Group 1 - The core viewpoint of the news is that the lithium extraction from salt lake concept has shown a positive performance in the market, with a 1.11% increase, ranking third among concept sectors [1][2] - Within the salt lake lithium extraction sector, 31 stocks rose, with notable performers including Wanli Stone, Ganfeng Lithium, and *ST Zhengping, which reached the daily limit [1][2] - The leading gainers in the sector included Bluestar Technology, Tianqi Lithium, and Shengxin Lithium Energy, with increases of 5.16%, 4.31%, and 3.02% respectively [1][2] Group 2 - The salt lake lithium extraction sector attracted a net inflow of 2.095 billion yuan from major funds, with 17 stocks receiving net inflows [2][3] - Ganfeng Lithium led the net inflow with 1.796 billion yuan, followed by Huayou Cobalt, Tianqi Lithium, and Yiwei Lithium Energy with net inflows of 449 million yuan, 383 million yuan, and 157 million yuan respectively [2][3] - The net inflow ratios for Ganfeng Lithium, Wanbangda, and Huayou Cobalt were 22.75%, 12.45%, and 9.67% respectively, indicating strong investor interest [3]

Market Overview - A-shares experienced wide fluctuations on September 19, with all three major indices closing in the red; the Shanghai Composite Index fell by 0.3% to 3820.09 points, the Shenzhen Component Index decreased by 0.04% to 13070.86 points, and the ChiNext Index dropped by 0.16% to 3091 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 23.497 billion yuan, a decrease of 8.174 billion yuan from the previous day [1] Tourism Sector - The tourism sector saw a significant rise, with West Region Tourism increasing by over 12%, and Yunnan Tourism hitting the daily limit for the third consecutive trading day [3][4] - The upcoming National Day and Mid-Autumn Festival holidays are expected to boost travel demand, with pre-booking data showing a year-on-year increase of approximately 30% for domestic travel and over 40% for outbound travel [5] - The average booking volume for transportation services has increased by about 10% compared to last year, indicating a strong upward trend in travel demand [5] Lithium Mining Sector - The lithium mining sector showed strong performance, with Ganfeng Lithium hitting the daily limit, and Tianqi Lithium rising by over 4% [7] - The average selling price of lithium ore in Australia fell to $700 per ton in Q2 2025 but rebounded to approximately $850 per ton by early September due to a recovery in domestic lithium prices [8][9] - The import volume of lithium concentrate in China reached a historical high in July, indicating a strong demand in the market [8] Stock Performance - Several strong stocks experienced sharp declines, including Haon Auto Electric, which dropped nearly 12% after reaching a historical high of 220 yuan [11] - First Opening Co. saw a significant drop, closing at the daily limit after a rapid increase of over 200% in the previous 12 trading days [12] - Shanghai Construction also faced a daily limit drop after a cumulative increase of 61% over five trading days, indicating potential market overheating and trading risks [13]

Market Overview - A-shares experienced wide fluctuations on September 19, with all three major indices turning negative by the end of trading. The Shanghai Composite Index fell by 0.3% to 3820.09 points, the Shenzhen Component decreased by 0.04% to 13070.86 points, and the ChiNext Index dropped by 0.16% to 3091 points. The STAR Market 50 Index declined by 1.28% [2] - The total trading volume in the Shanghai and Shenzhen markets was 23,497 billion yuan, a decrease of 8,174 billion yuan compared to the previous day [2] Tourism Sector - The tourism sector saw a significant rise, driven by the upcoming National Day and Mid-Autumn Festival holidays. Xiyu Tourism surged over 12%, reaching a new high, while Yunnan Tourism hit the daily limit for the third consecutive trading day. Other tourism stocks like Guilin Tourism and Qujiang Cultural Tourism also reached their daily limits [5][6] - Pre-holiday booking data indicates a 30% year-on-year increase in domestic travel and over 40% for outbound travel, with average booking times being 3.5 days earlier than last year [7] Lithium Mining Sector - The lithium mining sector showed strong performance, with Ganfeng Lithium hitting the daily limit and other companies like Tianqi Lithium and Yahua Group also experiencing significant gains [9][11] - Despite a decline in lithium prices in the second quarter of 2025, prices have rebounded since the third quarter, with domestic lithium concentrate prices rising to approximately 850 USD/ton. The import volume of lithium concentrate reached a historical high in July [11] Stock Performance - Several strong stocks experienced sharp declines, including Haon Automotive, which dropped nearly 12% after reaching a historical high of 220 yuan. The company announced no significant undisclosed information affecting its stock price [13] - Shoukai Co. also faced a significant drop, hitting the daily limit after a rapid increase of over 200% in the previous trading days. The company warned of potential risks due to the rapid price increase and significant trading volume [14] - Shanghai Construction experienced a similar fate, with a daily limit drop after a 61% increase over five trading days, indicating potential market overheating and trading risks [15]

