每经AI快讯，11月19日，锂板块持续走强，融捷股份逼近涨停，天齐锂业、赣锋锂业、西藏矿业、永 兴材料跟涨。 （文章来源：每日经济新闻） ...

华福证券表示，储能领域需求预期持续向好，带动碳酸锂近期大涨。锂矿端延续偏紧格局。外采锂矿的 盐厂维持较高生产积极性，消耗库存速度较快。锂盐端整体供应保持高位，部分大厂复产预期仍存，但 实际复产节奏尚待观察。需求方面，磷酸铁锂11月排产环比+2.5%，储能领域需求预期持续向好，为价 格提供有力支撑。锂矿为电动车产业链和储能最优质且弹性大的标的，关注股票战略性布局机会。 2025年11月19日盘中，锂矿概念再度走强，截至10:01，中证稀有金属主题指数强势上涨1.70%，成分股 永杉锂业上涨7.54%，融捷股份上涨6.05%，盐湖股份上涨5.96%，川能动力、天齐锂业等个股跟涨。 消息面方面，11月18日，以"合规筑基 创新降本 共生破局"为主题的《磷酸铁锂材料行业成本研究》研 讨会在工业和信息化部新闻宣传中心发布厅召开。本次研讨会由中国化学与物理电源行业协会主办，行 业专家、企业代表等齐聚一堂，深度交流，共同探寻锂电产业链高质量发展的可行路径。 稀有金属ETF（562800）跟踪中证稀有金属主题指数，是布局稀有金属板块的便利工具。 场外投资者还可以通过稀有金属ETF联接基金（014111）关注稀有金属板块投资机 ...

新能源及有色金属日报 | 2025-11-19 现货成交较少，期货盘面大幅减仓 市场分析 2025-11-18，碳酸锂主力合约2601开于96200元/吨，收于93520元/吨，当日收盘价较昨日结算价变化0.93%。当日成 交量为1487724手，持仓量为484357手，前一交易日持仓量562954手，根据SMM现货报价，目前基差为-7160元/吨 （电碳均价-期货）。当日碳酸锂仓单26611手，较上个交易日变化-342手。 碳酸锂现货：根据SMM数据，电池级碳酸锂报价84800-90000元/吨，较前一交易日变化1250元/吨，工业级碳酸锂 报价84550-85550元/吨，较前一交易日变化1250元/吨。6%锂精矿价格1140美元/吨，较前一日变化60美元/吨。据SMM 数据，市场情绪高涨，下游材料厂持谨慎观望态度，仅维持刚需采购，市场成交较少。目前，上下游企业正在就 明年的长期协议进行谈判，现阶段主要围绕系数展开博弈。供应端来看，锂盐厂整体开工率保持高位运行，其中 锂辉石端与盐湖端开工率均维持在60%以上，成为供应主力。预计11月国内碳酸锂产量可以维持10月的生产量级， 环比大致持平。需求方面，动力市场 ...

Group 1 - Yongshan Lithium Industry experienced a limit-up in trading, with an increase of 10.03% [2] - The trading volume exceeded 200 million yuan [2]

Group 1 - The core viewpoint of the articles indicates a significant increase in lithium carbonate prices, with a rise of over 4% as of November 19, driven by strong demand from downstream material manufacturers and a notable increase in orders from battery cell manufacturers [1] - Approximately 20 lithium iron phosphate companies have reached full production capacity, a trend expected to continue until the end of the year due to ongoing projects in pure electric heavy trucks and a peak sales season for traditional vehicles [1] - Market total inventory has decreased by 3,400 tons to 12,000 tons, with smelting plant inventory down by 2,500 tons to 28,000 tons, and downstream inventory reduced by 3,200 tons to 49,000 tons, indicating a tightening supply chain [1] Group 2 - The latest pricing for Australian lithium ore is reported at $1,055, reflecting a strengthening in the mining sector [1] - The sentiment in the midstream sector is showing signs of recovery, providing some support to the market as downstream demand remains robust [1] - The stock performance of several lithium-related companies shows significant year-to-date gains, with 盛新锂能 (Shengxin Lithium Energy) up 180.84% and 大中矿业 (Dazhong Mining) up 274.85% [2]

