Group 1 - The core point of the article is the successful listing of domestic GPU giant Muxi Co., which saw its stock price surge over 568% to 700 CNY after an initial offering price of 104.66 CNY per share [3][4]. - Muxi Co. is noted as a rare full-stack GPU manufacturer in China, indicating its unique position in the market [3]. - The company has maintained rapid revenue growth in recent years, which is a significant factor contributing to its strong market performance [3]. Group 2 - The A-share market opened with mixed results, with the Shanghai Composite Index down 0.06%, while the Shenzhen Component Index and the ChiNext Index saw slight increases of 0.10% and 0.03%, respectively [5]. - In the Hong Kong market, the Hang Seng Index opened up 0.03%, and the Hang Seng Tech Index rose by 0.09%, with notable stocks like Zijin Mining and Geely Automobile performing well [6][7]. - The market trends indicate a weakness in sectors such as smart driving and nuclear fusion, while lithium mining and pork-related stocks showed strength [5].

Report Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: December 17, 2025 [2] - Research Team: Non-ferrous Metals Research Team [4] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Report Highlights 1. Investment Rating - No investment rating information provided. 2. Core View - Carbonate lithium futures are oscillating at a high level. Affected by weak market sentiment, the main contract of carbonate lithium futures once fell below 100,000. The 05 - 01 spread on the disk narrowed slightly to 1,860. The spot price of electric carbon increased by 700 to 95,850. The discount of the trading market to the main contract widened to (-3,200, -1,000). The price of lithium spodumene ore increased by 40 to 1,260, the price of lithium mica ore increased by 80 to 2,700, the price of ternary materials increased by 200 - 250, the price of iron - lithium increased by 165 - 170, and the price of electrolyte remained flat. The upward price trend in the industrial chain is stable, but the inventory reduction in social warehouses has slowed down, and the fundamental support momentum has weakened. In the short term, attention should be paid to the previous high pressure level. However, with the rising prices in the industrial chain, carbonate lithium futures are expected to be more likely to rise than to fall [9]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Carbonate lithium futures are in high - level oscillation. The main contract was affected by weak market sentiment and once fell below 100,000. The 05 - 01 spread narrowed slightly. The spot price of electric carbon, lithium ore, and some materials increased, while the electrolyte price remained unchanged. The price increase trend in the industrial chain is stable, but the inventory reduction in social warehouses has slowed down, and the fundamental support has weakened. It is expected that the futures are more likely to rise than to fall, and short - term attention should be paid to the previous high pressure level [9]. 3.2 Industry News - **M&A News**: Canadian lithium - mining developer Li - FT Power announced a binding agreement to acquire all issued shares of Australian listed company Winsome Resources for approximately $86.8 million. After the transaction, Winsome shareholders will hold about 35.3% of the merged company. Winsome's core asset is the Adina lithium - mining project, which is one of the top five lithium - resource projects in North America, with proven resources of 1.4 million tons of lithium oxide (grade 1.14%) and inferred resources of 16.5 million tons of lithium oxide (grade 1.19%) [12]. - **Distributed Energy Storage Report**: From 2019 to September 2025, the cumulative installed capacity of domestic distributed energy storage (connected at a voltage level below 35kV and with a power scale ≤6MW) increased from 570MW to 3,638MW. Since 2024, the growth rate has accelerated significantly. Jiangsu, Guangdong, and Zhejiang rank in the top three in terms of cumulative installed capacity. In different application scenarios, industrial and commercial energy storage accounts for 68.70%, followed by grid - side distributed energy storage at 8.30% and new energy - supported energy storage at 7.09%. Lithium - ion batteries account for 92.77% of the domestic distributed energy - storage installed capacity [12].