大中矿业（001203.SZ）9月19日在投资者互动平台表示，公司对四川加达锂矿的收购决策是基于长期战 略布局和严格的技术经济评估，首采区已备案资源量达148.42万吨碳酸锂当量，氧化锂平均品位 1.38%。四川加达锂矿探矿权勘查面积为21.2247平方公里，本次已备案的首采区面积仅为2.056平方公 里，备案的矿区面积不足总面积的十分之一，未来增储潜力显著。关于鸡脚山矿权交易，公司拥有鸡脚 山锂矿探矿权100%所有权，无额外支付义务。 （记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：据有关信息显示，2023年收购四川加达锂矿花了42 亿，碳酸锂储量只有150万吨，从矿山情况及现时价格6万来说不具有开采的经济价值，请问公司后悔当 年高价购矿的决定吗？而湖南鸡脚山锂矿只花了2.1亿就拿下高达325万吨的储量，请问现在要不要额外 支付给前业主的"意外损失"？ ...

大中矿业（001203.SZ）9月19日在投资者互动平台表示，公司拥有鸡脚山矿区探矿权100%所有权，规 划由公司全资子公司湖南大中赫锂矿公司独立开发运营。公司自2022年开始在湖南区域布局锂矿，并于 2023年4月以较低成本取得郴州城泰的80%控制权，随后通过破产重整取得其100%股权，进而完全控制 鸡脚山锂矿探矿权，公司取得鸡脚山锂矿探矿权的整体成本为2.09亿元，极具成本优势。 （记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：请问，刚刚发现的4.9亿吨锂矿的鸡脚山矿山，是不是 属于贵公司独家拥有开发？ ...

Core Viewpoint - The company, Tibet Mining (000762), is currently in the trial production phase of its Zabuye Salt Lake lithium extraction project, which faces various challenges due to its high-altitude location and complex industrial processes [1] Group 1 - The Zabuye Salt Lake lithium extraction project features a "one lake, one process" characteristic [1] - The project is the first of its kind in a high-altitude area, which presents multiple objective challenges [1] - The company emphasizes that the official production will only commence once all technical, safety, and operational standards are met [1]

Core Viewpoint - The discovery of the Asian lithium belt is expected to have a positive impact on the company's future development, particularly in securing stable lithium resources from the Zabuye salt lake [2]. Group 1 - The Zabuye salt lake provides the company with a long-term and stable lithium resource guarantee [2]. - The company is actively advancing the progress of its Phase II project [2].

