03 供给端 06 成本端 01 短期或区间调整 碳酸锂周报 2025/12/13 0755-23375139 zengyuke@wkqh.cn 从业资格号：F03121027 交易咨询号：Z0023147 曾宇轲（有色金属组） CONTENTS 目录 01 周度评估及策略推荐 04 需求端 02 期现市场 05 库存 周度评估及策略推荐 周度要点小结 ◆ 期现市场：12月12日，五矿钢联碳酸锂现货指数（MMLC）早盘报95527元，周涨5.13%。MMLC电池级碳酸锂均价为95750元。同日广期所 LC2605收盘价97720元，本周涨6.02%。 ◆ 供给：12月11日，SMM国内碳酸锂周度产量报21998吨，环比增0.3%。2025年11月国内碳酸锂产量95350吨，环比增3.3%，同比增48.7%，前11 月累计同比增43.7%。2025年11月智利碳酸锂出口数量为1.8万吨，环比减少28%，其中出口至中国的量1.47万吨，环比减少9%。11月智利出 口硫酸锂10132吨，全部出口至中国，环比增长493%。 ◆ 需求：据中汽协，11月，国内新能源汽车产销量分别完成188万辆和182.3万辆，同比分别增 ...

期货日报网讯（记者 刘威魁）12月12日，广州期货交易所（下称"广期所"）发布通知，修改《广州期 货交易所碳酸锂期货、期权业务细则》（下称《细则》），涉及碳酸锂期货基准交割品质量标准等内 容。其中，第四条的修改适用于碳酸锂LC2612合约及以后合约，第五十三条的修改自2025年12月12日 起实施。 据悉，本次修订内容参考新版电池级碳酸锂行业标准YS/T 582-2023进行调整，主要涉及《细则》中的 第四条，将基准交割品质量标准由"符合《中华人民共和国有色金属行业标准 电池级碳酸锂》（YS/T 582-2013）的要求"调整为"符合《中华人民共和国有色金属行业标准 电池级碳酸锂》（YS/T 582- 2023）的要求"，将基准交割品中磁性物质、水分含量、钠、镁、钙、镍、硼、粒度D50质量标准由"磁 性物质含量≤0.00003%，水分含量≤0.25%，Na≤0.025%，Mg≤0.008%，Ca≤0.008%，Ni≤0.001%， B≤0.005%，3μm≤D50≤8μm"调整为"磁性物质含量≤0.00002%，水分含量≤0.20%，Na≤0.02%， Mg≤0.005%，Ca≤0.005%，Ni≤0.000 ...

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 2025年12月12日 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，上周碳酸锂产量为21939吨，环比增长0.33%,高于历史同期平均水平。 需求端来看，上周磷酸铁锂样本企业库存为103681吨，环比减少0.63%,上周三元材料样本企业库存为18842 吨，环比减少2.68%。 成本端来看，外购锂辉石精矿成本为97323元/吨，日环比增长2.13%,生产所得为-5130元/吨，有所亏损；外 购锂云母成本为94369元/吨，日环比增长0.62%,生产所得为-4503元/吨，有所亏损；回收端生产成本普遍大 于矿石端成本，生产所得为负，排产积极性较低；盐湖端季度现金生产成本为31477元/吨，盐湖端成本显著低 于 ...

