1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply of lithium carbonate is increasing, with last week's production at 21,066 tons, a 2.08% week - on - week increase and higher than the historical average. In September 2025, the production was 87,260 tons, and the predicted production for next month is 89,890 tons, a 3.01% increase. The import volume in September was 20,000 tons, and it is predicted to be 22,000 tons next month, a 10% increase. [8][9] - The demand is expected to strengthen next month, and inventory may be reduced. The cost of 6% concentrate CIF has a daily increase but is lower than the historical average. The lithium carbonate 2601 contract is expected to fluctuate in the range of 74,820 - 76,580. [9] - The overall situation shows a pattern of strong supply and weak demand due to capacity mismatch, and the downward trend is difficult to change. [14] 3. Summary by Relevant Catalogs 3.1 Daily Viewpoints - **Supply - side**: Last week's lithium carbonate production was 21,066 tons, a 2.08% week - on - week increase. In September 2025, the production was 87,260 tons, and the predicted production for next month is 89,890 tons, a 3.01% increase. The import volume in September was 20,000 tons, and it is predicted to be 22,000 tons next month, a 10% increase. [8][9] - **Demand - side**: Last week, the inventory of sample enterprises of lithium iron phosphate was 102,818 tons, a 0.95% week - on - week increase, and the inventory of sample enterprises of ternary materials was 17,963 tons, a 0.64% week - on - week increase. Next month's demand is expected to strengthen, and inventory may be reduced. [8][9] - **Cost - side**: The daily price of 6% concentrate CIF has increased, but it is lower than the historical average. The cost of purchasing spodumene concentrate is 74,778 yuan/ton, a 0.45% daily increase, resulting in a loss of 1,852 yuan/ton. The cost of purchasing lepidolite is 77,485 yuan/ton, unchanged daily, resulting in a loss of 6,553 yuan/ton. The production cost of the recycling end is close to that of the ore end, with average production enthusiasm. The quarterly cash production cost of the salt - lake end is 31,477 yuan/ton, significantly lower than the ore end, with sufficient profit margins and strong production motivation. [9][11] - **Market Indicators**: On October 20, the spot price of battery - grade lithium carbonate was 74,000 yuan/ton, and the basis of the 01 contract was - 1,940 yuan/ton, indicating that the spot price was at a discount to the futures price. The MA20 of the market was upward, and the futures price of the 01 contract closed above the MA20. The net position of the main players was short, and the short position increased. [11] - **Leveraging Factors**: Positive factors include manufacturers' plans to stop or reduce production, a decrease in the import volume of lithium carbonate from Chile, and a decline in the import volume of spodumene. Negative factors include the continuous high supply at the ore/salt - lake end with limited decline, and the lack of willingness of the power battery end to take delivery. [12][13] 3.2 Fundamental/Position Data - **Market Overview**: The prices of various lithium - related products showed different degrees of change. For example, the price of spodumene (6%) increased from 846 to 851 dollars/ton, a 0.59% increase; the price of battery - grade lithium carbonate increased from 73,350 to 74,000 yuan/ton, a 0.89% increase. [16] - **Supply - side Data**: The weekly operating rate of lithium carbonate was 74.39%, a 4.32% increase. The monthly production of lithium carbonate in September was 87,260 tons, a 2.37% increase. The production of lithium concentrate, lepidolite, salt - lake lithium, and recycled lithium all showed different trends. The monthly import volume of lithium concentrate decreased by 18.32%, and the monthly import volume of lithium carbonate decreased by 10.30%. [18][19] - **Demand - side Data**: The monthly operating rates and production of lithium iron phosphate, lithium iron phosphate lithium, ternary precursors, ternary materials, and other products all increased to varying degrees. The monthly total loading volume of power batteries increased by 21.60%, with the loading volume of lithium iron phosphate batteries increasing by 26.61% and the loading volume of ternary batteries increasing by 20.54%. The production and sales volume of new energy vehicles also increased, with production increasing by 16.25% and sales increasing by 14.98%. [18][19] - **Inventory Data**: The total weekly inventory of lithium carbonate was 132,658 tons, a 1.59% decrease. The inventory of smelters decreased by 1.34%, the inventory of downstream enterprises decreased by 3.40%, and the inventory of other sources increased by 0.87%. [18][19]

