving, focusing on mid-to-downstream sectors rather than solely on upstream sectors as in previous reforms [2] - The current reform approach is more nuanced and balanced, addressing advanced capacity rather than outdated capacity [2] - The report anticipates a slowdown in China's real GDP growth to below 4.5% in the second half of 2025 due to diminishing export momentum and fiscal easing [11] Summary by Sections Supply-Side Reform - The current supply-side reform is characterized as "new wine in an old bottle," emphasizing the importance of demand for economic reflation [2] - The targeted sectors have shifted from SOE-dominated to POE-dominated firms, indicating a change in ownership dynamics [2] Economic Growth - China's real GDP growth is projected to decline to less than 4.5% in the latter half of 2025, influenced by fading export growth and fiscal easing measures [11] - The economy is expected to remain on a slow reflation path, indicating ongoing challenges in achieving robust growth [11] Housing Market - The housing market continues to face challenges, with elevated inventory levels in lower-tier cities and a persistent decline in housing prices [21] - The National Development and Reform Commission (NDRC) is considering expanding funding channels to address housing inventory issues, which may depend on various factors including funding size and developer selection [22] Fiscal Policy - The fiscal space in China is becoming more constrained, with major tax revenues and land sales underperforming against budget expectations [38][43] - The report suggests that China needs not only new stimulus measures but also a reformed growth algorithm to address structural issues in the economy [44] Reflation Strategy - The report outlines a "5R" reflation strategy, which includes measures such as expanding fiscal deficits, monetary easing, and social welfare spending to stimulate consumption [47] - The strategy aims for a gradual and uneven progress towards economic recovery, with various policy measures expected to be implemented by the end of 2025 [47]

Core Points - Eureka Lithium Corp. has successfully closed a non-brokered private placement financing, issuing 9,984,993 units for gross proceeds of $823,761.92 [1][2] - Each unit consists of one common share and one purchase warrant, with the warrant allowing the purchase of a share at an exercise price of $0.11 for 24 months [2] - The proceeds from the offering will be used for mineral exploration properties and general working capital [2] Company Overview - Eureka Lithium is the largest lithium-focused landowner in the Nunavik region of Quebec, owning three projects covering 1,408 sq. km [4] - The projects are located near two operating nickel mines with deep-sea port access, enhancing their strategic value [4]

Core Points - SPOD Lithium Corp. intends to complete a private placement offering of up to 7,500,000 units at a price of $0.02 per unit, aiming for aggregate gross proceeds of up to $150,000 [1][2] - Each unit consists of one common share and one common share purchase warrant, with the warrant allowing the purchase of an additional share at $0.05 after 24 months [2] - The net proceeds from the offering will be used for general working capital purposes [3] Offering Details - The offering will be made to qualified purchasers under exemptions from prospectus and registration requirements [4] - Directors and officers may participate in the offering, which is considered a related party transaction and is expected to be exempt from certain requirements [4] - Finders' fees may be paid to eligible finders in connection with the offering, subject to compliance with applicable laws [5] Regulatory and Closing Information - All securities issued will be subject to a statutory hold period of four months and one day from issuance [6] - The offering is expected to close on or about July 25, 2025, and may close in multiple tranches [6] - The securities will not be registered under the U.S. Securities Act and cannot be offered or sold in the United States without registration or exemption [7] Company Overview - SPOD Lithium Corp. is focused on exploring and developing lithium resources, with properties located in Quebec and Ontario, Canada [9] - The company emphasizes sustainable practices and aims to deliver value for its stakeholders [9]

2025年全球锂电产业链分布图 从覆盖行业角度，本分布图细致入微地描绘了全球锂电产业从原材料、四大主材、电池制造到终端 应用的全链条生态。从覆盖地域角度，本分布图包含中国、北美、欧洲、日韩东南亚四大锂电产业 主要聚集区。 分布图领取资格 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤固态电池 资讯~ I C C S I N O 分布图内容 分布图尺寸：1.5米X1米 分布图快递详情 正在按照登记顺序，依次派发中...... 分布图领取 ▼ 转发本文到朋友圈 ，添加小编免费领取， 13248122922 （微信同）。 ...