Market Overview - The three major indices opened slightly lower but then rose, with the Shanghai Composite Index up 0.19%, Shenzhen Component Index up 0.31%, and ChiNext Index up 0.64% as of 9:45 AM [1] Key Sectors Lithium Mining Stocks - Lithium mining stocks showed strong performance, led by Jinyuan Co., with Shengxin Lithium Energy, Dazhong Mining, Zhongmin Resources, and Rongjie Co. also rising [1][3] - The price of lithium carbonate futures increased by 3% to 97,440 yuan per ton, with expectations that prices could exceed 150,000 to 200,000 yuan per ton by 2026 [3] Consumer Sector - The consumer sector, including food, clothing, and home goods, was active, with Jiayuan Wang achieving six consecutive trading limits and Nanjiao Foods hitting the limit up [5] - Financial support measures to boost consumption in Beijing were announced, increasing credit support for commodity consumption [5] Institutional Insights Xinda Securities - Xinda Securities noted a potential shift in market style, emphasizing the importance of low-value sectors and suggesting that non-bank financials are gaining elasticity [2][7] Zhongtai Securities - Zhongtai Securities indicated that the market may enter a phase dominated by liquidity and structural opportunities, with a focus on cyclical sectors and technology growth [8] Guotai Junan Securities - Guotai Junan Securities highlighted that the market is currently in a policy vacuum, with a likelihood of continued rotation of hot sectors without significant news stimuli [9]

Core Viewpoint - The lithium mining stocks in the A-share market opened higher against the trend, with significant gains observed in several companies, driven by a rise in lithium carbonate futures [1] Group 1: Stock Performance - Jinyuan Co. saw an increase of over 8%, with a total market value of 5.832 billion and a year-to-date increase of 52.13% [1] - Shengxin Lithium Energy rose by 3.45%, with a market capitalization of 35.4 billion and a year-to-date increase of 180.84% [1] - Dazhong Mining increased by 3.18%, with a market value of 48 billion and a year-to-date increase of 274.85% [1] - Zhongkuang Resources rose by 3.01%, with a market capitalization of 50.7 billion and a year-to-date increase of 100.79% [1] - Yongxing Materials increased by 2.94%, with a market value of 29.9 billion and a year-to-date increase of 50.29% [1] - Yahua Group rose by 2.73%, with a market capitalization of 29 billion and a year-to-date increase of 116.15% [1] - Guocheng Mining increased by 2.06%, with a market value of 31.2 billion and a year-to-date increase of 133.05% [1] - Rongjie Co. saw a rise of 2.00%, with a market capitalization of 15.2 billion and a year-to-date increase of 84.88% [1] Group 2: Market Trends - The main contract for lithium carbonate futures rose by 3% during the day, contributing to the positive performance of lithium mining stocks [1]

Core Viewpoint - The strong demand for energy storage is driving the lithium carbonate market, leading to a supply shortage and increasing prices, with expectations of a structural shortage by 2026 [1][2]. Industry Summary - The domestic demand for energy storage is robust, with expectations of a surge in electric vehicle purchases due to the phasing out of tax incentives by 2026, resulting in increased production of lithium batteries and upstream lithium-ion cathode materials [1]. - Major lithium material manufacturers are operating at full capacity, causing orders to overflow to smaller manufacturers, indicating a high level of activity in the supply chain [1]. - The demand for lithium carbonate is rising, with a reported inventory reduction of nearly 10,000 tons entering the fourth quarter, contributing to a continuous increase in lithium prices [1]. - According to a report by CITIC Securities, the monthly supply of lithium carbonate in November was approximately 115,000 tons, while demand reached 128,000 tons, resulting in a shortage of about 13,000 tons [1]. - The consumption during the off-season remains strong, with order support expected to continue into the next year, shifting the supply-demand dynamic from supply pressure to consumption-driven growth [1]. - Long-term forecasts indicate that global lithium resource supply will reach 2.089 million tons and consumption will be 2.004 million tons by 2026, suggesting a structural shortage despite a slight surplus when not considering certain factors [1]. - The lithium carbonate market is expected to transition from supply-driven pressures to demand-driven price increases [1]. Company Summary - Companies involved in the lithium carbonate supply chain include Ganfeng Lithium (01772), Tianqi Lithium (09696), and Zhongwei New Materials (02579), which are positioned to benefit from the improving market dynamics [3].