Group 1: Investor Relations Activity - The investor relations activity involved 304 analysts and investors from various securities and asset management firms [3] - The meeting took place on October 20, 2025, via the "Cangge Mining Investor Relations" WeChat mini-program [3][4] Group 2: Company Overview and Strategic Goals - Cangge Mining aims to become a leading global mining group, leveraging its substantial mineral resource reserves and advanced technology in potassium and lithium extraction [4] - The company plans to enhance its resource volume and development technology in potassium and lithium to become a key supplier globally [4] Group 3: Financial Performance - In the first half of 2025, the company implemented cash dividends totaling CNY 1.569 billion, with cumulative dividends from 2022 to 2024 reaching CNY 7.4 billion [6] - Revenue increased by 3.35% year-on-year, primarily due to a 34.04% rise in potassium chloride revenue, while lithium carbonate revenue decreased by 64.50% due to market fluctuations [6] Group 4: Production and Sales Data - As of the end of Q3 2025, potassium chloride production reached 701,600 tons, achieving 70.16% of the annual target, while sales reached 783,800 tons, achieving 82.51% of the target [7] - Lithium production for the first three quarters was 6,021 tons, with sales of 4,800 tons and an average selling price of CNY 67,300 per ton [9] Group 5: Cost Management and Profitability - The average sales cost of potassium chloride decreased by 19.12% to CNY 978.69 per ton, while the average selling price increased by 26.88% to CNY 2,919.81 per ton, resulting in a gross margin of 63.46% [8] - The company continues to focus on cost control through process optimization and technological innovation [8] Group 6: Project Developments - The second phase of the Jilong Copper Mine project is progressing well, with significant milestones achieved in the construction of the second concentrator [12] - The Mali Mico Salt Lake project is on track, with construction of the photovoltaic power station and land use procedures underway [14]

Core Viewpoint - Cangge Mining reported significant growth in revenue and net profit for Q3 2025, driven by substantial investment income from its stake in Xizang Julong Copper Industry Co., Ltd [1][2] Financial Performance - Q3 revenue increased by 28.71% year-on-year to 723 million yuan, while net profit rose by 66.49% to 951 million yuan [1] - For the first three quarters of 2025, revenue grew by 3.35% to 2.401 billion yuan, and net profit increased by 47.26% to 2.751 billion yuan [1] - Investment income received in cash amounted to 1.546 billion yuan, a staggering increase of 23924.99% year-on-year, primarily due to dividends from Xizang Julong Copper Industry [1] Business Segment Performance - In the potassium chloride segment, the company achieved 70.16% and 82.51% of its annual production and sales targets, respectively, with an average selling price (including tax) up by 26.88% and average sales cost down by 19.12%, resulting in a gross margin increase of 20.78% [1] - The company released approximately 80,000 tons of national reserve potassium chloride to meet market supply demands, leading to a sales volume exceeding production by about 82,200 tons [1] - In the lithium carbonate segment, the average selling price (including tax) decreased by 24.59%, while average sales cost increased by 2.98%, resulting in a gross margin decline of 18.42% [1] Investment in Subsidiaries - The company's stake in Julong Copper Industry yielded a copper production of 142,500 tons and sales of 142,400 tons, generating revenue of 11.821 billion yuan and net profit of 6.421 billion yuan [2] - Cangge Mining's investment income from Julong Copper was 1.950 billion yuan, accounting for 70.89% of the company's net profit attributable to shareholders for the reporting period [2] - Julong Copper's investment income increased by 588 million yuan, a growth of 43.09% year-on-year [2] Project Developments - Significant progress was reported in the second phase expansion of the Julong Copper Mine, with successful trial runs of the second concentrator plant and safe completion of the main drainage tunnel for the tailings pond [2] - The company provided updates on key projects including the Mami Cuo Salt Lake project and the Laos potassium salt mine project, as well as the renewal of mining rights at the Chaharhan Salt Lake [2] Stock Performance - As of October 16, 2025, Cangge Mining's stock price was 57.39 yuan per share, with a market capitalization of approximately 90.1 billion yuan [2] - The company's stock has seen a cumulative increase of about 114.7% since the beginning of 2025 [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The lithium salt market is currently experiencing strong supply and demand. However, after the holiday, as the