Core Viewpoint - The company plans to repurchase its shares to maintain company value and protect shareholder interests, with a total repurchase fund of no less than RMB 400 million and no more than RMB 500 million, at a maximum price of RMB 17.75 per share [2][4][5]. Summary by Relevant Sections Repurchase Plan Overview - The purpose of the share repurchase is based on confidence in future development and recognition of intrinsic value, aiming to enhance investor confidence and promote long-term healthy development [4]. - The repurchase complies with relevant regulations and is necessary to maintain company value and shareholder rights, as the stock price is below the latest net asset value per share [5][6]. Financial Details - The total amount for the repurchase is set between RMB 400 million and RMB 500 million, with an estimated repurchase quantity of approximately 22,535,212 to 28,169,014 shares, representing 2.46% to 3.08% of the current total share capital [8][15]. - The funding sources for the repurchase include the company's own funds and a special loan from a financial institution, with a loan amount not exceeding RMB 400 million [9][16]. Implementation Timeline - The implementation period for the repurchase is three months from the board's approval date, with provisions for extension if significant matters arise [10][12]. - The repurchase can be completed early if the minimum or maximum funding limits are reached [11][13]. Shareholder and Management Commitments - As of the announcement date, there are no plans for share reductions by major shareholders or management [2][17]. - The board has committed to ensuring that the repurchase will not harm the company's debt repayment ability or ongoing operations [16]. Regulatory Compliance and Reporting - The company has established a dedicated securities account for the repurchase and will adhere to disclosure requirements throughout the process [22][25]. - Regular updates on the repurchase progress will be provided, including significant changes in shareholding [22].

【宏观】 中央财政发力：扩内需，保民生 壹｜本周深度报告汇总 5 月央、地层面支出增速分化，前者升，后者落。这体现了中央财政在扩大内需、保障民生方面积极发 力。下半年宏观政策延续积极方向，有望边际加码。 风险提示： 房地产需求有待提振，海外需求仍面临不确定性 。 【策略】 声暂歇处，趋势未央 本周股指调整看似源于外部冲击，实则是结构性交易拥挤下的正常风险释放，后续中国的确定性仍是股市 稳定和阶梯上升的重要基础，看好金融、成长与部分周期。 风险提示： 海外经济衰退超预期，全球地缘政治的不确定性 。 06 、 【批零社服】 免税行业：节奏修复中的配置价值 07、 【有色】 降本大趋势，供给分化新平衡 ③随着 AH 流动性差距缩小，叠加中概股及 A 股优质资产注入，港股新兴产业占比望提升， AH 溢价中 枢将趋势性下行。 风险提示： A 股企业赴港上市不及预期。南向流入港股规模不及预期 。 【海外策略】 港股涨跌更看谁的"脸色" ① 历史上港股与美股走势更相关，但 2020 年以来背离增多，而港股与 A 股联动明显增强。②原因 1 ：过去港股外资占比高且港币与美元挂钩，流动性多受海外影响，当前外资占比下降、南向流入 ...

瑞达期货研究院 「2025.06.27」 碳酸锂市场周报 盘面反弹需求仍弱，碳酸锂或仍有压力 期货从业资格号 F03123381 期货投资咨询 从业证书号 Z0019878 助理研究员: 陈思嘉 期货从业资格号F03118799 研究员:王福辉 业务咨询 添加客服 关 注 我 们 获 取 更 多 资 讯 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 行情回顾：碳酸锂主力合约周线强势反弹。截止收盘，周线涨跌幅+7.47%，振幅8.39%。主力合约报价63300元/吨。 后市展望：宏观方面，国家发改委举行新闻发布会介绍，将在7月下达今年第三批消费品以旧换新资金。随着存量政 策加快落地见效，新的储备政策陆续出台实施，有信心、有能力把外部冲击的不确定性和不利影响降到最低，推动经 济持续健康发展。碳酸锂基本面原料端，锂矿持货商延续挺价情绪，加之现货价格近期上涨，拉动锂矿价格小幅上行。 供给端，市场整体碳酸锂供给量仍相对偏多，库存持续累积已突破前期高点，此外由于近期期价上涨，带动现货价格 上行以及部分持货方参与套保锁定利润，故冶炼厂生产情绪仍较好。进口方面，智利发运量级有所下降，预计到港后 国内 ...