Investment Rating - The report indicates a cautious outlook for the Chinese economy, suggesting a potential demand cliff in H2 2025, leading to a GDP growth forecast drop to 4.0% year-on-year from approximately 5.1% in H1 2025 [3][4]. Core Insights - The report highlights a recurring pattern in China's economic performance, where optimism in the first half of the year is often followed by disappointing outcomes in the second half, particularly in 2023 and 2024 [2]. - Austerity measures initiated in mid-May are expected to significantly impact consumption, particularly in the services sector, leading to a notable slowdown in retail sales growth to 3.1% year-on-year in H2 from an expected 5.1% in H1 [8][11]. - The property market continues to face severe challenges, with new home sales volume and value declining significantly, indicating a prolonged correction phase [32][35]. Summary by Sections Economic Outlook - The report anticipates a demand cliff in H2 2025 due to multiple factors, including austerity measures, a payback effect from durable goods sales, and ongoing issues in the property sector [3][4]. - GDP growth is projected to decrease to 4.0% year-on-year in H2 from around 5.1% in H1 2025 [3]. Austerity Measures - The new anti-extravagance campaign has led to a significant drop in demand for services, particularly in the catering and alcohol sectors, with retail sales growth expected to slow to 3.1% year-on-year in H2 [6][11]. - The average funding for the consumer trade-in program is projected to decrease, further impacting retail sales growth [7][13]. Property Market - The property market is entering its fifth year of correction, with new home sales and prices continuing to decline, particularly in large cities [32][33]. - Existing home prices in tier-1 cities fell by 0.9% in April-May 2025, indicating ongoing weakness in the housing market [34]. Export Sector - China's export growth is expected to slow sharply in H2 2025 due to payback effects from front-loading and high tariffs, with a full-year export growth forecast of 0.0% [44][45]. - High-frequency data indicates strong headwinds for exports, with manufacturing sector PMIs reflecting contraction [45][46]. Investment Trends - Investment growth in key sectors has decelerated, with significant declines noted in the solar and lithium-ion battery sectors, highlighting the need for regulatory intervention [26][27]. - The report emphasizes that the ongoing issues of overinvestment and capacity underutilization are likely to create short-term economic headwinds [24][25].

Don't buy a stock just because someone on Wall Street tells you to.Lithium mining hopeful Standard Lithium (SLI 6.04%) -- it's too early to call it a "lithium miner," as it has yet to actually start extracting the mineral -- was trading 6% higher as of 11:25 a.m. ET Friday as investors rushed to buy the stock. And why did they do that?Because Raymond James told them to. What Raymond James says about Standard LithiumAfter the close of trading Thursday, investment bank Raymond James initiated coverage of Stan ...

从覆盖行业角度，本分布图细致入微地描绘了全球锂电产业从原材料、四大主材、电池制造到终端 应用的全链条生态。从覆盖地域角度，本分布图包含中国、北美、欧洲、日韩东南亚四大锂电产业 主要聚集区。 分布图领取资格 转发本文到朋友圈 ，添加小编免费领取， 13248122922 （微信同）。 分布图快递详情 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤固态电池 资讯~ 2025年全球锂电产业链分布图 I C C S I N O 分布图内容 分布图尺寸：1.5米X1米 正在按照登记顺序，依次派发中...... 分布图领取 ▼ ...

China Equity Strategy | Asia Pacific A-Share Sentiment Improves with Anti-involution Message Sentiment improved with the government's clearer message on anti-involution, aimed at reining in the escalation of excess competition and potential overcapacity. We still expect near- term volatility to rise and range-bound index moves in the offshore market. We prefer A-shares over offshore for now. A-share investor sentiment improved vs. previous cycle: Weighted MSASI and simple MSASI improved 7ppt and 8ppt, to 78 ...

南华期货碳酸锂企业风险管理日报 2025年07月10日 source： 南华研究 【核心矛盾】 当前锂矿、锂盐和电芯市场均承压于显著的库存压力，去库存进程进展缓慢，中长期供需失衡的格局尚未出 现实质性缓解。当前市场存在两个短期逻辑，在价格下行周期中，锂盐产能过剩引发的出清压力正沿着产业 链向上游矿端传导，而矿价的松动又会反过来加剧锂盐价格的下行惯性，形成"锂盐跌-矿价松-锂盐再 跌"的负反馈循环风险。而期货反弹时则为锂盐企业创造了一定的套保窗口，并刺激生产积极性释放，进而 带动锂矿石的消耗，推动锂矿价格的上涨，形成"期货上涨-产能释放-矿耗增加-矿价跟涨"的阶梯式上涨链 夏莹莹 投资咨询证书：Z0016569 余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 期货价格区间预测 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 碳酸锂主力合约 | 震荡区间60000-70000 | 19.2% | 17.6% | source： ...

| 行植期货 | | | 碳 酸 ª 译 20250710:国内碳酸锂7月供给预期偏松,国内碳酸锂社会库存量环比增加 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 交易日期(日) | 2025-07-09 | 2025-07-08 | 2025-07-03 | 较昨日变化 | 近两周走势 | | | 近月合约 | 收盘价 | 64700.00 | 65100.00 | 64300.00 | -400.00 | | | | 连一合约 | 收盘价 | 64680.00 | 64240.00 | 64160.00 | 440.00 | | | | 连二合约 | 收盘价 | 64160.00 | 63740.00 | 64080.00 | 420.00 | | | | 连三合约 | 收盘价 | 64160.00 | 63740.00 | 63800.00 | 420.00 | | | | | 收盘价 | 64400.00 | 63880.00 | 64080.00 | 520.00 | | | 砖酸但期货 | | 成交量(手) | ...