Core Insights - The company Jiangte Electric has faced significant losses due to its futures hedging activities, with confirmed and floating losses exceeding 10 million RMB within 25 days as lithium carbonate futures prices surged past 130,000 RMB per ton [1][4]. Group 1: Financial Performance - Jiangte Electric reported a net profit loss of 397 million RMB in 2023 and 319 million RMB in 2024, continuing a trend of losses for two consecutive years [6]. - In the first three quarters of the current year, the company generated revenue of 1.432 billion RMB, a year-on-year increase of 14.62%, but the net profit loss expanded by 37.31% to 113 million RMB compared to the same period last year [6]. - The core lithium salt segment experienced a significant increase in production and sales volume by 115.91% in the first half of the year, yet the gross margin fell to -16.27% due to a surge in asset impairment losses [6]. Group 2: Market Conditions - As of December 26, the main contract for lithium carbonate closed up 8.12%, reaching a new high since November 2023, with a year-to-date increase of 68.72% [2]. - The company's hedging strategy aimed to mitigate operational risks from price fluctuations in raw materials and products, but the recent rise in lithium carbonate prices led to substantial losses in its futures accounts [4]. Group 3: Risk Management - Jiangte Electric's situation serves as a cautionary tale for other companies engaged in derivatives markets for risk management, emphasizing the need for precise assessment of spot risk exposure and the establishment of opposing futures positions [7].

1. Report Industry Investment Rating There is no information provided about the report industry investment rating. 2. Core View of the Report In the next one to two weeks, the lithium carbonate futures price is expected to maintain a volatile upward trend, but the increase may be limited. The supply side is supported by the sharp rise in raw material prices, pushing up production costs. The demand side is supported by the growth of new - energy vehicle retail sales and high cell production schedules, but weak wholesale data and downstream sensitivity to high prices lead to cautious procurement. The decline in inventory reflects a tight supply - demand balance [3][39]. 3. Summary by Relevant Catalogs 3.1 Carbonate Lithium Futures Market Data Change Analysis - **Main Contract and Basis**: On December 25, 2025, the main contract of lithium carbonate slightly declined to 123,520 yuan/ton, a decrease of 0.96% from the previous day. The basis strengthened to - 17,720 yuan/ton, a rise of 11.04% [1][35]. - **Positions and Trading Volume**: The position volume significantly shrank to 607,187 lots, a decrease of 6.21% from the previous day. The trading volume slightly shrank to 924,823 lots, a decline of 2.55% [1][36]. 3.2 Analysis of Industrial Chain Supply - Demand and Inventory Changes - **Supply Side**: The price of spodumene concentrate soared to 12,330 yuan/ton, a 9.89% increase from the previous day. The price of lepidolite concentrate slightly rose to 5,975 yuan/ton, a 1.88% increase. The capacity utilization rate remained stable at 83.52%. The progress of the 100,000 - ton lithium salt project of Xinjiang Nonferrous Group may increase long - term supply, but the current rise in raw material costs has pushed up production costs. Upstream lithium salt plants mainly focus on long - term contracts, and spot transactions are rare [2][37]. - **Demand Side**: The prices of downstream products generally increased. The price of power ternary materials rose 0.88% to 149,300 yuan/ton, and the price of power lithium iron phosphate rose 2.0% to 42,045 yuan/ton. The retail sales of new - energy vehicles increased by 1% year - on - year, with a penetration rate of 60.6%, but the wholesale sales decreased by 10% year - on - year, showing demand differentiation. The cell price increased due to cost - push, but downstream buyers are cautiously observing high - price lithium carbonate, and their procurement is mainly for rigid demand and long - term contracts [2][37]. - **Inventory and Warehouse Receipts**: The lithium carbonate inventory slightly decreased to 110,425 tons, a 0.94% decrease from the previous week. There is no direct mention of warehouse receipt data, but the decrease in inventory indicates a tightening supply - demand balance [2][38]. 3.3 Price Trend Judgment The lithium carbonate futures price is expected to maintain a volatile upward trend in the next one to two weeks, but the increase may be limited. The supply - side raw material price increase supports the cost, while the demand side is cautious due to high prices, and the inventory decline reflects a tight supply - demand balance [3][39]. 3.4 Industrial Chain Price Monitoring - The price of the main lithium carbonate contract decreased by 0.96% to 123,520 yuan/ton on December 25, 2025. - The basis strengthened by 11.04% to - 17,720 yuan/ton. - The position volume of the main contract decreased by 6.21% to 607,187 lots. - The trading volume of the main contract decreased by 2.55% to 924,823 lots. - The market price of battery - grade lithium carbonate increased by 0.95% to 105,800 yuan/ton. - The market price of spodumene concentrate increased by 9.89% to 12,330 yuan/ton. - The market price of lepidolite concentrate increased by 1.88% to 5,975 yuan/ton. - The price of lithium hexafluorophosphate decreased by 0.60% to 167,000 yuan/ton. - The price of power ternary materials increased by 0.88% to 149,300 yuan/ton. - The price of power lithium iron phosphate increased by 2.00% to 42,045 yuan/ton [5]. 3.5 Industrial Dynamics and Interpretation - **Spot Market Quotations**: On December 25, the SMM battery - grade lithium carbonate index price was 105,138 yuan/ton, a 3,854 - yuan increase from the previous working day. The average price of battery - grade lithium carbonate was 104,900 yuan/ton, a 3,400 - yuan increase. The average price of industrial - grade lithium carbonate was 102,250 yuan/ton, a 3,400 - yuan increase. The overall spot market trading of lithium carbonate was scarce [6]. - **Downstream Consumption Situation**: From December 1 - 21, the retail sales of new - energy passenger vehicles in the national market were 788,000 units, a 1% year - on - year increase, with a penetration rate of 60.6%. The wholesale sales were 782,000 units, a 10% year - on - year decrease [7]. - **Industry News**: - In 2023, the 100,000 - ton lithium salt project of Xinjiang Nonferrous Group started, which may affect future supply. - Recently, Wanrun New Energy announced a technical upgrade of its "120,000 - ton/year lithium iron phosphate project" to produce high - pressure - density lithium iron phosphate products [9][10]. 3.6 Industrial Chain Data Charts The report provides multiple data charts, including those on the main lithium carbonate futures contract and basis, battery - grade and industrial - grade lithium carbonate prices, lithium concentrate prices, etc., with data sources such as iFinD, SMM, and Shanghai Steel Union [11][14][16].

