ITG国贸期货 投资咨询业务资格:证监许可【2012】31号 碳酸锂数据日报 国贸期货研究院 谢灵 投资咨询号: Z0015788 从业资格号: F3040017 2025/07/01 有色金属研究中心 研究助理 陈宇森 从业资格号: F03123927 数据来源:SMM,公开新闻整理 100000 锂化合物 平均价 涨跌 SMM电池级碳酸锂 61300 150 80000 4000 SMM工业级碳酸锂 59700 150 收盘价 涨跌幅 期货合约 60000 碳酸锂2507 62420 -0. 32% 碳酸锂2508 62440 -0. 6% 40000 碳酸锂2509 -0. 77% 62260 碳酸锂2510 - 1000 62100 -0. 86% 20000 碳酸锂2511 62080 -0. 61% 平均价 锂矿 锂辉石精矿(CIF中国) 630 46 est (1 i 20 · 5 5%-6%) | | 锂云母 | 720 | | 电碳-工碳价差 元/吨 | - 工业级碳酸锂-平均价 - 电池级碳酸锂-平均价 TT/ J T./ HH | | | --- | --- | --- | --- | ...

Core Viewpoint - The credit rating agency has maintained an AA rating for the company, indicating strong operational capabilities and significant resource advantages in iron ore and lithium mining, despite facing challenges related to capital expenditure and market conditions [2][4]. Company Overview - The company is a leading player in iron ore mining in China, with substantial production capacity and cost advantages, ranking high in profitability and operational efficiency [2][4]. - As of the end of 2024, the company's iron ore reserves have increased significantly, with lithium resources also ranking among the top in the industry, indicating strong growth potential [3][16]. Financial Performance - The company's total assets reached 158.11 billion yuan, with equity attributable to shareholders at 65.12 billion yuan, and total debt at 75.55 billion yuan, reflecting a year-on-year increase [2][3]. - The operating income for the company was 40.58 billion yuan, with a net profit of 2.25 billion yuan, indicating a decline compared to previous periods [3][4]. - The EBITDA margin was reported at 44.57%, showcasing the company's ability to maintain profitability despite market pressures [3][4]. Market Conditions - The iron ore market is expected to face downward pressure due to weak demand from the steel industry, with iron ore prices likely to decline further [4][9]. - The company is experiencing challenges in the downstream steel market, with reduced demand for its products, particularly pellets, leading to lower production utilization rates [4][11]. Investment and Capital Expenditure - The company is under significant capital expenditure pressure due to ongoing mining projects, particularly in the lithium sector, which require substantial investment and have long construction periods [4][6]. - The company has adjusted its fundraising plans to allocate more resources to lithium projects, indicating a strategic shift towards diversifying its resource base [6][8]. Competitive Position - The company maintains a competitive edge in the iron ore sector, with a strong resource base and established relationships with major steel manufacturers [4][16]. - The company’s lithium resources are positioned to become a significant part of its portfolio, enhancing its market position in the growing battery materials sector [16][18]. Future Outlook - The credit rating agency has a stable outlook for the company, anticipating continued operational strength and cash flow stability, despite the challenges posed by market conditions [4][9]. - The company is expected to leverage its resource advantages to navigate the competitive landscape effectively, with a focus on enhancing production efficiency and expanding its market share [4][16].

债券代码：127070 债券简称：大中转债 大中矿业股份有限公司 公开发行可转换公司债券受托管理事务报告 （2024年度） 发行人 大中矿业股份有限公司 （住所：内蒙古自治区包头市黄河大街55号） 债券受托管理人 （住所：北京市东城区东直门南大街3号国华投资大厦9层10层） 二〇二五年六月 大中矿业股份有限公司公开发行可转换公司债券受托管理事务报告（2024 年度） 声明 国都证券股份有限公司（以下简称"国都证券"或"受托管理人"）编制本报 告的内容及信息均来源于大中矿业股份有限公司（以下简称"发行人"或"公司"） 提供的2024年度审计报告、2024年年度报告以及发行人向国都证券出具的文件资 料。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应该将本报告中的任何内容据以作为国都证券所作的承 诺或声明。在任何情况下，未经国都证券书面许可，不得用作其他任何用途，投 资者依据本报告所进行的任何作为或不作为，国都证券不承担任何责任。 大中矿业股份有限公司公开发行可转换公司债券受托管理事务报告（2024 年度） 目 录 第十章 与发行人偿债能力和增信措施有关的其他情况及受 ...

