据21财经消息，12月25日，一份关于锂盐现货结算价调整的文件在行业内流传。文件显示，自2026 年1月1日起，天齐锂业所有产品现货交易结算价将不再参考现有标准，调整为参考Mysteel（上海钢 联）的电池级锂盐价格，或者参考广期所的碳酸锂期货主力合约价格。 调整的导火索直指碳酸锂市场现货价格与期货价格之间日益扩大的鸿沟。以12月24日为例，当天广 期所碳酸锂近月合约LC2601的结算价为12.1万元/吨，而SMM的电池级碳酸锂市场均价则为10.15万元/ 吨，价差接近2万元/吨。 01 巨头的抉择 从天齐锂业发布的定价调整文件来看，此次变动并非心血来潮。文件明确指出，近期受市场多重因 素影响，SMM的产品报价与现货公允价值及期货价格出现了"持续且显著的偏离"，这种"结构性差 异"已超出公司正常经营风险承受范围，对供应链稳定构成了挑战。 作为国内锂盐行业的龙头企业，天齐锂业的定价调整迅速引发行业广泛关注。新定价体系为客户提 供了两种选择：参考上海钢联的优质电池级碳酸锂或氢氧化锂价格，或者参考广期所碳酸锂主力合约价 格。 值得注意的是，上海钢联向市场提供三种参考价：优质电池级碳酸锂、电池级碳酸锂和工业级碳酸 锂 ...

Core Viewpoint - Shengxin Lithium Energy has announced a collaboration with Zhongchuang Innovation航 to sign a framework agreement for lithium salt product procurement from 2026 to 2030, with a total of 200,000 tons to be purchased during this period [1][8]. Company Overview - Shengxin Lithium Energy's main business includes lithium ore mining, production, and sales of basic lithium salts and lithium metal products. As of the first half of 2025, the company has established lithium salt production capacity of 137,000 tons per year and lithium metal capacity of 500 tons per year [4][11]. Collaboration Details - The collaboration with Zhongchuang Innovation航 could result in a total contract value of approximately 22 billion yuan if all products are lithium carbonate, calculated at the current price of 110,000 yuan per ton. If all products are lithium hydroxide, the contract value could exceed 17 billion yuan, calculated at 87,000 yuan per ton [4][11]. - This new order scale is approximately 3.7 to 4.8 times Shengxin Lithium Energy's total revenue of 4.58 billion yuan in 2024, indicating a strong growth trend for the company [4][11]. Market Context - The power and energy storage markets have been experiencing rapid growth, particularly in the energy storage sector, leading to a surge in demand for energy storage batteries. This has prompted battery companies to secure upstream materials through equity investments or long-term contracts [4][11]. - Lithium carbonate, a key raw material for batteries, has seen a significant increase in both volume and price, with prices reaching new highs since June 2024, surpassing 90,000, 100,000, and 110,000 yuan per ton. As of December 23, the main contract for lithium carbonate on the Shanghai Futures Exchange approached 120,000 yuan per ton [4][11]. Industry Performance - Major lithium salt companies, including Ganfeng and Tianqi, have shown significant improvement in their performance in the second half of the year, with many turning profitable. For instance, Ganfeng Lithium reported a third-quarter revenue of 6.249 billion yuan, a year-on-year increase of 44.10%, and a net profit of 557 million yuan, up 364.02% [6][12]. - Battery companies, including CATL, BYD, and others, have initiated a "rush for goods" to avoid supply chain disruptions, despite the challenges in returning material prices to peak levels [6][12]. Strategic Investments - In late October, Shengxin Lithium Energy terminated its Hong Kong IPO plan and announced the introduction of strategic investors, including Shengtun Group, Zhongchuang Innovation航, and Huayou Cobalt Group, signing a strategic cooperation agreement with Zhongchuang Innovation航 for a subscription of 945 million yuan. If successful, Zhongchuang Innovation航 will become a shareholder with over 5% ownership [6][14]. - Prior to placing orders with Shengxin Lithium Energy, Zhongchuang Innovation航 also signed a three-year supply cooperation agreement for 373,000 tons of copper foil with Nord's subsidiary and a supply framework agreement for 725,000 tons of electrolyte products with Tianci Materials [7][14].