中矿资源公告称，2025年公司第六届董事会第十五次会议，同意下属子公司申请广期所碳酸锂指定交割 厂库资质。12月22日，广期所决定新增公司为碳酸锂期货交割厂库，厂库位于江西新余，自公告日起生 效。此次申请成功，利于公司结合现货、期货市场与交割厂库，增强抗风险能力与市场竞争力。 ...

2025 年 12 月 21 日 碳酸锂：大厂复产预期延后，短期高位运行 二 〇 二 五 年 度 | 邵婉嫕 | 投资咨询从业资格号：Z0015722 | shaowanyi020696@gtjas.com | | --- | --- | --- | | 刘鸿儒 | 投资咨询从业资格号：Z0023466 | liuhongru028781@gtjas.com | 报告导读： 本周价格走势：偏强运行，突破前高 碳酸锂期货合约本周呈上行态势，突破前高。2601 合约收于 109720 元/吨，周环比上涨 13800 元/吨， 2605 合约收于 111400 元/吨，周环比上涨 13680 元/吨，现货周环比上涨 3150 元/吨至 97650 元/吨。 SMM 期现基差（2601 合约）下跌 10650 元/吨至-12070 元/吨，富宝贸易商升贴水报价-1300 元/吨，周环 比持平。2601-2605 合约价差-1680 元/吨，环比走强 120 元/吨。 供需基本面：大厂复产预期延后，去库速度放缓 原料：12 月 18 日江西省宜丰县圳口里-奉新县枧下窝锂矿采矿项目环境影响评价第一次环评信公示， 根据环评 ...

一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 碳酸锂日报 碳酸锂日报（2025 年 12 月 17 日） 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 2 1. 昨日碳酸锂期货 2605 合约涨 1.4%至 101060 元/吨。现货价格方面，电池级碳酸锂平均价上涨 650 元/吨至 95150 元/吨，工业级碳酸锂平均价上涨 650 元/吨至 92650 元/吨，电池级氢氧化锂（粗颗 粒）上涨 500 元/吨至 83530 元/吨。仓单方面，昨日仓单库存增加 210 吨至 15260 吨。 2. 消息面，消息面，继宁德时代枧下窝矿被关停后，"亚洲锂都"宜春又现大动作。最新消息，根据《矿 产资源法》，《矿产资源开采登记管理办法》和《自然资源部关于进一步完善矿产资源勘查开采登记 管理的通知》等相关要求，宜春市自然资源局拟对高安市伍桥瓷石矿等 27 宗采矿许可证予以注销。 目前，宜春市自然资源局已对拟注销的 27 宗采矿许可证进行公示，公示期(30 个工作日)满后予以公 告注销。注销后，生态修复等相关义务由原矿权人履行。 3. 供应端， ...

