碳酸锂期货日报 行业 日期 2025 年 12 月 31 日 一、 行情回顾与操作建议 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 请阅读正文后的声明 ＃summary＃ 每日报告 每日报告 数据来源：Wind，建信期货研究发展部 图1：碳酸锂现货价及价差 图2：碳酸锂期货持仓量成交量 数据来源：Wind，建信期货研究发展部 碳酸锂期货探底回升，总持仓增 212，贵金属大跌令期货早盘低开，但现货报价 相对坚挺令期货止跌，钢联早盘优质电碳报价 117000，晚盘报价 117250，下调 2050，现货再度对盘面贴水。澳矿降 15 至 1550，锂云母持平 3400，三元涨 100-150， 铁锂持平，电解液持平。12 月 25 日至 29 日 ...

Group 1 - The Chinese government will implement a new subsidy policy for equipment updates and consumer goods replacement starting in 2026, optimizing support areas and subsidy standards [2] - The subsidy for updating old elevators will be adjusted to a tiered system based on the number of floors, while the car replacement subsidy will be based on a percentage of the car price [2] - The policy aims to support small and medium-sized enterprises and improve the application process to reduce investment thresholds [2] Group 2 - SoftBank has completed a $40 billion investment commitment to OpenAI, marking one of the largest private financings in history [3] - This investment aligns with SoftBank's strategy to focus on AI and related infrastructure, following the sale of its Nvidia shares for $5.8 billion [3] - After this round of investment, SoftBank's ownership in OpenAI exceeds 10% [3] Group 3 - Elon Musk confirmed that xAI has acquired a third building, increasing its AI training computing power to nearly 2 gigawatts [4] - The new facility is located in Southaven, Mississippi, adjacent to xAI's second data center, Colossus 2 [5] - xAI is actively seeking financing to support its expansion plans, having previously discussed raising $20 billion in debt and equity [5] Group 4 - Warner Bros. plans to reject Paramount's acquisition proposal again, as the board is concerned about the lack of increased offers [6] - Paramount's latest offer includes a commitment from billionaire Larry Ellison to guarantee $40.4 billion in equity financing [6] - The board will meet next week to discuss the proposal further [6] Group 5 - The Federal Reserve's December meeting minutes reveal significant internal divisions regarding future interest rate cuts, with some officials supporting a 50 basis point cut [7] - The Fed lowered the federal funds rate target range to 3.50% to 3.75%, with a vote of 9-3, marking the highest dissent since 2019 [7] - Some officials expressed uncertainty about the need for further cuts due to missing key economic data from a government shutdown [7] Group 6 - A new tax policy will exempt individuals from value-added tax (VAT) when selling homes purchased for over two years, effective January 1, 2026 [8][9] - Homes sold within two years will incur a 3% VAT [8] Group 7 - Tesla's website has published a pessimistic delivery forecast, predicting a 15% year-over-year decline in Q4 deliveries, totaling approximately 422,850 vehicles [10] - This decline is attributed to the expiration of U.S. tax credits and increasing global competition [10] - Tesla's total deliveries for 2025 are expected to be between 1.6 million and 1.65 million, marking an 8% year-over-year decrease [10] Group 8 - Disney has agreed to pay a $10 million civil penalty to settle allegations of violating the Children's Online Privacy Protection Act related to YouTube content [11] - The allegations state that Disney failed to properly indicate that its YouTube videos were directed at children, leading to unauthorized data collection [11] Group 9 - Ganfeng Lithium has been sent for prosecution due to alleged insider trading, with the company stating that its operations remain normal and the issue is historical [12][13] - Following the announcement, Ganfeng's stock fell by 3.78% in A-shares and 2.74% in Hong Kong shares [13] Group 10 - The first oral insulin application by Tianhui Biotech was not approved, with the company stating that the withdrawal was a strategic decision [23][24] Group 11 - The new generation of digital RMB system will officially launch on January 1, 2026, as announced by the People's Bank of China [30] Group 12 - Xiaopeng Motors' chairman, He Xiaopeng, predicts that true fully autonomous driving will arrive in 2026, skipping L3 and moving directly from L2 to L4 [32]

Group 1 - Tianqi Lithium announced the resignation of its director and CFO Zou Jun due to personal career planning, with Zhu Hui appointed as the new CFO, indicating a normal personnel adjustment without impacting daily operations or decision-making [1] - The market remains sensitive to management changes amid a downturn in lithium prices, but the transition is viewed as a continuation of internal team optimization without substantial impact on the company's fundamentals [1] Group 2 - Salt Lake Co. plans to acquire 51% of Minmetals Salt Lake for 4.605 billion yuan, which will make Minmetals Salt Lake a subsidiary and included in consolidated financial statements, enhancing the company's competitive edge and resource utilization [2] - The acquisition is seen as a key move in resource integration, significantly increasing the company's influence in the potassium and lithium sectors and accelerating the development of a world-class salt lake industrial base [3] Group 3 - Shengxin Lithium Energy intends to acquire 30% of Qicheng Mining for 2.08 billion yuan, which will result in full ownership of Qicheng Mining, known for its high-grade lithium resources [4] - This acquisition is expected to strengthen the company's position in the high-quality lithium mining sector in Sichuan, enhancing its integrated lithium battery material capabilities and long-term competitiveness [4]