Core Viewpoint - Huayou Cobalt's controlling shareholder, Huayou Holdings, plans to purchase 221,400 tons of lithium salt products from Shengxin Lithium Energy, involving an amount exceeding 20 billion yuan, amid a significant rise in lithium carbonate prices this year and potential further increases next year [1][4][10] Group 1: Business Cooperation - Shengxin Lithium Energy announced on November 18 that it intends to sign a cooperation framework agreement with Huayou Holdings for lithium salt product procurement from 2026 to 2030, with specific annual purchase volumes to be agreed upon in sub-orders [4] - The estimated transaction amount for the procurement is approximately 199.85 billion yuan based on the current spot price of battery-grade lithium carbonate, or about 209.62 billion yuan based on recent futures contract prices [6] Group 2: Market Trends - The price of lithium carbonate has surged approximately 60% this year, with a maximum increase of 59.56% compared to the historical low in May 2025 [6][10] - Predictions indicate that lithium carbonate demand will grow by 30% in 2026, reaching 1.9 million tons, while supply capacity is expected to increase by around 250,000 tons, leading to a balanced supply-demand scenario [7] - If demand growth exceeds 30% next year, prices could potentially break through 150,000 yuan per ton, possibly reaching 200,000 yuan per ton, with price increases projected to exceed 50% or even 100% compared to current levels [7] Group 3: Shareholding Changes - Following the issuance of A-shares to specific entities, Huayou Holdings and Zhongchuang Innovation will become shareholders holding over 5% of Shengxin Lithium Energy, establishing a related party relationship [9] - The expected daily transactions between Shengxin Lithium Energy and Huayou Holdings for 2026 are projected to not exceed 3 billion yuan, primarily to implement the cooperation framework agreement [9]

Core Viewpoint - The article highlights that Huayou Cobalt's controlling shareholder, Huayou Holdings, plans to purchase 221,400 tons of lithium salt products from Shengxin Lithium Energy, with a transaction value potentially exceeding 20 billion yuan, amid a significant rise in lithium carbonate prices this year and expectations for further increases next year [1][4][14]. Summary by Sections Lithium Salt Procurement - Huayou Holdings intends to sign a cooperation framework agreement with Shengxin Lithium Energy for the procurement of 221,400 tons of lithium salt products from 2026 to 2030 [5]. - The estimated transaction value based on current lithium carbonate prices is approximately 19.985 billion yuan, and could reach about 20.962 billion yuan based on recent futures contract prices [7]. Price Trends and Market Outlook - Lithium carbonate prices have surged approximately 60% this year, with a maximum increase of 59.56% compared to the historical low in May 2025 [8][9]. - Predictions indicate that global lithium carbonate demand will grow by 30% in 2026, reaching 1.9 million tons, with supply expected to increase by around 250,000 tons, leading to a balanced supply-demand scenario and potential price increases [11]. Shareholding Changes - Following a specific stock issuance, Huayou Holdings and Zhongchuang Innovation will become shareholders of Shengxin Lithium Energy, each holding over 5% of the company [12][13]. - The anticipated daily transactions between Shengxin Lithium Energy and Huayou Holdings are expected to be capped at 3 billion yuan for 2026, reflecting the implementation of the cooperation framework agreement [13].