Group 1: Report Overview - Report Title: Carbonate Lithium Weekly Report [2] - Report Date: December 15, 2025 [3] Group 2: Weekly Viewpoint Supply Situation - Last week, the weekly output of carbonate lithium increased by 170 tons to 24,065 tons, and the November output increased by 3% month-on-month to 103,740 tons. The Ningde Jianxiawo mine has not resumed production, and production enterprises in Yichun and Qinghai have received notices for the re-review of mining rights transfers, affecting supply. In the third quarter, Australian mines achieved cost control, and the room for further cost reduction is extremely limited. Most mainstream Australian mines have reduced their capital expenditure for fiscal year 25. [5] - In October 2025, China imported 652,000 tons of lithium concentrate, a month-on-month decrease of 8.3%. The top three countries in terms of import volume were Australia, Zimbabwe, and Nigeria. Lithium concentrate imports from Australia decreased by 15% month-on-month, imports from Zimbabwe were 150,000 tons, a month-on-month increase of 41%, and imports from Nigeria were 120,000 tons, remaining flat month-on-month. In October, carbonate lithium imports were 23,881 tons, a month-on-month increase of 21.9%, with 14,800 tons imported from Chile, accounting for 62%. [5] - The CIF price of imported lithium spodumene concentrate increased week-on-week, causing some manufacturers producing carbonate lithium from purchased lithium ore to face cost inversion. Enterprises with their own ore and salt lakes have some profit support, while lithium hydroxide manufacturers face greater cost pressure. [5] Demand Situation - In October, the overall production schedule increased month-on-month, and the production schedule of large cell factories increased by 8% in September. In November, the total output of power and other batteries in China was 176.3 GWh, a month-on-month increase of 3.3% and a year-on-year increase of 49.2%. The total export of power and other batteries was 32.2 GWh, a month-on-month increase of 14.1% and a year-on-year increase of 46.5%. The sales volume of power and other batteries was 179.4 GWh, a month-on-month increase of 8.1% and a year-on-year increase of 52.2%. The trade-in policy and the extension of the new energy vehicle purchase tax policy are expected to continue to support the rapid growth of sales in the Chinese new energy vehicle market. [6] Inventory Situation - This week, carbonate lithium inventory showed a de-stocking state, with the factory inventory of carbonate lithium decreasing by 75 tons, the market inventory decreasing by 5,615 tons, and the futures inventory increasing by 4,128 tons. [6] Strategy Suggestion - From the supply side, the Ningde Jianxiawo mine is still shut down. In November, the domestic carbonate lithium output increased by 3% month-on-month, and in October, 652,000 tons of lithium concentrate were imported, a month-on-month decrease of 8.3%. The total import volume of carbonate lithium in October was about 24,000 tons, a month-on-month increase of 22% and a year-on-year increase of 3%. Downstream demand is strong, and the de-stocking trend continues. It is expected that subsequent lithium salt imports from South America will supplement the supply. From the demand side, the terminal demand for energy storage continues to be good, but the production schedule in December is expected to decline slightly. In November, the production schedule of cathode materials increased by 2% month-on-month, and in October, it increased by 4% month-on-month. The risk of mining certificates in Yichun persists. With profit restoration, lithium extraction from ore continues to increase in production, and the cost center has shifted upward. The expectation of the Ningde Jianxiawo mine resuming production within the year has been dashed, and the downstream production schedule exceeds expectations. Attention should be paid to the disturbances at the ore end in Yichun. Downstream buyers are actively purchasing carbonate lithium, the de-stocking trend continues, and the inventory of traders has accumulated. It is expected that the price will continue to fluctuate. It is recommended to continuously monitor the progress of mining certificates in Yichun mines and the resumption of production at the Ningde Jianxiawo lithium mine. [7] Group 3: Key Data Tracking Price Data - Data on the spot tax-included average price of carbonate lithium in Shanghai Nonferrous Metals from April 1, 2019, to October 9, 2025 [9] - Data on the average price of 99.2% industrial-grade carbonate lithium from June 13, 2023, to October 13, 2025 [18] - Data on the average price of imported lithium concentrate (Li2O: 6%-6.5%) from January 2, 2019, to May 26, 2025 [21] - Data on the average price of power-type lithium iron phosphate from February 8, 2021, to September 19, 2025 [43] - Data on the market price of ternary material 8-series NCA type from January 1, 2021, to November 6, 2025 [47] Production Data - Data on the weekly production of carbonate lithium from 2021 to 2025 [10][11] - Data on the monthly production of carbonate lithium from 2021 to 2025 [12][13] - Data on the production of power and other batteries (including monthly values, values of lithium iron phosphate, and year-on-year growth rates) from January 2020 to October 2025 [24] - In November 2024, the production of carbonate lithium from different raw materials accounted for 19.56% from salt lakes, 23.05% from lithium mica, and 45.37% from lithium spodumene [25][26] - Data on the monthly production of ternary materials from 2021 to 2025 [32][33] - Data on the monthly production of lithium iron phosphate from 2021 to 2025 [36][37] Inventory Data - Data on the weekly inventory of carbonate lithium from 2021 to 2025 [14][15] - Data on the monthly factory inventory of carbonate lithium from 2021 to 2025 [19][20] Import Data - Data on the import volume of lithium spodumene from 2021 to 2025 [40][41] - Data on the import volume of carbonate lithium from 2021 to 2025 [44][45]