Group 1 - Domestic GPU giant Muxi Co., Ltd. has been listed, opening with a surge of over 568%, with a stock price of 700 CNY [1] - The company is one of the few full-stack GPU manufacturers in China, and its revenue has been growing rapidly in recent years [1] - The initial offering price was set at 104.66 CNY per share [1] Group 2 - The Shanghai Composite Index opened down 0.06%, while the Shenzhen Component Index opened up 0.10%, and the ChiNext Index opened up 0.03% [3] - The Hang Seng Index opened up 0.03%, with the Hang Seng Tech Index rising by 0.09% [4] - In the market, sectors related to smart driving, nuclear fusion, and stablecoins showed weakness, while lithium mining and pork-related stocks strengthened [3]

A股开盘，三大指数涨跌不一，沪指跌0.06%报3822.51点，深证成指涨0.1%，创业板指涨0.03%。盘面 上，养殖业、锂矿、贵金属板块高开，影视院线、商业航天板块调整。 ...

Core Viewpoint - The National Market Regulation Administration's recent approval of a joint venture between Chile's National Copper Corporation and Chile's Chemical Mining Company is a significant practice in antitrust review within key mineral resources, positively impacting the development of a healthy and orderly new energy industry ecosystem [1]. Group 1: Joint Venture Approval - In May 2024, Chile's National Copper Corporation and Chile's Chemical Mining Company signed an agreement to form a joint venture for the development of lithium resources in the Atacama Salt Flat [2]. - The joint venture could potentially negatively impact China's carbonated lithium import market due to the change from competition to cooperation between the two companies, which may alter the competitive landscape and enhance market control [2]. - The National Market Regulation Administration approved the joint venture with additional restrictive conditions to ensure fair supply and timely communication of significant information, balancing the prevention of monopoly risks with the promotion of industry development [2]. Group 2: Upcoming Regulations - The National Market Regulation Administration plans to introduce new regulations, including the "Live E-commerce Supervision Management Measures" and "Network Trading Platform Rules Supervision Management Measures," to standardize platform economy [3]. - New regulations aimed at strengthening food safety, such as the "Food Commission Production Supervision Management Measures" and "Food Sales Chain Enterprises' Implementation of Food Safety Main Responsibility Supervision Regulations," are set to be released [3]. - The administration will also publish revised regulations to enhance antitrust and anti-unfair competition efforts, creating a fairer and more transparent development environment for various business entities [3].

Core Viewpoint - The article discusses the approval of a joint venture between Chilean National Copper Corporation and Chilean Chemical and Mining Company, highlighting its significance in China's antitrust enforcement in critical mineral resources [2][3]. Group 1: Joint Venture Details - In May 2024, Chilean National Copper Corporation and Chilean Chemical and Mining Company signed an agreement to form a joint venture through asset injection to develop lithium resources in the Atacama Salt Flat [2]. - The joint venture was officially submitted for antitrust review to China's market regulatory authority in October 2024 [2]. Group 2: Importance of Lithium - Lithium is referred to as the "white oil" of the new energy era, crucial for development and industrial security [2]. - China has a significant advantage in lithium salt processing but remains heavily reliant on imports for upstream resources [2]. Group 3: Regulatory Concerns - The market regulatory authority identified potential negative impacts on China's carbonated lithium import market due to the merger, as it could alter the competitive landscape and enhance market control, leading to possible price monopolization [2]. Group 4: Regulatory Decision - After careful evaluation, the market regulatory authority approved the merger with additional restrictive conditions, ensuring the companies will continue to fulfill existing contracts, guarantee fair supply, and promptly report significant information [3]. - These measures aim to secure the stability of China's industrial and supply chains while balancing antitrust risks and promoting industry development [3].

格隆汇12月16日｜周二(12月16日)碳酸锂期货主力合约连续第二个交易日站上10万元/吨的大关，此前12 月15日碳酸锂期货主力合约收盘价上破10万元/吨，创下2024年6月份以来新高。有分析认为，当前碳酸 锂期货格较年内低点已经上涨超70%。随着11月份电池销量数据的出炉，市场对于碳酸锂的需求预期已 经大幅扭转。数据显示，自今年8月以来，杠杆资金净买入一批锂矿概念股，融资净买额前20个股合计 近300亿远。其中宁德时代净融资买入超138亿元，排名第一。 ...