Core Viewpoint - Hainan Mining has signed a lithium spodumene off-take agreement with its wholly-owned subsidiary LMLB, which will enhance the company's competitiveness and influence in the new energy sector [1] Group 1 - The agreement stipulates that starting from January 1, 2026, all lithium spodumene produced from the Buguni lithium mine project phase one will be sold to Hainan Mining [1] - The agreement employs a base price mechanism, with the annual base price determined by a mutually agreed formula [1] - This agreement is a significant step in the company's ongoing integration of lithium mining and lithium salt processing business [1]

Report Summary 1. Report Industry Investment Rating - No information about the industry investment rating is provided in the given content. 2. Core View of the Report - The report indicates that the lithium carbonate market may continue to experience high volatility due to pressure on fundamentals and contradictions in warehouse receipts [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Contracts Data**: - For the 2507 contract, the closing price was 63,240, with a change of 1,660 compared to T - 1. The trading volume was 29,486, a decrease of 1,804 from T - 1, and the open interest was 25,365, down 10,916 from T - 1 [1]. - For the 2509 contract, the closing price was 63,300, up 1,800 from T - 1. The trading volume was 615,010, an increase of 228,028 from T - 1, and the open interest was 341,448, a decrease of 3,768 from T - 1 [1]. - **Warehouse Receipts**: The warehouse receipt volume was 21,998, a decrease of 592 from T - 1 [1]. - **Basis**: - The basis of spot - 2507 was - 2,090, and spot - 2509 was - 2,150 [1]. - The basis of 2507 - 2509 was - 60 [1]. - **Raw Materials and Lithium Salts**: - Lithium spodumene concentrate (6%, CIF China) was priced at 629, up 4 from T - 1 [1]. - Battery - grade lithium carbonate was priced at 61,150, up 550 from T - 1 [1]. - Industrial - grade lithium carbonate was priced at 59,550, up 550 from T - 1 [1]. - Other related lithium - salt products also showed various price changes [1]. 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 61,279 yuan/ton, up 534 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 61,150 yuan/ton, up 550 yuan/ton, and that of industrial - grade lithium carbonate was 59,550 yuan/ton, up 550 yuan/ton [2]. - Zhongkuang Resources announced that its subsidiary Zhongkuang Lithium Industry plans to upgrade its 25,000 - ton - per - annum lithium salt production line and invest in a 30,000 - ton - per - annum high - purity lithium salt technical renovation project with a total investment of 120.74 million yuan. After the project is completed, the company will have a total annual production capacity of 71,000 tons of battery - grade lithium salts [3]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral trend, with the value ranging from - 2 (most bearish) to 2 (most bullish) [3].

ITG国贸期货 投资咨询业务资格:证监许可【2012】31号 碳酸锂数据日报 谢灵 投资咨询号: Z0015788 从业资格号: F3040017 国贸期货研究院 2025/06/30 有色金属研究中心 研究助理 陈宇森 从业资格号: F03123927 数据来源:SMM,公开新闻整理 100000 锂化合物 平均价 涨跌 SMM电池级碳酸锂 61150 550 80000 4000 SMM工业级碳酸锂 59550 550 收盘价 涨跌幅 期货合约 60000 碳酸锂2507 63240 3.03% 碳酸锂2508 63340 3.06% 40000 碳酸锂2509 3. 33% 63300 碳酸锂2510 - 1000 63200 3.23% 20000 碳酸锂2511 63100 3.27% 平均价 锂矿 锂辉石精矿(CIF中国) 629 4 46 297 (Li20:5 5%-6%) 利润估算 种类 外购锂辉石精矿现金成本 60767 H 利 生 注 外购锂辉石精矿利润 -466 65930 F 外购锂云母精矿现金成本 外购锂云母精矿利润 -7131 行业 津巴布韦将从 2027 年起禁止锂精矿出口。根 ...

