Core Insights - The discovery of the "Asian Lithium Belt" marks a significant breakthrough in China's strategic mineral resource supply system, enhancing self-sufficiency in lithium resources crucial for the electric vehicle and energy storage industries [1][2] - The lithium resource demand is experiencing explosive growth due to the global energy transition, and the "Asian Lithium Belt" is expected to reshape the global lithium resource distribution [1][2] Resource Breakthrough - The "Asian Lithium Belt" spans 2,800 kilometers across Sichuan, Qinghai, Tibet, and Xinjiang, with diverse lithium mineral types including hard rock lithium, salt lake brine lithium, and new lithium mica [2] - Major lithium deposits have been identified within this belt, such as those in Sichuan, Qinghai, Tibet, and Xinjiang, which will create a multi-layered lithium resource supply system [2] Technological Innovation - Technological advancements are crucial for the efficient and sustainable development of the "Asian Lithium Belt" [4] - New lithium extraction technologies, such as adsorption, membrane separation, and electrodialysis, have significantly improved lithium recovery rates and purity [4][5] - The application of digital and intelligent technologies, including big data and AI, is enhancing resource assessment and production optimization [6] Economic and Social Development - The development of the "Asian Lithium Belt" is expected to drive economic and social development in the underdeveloped regions of Sichuan, Qinghai, Tibet, and Xinjiang [2][3] - The establishment of new industrial clusters in the lithium battery supply chain is anticipated to promote regional coordinated development [3] Environmental Considerations - Environmental protection is a critical challenge in the development of the "Asian Lithium Belt," particularly in ecologically sensitive areas like the Tibetan Plateau [7] - The adoption of environmentally friendly technologies and practices is essential to ensure sustainable resource development [7] International Market Dynamics - The global competition for lithium resources is intensifying, with countries like the US and EU prioritizing domestic supply chains [8] - China aims to leverage the advantages of the "Asian Lithium Belt" to enhance its influence in the international market [8] Future Outlook - Continuous investment in exploration and technological innovation is necessary to fully unlock the potential of the "Asian Lithium Belt" [7][8] - The development of a closed-loop model for lithium resources through recycling and sustainable practices is a key focus for the future [8][9]

碳酸锂期货市场数据变动分析 主力合约与基差：碳酸锂主力合约9月15日价格小幅回落至71160元/吨，跌 幅约2.4%；基差走弱至1140元/吨，现货市场跌幅大于期货，市场对远期供 需平衡的预期有所松动。 持仓与成交：主力合约持仓量从35.1万手降至30.9万手，降幅12%，成交量 从59.2万手收缩至41.1万手。 产业链供需及库存变化分析 供给端：国内碳酸锂产能利用率维持在66.41%的稳定水平，供给端尚未见 明显调整。宁德时代枧下窝锂矿复产推进但11月前影响有限，当前供给主 力仍依赖锂辉石路线，而锂云母路线占比降至15%。 需求端：下游正极材料价格总体持稳，三元材料微涨0.08%至119450元/ 吨，铁锂价格持平；三元电芯价格普遍上涨0.4%-2.5%。但需求增速边际放 缓，9月前两周新能源车零售量同比下降3%，尽管批发量同比增长5%，旺季 备库需求兑现存在不确定性。 库存与仓单：碳酸锂社会库存连续两周下降，从14.0万吨降至13.9万吨， 降幅1.1%，部分反映节前备货启动。 市场小结 计价复产探底回升，碳酸锂或能再接反内卷东风 一、日度市场总结 短期碳酸锂市场或维持低位震荡。供给端在锂辉石路线主导下 ...