Core Viewpoint - The lithium industry is experiencing a resurgence in optimism, with expectations for lithium carbonate prices to potentially reach 150,000 to 200,000 yuan per ton in 2024 due to increasing demand from renewable energy and electric vehicles [2][22]. Group 1: Market Trends - As of December 22, the average price of battery-grade lithium carbonate in China reached 99,000 yuan per ton, marking a new high since June 2024 [2]. - Futures prices are even higher, with the LC2601 contract priced at 112,500 yuan per ton and long-term contracts approaching 120,000 yuan per ton [2]. - The lithium demand is projected to grow to around 2 million tons by 2026, achieving a near supply-demand balance [2][22]. Group 2: Supply and Demand Dynamics - The lithium market is transitioning from an imbalance to a tight balance due to reduced capital expenditures in the industry and a significant drop in supply growth from 2026 to 2028 [2][20]. - The average quarterly price of battery-grade lithium carbonate for 2023 was 75,800 yuan, 65,200 yuan, 73,000 yuan, and 84,400 yuan, with the lowest point occurring in Q2 when prices fell below 60,000 yuan [7]. - Supply constraints have been exacerbated by production declines from lithium mica enterprises, with output dropping from 16,100 tons in July to 7,000 tons by November [8]. Group 3: Future Outlook - The market sentiment is optimistic, with expectations that lithium prices will rebound significantly in 2025 after a period of decline [5][11]. - Major companies like Ganfeng Lithium and Tianqi Lithium are confident in the demand growth, predicting a 30% increase in demand by 2026, which could lead to price surges if demand exceeds expectations [20][22]. - The overall supply growth is expected to slow down, with new capacity additions becoming increasingly limited, reinforcing the likelihood of a tighter market [20][22].

消息面上，近日，盛新锂能（002240）与中创新航签署《2026—2030年合作框架协议》。根据公告， 2026年至2030年间，中创新航将向盛新锂能采购锂盐产品20万吨，具体采购量将在子订单中约定。这是 盛新锂能近期签下的又一份长期大额订单，该公司此前已与华友控股达成2026-2030年22.14万吨锂盐产 品的供货协议。 中创新航(03931)涨超3%，截至发稿，涨3.2%，报26.46港元，成交额8985.59万港元。 据悉，盛新锂能正通过"产品合作+股权绑定"模式深化核心客户关系。根据此前定增预案，中创新航与 华友控股拟作为战略投资者参与认购，发行完成后预计均将成为公司持股5%以上股东。公司表示，此 类合作有助于拓展锂盐业务，提升经营稳定性和市场竞争力。 ...

Core Viewpoint - Zhongxin Innovation (03931) has seen a stock increase of over 3%, currently at HKD 26.46, with a trading volume of HKD 89.86 million [1] Group 1: Partnership and Agreements - Recently, Shengxin Lithium Energy signed a cooperation framework agreement with Zhongxin Innovation for the procurement of 200,000 tons of lithium salt products from 2026 to 2030, with specific quantities to be determined in sub-orders [1] - This agreement marks another significant long-term order for Shengxin Lithium Energy, which previously secured a supply agreement for 221,400 tons of lithium salt products with Huayou Holding for the same period [1] Group 2: Strategic Initiatives - Shengxin Lithium Energy is enhancing core customer relationships through a "product cooperation + equity binding" model [1] - Zhongxin Innovation and Huayou Holding are expected to become strategic investors, each acquiring over 5% of the company's shares following a planned private placement, which is anticipated to expand the lithium salt business and improve operational stability and market competitiveness [1]

12月20日， 盛 新锂能 发布公告披露，公司拟与 中创新航 签署《2026—2030年合作框架协 议》，根据协议约定， 后者将在未来五年内累计向公司采购20万吨锂盐产品 ，具体年度采购量将 通过子订单进一步明确。 这一合作的落地，不仅为盛新锂能锁定了长期稳定的下游需求，更凸显了行业头部企业通过长期协 议强化供应链韧性的发展趋势。 在全球新能源汽车与储能产业持续高速增长的背景下，锂作为核心原材料的市场需求始终保持旺盛 态势，为上游锂盐企业带来了广阔的发展空间。 盛新锂能在公告中表示，此次与中创新航达成战略协作，将有效助力公司锂盐业务的市场拓展，进 一步巩固与优质下游客户的长期稳定合作关系，对提升公司未来经营的稳定性、可持续性以及核心 竞争力具有重要意义，符合公司长远发展战略，预计将对后续经营业绩产生积极影响。 值得注意的是，此次20万吨订单并非孤例，早在11月18日， 盛新锂能 便公告与 华友控股集团 签署框架协议， 约定2026年至2030年期间向其供应22.14万吨锂盐产品。 仅一个月左右的时间，两大核心客户累计锁定超42万吨长期订单，为盛新锂能未来五年的产品消 纳构建了坚实基础。 订单的密集落地， 与盛 ...