Summary of the Conference Call for Cangge Mining Industry and Company Overview - The conference call discusses Cangge Mining, focusing on its operations in the potassium chloride and lithium carbonate sectors, as well as its investments in copper mining through its stake in Jilong Copper Industry [2][3]. Key Points and Arguments Potassium Chloride Segment - The company targets a production of 1 million tons and sales of 900,000 tons of potassium chloride for 2025. In the first three quarters, it achieved a production of 701,600 tons and sales of 783,800 tons, with a tax-inclusive selling price of approximately 2,920 RMB, reflecting a year-on-year increase of 26.88% [2][3]. - The high prices of potassium fertilizers globally and domestic winter storage demand are significant contributors to this performance [2]. Lithium Carbonate Segment - In the lithium carbonate sector, the company produced 6,021 tons and sold 4,800 tons in the first three quarters, adjusting its annual production and sales target to 8,510 tons. The production target for 2026 is projected to be between 10,000 to 12,000 tons [2][3]. - The company maintains an optimistic outlook on lithium prices and focuses on cost optimization [2][3][11]. Copper Mining Investment - Cangge Mining holds a 30.78% stake in Jilong Copper Industry, which contributed significant profits, with an investment income of 1.95 billion RMB in the first three quarters, accounting for about 71% of the company's net profit. Jilong Copper's production target for the year is between 185,000 to 190,000 tons [2][5]. Project Developments - The Mami Cuo project is expected to commence production next year, with limited impact from winter construction. The estimated cost is around 30,000 RMB per ton [2][4][6]. - The company has a priority purchase right regarding its stake in Mami Cuo, contingent upon the completion of the first phase of the project [7]. - The Laos potassium salt mine project has an exploration reserve of 984 million tons, and the company is confident in its potential despite the Lao government's temporary suspension of mining in the Vientiane area [4][15][16]. Cost Management - The expected production cost for the Mami Cuo project is 30,000 RMB per ton, benefiting from superior resource endowment and ongoing technological optimizations since 2017 [12][13]. - The production cost for the Qinghai headquarters is projected to be around 40,000 RMB per ton, with a total cost of approximately 50,000 RMB [19]. Market Outlook - The company views the recent fluctuations in lithium prices positively, asserting that it has a cost advantage that allows for profit even during price declines. It plans to continue its projects without adjustments due to price changes [10][11]. - The demand for lithium in energy storage and power sectors is expected to grow, particularly driven by electricity shortages in Europe and the U.S. and advancements in AI [11]. Other Important Information - The company is focused on maintaining production efficiency and quality while pursuing new projects like the Mami Cuo and Laos potassium salt mine [3]. - The company has made significant progress in its key projects and is prepared to report on developments as they occur [4][15][16].

Group 1: Market Performance and Institutional Interest - A total of 223 listed companies received institutional research during the week of December 1-5, with only 30% of the researched stocks achieving positive returns, highlighting a mixed market sentiment [1] - Notable performers included HaiXin Food, which rose nearly 32%, and other companies like Tongyu Communication, Jereh, and Kexiang, which saw increases of over 20% [1] - Jereh remained the most researched company, attracting 176 institutions, and its stock price increased by 26.40% during the week [2] Group 2: Jereh's Strategic Developments - Jereh's subsidiary signed a sales contract for power generation units worth over $100 million with a global AI industry leader, marking a strategic upgrade in the North American market [2] - The company also secured another contract for gas turbine generator sets, emphasizing its capabilities in providing reliable and flexible power generation solutions for data centers and industrial applications [2][3] Group 3: Tianhua New Energy's Strategic Investment - Tianhua New Energy hosted 76 institutional research meetings, focusing on its core business in lithium battery materials, which accounts for over 90% of its revenue [4] - The company announced a strategic investment from CATL, which will acquire a 13.54% stake, enhancing Tianhua's operational stability and growth potential [4] - Tianhua plans to expand its lithium salt production capacity from 16.5 million tons/year to 25-26 million tons/year to solidify its market position [5] Group 4: Three Gorges Tourism's Project Updates - Three Gorges Tourism engaged with 60 institutions, discussing the progress of its inter-provincial cruise project, with the first two self-built cruise ships expected to be operational by mid-2026 [7] - The company reported a low debt ratio of 18.81% as of Q3 2025, indicating strong financial health and the ability to self-fund project shortfalls without immediate equity financing [7] Group 5: Dajin Heavy Industry's European Expansion - Dajin Heavy Industry welcomed 58 institutions for research, showcasing advancements in shipbuilding and overseas business development [8] - The company has secured a contract worth approximately 1.339 billion yuan for a project with a leading European energy firm, expected to be completed by 2027 [8][9] - Dajin is focusing on expanding its service offerings in Europe, transitioning from a product supplier to a system service provider, thereby enhancing its competitive edge in the region [9]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 重要提示： 1、本次股东会未出现否决提案的情形。 2、本次股东会不涉及变更以往股东会已通过决议的情形。 一、会议召开的情况 （一）会议召集人：公司第八届董事会 （六）会议的召集、召开与表决程序符合《中华人民共和国公司法》及《公司章程》等有关规定。 二、会议出席的情况 （一）出席的总体情况 （二）会议召开时间： 1、现场会议时间：2025年12月4日（周四）下午14:30开始 2、网络投票时间：2025年12月4日（周四） 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年12月4日上午9:15－9:25，9:30 －11:30，下午13:00－15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2025年12月4日 上午9:15至下午15:00期间的任意时间。 （三）现场会议召开地点：四川省成都市武侯区桂溪街道锦云西一巷成都交易所大厦14楼公司会议室。 （四）会议召开方式：现场表决与网络投票相结合方式 （五）会议主持人：董事长周祎先生 ...