Group 1 - The core viewpoint of the article highlights the commencement of production for Zijin Mining's lithium project in Argentina, which is expected to significantly contribute to the lithium supply chain [1] - The first phase of the lithium salt lake project has an annual production capacity of 20,000 tons of lithium carbonate, with plans for a second phase that aims for an additional capacity of 40,000 tons per year [1] - Once both phases are fully operational, the total annual production capacity is projected to reach between 60,000 to 80,000 tons [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The current supply and demand of lithium carbonate are both strong, and the upstream inventory pressure is not significant. With the active resumption of key mines, the expectation of supply contraction has weakened. It is expected that the price of lithium carbonate will fluctuate at a low level. [1] 3. Summary by Relevant Content 3.1 Lithium Carbonate Futures and Spot Market - **Futures Prices**: On September 15, 2025, the closing prices of near - month, 5 - consecutive - one, 3 - consecutive - two, 3 - consecutive - three, and other contracts of lithium carbonate futures all increased compared to September 12. For example, the near - month contract closed at 72,520 yuan/ton, up 1,340 yuan from September 12. [1] - **Trading Volume and Open Interest**: The trading volume of lithium carbonate futures on September 15 was 482,790 lots (+71,801), and the open interest was 309,446 lots (+44). [1] - **Spot Market**: The spot market trading was weak, and the basis changed from premium to discount. The average price of SMM battery - grade lithium carbonate was 72,450 yuan/ton, unchanged from September 12. [1] 3.2 Raw Material Prices - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) was 848 US dollars/ton, up 6 US dollars from September 12; the price of lithium mica (Li2O: 1.5% - 2.0%) remained at 1,075 yuan/ton; the price of lithium mica (Li2O: 2.0% - 2.5%) was 1,775 yuan/ton, unchanged; the price of phospho - lithium - aluminum stone (Li2O: 6% - 7%) was 5,975 yuan/ton, up 205 yuan; the price of phospho - lithium - aluminum stone (Li2O: 7% - 8%) was 7,065 yuan/ton, up 220 yuan. [1] 3.3 Supply and Demand - **Supply**: Last week, the production of lithium carbonate increased, and the production of lithium carbonate from different raw materials all rose. [1] - **Demand**: - **Downstream Product Production**: Last week, the production of lithium iron phosphate increased, while the production of ternary materials decreased. In September, the planned production of lithium carbonate and lithium hydroxide increased. The production of power batteries increased last week. [1] - **Terminal Demand**: In August, the year - on - year growth rate of new energy vehicle production slowed down; the 3C product shipments were average; the production of energy - storage batteries will increase in September. [1] 3.4 Inventory - **Registered Warehouse Receipts**: The registered warehouse receipts were 38,963 tons (+338). [1] - **Social Inventory**: The social inventory decreased. The inventories of smelters and other sectors decreased, while the downstream inventory increased. The total SMM lithium carbonate inventory was 138,512 tons, down 1,580 tons from last week. [1] 3.5 Important Information On September 15, London - listed Savannah Resources said that after completing additional exploration work, the reserve estimate of its lithium mine project in northern Portugal increased by 40%. The spodumene reserve of Barroso resources is now expected to exceed 39 million tons, up from the previous estimate of 28 million tons, making it the largest spodumene deposit in Europe. [1] 3.6 Investment Strategy It is recommended to short at high levels. [1]

PresentationLucas DowCEO, MD & Director Good morning, everyone, and thank you for joining us. I'm Lucas Dow, Managing Director and CEO. And in the room with me today is Andrew Barber, Chief Development and Investor Relations Officer. This is a landmark day, our first market update as Elevra Lithium Limited. The merger between Sayona and Piedmont is complete, and we are now Elevra. Now our new name is more than a clinic change. It's a statement of intent, it reflects a stronger balance sheet, a larger operat ...

Core Concept - The concept of the "Asian Lithium Belt" has gained significant attention, spanning 2,800 kilometers across Sichuan, Qinghai, Tibet, and Xinjiang, with multiple large and super-large lithium mines identified [1][8]. Lithium Resource Development - The "Asian Lithium Belt" is not a new concept; it has been previously identified through various projects, with over 6.5 million tons of lithium resources confirmed and a potential exceeding 30 million tons [1][9]. - The belt includes major lithium deposits such as the Maki Ka mine, which is one of the most concentrated areas for lithium resources globally [1][9]. - The discovery of the "Asian Lithium Belt" has led to a significant increase in China's lithium reserves, rising from 6% to 16.5% of global reserves, moving from sixth to second place [10]. Economic Impact - The development of lithium resources has played a crucial role in regional economic growth, with numerous projects across the lithium supply chain contributing to local economies [2][11]. - The establishment of a lithium battery industry development task force in Hunan demonstrates the proactive approach to leveraging local resources for economic benefits [14][15]. Supply Chain and Market Dynamics - The rise in lithium product prices, particularly lithium carbonate, reflects the growing strategic value of lithium in the market, with prices soaring from 40,000 yuan/ton to 600,000 yuan/ton between 2015 and 2021 [4][5]. - The domestic production of lithium carbonate is expected to increase significantly, from 53,400 tons in 2016 to 701,000 tons by 2024, driven by the rapid growth of the electric vehicle market [4][5]. Industry Trends - Companies are increasingly pursuing integration and scale in lithium production, with a trend towards vertical integration in the lithium supply chain [21][23]. - The establishment of the China Salt Lake Group aims to become a leading player in lithium production, with ambitious targets for lithium and potassium production by 2030 [26][27]. Future Prospects - The ongoing exploration and development of lithium resources in the "Asian Lithium Belt" are expected to enhance the domestic supply chain and provide a robust resource guarantee for the new energy industry [27].

