一名投资者变成上市公司实控人需要多久？牛散王新给出了答案。 7月28日，江特电机发布公告称，北京伍佰英里科技有限公司（以下简称"伍佰英里科技"）以3.1亿元受 让实控人朱军、卢顺民持有的江特实业合计50%股权。权益变动完成后，公司控股股东未发生变化，但 公司实控人变更为朱军以及伍佰英里科技控股股东王新。 资料显示，"王新"这一名字在A股市场上较为活跃，是一名牛散，近年来曾出现在巨星农牧、唐人神、 深桑达A、宁波远洋的股东列表中。 从王新投资江特电机的历程来看，其最早于2017年四季度便现身公司前十大流通股东名单，此后虽然经 历了股价大起大落，但整体持股数量一直高企。最终，经过接近8年的时间等待后，在江特电机业绩疲 软的"契机"，王新完成了身份的重大转变。 牛散王新"入主" 江特电机的实控人终现变动。 7月28日，江特电机发布公告称，实控人朱军、卢顺民与伍佰英里科技签署协议，伍佰英里科技按6.3亿 元估值以3.1亿元，受让朱军、卢顺民持有的江特实业各25%合计50%股权。 股权结构显示，江特实业持有江特电气57.43%股权，江特电气则持有江特电机14.12%股份且是公司第 一大股东。交易完成后，伍佰英里科技将持 ...

恒银期货：碳酸锂价格或维持弱势震荡，需关注库存去化及反内卷政策落地情况 全球锂资源供应格局也在发生变化。非洲锂矿加速投放市场，6月中国锂辉石进口中非洲占比已达 48%，且512.9美元/吨的均价较澳矿低27%，直接压制国内锂云母提锂成本。紫金天风期货指出："随着 锂矿收紧的口径开始放松，即江西电池大厂自有锂矿或能实现续证，叠加反内卷情绪稍有降温，锂价开 启了加速下跌。"需求端表现分化：呈现"淡季不淡"但增量有限的特点 需求方面呈现"淡季不淡"但增量有限的特点。乘联会数据显示，7月新能源乘用车零售量预计达101万 辆，渗透率达54.6%，但总销量185万辆，环比下降11.2%。 储能市场成为需求亮点，全球储能电池出货量同比增长45%，但磷酸铁锂电池对碳酸锂单耗较动力电池 低30%，实际拉动有限。消费电子领域，华为、三星等旗舰机型采用镁合金替代部分锂材，进一步削弱 了3C领域的需求弹性。紫金天风期货数据显示，截至7月24日，磷酸铁锂库存环比-168吨至94878吨，显 示下游采购仍显谨慎。库存压力持续累积：供需失衡是压制价格的核心因素 碳酸锂库存持续攀升至14.32万吨，对价格形成明显压制。具体来看，上游环节减少 ...

文｜现代物流报 而在6月份，碳酸锂的价格有所波动。根据相关数据，电池级碳酸锂的均价在6月期间大致在6.02万~6.12万元/吨之间。 另外，需求端的增加也是锂价格上涨的重要因素之一。 是什么原因推动了此次锂价格上涨？未来市场的情况又将是何种趋势？ 这波锂价上涨，幕后推手是谁？ 业界人士认为，此次碳酸锂价格的大幅上涨，主要受到政策推动、供需关系改善以及市场情绪等因素的影响。 首先是"反内卷"政策产生了深远影响。 7月1日，中央财经委员会第六次会议强调，纵深推进全国统一大市场建设，要聚焦重点难点，依法依规治理企业低价无序竞争，引导企业提升产品品质， 推动落后产能有序退出。 （图源：新华社） 这一重磅会议震慑市场恶性竞争，从而推动了锂资源市场稳定价格，促进了行业理性健康发展。 其次，供需关系紧张也导致了价格的上涨。 此外，宜春市国土资源局向当地8家锂矿企业下发文件，要求涉及企业补充提交矿产资源储量核实报告的相关材料，虽未涉及责令整改、停产整顿等强制 性要求。但市场揣测可能出现停产整顿等情况，加剧了市场对锂矿供应紧张的担忧。 邢佳韵等学者研究指出，受新能源汽车产业拉动，全球动力电池对锂矿产需求将大幅上涨，到2025年 ...