碳酸锂周报 盘面脱实向虚 锂价或将回调 核心观点及策略 2024 年 6 月 30 日 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jygh.com. cn 从业资格号：F03112296 投资咨询号：20021040 敬请参阅最后一页免责声明 1 / 9 ⚫ 基本面：资源端暂无扰动，港口矿库存虽有去化，但整体 维持高位。盘面价格上涨提振现货商积极出货，但下游接 货意愿不强，材料厂刚需采买，现货资源充裕，市场交投 相对平稳。储能市场热度延续，动力终端消费尚可，但有 部分车企计划缩减排产。 ⚫ 成本方面：报告期内，受盘面价格上涨提振，锂矿价格 ...

碳酸锂期货日报 行业 日期 2025 年 6 月 30 日 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 一、 行情回顾与操作建议 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 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 碳酸锂期货继续上涨，锂价连涨五天多头趋势排列明显，日内工业品大多上涨， 市场做多氛围浓厚，碳酸锂现货涨幅继续落后，电碳涨 550 至 61150，现货价继 续低于盘面价，07-09 转为正向结构，交割继续有利可图，但交易所仓单再度转 为下降 592 吨至 21998 吨，交割热情不佳。矿价上涨，盘面为外购锂辉石盐厂提 供了套保机会 ...

周度报告—碳酸锂 、smingfTable_Title] 需求预期差驱动盘面反弹， 关注下游采购节奏 | [T走ab势le_评R级an：k] | 碳酸锂：震荡 | | | | | | --- | --- | --- | --- | --- | --- | | 报告日期： | 2025 6 | 年 | 月 | 29 | 日 | [Table_Summary] ★需求预期差驱动盘面反弹，关注下游采购节奏 上周（06/23-06/27）锂盐价格强势反弹。LC2507 收盘价环比+5.7% 至 6.32 万元/吨，LC2509 收盘价环比+7.5%至 6.33 万元/吨；溧 阳中联金碳酸锂近月合约收盘价环比+3.7%至 6.1 万元/吨。周内 氢氧化锂价格延续弱势，SMM 粗颗粒及微粉型电池级氢氧化锂 均价环比-1.8%、-1.6%至 5.80、6.31 万元/吨。电工价差环比持平、 仍是 0.16 万元/吨。电池级氢氧化锂较电池级碳酸锂价格贴水环 比走阔 0.2 万元至 0.32 万元/吨。 有 色 金 属 上周碳酸锂期货全线反弹，主因需求端实际表现明显强于市场此 前预期。此前受部分车企新一轮降价促销、以及压缩账期 ...

邵婉嫕 投资咨询从业资格号：Z0015722 shaowanyi020696@gtjas.com 报告导读： 本周价格走势：大幅反弹 二 〇 二 四 年 度 2025 年 6 月 29 日 碳酸锂：单边和跨期走势与短期基本面背离， 关注持仓风险 碳酸锂主力合约大幅反弹。2507 合约收于 63240 元/吨，周环比上涨 3420 元/吨，2509 合约收于 63300 元/吨，周环比上涨 4400 元/吨，现货周环比上涨 750 元/吨为 61150 元/吨。SMM 期现基差（2507 合约）走弱 2670 元/吨至-2090 元/吨，富宝贸易商升贴水报价+400 元/吨，周环比上涨 400 元/吨。 2507-2509 合约价差-60 元/吨，环比下跌 980 元/吨。 供需基本面：仓单持续注销，需求排产小幅增长 供应：产量维持增产，开工率提升。锂辉石精矿价格本周上涨 9 美元/吨，至 629 美元/吨。盐湖产量 增长，并且后续有新增青海项目于 7 月投产。本周碳酸锂产量 18767 吨，环比上周增长 305 吨，增幅 1.65%。 需求：受小米大定超预期表现的事件驱动影响，市场预期动力电池需求持续释放。根 ...