atmosphere in the new energy vehicle market changes and the downstream replenishment pace slows, there is a risk of lithium salt price decline. For industrial silicon, the short - term supply and demand are okay, but there is uncertainty in the future. For polysilicon, the situation of strong expectation and weak reality continues, and the market may fluctuate due to policy news [3][5][8] Group 3: Summary According to the Directory First Part: Spot Prices 1.1 Plate Strategy Recommendation - For lithium carbonate 11, the market is characterized by strong supply and demand with a weakening atmosphere. The upstream is recommended to seize the opportunity of selling hedging when the price surges, and downstream cathode material enterprises should focus on low - price stocking or buying hedging. The support level is 68,000 - 70,000, and the pressure level is 75,000 - 76,000. - For industrial silicon 11, although there is an increasing expectation of demand - side production cuts, the price still has support below. It is recommended to adopt an interval trading strategy and consider long - position allocation in the current interval. The support level is 8,200 - 8,300, and the pressure level is 9,200 - 9,300. - For polysilicon 11, with the news of capacity control policies, long positions can be held cautiously. If one wants to increase positions, it is recommended to participate through buying call options. The support level is 47,000 - 48,000, and the pressure level is 52,000 - 53,000 [14] 1.2 Futures and Spot Price Changes - The closing price of lithium carbonate is 72,720, with a daily increase of 0.06%, trading volume of 225,238, open interest of 188,523 (a decrease of 4,408 compared to the previous day), and 33,076 warehouse receipts. - The closing price of industrial silicon is 8,570, with a daily increase of 0.59%, trading volume of 225,068, open interest of 142,381 (a decrease of 20,293 compared to the previous day), and 50,357 warehouse receipts. - The closing price of polysilicon is 50,865, with a daily increase of 3.37%, trading volume of 276,176, open interest of 80,114 (a decrease of 1,274 compared to the previous day), and 8,050 warehouse receipts [15] Second Part: Fundamental Situation 2.1 Lithium Carbonate Fundamental Data - **Production and Inventory Situation**: During the holiday week, the lithium carbonate production was 20,635 tons, an increase of 119 tons compared to the previous week, reaching a new weekly production high. Except for a slight decrease in the production of lithium extracted from mica, the production of other lithium - extraction processes continued to rise. The total sample inventory of lithium carbonate last week was 134,801 tons, a decrease of 2,024 tons in the past two weeks, but the inventory was still at a high level. The inventory of lithium salt enterprises increased around the holiday, the inventory in the intermediate links decreased, and the downstream inventory slightly declined [3] - **Downstream Situation**: The downstream material factories are becoming more cautious, and the overall market trading activity is average. From October 1 - 12, the wholesale volume of national passenger car manufacturers was 546,000, a year - on - year decrease of 11% and a 15% decrease compared to the same period last month [3] 2.2 Industrial Silicon Fundamental Data - **Production and Inventory Situation**: Southwest China will enter the dry season in November, and production cuts may be planned at the end of October, while large factories in Xinjiang have production increase expectations. The total production of industrial silicon is expected to remain high in October and gradually decline in November [5] - **Downstream Situation**: The traditional peak season demand is okay, and the production of the polysilicon segment continues to increase. However, considering the "production - limit and sales - control" self - discipline plan in the industry, there is great uncertainty in demand. The news of capacity control in the photovoltaic industry on Tuesday has increased the market's concern about the future demand for industrial silicon [5] 2.3 Polysilicon Fundamental Data - **Production and Inventory Situation**: Driven by high profits, enterprises are highly motivated to produce, and the production of polysilicon in October will exceed expectations. However, due to weak terminal demand, downstream production cuts are gradually advancing, and the polysilicon inventory has shown an obvious accumulation trend. As of the week of October 10, the national polysilicon sample inventory was 253,900 tons, a week - on - week increase of 11,700 tons [8] - **Downstream Situation**: The national photovoltaic new - installed capacity in August was only 7.36GW, hitting a new low this year, indicating a weak downstream demand [8]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The lithium carbonate market is currently in a state of divergence due to both supply and demand increases. It is expected to maintain a narrow - range fluctuation within the 72,000 - 75,000 point range in the near term. The supply - demand contradiction is not yet intensified, and price breakthrough requires new driving factors [1][3]. Group 3: Summary by Directory 1. Daily Market Summary - **Futures Market Data**: On October 15, the main contract of lithium carbonate closed at 72,720 yuan/ton, up 0.06% from the previous day, showing a narrow - range oscillation pattern in the past week. The basis weakened to 180 yuan/ton. The main contract's open interest decreased by 4,408 lots to 188,523 lots, and the trading volume shrank by 16.68% to 225,238 lots [1][5]. - **Supply - Demand and Inventory**: The utilization rate of lithium salt production capacity remained at a high level of 71.3%. The prices of spodumene concentrate and lithium mica remained stable at 6,370 yuan/ton and 3,400 yuan/ton respectively. The demand for power batteries was strong, with new - energy passenger vehicle retail sales in September increasing by 16% year - on - year to 1.307 million vehicles, and the penetration rate reaching 58.5%. The price of ternary materials significantly rebounded, and the price of lithium hexafluorophosphate rose by 500 yuan to 74,000 yuan/ton. The total inventory of lithium carbonate decreased for four consecutive weeks to 134,801 tons, and the registered warrants also decreased, indicating that the industry chain has entered the active de - stocking stage [2]. 2. Industrial Chain Price Monitoring - On October 15, the price of the lithium carbonate main contract increased slightly by 40 yuan to 72,720 yuan/ton, with a change rate of 0.06%. The basis weakened by 40 yuan to 180 yuan/ton, with a change rate of - 18.18%. The open interest of the main contract decreased by 4,408 lots to 188,523 lots, and the trading volume decreased by 45,089 lots to 225,238 lots. The market price of battery - grade lithium carbonate remained unchanged at 72,900 yuan/ton. The prices of spodumene concentrate and lithium mica also remained stable. The price of lithium hexafluorophosphate rose by 500 yuan to 74,000 yuan/ton, and the price of power - type ternary materials increased by 3,000 yuan to 128,500 yuan/ton [5]. 3. Industrial Dynamics and Interpretation - **Spot Market Quotation**: On October 15, the SMM battery - grade lithium carbonate index price was 73,037 yuan/ton, up 30 yuan/ton from the previous working day. The price range of battery - grade lithium carbonate was 72,400 - 73,600 yuan/ton, with an average price of 73,000 yuan/ton, remaining unchanged from the previous working day. The price range of industrial - grade lithium carbonate was 70,150 - 71,350 yuan/ton, with an average price of 70,750 yuan/ton, also remaining unchanged. The lithium carbonate futures price continued the oscillating trend, with the main contract in the range of 72,200 - 73,800 yuan/ton. In October, the supply is expected to increase steadily, but the strong demand in the power and energy - storage fields will drive the market into a significant de - stocking stage, resulting in a phased supply - tight situation [6]. - **Downstream Consumption**: According to preliminary statistics from the Passenger Car Association, from September 1 - 30, the retail sales of new - energy passenger vehicles nationwide reached 1.307 million, a year - on - year increase of 16% and a month - on - month increase of 17%. The penetration rate of new - energy passenger vehicle retail sales was 58.5%, and the cumulative retail sales this year reached 8.878 million, a year - on - year increase of 24%. The wholesale volume of new - energy passenger vehicles by manufacturers nationwide was 1.489 million, a year - on - year increase of 21% and a month - on - month increase of 15%. The wholesale penetration rate was 53.8%, and the cumulative wholesale volume this year reached 10.433 million, a year - on - year increase of 32% [7]. - **Industry News**: On September 20, the mechanical and electrical equipment of EVE Energy's Hungary base officially entered, marking the project's civil engineering entering a critical stage. The base is expected to be completed in 2026 and will supply large - cylindrical batteries to BMW Group's Debrecen plant. On September 25, Tianqi Lithium's 30,000 - ton battery - grade lithium hydroxide project in Zhangjiagang, Jiangsu was completed and put into operation. On September 20 - 24, Tibet Mining's 10,000 - ton lithium carbonate project at Zabuye Salt Lake completed a 120 - hour functional assessment, indicating its official operation, which is expected to significantly improve the domestic lithium resource self - sufficiency rate [8][9].