Investment and Operations - China Shenhua plans to increase capital by 6 billion yuan to the State Energy Group Financial Co., and intends to purchase related assets held by the State Energy Group and its wholly-owned subsidiary, Western Energy, for a transaction price of 133.598 billion yuan [1] - Fudan Microelectronics identifies FPGA as an ideal solution in low-orbit satellite communication and other fields [1] - Qingdao Port plans a total investment of 15.7 billion yuan to construct two terminal projects in Dongjiakou Port Area [1] - Heng Rui Medicine's SHR-2906 injection clinical trial has been approved, with no similar drugs approved for market domestically or internationally [1] - Health元's subsidiary NS-041 tablets have received approval for a new indication to conduct clinical trials, with no new generation targeted KCNQ2/3 drugs available in the market [1] - Jinggong Technology plans to invest 426 million yuan to build an intelligent manufacturing base, aiming to produce 45 sets of aerospace and low-altitude manned equipment and 6,000 sets of humanoid robot carbon fiber components annually [1] Contracts and Collaborations - Zhongyuan Neipei's subsidiary signed a strategic cooperation framework agreement with Ningbo Puzhi Company regarding humanoid robot-related business [2] - Dongfang Cable and its subsidiaries won bids totaling 3.125 billion yuan for deep-sea technology and other projects, accounting for 34.37% of 2024 revenue [2] - Jifeng Co., Ltd. has been designated for a passenger car seat assembly project, with a total lifecycle amount expected to be 9.8 billion yuan [2] Capital Operations - Guankang Technology is planning to acquire no less than 60% of Liao Jing Electronics' shares, with trading suspension starting from December 22 [2] - Shangfeng Cement's invested company, Yuexin Semiconductor, has received acceptance for its IPO on the ChiNext [2] - *ST Dongyi's restructuring plan has been approved by the court [2]

Core Viewpoint - Zhongchuang Innovation is aggressively securing upstream materials to meet the surging demand for energy storage, with significant agreements signed for lithium salt and other raw materials [1][5]. Group 1: Agreements and Collaborations - Zhongchuang Innovation plans to sign a framework agreement with Shengxin Lithium Energy for the procurement of 200,000 tons of lithium salt products from 2026 to 2030 [1][3]. - The agreement with Shengxin Lithium Energy is expected to exceed 20 billion yuan in value [3]. - Zhongchuang Innovation has also signed supply agreements with Tianci Materials and Nord Shares for electrolyte and copper foil, respectively, securing substantial raw material supplies [1][6]. Group 2: Business Expansion and Financial Performance - Zhongchuang Innovation's energy storage business revenue reached 5.757 billion yuan in the first half of 2025, doubling year-on-year and accounting for 35.1% of total revenue [1][8]. - The company reported a 49.92% year-on-year increase in revenue for the first three quarters of 2025, totaling 28.538 billion yuan, with a net profit of 685 million yuan, a staggering increase of 279.65% [8]. - The company has a strong cash flow, with net cash flow from operating activities reaching 5.315 billion yuan, a nearly 15-fold increase from the previous year [8]. Group 3: Market Position and Future Outlook - Zhongchuang Innovation ranks fourth globally and third in China for power battery installation volume, with a projected 16.6% growth in 2024 [8]. - The company is actively investing in upstream and downstream sectors, including a significant investment in a lithium-ion battery anode material project in Sichuan [6][8]. - The strategic partnerships and investments are aimed at enhancing market competitiveness and ensuring stable supply chains amid rising demand for lithium products [3][4].

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：牛钱网 嘉宾介绍：柯俊年，浙江前程石化新能源事业部期现业务经理，毕业于英国雷丁大学亨利商学院ICMA 中心国际证券，投资银行专业，国际数量金融工程师持证人（COF）。曾任职于汇丰集团（环球银行& 资本市场部）、中信建投期货和中粮期货，具有权证，牛熊证，外汇，期货衍生品等交易经验，目前在 公司从事碳酸锂期现贸易以及策略分析工作。 回顾近期市场，碳酸锂呈现"强现实、强预期"的双重特征。现货层面，因关键供应方停产导致持续去 库，基差走强，产业链采购模式转向刚需即点。预期层面，市场对明年供需格局的判断发生根本性转 变，从过往的深度过剩修正为紧平衡甚至阶段性短缺，这显著改变了资金的交易逻辑与产业的套保行 为。 1、现货市场：供应瓶颈驱动去库，产业链行为模式转变 近期碳酸锂价格强势的核心在于现货市场的紧平衡格局，这直接驱动了产业链各环节行为的转变。 1．供应瓶颈与持续去库：由于某头部企业复产进度持续不及预期，市场供应存在明显缺口。这导致碳 酸锂社会库存持续去化，近期每周去库量维持在2000吨以上。供应紧张不仅体现在锂盐端，也传导至上 游锂矿，锂矿现货 ...

格隆汇12月19日丨盛新锂能(002240.SZ)公布，公司与中创新航科技集团股份有限公司（简称"中创新 航"）就锂盐产品业务合作拟签署《2026-2030年合作框架协议》，根据协议约定，中创新航（在该业务 合作中，合作双方均包含其指定的子公司）在2026年至2030年期间向公司采购锂盐产品20万吨，具体年 度采购量将在双方签订的子订单中进行约定。 ...