（文章来源：每日经济新闻） 盐湖股份（000792.SZ）12月4日在投资者互动平台表示，目前，4万吨锂盐项目整体运行平稳，效能提 升态势良好，日产量达60~70吨，纯度稳定在99.7%以上，装置连续无故障运行。公司本年度碳酸锂生 产计划为3000吨，从当前进展来看，该目标有望超额完成。 每经AI快讯，有投资者在投资者互动平台提问：新4万吨产能已经生产2个月了，现在月、日产量是多 少？ ...

人民财讯12月4日电，盐湖股份12月4日在互动平台表示，目前，4万吨锂盐项目整体运行平稳，效能提 升态势良好，日产量达60—70吨，纯度稳定在99.7%以上，装置连续无故障运行。公司本年度碳酸锂生 产计划为3000吨，从当前进展来看，该目标有望超额完成。 转自：证券时报 ...

1. Report's Investment Rating for the Industry - No information provided regarding the report's investment rating for the industry 2. Core Viewpoints of the Report - In 2025, the price of lithium carbonate first declined and then rebounded, and currently, industry leaders are bullish on the demand and price of lithium carbonate in 2026. The market is conducting long - short trading around the resumption of production at Jiangxi mines, and the exchange has introduced policies to suppress price fluctuations [2] - The demand for lithium carbonate in the fourth quarter of 2026 is expected to increase, and the supply is restricted. The cost is rising, which forms a support for the price. The price is expected to be between 100,000 - 150,000 yuan/ton [11][12] 3. Summary by Relevant Catalogs 3.1 Research Background and Route - **Background**: In 2025, due to oversupply, the price of lithium carbonate dropped from 80,000 yuan/ton at the beginning of the year to around 60,000 yuan/ton at the end of June. Then, driven by favorable fundamentals, it climbed to around 100,000 yuan/ton. The market has different views on the future price, so the research was carried out [2] - **Route**: The research route covered Jiujiang, Xinyu, and Yichun, with a total of 7 research samples, including 4 lithium salt enterprises, 1 lithium mine enterprise, 1 battery enterprise, and 1 industry association [3] 3.2 Summary of Enterprise and Industry Research Information 3.2.1 Lithium Salt Enterprises - **J Company**: It extracts lithium hydroxide and lithium carbonate from lithium - containing minerals. The planned production capacity is 50,000 tons, with 20,000 tons of flexible production lines already built. The production ratio of lithium hydroxide to lithium carbonate is 1:1. It uses the causticization route, with over 60% of the ore used to produce lithium hydroxide. The raw materials are mainly from salt lakes and recycling, and the inventory is about one week. The monthly sales volume is 1200 - 1400 tons, and it plans to conduct hedging [4] - **L Company**: It processes lithium salt relying on upstream cooperative mining enterprises. The current production capacity is 40,000 tons, and the current monthly output is 3300 tons. The raw materials are mainly from Hunan, and the price is calculated based on futures and processing fees. It is in a state of full production and full sales, and the price is set according to futures [4][5] - **H Company**: It is one of the earliest companies to extract lithium from mica, with a production capacity of 15,000 tons. It is in full - production, and the raw materials are mainly mica ore and recycled materials. The supply is affected by the market price of lithium carbonate [5] - **T Company**: It engages in lithium salt toll - processing, with a production capacity of 5000 tons. The downstream demand is good, and the production is scheduled until the first half of next year. The processing fee has decreased, and it participates in futures hedging. It estimates that the price of lithium carbonate will reach 150,000 yuan/ton next year [5][6] 3.2.2 Lithium Mine Enterprise - **Z Company**: The mine has an annual production capacity of 600,000 tons of lithium concentrate. After the technological transformation at the end of this year, the