（文章来源：证券日报） 证券日报网讯 12月8日晚间，天齐锂业发布公告称，为优化天齐锂业股份有限公司（以下简称"公司"） 的债务融资结构，丰富债务融资工具以保障现金流的稳定，公司第六届董事会第二十七次会议审议通过 了《关于向银行间市场交易商协会申请注册发行债务融资工具的议案》，同意公司向中国银行间市场交 易商协会（以下简称"银行间市场交易商协会"）申请注册发行不超过人民币 60 亿元（含 60 亿元）的债 务融资工具，并根据实际资金需求分次发行。 ...

人民财讯12月8日电，天齐锂业（002466）12月8日公告，公司拟向广州期货交易所(以下简称"广期所") 申请氢氧化锂指定交割厂库的资质。 ...

Report Industry Investment Rating - Not provided in the report Core View - On December 5, 2025, the main contract of lithium carbonate futures fluctuated downward. The spot market trading recovered, and the basis premium widened. Considering the cost, demand, supply, and inventory, the current supply and demand are both strong. The news of the resumption of lithium mines in Jiangxi is inconsistent. The weekly output of lithium carbonate is at a high level. The downstream market remains cautious, the spot market trading is light, and the demand growth has stagnated. The exchange is taking measures to cool the market. It is expected that the lithium price will fluctuate weakly. The trading strategy is to hold short positions [1] Summary by Relevant Catalog Futures Market - On December 5, the closing price of the near - month contract was 90,680 yuan/ton, unchanged from the previous day; the closing price of the continuous - first contract was 90,760 yuan/ton, a decrease of 1,500 yuan from the previous day; the closing price of the continuous - second contract was 91,020 yuan/ton, a decrease of 1,460 yuan from the previous day; the closing price of the continuous - third contract was 91,020 yuan/ton, a decrease of 1,460 yuan from the previous day [1] - The trading volume of lithium carbonate futures was 461,507 lots, a decrease of 201,951 lots; the open interest was 560,676 lots, an increase of 47 lots [1] Spot Market - The average price of battery - grade lithium carbonate (99.5%/domestic) was 93,250 yuan/ton, a decrease of 750 yuan; the average price of industrial - grade lithium carbonate (99.2%/domestic) was 90,800 yuan/ton, a decrease of 750 yuan [1] - The average price of battery - grade lithium hydroxide (56.5%/domestic, coarse - grained) was 82,130 yuan/ton, a decrease of 350 yuan; the average price of battery - grade lithium hydroxide (56.5%/domestic, micronized) was 86,900 yuan/ton, a decrease of 350 yuan [1] Cost End - The average price of lithium spodumene concentrate (6%, CIF China) was $1,154/ton, a decrease of $8; the prices of various types of lithium mica were flat [1] Supply End - Last week, the output of lithium carbonate increased. The output of lithium carbonate from salt lakes decreased, while the output from other sources increased [1] Demand End - Last week, the output of lithium iron phosphate and ternary materials decreased. In December, the scheduled production of lithium carbonate and lithium hydroxide decreased, and the output of power batteries increased last week. In terms of terminal demand, the month - on - month and year - on - year growth rates of new - energy vehicle production and sales slowed down in October; the 3C product shipments weakened; the scheduled production of energy - storage batteries stagnated in December [1] Inventory - The registered warehouse receipts were 10,922 tons, an increase of 500 tons. The social inventory decreased, with smelters and other sectors reducing inventory, while the downstream inventory was tight [1] Industry News - Rio Tinto Group aims to reduce unit costs by 4% from 2024 - 2030. The medium - term capital expenditure guidance target (after 2028) will be below $10 billion. Its lithium project under construction will start production before 2028, with an annual capacity of about 200,000 tons [1] - The ignition and resumption ceremony of Wanzai Times New Energy Materials Co., Ltd., a subsidiary of CATL, originally planned for December 5, was not held, and the lithium mine of Times Mining has not resumed work [1]

Core Insights - Ganfeng Lithium stated that producing one ton of lithium sulfide theoretically requires 0.3 tons of metallic lithium or 1.6 tons of lithium carbonate equivalent (LCE) [1] Group 1 - The consumption of lithium raw materials in actual industrial production may vary based on the form of raw materials used and the preparation process [1]