Group 1: Price Trends - The price of battery-grade lithium carbonate has dropped below 60,000 yuan per ton, reaching 59,900 yuan on June 26, marking a significant decline from previous highs [2] - Lithium prices have decreased sharply throughout the year, with a notable drop from 78,800 yuan per ton at the beginning of the year to 61,200 yuan per ton on May 28, representing a year-on-year decline of 44.97% [3][4] - The current market situation shows a serious oversupply of lithium, with high inventory levels that have not been effectively addressed, limiting the potential for price recovery [6][9] Group 2: Supply and Demand Dynamics - The supply side has seen a surge in lithium mining projects due to previous high prices, leading to a significant increase in lithium production capacity [3][4] - On the demand side, the growth rate of the electric vehicle and energy storage sectors has slowed, impacting lithium demand. Factors include high electric vehicle prices and inadequate charging infrastructure [4][5] - Argentina, a major lithium resource country, is expected to increase its annual lithium production capacity by 79% to 202,000 tons as new projects come online [5] Group 3: Industry Impact - The decline in lithium prices has directly reduced production costs for battery manufacturers, improving profit margins and allowing for increased investment in research and development [8] - Lower lithium prices are expected to decrease the purchase cost of electric vehicles, potentially stimulating consumer interest and boosting sales in the electric vehicle market [8][9] - The competitive landscape in the electric vehicle market is likely to intensify as more companies enter the sector, driven by the perceived potential of the market [9] Group 4: Future Outlook - Industry experts predict that lithium prices may stabilize between 50,000 to 70,000 yuan per ton in the near term, but the market remains uncertain due to various influencing factors [7] - Long-term demand for lithium is expected to grow steadily as the electric vehicle market continues to expand, although the path to balance supply and demand may be gradual and subject to fluctuations [6][9]

据央视新闻，俄罗斯媒体当地时间6月27日报道，俄军已控制舍甫琴科 锂矿。舍甫琴科锂矿是欧洲最大 的锂矿之一，发现于1982年，矿石总量约1400万吨。该矿体埋藏较浅，深度仅为70至130米。俄罗斯国 防部当地时间26日发布消息称，俄军控制了位于顿涅茨克地区的新谢尔盖耶夫卡和舍甫琴科两个居民 点。 ...

碳酸锂期货日报 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 行业 日期 2025 年 6 月 27 日 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾与操作建议 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 800 次并完成工程验证；首款 500Wh/kg 级 10Ah 产品实现小批量量产。硅基 体系实现 320-450Wh/kg 产品梯度布局，其中 320Wh/kg 电芯循环寿命突破 1000 次。公司将充分发挥上下游产业一体化协同优势，持续加大研发力度， 推动固态电池商业化进程，促进能源转型与产业升级。 请阅读正文后的声明- 3 - 每日报告 数据来源：Wind，建信期 ...

6月份以来，外资机构密集发声，力挺中国资产。高盛、摩根士丹利、德意志银行等多家外资机构 不仅上调了对2025年中国经济增长的预期，还表示看好中国股票市场后续表现。例如，德意志银行将 2025年中国GDP增长预测上调0.2个百分点；摩根士丹利在年中展望报告里也上调了对2025年中国经济 增速预期，将今明两年的经济增速分别上调0.3个百分点和0.2个百分点；野村证券将中国全年GDP增长 预测上调0.5个百分点。 摩根士丹利研报认为，中国股市盈利修正企稳的迹象让我们看到了盈利和估值进一步上行的空间。 全球投资者的低配仓位以及人民币走强或将助力股市继续上行。 6月27日早盘，A股市场主要指数小幅高开。截至9:32，A500ETF基金（512050）涨0.21%，盘中成 交额快速突破3000万元位居同类第一。持仓股星源材质、金诚信、天齐锂业、天华新能、赣锋锂业等领 涨。 短期市场风格快速轮动，主线不明情形下，中证A500指数等均衡宽基或是把握估值中枢提升的较 好方式，当前有不少主动权益基金放弃了沪深300等传统宽基指数，转向了中证A500指数等新兴指数， 也证明了中证A500的优质编制方案。相关ETF中，A500ETF ...