corresponding production capacity of lithium fluoride and lithium carbonate will be 72,000 tons. The current production capacity is about 60,000 tons, and it is expected to reach 50,000 - 60,000 tons in 2026. It also produces rubidium and cesium salts, with a profit margin of over 50%. It has participated in futures hedging of several thousand tons [7] 3.2.3 Battery Enterprise - **D Company**: It focuses on high - end semi - solid polymer small - power lithium - ion batteries, with products used in drones and two - wheeled vehicles. The downstream order demand is strong, and the prices of raw materials such as electrolyte, diaphragm, and cathode materials are rising. It believes that the price of lithium carbonate will be above 100,000 yuan/ton, and the demand for small - power batteries will be huge [8][9] 3.2.4 Industry Association - **F Branch**: In November 2025, the global supply of lithium carbonate was about 115,000 tons, with a demand of 128,000 tons, a gap of 13,000 tons. The A - share lithium mining sector has room for valuation repair. The whole - industry chain inventory is at a historical low, with strong demand resilience and huge restocking demand [10] - **Demand**: In 2026, the adjustment of the purchase tax exemption policy will drive the demand for new energy vehicles, and the breakthrough in all - solid - state battery technology will open up the application space for lithium resources. The demand for lithium carbonate in the energy storage field is increasing [11] - **Supply**: The resumption of production of a core lithium mine in Jiangxi is delayed, the production capacity and output of lithium mica enterprises in Yichun have decreased, and the supply expansion of overseas lithium resources is restricted [11][12] - **Cost**: The cost of lithium carbonate is rising, and 80,000 yuan/ton is the critical line for the restart of high - cost production capacity [12] - **2026 Expectation**: The optimistic expectation is that the demand growth rate is 30 - 40%, and the price is expected to exceed 150,000 yuan/ton. The neutral expectation is that the price will be maintained at 100,000 - 140,000 yuan/ton [12] 3.3 Summary of Lithium Salt Research - **Supply and Demand**: The prices of the whole lithium carbonate industry chain are rising, and enterprises generally believe that the price will be above 100,000 yuan/ton next year. The leading lithium salt enterprises in Yichun are in a state of full production and full sales, while non - leading enterprises are in a state of suspension [13] - **Quotation**: The sales prices of lithium ore, recycled materials, and lithium carbonate are basically linked to the market price of lithium carbonate plus or minus the processing fee [14] - **Resumption of Production**: The Jiuxiaowo mine is still shut down, and the earliest resumption of production will be at the end of December or early next year. The actual monthly supply of lithium carbonate is about 7000 tons [14] - **Cost**: The cost of lithium mica is equivalent to a lithium carbonate price of 100,000 yuan/ton, and the cost of the Jiuxiaowo mine is expected to be 80,000 yuan/ton [14] - **Future Supply and Demand and Price**: It is expected that in 2026, the global supply of lithium carbonate will be 2.089 million tons, and the demand will be 2.004 million tons, with a static surplus of 85,000 tons. Considering the restocking demand, the supply - demand structure will be in short supply, and the price is likely to fluctuate between 100,000 - 140,000 yuan/ton [14]

（文章来源：证券日报） 证券日报网讯 11月28日，川能动力在互动平台回答投资者提问时表示，德阿锂业3万吨/年锂盐项目于 2025年7月31日顺利产出合格电池级锂盐产品，目前碳酸锂装置运行状况良好，为项目全面达标达产奠 定了基础。 ...