Group 1: Macro Perspective - The Chinese government has initiated actions to combat "involution" in various industries, focusing on enhancing product quality and regulating low-price competition[3] - The recent meetings of the Central Economic Work Conference and the Central Finance Committee emphasize the need for a unified national market and the elimination of chaotic competition[9][14] - The "anti-involution" campaign is expected to reshape and invigorate the Chinese economy over the long term, addressing key economic bottlenecks[15] Group 2: Lithium Industry Insights - The lithium industry, as the upstream of the new energy vehicle supply chain, has seen intensified competition and a decline in lithium prices since 2023 due to excess capacity[4][16] - In 2024, China's lithium carbonate production capacity is projected to reach 1.3 million tons, with an output of 701,000 tons, reflecting a year-on-year increase of 35.4%[16] - Recent regulatory actions, including the rectification of Yichun lithium mines and the suspension of operations at Zangge Lithium, signal a government effort to stabilize lithium prices and restore order in the industry[19][20] Group 3: Investment Opportunities - The anti-involution movement is expected to create investment opportunities across emerging industries such as new energy vehicles, lithium batteries, and photovoltaics, as well as traditional industries facing overcapacity issues[6][21] - The restructuring of various industries in response to the anti-involution campaign is anticipated to yield a series of investment prospects[5]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - On July 28, the main contract of lithium carbonate futures hit the daily limit during intraday trading. The spot market trading was weak, and the basis changed from a discount to a premium. The price of lithium spodumene concentrate decreased, while the price of lithium mica increased. Last week, the production of lithium carbonate decreased. In terms of downstream demand, the production schedule of lithium iron phosphate and ternary materials increased last week, while the production schedule of lithium manganate decreased in June. The production of power batteries increased last week. In terms of terminal demand, although the year - on - year growth rate of new energy vehicle production and sales continued in June, the sales volume decreased month - on - month, and the 3C shipments were average. The production schedule of energy storage batteries increased in June. Registered warehouse receipts increased, social inventory decreased, smelters reduced inventory, and downstream and other sectors increased inventory. It is expected that the short - term price of lithium carbonate will fluctuate widely. It is recommended to continue holding out - of - the - money put options [1] Summary by Related Data Futures Market - On July 28, the closing prices of near - month contract, continuous - one contract, continuous - two contract, continuous - three contract, and the active contract of lithium carbonate futures were 71700 yuan/ton, 73120 yuan/ton, 71420 yuan/ton, 71420 yuan/ton, and 73120 yuan/ton respectively, all showing a decline compared with July 25. The trading volume of the active contract was 1005395 hands (-198029), and the open interest was 378472 hands (-112616) [1] Spot Market - The average price of SMM battery - grade lithium carbonate was 73900 yuan/ton, showing an increase compared with previous periods. The prices of various lithium - related products such as lithium hydroxide, ternary precursors, and lithium iron phosphate also showed different degrees of changes [1] Inventory - The inventory of lithium carbonate futures was 12276 tons (+280). The total social inventory of SMM lithium carbonate was 143170 tons, with smelters reducing inventory by 2654 tons and downstream and other sectors increasing inventory by 1544 tons and 1660 tons respectively [1] Spread - The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was 780 yuan/ton, showing an increase compared with previous periods. The spreads between different contracts also changed [1] Raw Material Prices - The average price of lithium spodumene concentrate (6%, CIF China) was 805 US dollars/ton (-5), and the average price of lithium mica (Li2O: 1.5% - 2.0%) was 1165 yuan/ton (unchanged) [1]

Key Insights - The report highlights the optimistic growth trajectory of the semiconductor industry in 2025, driven by AI demand and ongoing domestic substitution efforts [4][27] - The report emphasizes the increasing interest in convertible bonds on the Beijing Stock Exchange, suggesting they may become a key tool for strategic investments amid a supportive policy environment for mergers and acquisitions [3] - The lithium carbonate market has experienced significant price fluctuations due to supply contraction expectations and regulatory actions against illegal mining, indicating a shift in market dynamics [5][7] Semiconductor Industry - In June, the overall chip delivery times increased, with certain categories experiencing extended lead times, while the spot market remained stable [4][23] - Storage prices, particularly for LPDDR4X, saw substantial increases due to delays in packaging substrate deliveries and tight resource supply [4][23] - The forecast for Q3 2025 indicates a continued rise in delivery times and significant price increases for DRAM and NAND Flash products, driven by strong enterprise demand and AI investments [24][27] Lithium Market - The main lithium contract saw an 18.3% increase in the week of July 25, reaching 80,520 RMB/ton, marking a 37.9% rise from the June low [5][7] - Regulatory actions in July aimed at addressing illegal mining practices have intensified supply contraction expectations, contributing to price volatility [5][7] Investment Opportunities - The report suggests focusing on companies in the semiconductor storage sector, particularly those benefiting from price increases and domestic substitution trends [26][27] - It also recommends monitoring firms involved in the nuclear fusion sector, as the establishment of China Fusion Energy Co. is expected to accelerate investment and technological advancements in this area [7] Fund Holdings in Pharmaceuticals - As of Q2 2025, the active pharmaceutical fund size reached 191.6 billion RMB, reflecting a 3.5 billion RMB increase from Q1, while passive funds hit a record high of 143.4 billion RMB [16][29] - The report notes a shift in fund holdings, with a significant portion allocated to innovative drugs and traditional pharmaceuticals, indicating a strategic focus on growth areas within the sector [29][30]