Report Industry Investment Rating - Not provided in the document Core View - The current supply and demand are balanced, with little inventory pressure upstream. As lithium mines are actively resuming production, the expectation of supply contraction weakens. It is expected that the price of lithium carbonate will fluctuate at a low level, and the key lies in the downstream restocking point. The trading strategy suggests shorting on rallies [1]. Summary by Related Content Lithium Carbonate Futures Market - On September 17, 2025, the closing prices of near - month, consecutive - one, consecutive - two, consecutive - three contracts of lithium carbonate futures increased compared with the previous day, with increases of 440 yuan/ton, 460 yuan/ton, 460 yuan/ton, 460 yuan/ton respectively. The trading volume was 343,863 lots (-156,404), and the open interest was 294,624 lots (-5,813). The inventory was 39,234 tons (+410) [1]. Lithium - Related Product Prices - The average price of lithium spodumene concentrate (6%, CIF China) was 857 US dollars/ton (+4). The average prices of lithium mica remained flat. The average price of battery - grade lithium carbonate (99.5%/domestic) was 73,150 yuan/ton (+300), and the average price of industrial - grade lithium carbonate (99.2%/domestic) was 70,900 yuan/ton (+300). The average price of battery - grade lithium hydroxide (56.5% CIF China, Japan, and South Korea) was 9.35 US dollars/kg (+0.05) [1]. Supply and Demand - Supply: Last week, the output of lithium carbonate increased, with the output of lithium carbonate from different raw materials all rising. In September, the production and scheduled production of lithium carbonate increased [1]. - Demand: Last week, the output of lithium iron phosphate increased, while the output of ternary materials decreased. In September, the scheduled production of lithium batteries increased, and the output of power batteries increased last week. In August, the year - on - year growth rate of new energy vehicle production slowed down, 3C shipments were average, and the scheduled production of energy - storage batteries increased in September [1]. Inventory - Registered warehouse receipts were 39,234 tons (+410). Social inventory decreased, with inventory in smelters and other sectors decreasing and downstream inventory increasing [1]. Industry News - Pantera Lithium's shareholders voted overwhelmingly in favor of selling its subsidiary Daytona Lithium Pty Ltd to Energy Exploration Technologies (EnergyX). This acquisition will allow EnergyX to further integrate lithium resources in the Smackover area, and analysts estimate that the lithium resources in this area may exceed 4 million tons [1].

Core Viewpoint - The company is facing challenges in the production timeline of the Zabuye Phase II lithium extraction project, which has been in development since 2011 and has not yet reached full production despite previous updates indicating a 95% completion status in both 2024 and 2025 [2]. Group 1 - The Zabuye lithium extraction project features a "one lake, one process" characteristic, indicating a unique approach to resource extraction [2]. - The project is located in a high-altitude area, which presents various objective challenges that can affect its development [2]. - The Zabuye Phase II project is currently in the trial production stage, with formal production contingent upon meeting all technical, safety, and operational standards [2].

Core Viewpoint - The lithium carbonate market is experiencing fluctuations after a rebound in August, driven by complex market dynamics and a balance of supply and demand [1] Group 1: Market Dynamics - Since June, lithium carbonate prices have significantly increased, leading to improved profits for companies, with signs of a strong demand during the "golden September and silver October" season [1] - The lithium industry is moving towards a "cost control is king" era, with low raw material self-sufficiency and low comprehensive utilization rates of lithium ore being major concerns for companies [2] - The Yichun region in Jiangxi is a key lithium carbonate production base, accounting for 38.8% of national output in the first half of 2025, highlighting its significant role in the industry [2] Group 2: Technological Innovations - New lithium extraction technologies, such as the innovative water extraction technology proposed by the Chinese Academy of Sciences, aim to improve lithium recovery rates and reduce costs [3] - Companies like Dazhong Mining have reported breakthroughs in lithium extraction technology, achieving over 90% recovery rates and significantly reducing waste [3] Group 3: Supply and Demand Balance - The lithium market is characterized by strong supply resilience, with increased production from lithium spodumene and stable operations in salt lake lithium extraction, compensating for supply gaps [4] - Demand is rising, particularly for lithium iron phosphate batteries, with a forecasted 44% year-on-year increase in China's lithium carbonate consumption from January to September 2025 [4] - European electric vehicle sales have also increased by 25.9% year-on-year, indicating robust demand growth in the sector [4] Group 4: Future Outlook - The energy storage sector is expected to provide strong momentum for the lithium industry, with China's cumulative installed capacity reaching 101.3 GW in the first half of the year, doubling year-on-year [5] - The global lithium resource capacity will take time to digest, suggesting that lithium prices may continue to fluctuate around cost lines, indicating a painful period of capacity clearing for the industry [5] - The lithium industry faces both significant opportunities from the energy revolution and challenges related to cost control, technological iteration, resource security, and price volatility [5]