Core Viewpoint - Qinghai Salt Lake Industry Co., Ltd. has launched a 40,000 tons/year integrated lithium salt project, enhancing lithium resource extraction efficiency and quality, while strengthening China's self-supply capability in lithium resources [1] Group 1: Project Overview - The new project utilizes old brine from potassium fertilizer production as raw material, employing advanced "continuous ion exchange moving bed + membrane coupling" integrated technology [1] - The project has achieved a 25.63% increase in comprehensive yield across three lithium workshops, reaching 82.4%, thus optimizing lithium extraction efficiency and resource utilization [1] Group 2: Industry Impact - The project is expected to solidify Qinghai Salt Lake's leading position in the lithium industry, which is crucial for energy transition and achieving carbon neutrality goals [1] - The design and construction of the project align with industry standards, focusing on high-end, green, and intelligent development, leveraging "5G+" technology to promote green electricity projects [1]

Group 1: Report Industry Investment Rating No relevant information provided. Group 2: Core Views of the Report - The current lithium salt market shows strong supply and demand. After the holiday, as the downstream restocking pace slows, there is a risk of lithium salt price decline. The follow - up arrangements of Yichun lithium mica mines are yet to be clarified, and international macro factors may disrupt the market. For industrial silicon, the short - term supply and demand are acceptable, but there is uncertainty in the future. For polysilicon, the situation of strong expectation and weak reality continues, and the market may fluctuate [2][5][6]. Group 3: Summary by Directory Part I: Spot Prices 1.1 Plate Strategy Recommendation - For lithium carbonate 11, the market has strong supply and demand but a weakening atmosphere. It is expected to fluctuate and weaken. The upstream should seize the opportunity to sell and hedge when the price rises, and downstream cathode material enterprises should focus on low - price stockpiling or buying hedging. The support level is 68,000 - 70,000, and the pressure level is 75,000 - 76,000 [15]. - For industrial silicon 11, the demand - side reduction expectation is increasing, but there is still support below the price. It is expected to fluctuate within a range. Currently, it can be considered for long - position allocation within the range. The support level is 8,200 - 8,300, and the pressure level is 9,200 - 9,300 [15]. - For polysilicon 11, there are rumors about capacity control policies. It is expected to have wide - range fluctuations. Short - sellers should temporarily exit, and aggressive investors can consider going long at low prices. The support level is 47,000 - 48,000, and the pressure level is 52,000 - 53,000 [15]. - There are currently no good arbitrage opportunities [15]. 1.2 Futures and Spot Price Changes - The closing price of lithium carbonate is 72,680, with a daily increase of 0.55%, trading volume of 270,327, and an open interest of 192,931 (a decrease of 14,532 compared to the previous day), and 35,180 warehouse receipts [16]. - The closing price of industrial silicon is 8,520, with a daily decrease of 3.24%, trading volume of 287,277, and an open interest of 162,674 (a decrease of 3,048 compared to the previous day), and 51,197 warehouse receipts [16]. - The closing price of polysilicon is 49,990, with a daily increase of 2.55%, trading volume of 297,703, and an open interest of 81,388 (a decrease of 6,277 compared to the previous day), and 7,950 warehouse receipts [16]. Part II: Fundamental Situation 2.1 Lithium Carbonate Fundamental