Group 1 - The company, Shengxin Lithium Energy (002240), announced its first share repurchase through centralized bidding on July 28, 2025 [1] - A total of 2.6827 million shares were repurchased, accounting for approximately 0.29% of the company's total share capital [1] - The highest transaction price was 16.52 yuan per share, while the lowest was 16.05 yuan per share, with a total transaction amount of 43.3857 million yuan (excluding transaction fees) [1]

周一，碳酸锂期货主力合约盘中触及跌停，收盘报73120元/吨，单日跌幅达7.98%。市场分析指出，直 接触发因素可能为监管政策收紧，广期所近期发布多项风控措施，包括提高交易手续费，对碳酸锂期货 LC2509合约进行交易限仓等。此举或抑制投机多头情绪，引发资金踩踏出逃。此外，前期"江西矿 审""藏格停产"等事件驱动的情绪溢价，在政策明确降温后迅速消散。交易所风控措施或是导致价格下 跌的"关键推手"？ 7月7日，宜春自然资源局下发文件，指出当地8座矿山存在越权办理登记手续的问题，要求9月30日前补 报矿种变更储量核实报告待专家评审。其中一座矿山的采矿证将于8月上旬到期，市场担忧在补充材料 的窗口期内面临暂时停产的风险。 7月23日，广期所发布公告，调整碳酸锂交易手续费保准：自2025年7月25日交易时起，碳酸锂期货 LC2509合约的交易手续费标准调整为成交金额的万分之一点六，日内平今仓交易手续费标准调整为成 交金额的万分之一点六。 7月25日，广期所发布关于调整碳酸锂期货LC2509合约交易限额的通知：经研究决定，自2025年7月28 日交易时起，非期货公司会员或者客户在碳酸锂期货LC2509合约上单日开仓量不 ...

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - Supply - side rumor disturbances have led to a stronger price trend. At the current price level, downstream acceptance of spot goods is low, with few actual transactions and an increase in upstream hedging volume. In the short term, market sentiment is strong, but after the price rises, the pricing weights of fundamental contradictions and hedging pressure may increase. Industrial players can consider selling at high prices [3]. 3. Summary According to Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 72,900 yuan with a daily increase of 2,350 yuan; SMM industrial - grade lithium carbonate has an average price of 70,700 yuan with a daily increase of 1,800 yuan [1]. - Futures contracts: lithium carbonate 2508 has a closing price of 79,400 yuan with a daily increase of 8%; lithium carbonate 2509 has a closing price of 80,520 yuan with a daily increase of 7.99%; lithium carbonate 2510 has a closing price of 79,860 yuan with a daily increase of 7.86%; lithium carbonate 2511 has a closing price of 79,160 yuan with a daily increase of 7.99%; lithium carbonate 2512 has a closing price of 78,600 yuan with a daily increase of 7.35% [1]. Lithium Ore - Lithium spodumene concentrate (CIF China) (Li₂O: 5.5% - 6%) has an average price of 810 yuan with a daily increase of 46 yuan; lithium mica (Li₂O: 1.5% - 2.0%) has an average price of 1,165 yuan with a daily increase of 85 yuan; lithium mica (Li₂O: 2.0% - 2.5%) has an average price of 1,790 yuan with a daily increase of 135 yuan; phospho - lithium - aluminum stone (Li₂O: 6% - 7%) has an average price of 6,490 yuan with a daily increase of 645 yuan; phospho - lithium - aluminum stone (Li₂O: 7% - 8%) has an average price of 7,450 yuan with a daily increase of 650 yuan [1][2]. Cathode Materials - The average price of lithium iron phosphate (power type) is 33,255 yuan with a daily increase of 565 yuan; the average price of ternary material 811 (polycrystalline/power type) is 144,230 yuan with a daily increase of 780 yuan; the average price of ternary material 523 (single - crystal/power type) is 116,595 yuan with a daily increase of 650 yuan; the average price of ternary material 613 (single - crystal/power type) is 121,635 yuan with a daily increase of 760 yuan [2]. Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 2,200 yuan with a daily increase of 550 yuan; the difference between battery - grade lithium carbonate and the main contract is - 7,620 yuan with a daily decrease of 1,490 yuan; the difference between the near - month and the first - continuous contract is - 1,120 yuan with a daily decrease of 940 yuan; the difference between the near - month and the second - continuous contract is - 460 yuan with a daily decrease of 1,500 yuan [2]. Inventory - The total inventory (weekly, tons) is 143,170 tons with a weekly increase of 550 tons; the inventory of smelters (weekly, tons) is 55,385 tons with a weekly decrease of 2,654 tons; the inventory of downstream enterprises (weekly, tons) is 42,815 tons with a weekly increase of 1,544 tons; the inventory of other sources (weekly, tons) is 44,970 tons with a weekly increase of 1,660 tons; the registered warehouse receipts (daily, tons) is 11,996 tons with a daily increase of 342 tons [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 71,661 yuan, and the profit is 77,138 yuan; the cash cost of purchasing lithium mica concentrate externally is not clearly stated, and the profit is - 7,248 yuan [3]. Industry News - Jiangte Motor's subsidiary Yichun Yinli plans to conduct equipment maintenance on its production line starting from July 25, 2025, with an estimated maintenance time of 26 days, covering all lithium salt production lines [3]