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 2025年6月27日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 | | | | 供给端来看 ， | 上周碳酸锂产量为18767吨 环比增长1 ， | 65% 高于历史同期平均水平 。 . , | | | --- | --- | --- | --- | --- | --- | --- | | | | | 需求端来看 ， | 上周磷酸铁锂样本企业库存为86570吨 | 环比增加0 54% 上周三元材料样本 ， . , | | | | | | 企业库存为15298吨 ， | 环比增加2 97% 。 . | | | | | | | 成本端来看 ， | 外购锂辉石精矿成本为60506元/吨 | 日环比增长0 60% 生产所得为 ...

Core Viewpoint - The lithium market is expected to experience a long bottoming period of 1-2 years before reaching balance, with a focus on leading companies that have significant cost advantages and can maintain or expand market share during this phase [1][4]. Group 1: Australian Lithium Market - In Q1 2025, Australian lithium production decreased by approximately 9% to 732,000 tons due to production cuts and slowed expansion in response to high costs and low prices [2]. - Greenbushes proactively reduced production by 13%, while PLS saw a 34% drop in output due to maintenance and project adjustments [2]. - Average FOB costs for sample mines fell by 10% to $418 per ton, while average selling prices increased by 4.75% to $833 per ton, slightly easing profit pressure on producers [2]. Group 2: South American Salt Lakes - South American salt lake companies demonstrated strong operational resilience, with SQM achieving its highest Q1 sales of 55,000 tons LCE, showcasing robust resource management [3]. - Lithium Argentina's C-O salt lake operations saw a 60% year-on-year increase in lithium carbonate production to 7,200 tons in Q1 2025 [3]. - South American salt lakes maintain considerable profitability and cash flow due to their significantly lower cost structure compared to hard rock lithium projects [3]. Group 3: Supply and Demand Dynamics - The supply elasticity is evident as major overseas lithium mines reduced production, while sales were hindered by lower ore grades, extreme weather affecting logistics, and weak end-user demand, resulting in net inventory reduction [3]. - The current oversupply situation has not fundamentally changed, and inventory digestion will require time [3]. - The overall inventory level is expected to begin depleting in the second half of the year, potentially providing stronger support for lithium prices as downstream demand is anticipated to seasonally recover in Q3 2025 [3].

锂行业更新会议：底部已现，反弹逻辑和空间解读 20250625 摘要 Q&A 碳酸锂行业目前的市场情况如何？ 碳酸锂行业目前已经显现出明确的底部信号。商品价格从 8 万元回落到 6 万元， 股票价格表现抗跌，且对商品价格变化不敏感。这种情况类似于 2019 年，当 时碳酸锂价格下跌，但赣锋和天齐的股票率先反弹。当前市场中的小波动或消 息都能引发锂材料板块股票的反弹，这些都是典型的底部信号。此外，观察到 一些企业生产经营状况较差，部分企业可能进入现金流断裂阶段。因此，从 6 个月维度来看，行业出清信号将更加明显，有些企业可能会减产、停产甚至退 出市场。 6 月和 7 月碳酸锂平衡偏紧，进口扰动和矿石锂价同步下跌导致企业无 法套保，供应缩减。7 至 8 月份可能有超预期增量因素，6 至 8 月份来 看平衡偏紧。 盘面存在挤仓风险，接仓单现象和合约持仓手数明确。接货明确且虚实 比情况下，挤仓风险非常大，并可能延续到八九月份，加剧价格上涨弹 性。 锂价下跌时股票价格已不太跟跌，商品价格反弹或反转时，布局锂矿股 仍有收益。推荐中矿、藏格、雅化、永兴等，这些公司有其他业务支撑， 锂业务带来弹性。 对未来碳酸锂商品和股票价 ...