Data - **Production and Inventory Situation**: On Tuesday, the SMM battery - grade lithium carbonate index price was 73,007 yuan/ton, down 32 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 73,000 yuan/ton, and the average price of industrial - grade lithium carbonate was 70,750 yuan/ton, both down 100 yuan/ton from the previous working day. During the holiday week, the lithium carbonate production was 20,635 tons, an increase of 119 tons from the previous week, reaching a new weekly high. The total sample inventory of lithium carbonate last week was 134,801 tons, a decrease of 2,024 tons in the past two weeks, but the inventory was still at a high level. The weekly apparent demand for lithium carbonate was 21,647 tons, remaining at a recent high [2]. - **Downstream Situation**: The report does not provide detailed downstream situation information other than the demand data mentioned above [2]. 2.2 Industrial Silicon Fundamental Data - **Production and Inventory Situation**: The southwest region will enter the dry season in November, and production reduction plans may be gradually initiated at the end of October, but large factories in Xinjiang have production increase expectations. The total production of industrial silicon is expected to remain high in October and gradually decline in November [6]. - **Downstream Situation**: The traditional peak season demand performance is acceptable, with the output of the polysilicon segment continuing to increase. However, considering the industry's "production - limit and sales - control" self - discipline plan, the demand has great uncertainty. On Tuesday, there were rumors of capacity control in the photovoltaic industry, increasing concerns about future demand for industrial silicon [6]. 2.3 Polysilicon Fundamental Data - **Production and Inventory Situation**: Driven by high profits, enterprises' production enthusiasm is high. In October, the polysilicon output will exceed expectations. However, terminal demand is weak. As of October 10, the national polysilicon sample inventory was 253,900 tons, a weekly increase of 11,700 tons [8][9]. - **Downstream Situation**: The downstream is gradually reducing production. There are expectations of capacity control policies, which may affect the market [9].

报告期内，公司优质头部客户订单稳定，部分客户终端产品市场反馈良好带动公司锂盐产品第三季度销 量大幅增长。 雅化集团(002497.SZ)披露2025年前三季度业绩预告，公司预计归属于上市公司股东的净利润3.2亿元至 3.6亿元，同比增长106.97%至132.84%;扣除非经常性损益后的净利润2.55亿元至2.95亿元，同比增长 126.75%至162.32%。 ...

【雅化集团：前三季度净利同比预增107%-133% 锂盐产品第三季度销量大幅增长】智通财经10月14日 电，雅化集团(002497.SZ)发布2025年前三季度业绩预告，预计归属于上市公司股东的净利润为3.20亿 元-3.60亿元，比上年同期增长106.97%-132.84%。报告期内，公司优质头部客户订单稳定，部分客户终 端产品市场反馈良好带动锂盐产品第三季度销量大幅增长，同时加强矿、产、销平衡，提高效率，降低 成本，经营业绩显著提升。 转自：智通财经 ...

Core Viewpoint - Yahua Group expects a significant increase in net profit for the first three quarters, indicating strong operational performance and demand for lithium salt products [1] Financial Performance - The net profit attributable to shareholders is projected to be between 320 million and 360 million yuan, representing a year-on-year increase of 106.97% to 132.84% [1] - The net profit excluding non-recurring gains and losses is expected to be between 255 million and 295 million yuan, reflecting a year-on-year growth of 126.75% to 162.32% [1] Operational Highlights - The company has maintained stable orders from high-quality key customers, contributing to the growth in sales volume of lithium salt products in the third quarter [1] - Positive market feedback for some customers' end products has further driven sales growth [1] - Yahua Group has enhanced its production and operational management, focusing on balancing mining, production, and sales to improve efficiency and reduce costs [1]