Report Industry Investment Rating - No relevant content provided Core Views of the Report - The lithium ore supply remains abundant, and the high - frequency supply stays at a high level driven by prices. The lithium salt market has a cold trading atmosphere, and downstream players doubt the sustainability of high - priced lithium. However, policies from the Ministry of Industry and Information Technology and the National Development and Reform Commission have led to concerns about supply disruptions, causing prices to rise without obvious fundamental improvement [4]. - On the disk, driven by relevant policies and rumors, the positions expanded significantly to nearly 500,000 lots during the reporting period, while the exchange warehouse receipts were more than 10,000. The risk of the virtual - to - real ratio is high, and the position risk expectation rises [4]. - With policy guidance, lithium prices may still have room to rise. Policy - wise, the decision - making layer’s determination to address the "involution" phenomenon boosts market sentiment. On the disk, despite the false news of the suspension of the review of Jiangxi lithium mines, the positions increased significantly, and the market sentiment remained strong. Fundamentally, the upstream has a strong production - increasing expectation driven by high prices, while the downstream has a weak willingness to replenish inventory actively. The lithium market is expected to be guided by policy expectations, and prices may fluctuate strongly [4][15]. Summary by Relevant Catalogs Market Data - From July 18 to July 25, 2025, the prices of imported lithium raw ore (1.3% - 2.2%), imported lithium concentrate (5.5% - 6%), and domestic lithium concentrate (5.5% - 6%) increased by 6.91%, 4.83%, and 4.83% respectively. The battery - grade lithium carbonate spot price rose by 15.09%, and the industrial - grade lithium carbonate spot price decreased by 100%. The lithium carbonate inventory decreased by 1.14% [6]. Market Analysis and Outlook Last Week's Market Analysis - As of July 25, 2025, the Guangzhou Futures Exchange's warehouse receipt scale was 11,996 tons, and the latest matching transaction price was 63,580 yuan/ton. The position scale of the main contract 2509 was 491,000 lots [8]. - The weekly output of lithium carbonate was 18,548 tons as of July 25, an increase of 235 tons from the previous period. Rumors of the suspension of the review of Jiangxi lithium mines led to concerns about resource disruptions, causing lithium prices to rise and positions to expand by more than 100,000 lots. Driven by high prices, upstream supply will remain high [8]. - In May, the import volume of lithium carbonate was about 21,100 tons, a decrease of 25% month - on - month and 14% year - on - year. The import volume from Chile and Argentina decreased. In June, the shipment volume from Chile to China increased slightly, but it was still at a low level [9]. - In May, the import volume of lithium ore was about 605,000 tons, a decrease of 2.9% month - on - month. The import volume from Australia and South Africa increased, while that from Zimbabwe decreased significantly [10][11]. - In terms of downstream demand, the prices of cathode materials increased, but the trading was general. Material factories were still waiting and watching high - priced lithium, and the willingness to stock up was not high. In the new energy vehicle market, the consumption growth rate slowed down, and the potential consumption needs to be explored [12][13]. - As of July 25, the total lithium carbonate inventory was 119,616 tons, a decrease of about 1,374 tons from the previous period. The factory inventory and market inventory decreased, while the exchange inventory increased [14]. This Week's Outlook - With policy guidance, lithium prices may still have room to rise. Policy - wise, the draft amendment to the Price Law boosts market sentiment. On the disk, the market sentiment remains strong. Fundamentally, the upstream has a strong production - increasing expectation, while the downstream has a weak willingness to replenish inventory actively. The lithium market is expected to be guided by policy expectations, and prices may fluctuate strongly [15]. Industry News - Argentina rejected Ganfeng Lithium's application for the second - phase expansion of the Mariana project. Meanwhile, Galan's lithium project was approved [16]. - Yongxing Materials responded that its production and operation were normal, without production reduction or suspension [16]. - Yichun Yinli plans to stop production for equipment maintenance to reduce costs and ensure safety [16].