Core Concept - The concept of the "Asian Lithium Belt" has gained significant attention, spanning 2,800 kilometers across four provinces in China, with multiple large and super-large lithium mines identified [1][2]. Group 1: Overview of the Asian Lithium Belt - The "Asian Lithium Belt" is not a new concept, as previous research has identified 12 lithium mineral belts in China, with the Songpan-Ganzi and Western Kunlun regions forming the main body of this belt [2]. - The identified lithium resources in this belt include over 6.5 million tons of proven reserves and a potential resource of over 30 million tons, featuring major lithium deposits like Jiajika in Sichuan and Dahuangliutan in Xinjiang [2][6]. - The belt not only includes solid lithium resources but also surrounding salt lake resources, creating a comprehensive lithium resource corridor in China [2]. Group 2: Economic Impact and Industry Involvement - The discovery of the "Asian Lithium Belt" is closely linked to the rising strategic value of lithium products and the expanding applications in downstream sectors, with lithium carbonate prices soaring from 40,000 yuan/ton in 2015 to around 600,000 yuan/ton in recent years [3]. - Domestic demand for lithium carbonate has surged, with production increasing from 53,400 tons in 2016 to 701,000 tons in 2024, driven by the rapid growth of the electric vehicle market [3][4]. - Major mining companies like Tianqi Lithium and Zijin Mining, as well as battery giants like CATL, are actively investing in the lithium resources of the "Asian Lithium Belt," contributing to a robust supply chain for lithium batteries [2][10]. Group 3: Strategic Mining Initiatives - The Chinese government is intensifying exploration efforts for strategic minerals like lithium, with a nationwide campaign launched to enhance mining breakthroughs [4][5]. - The "Asian Lithium Belt" is recognized as a significant achievement in mineral exploration during the 14th Five-Year Plan period, with systematic studies conducted to understand lithium and beryllium mineralization patterns [5][6]. Group 4: Future Prospects and Developments - The development of lithium resources in the "Asian Lithium Belt" is expected to drive regional economic growth, with local governments implementing policies to support mining and related industries [7][9]. - Companies are increasingly adopting integrated and large-scale approaches to lithium resource development, with firms like China Salt Lake Group aiming to become a leading producer of lithium and other minerals by 2030 [12][14]. - The ongoing exploration and development of lithium resources in remote areas, such as Tibet, are anticipated to further enhance China's resource security and support the growth of the new energy industry [15].

长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 【产业服务总部|有色中心】 研究员：汪国栋 执业编号：F03101701 投资咨询号：Z0021167 咨询电话：027-65777106 碳酸锂周报 2025/9/15 01 周度观点 需求端：9月整体排产环比增加，大型电芯厂排产环比增加8%。8月，我国动力和其他电池合计产量为139.6GWh，环比增长4.4%， 同比增长37.3%。动力和其他电池合计出口22.6GWh，环比下降2.6%，同比增长23.9%。动力和其他电池销量为134.5GWh，环比增 长5.7%，同比增长45.6%。以旧换新政策和政策端新能源车购置税的延期也有望持续支撑中国新能源车市场销量的较快增长。 库存：本周碳酸锂库存呈现去库状态，碳酸锂工厂库存增加360吨，市场库存减少2663吨，期货库存增加1994吨。 l 策略建议： 从供应端来看，宁德枧下窝矿山确认停产3个月，中信国安超采被要求停产，江特完成检修后复产，8月国内碳酸锂产量环比增加 7.8%，7月锂精矿进口量环比增加30%，7月锂盐进口环比减少22%，预计后续南美锂盐进口量将对供应形成补充。从需求端来看，储 能终 ...

周度报告—碳酸锂 供应风险弱化，锂价回吐溢价 [Table_Summary] ★供应风险弱化，锂价回吐溢价 上周锂盐价格承压回落。LC2509 收盘价环比-3.7%至 7.12 万元/ 吨，LC2511 收盘价环比-4.2%至 7.12 万元/吨；SMM 电池级及工 业级碳酸锂现货均价环比-3.1%、-3.2%至 7.25、7.02 万元/吨。SMM 粗颗粒及微粉型电池级氢氧化锂均价环比-1.7%、-1.6%至 7.43、 7.92 万元/吨。电工价差环比持平于 0.23 万元/吨。电池级氢氧化 锂较电池级碳酸锂价格升水走阔 0.1 万元至 0.18 万元/吨。 有 色 金 属 据界面新闻，9 月 9 日宁德时代控股子公司宜春时代召开会议， 专题推进枧下窝锂矿复产工作。尽管当前企业仍在办理复产所需 的相关手续、也暂未给出明确的复产时间，但市场大概率将先行 计价其复产预期。此外，短期内市场对于江西其余云母矿的担忧 也将随之减弱。供应扰动暂告段落后，市场将重回基本面逻辑。 供应方面，高价盘活了部分贸易商年初囤积的锂矿库存、并通过 代工的方式快速转化为碳酸锂，据调研了解，部分代工厂订单已 排至年底；同时中国市场的高 ...

| | 锂云母 | 1115 | -42.5 | - 电碳-工硕价差 元/吨 | 一 电池级碳酸锂-平均价 一 工业级碳酸锂-平均价 TT / 144 | | --- | --- | --- | --- | --- | --- | | | (Li20:1.5%-2.0%) | | | | | | | 锂云母 (Li20:2.0%-2.5%) | 1815 | -50 | | 碳酸锂注册仓单(吨) | | | 磷锂铝石 (Li20:6%-7%) | 6000 | -350 | | | | | 磷锂铝石 (Li20:7%-8%) | 7050 | -300 | | | | | 正极材料 | 平均价 | 涨跌 | | | | | 磷酸铁锂(动力型) | 33620 | -275 | | | | | 三元材料811(多晶/动力型) | 145900 | | | | | | 三元材料523(单晶/动力型) | 118750 | -125 | | | | | 三元材料613(单晶/动力型) | 123550 | -75 | | | | | 名称 | 现值 | 変化值 | | | | | 电碳-工碳 | 2250 | FO ...