Mergers and Acquisitions - Yilong Co. plans to acquire 51% stake in Wenkong Salt Lake from its controlling shareholder for a cash consideration of 4.605 billion yuan, making Wenkong Salt Lake a subsidiary and included in the consolidated financial statements [1] - Shengxin Lithium Energy intends to acquire 30% stake in Qicheng Mining for 2.08 billion yuan, which will result in 100% ownership of Qicheng Mining, enhancing control over Huirong Mining, known for its high-grade lithium mine with an annual production capacity of 3 million tons [2] - Mingde Bio plans to acquire 100% stake in Wuhan Bikaier Rescue Supplies for cash, which is expected to constitute a major asset restructuring [3] - CITIC Special Steel's wholly-owned subsidiary plans to acquire 100% stake in Fujing Special for 1.51 billion yuan, which will support the company's global strategy and optimize its industrial chain [4] Shareholding Changes - Su Shi Testing's controlling shareholder plans to reduce its stake by up to 2%, equating to a maximum of 10.17 million shares, representing 6.26% of its holdings [5] - Hongxun Technology's controlling shareholder intends to reduce its stake by up to 3%, totaling a maximum of 1.21266 million shares through various methods [6] - Youbuxun's controlling shareholder and its concerted action party plan to reduce their combined stake by up to 2.96%, amounting to a maximum of 950.22 million shares [7]

Core Viewpoint - Tianqi Lithium Industries announced the resignation of Mr. Zou Jun from his positions as Executive Director, Vice General Manager, and Financial Officer due to personal career planning reasons, effective immediately upon delivery of the resignation letter to the board [1] Group 1 - The board of directors received the resignation letter on December 30, 2025 [1] - Mr. Zou Jun will no longer hold any positions within the company, its subsidiaries, or associated companies after his resignation [1] - The sixth board of directors held its 28th meeting on December 30, 2025, where the appointment of senior management was approved [1] Group 2 - Mr. Zhu Hui has been appointed as the new Vice General Manager and Financial Officer, with his term lasting until the current board's term expires [1]

Company Announcements - Tianpu Co., Ltd. has seen a cumulative increase of 718.39% in stock price from August 22 to December 30, leading to a suspension for verification starting December 31, 2025 [1] - Dongjie Intelligent has terminated its major asset restructuring plan and will resume trading on December 31, 2025 [2] - Zijin Mining expects a net profit increase of 59%-62% for 2025, with significant increases in the sales prices of gold, copper, and silver [2] - Jinpan Technology signed a contract for an overseas data center project worth approximately 696 million yuan [3] - Yanhai Co., Ltd. plans to acquire 51% of Wenkang Salt Lake for 4.605 billion yuan to enhance its salt lake industry base [5] - Shengxin Lithium Energy intends to acquire 30% of Qicheng Mining for 2.08 billion yuan, which is developing a lithium mine with an annual capacity of 3 million tons [7] - Mingde Bio plans to acquire 100% of Wuhan Bikaier Rescue Supplies Co., Ltd. in a significant asset restructuring [8] - Guotou Zhonglu plans to issue shares to acquire 100% of China Electronics Engineering Design Institute for 6.026 billion yuan [9] - Zhaoxing Co., Ltd. plans to invest 1.53 billion yuan in intelligent robotics and high-precision components for automotive applications [10] Stock Movements - Chaojie Co., Ltd. reported a reduction of 3.00% in shares by its controlling shareholder from November 25 to December 29, 2025 [6] - Five Continents New Spring's third-largest shareholder reduced holdings by 2.73% from November 3 to December 29, 2025 [13] - Zhongju Gaoxin plans to repurchase shares worth 300 million to 600 million yuan for capital reduction [20] Contracts and Projects - Zhejiang Construction signed an 18 billion yuan construction contract for a campus project [23] - Shen Si Electronics won a 199.8 million yuan project for low-altitude flight management services in Jinan [24] - Wangfujing signed a contract for a duty-free project at Beijing Capital International Airport, with a minimum operating fee of 113 million yuan [25] Investments and Financing - Tianyuan Co., Ltd. plans to invest 1.483 billion yuan in a titanium dioxide project [15] - Zhongke Co., Ltd. plans to invest 1.741 billion yuan in an expansion project for lead-zinc mining [16] - Zongheng Co., Ltd. plans to raise up to 548 million yuan for drone systems and AI technology projects [26]

证券日报网讯 12月30日，盛新锂能发布公告称，盛新锂能第八届董事会第二十七次会议审议通过《关 于全资子公司收购启成矿业股权暨增加与关联方共同投资的议案》等。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 12月30日，西藏城投在互动平台回答投资者提问时表示，国能矿业结则茶卡3万吨碳酸锂 项目技改后的环境评估报告已完成第一次公示，正在进行内部审查，完成后准备送审工作。 ...

Group 1 - Tianqi Lithium announced the approval of the proposal regarding the upper limit of continuous related transactions under the Albemarle agreement for the year 2026 [1] - The company also approved the proposal for the appointment of senior management personnel during the 28th meeting of the sixth board of directors [1]

Core Viewpoint - Shengxin Lithium Energy (002240) announced the convening of its first extraordinary shareholders' meeting for 2026 on January 15, 2026, to review two related party transaction proposals, including a cooperation framework agreement for lithium salt products and the acquisition of equity in Qicheng Mining by its wholly-owned subsidiary [1] Group 1 - The shareholders' meeting will be held at 14:30 on January 15, 2026, and will utilize a combination of on-site and online voting [1] - The record date for shareholding is set for January 12, 2026 [1]