Core Viewpoint - The lithium carbonate futures market is experiencing significant growth, with a historical high in open interest and a substantial influx of capital, indicating a strong demand outlook driven by the electric vehicle and energy storage sectors [1][4][6]. Group 1: Lithium Carbonate Market Dynamics - The open interest for lithium carbonate futures reached a record high, surpassing 660,000 contracts, with over 1.3 billion yuan entering the market [1][6]. - The price of battery-grade lithium carbonate (99.5%) rose to a range of 94,000 to 97,800 yuan per ton, reflecting a daily increase of 5.26% [3]. - Global lithium carbonate supply is projected at 1.35 million tons in 2024, with demand at 1.22 million tons, indicating a temporary surplus but strong support from the booming electric vehicle and energy storage industries [3]. Group 2: Export Growth in Battery Sector - In November, China's exports of power and other batteries reached 32.2 GWh, a month-on-month increase of 14.1% and a year-on-year increase of 46.5% [4]. - Cumulative exports from January to November totaled 260.3 GWh, reflecting a year-on-year growth of 44.2% [4]. - The export volume of power batteries in November was 21.2 GWh, accounting for 66% of total exports, with a year-on-year increase of 70.2% [4]. Group 3: Price Trends and Industry Outlook - The lithium carbonate price is expected to range between 60,000 and 100,000 yuan per ton in 2025, with the latter half of 2024 showing stronger price performance compared to 2024 [6]. - The social inventory of lithium carbonate has decreased for 13 consecutive weeks, totaling a reduction of 22,000 tons, marking a new low since the futures were launched [6]. - Key raw materials in the new energy battery supply chain, such as sulfur and sulfuric acid, are also experiencing price increases due to supply tightness from maintenance activities in various regions [7].

Group 1 - The election of José Antonio Kast marks a significant political shift in Chile, moving from a leftist to an extreme right leadership, reflecting a near 180-degree turn in the country's political landscape within four years [3][5][9] - Chile possesses approximately 31% to 34% of the world's lithium resources, making it the largest lithium producer globally, supplying nearly 40% of the market, which is crucial for the global economy [5][7] - Kast's victory is seen as a response to the dissatisfaction with the previous government's handling of the economy and security issues, indicating a potential shift in Chile's economic and social policies [21][29] Group 2 - Kast's economic policies will focus on free-market principles, including significant cuts to public spending, with a plan to reduce government expenditures by up to $6 billion within 18 months [15][17] - His administration is expected to adopt a hardline stance on crime and immigration, proposing measures such as deploying the military to high-crime areas and constructing physical barriers at borders [17][19] - The ideological shift under Kast may lead to a rollback of progressive social policies, particularly concerning LGBTQ+ rights and women's rights, which could ignite new cultural conflicts in Chile [19][20] Group 3 - The relationship between China and Chile is expected to remain stable despite the political changes, as China is Chile's largest trading partner, with about 65% of Chile's lithium exports going to Asia [23][25] - Kast's government may alter the approach to lithium mining, potentially allowing for more private investment and less state control, which could benefit Chinese companies involved in lithium extraction [27][29] - There may be a shift in regional cooperation dynamics, as Kast might prefer bilateral negotiations over multilateral agreements like the proposed "Lithium OPEC," impacting the regional lithium market [27][29]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - In the next 1 - 2 weeks, lithium carbonate prices will fluctuate widely at high levels. The pressure at the 100,000 - yuan integer mark is significant, and the support below is in the range of 95,000 - 97,000 yuan/ton. The market is in a high - level shock stage after a strong breakthrough. The core contradiction lies in the game between the supply side (with both increased capacity utilization and expected seasonal reduction in salt - lake lithium extraction) and the demand side (supported by strong demand for energy - storage cells but with marginal slowdown in cathode material production), as well as the cost support due to the deep - loss state of the entire industry [2] 3. Summary by Relevant Catalogs Lithium Salt Market Introduction - **Price Changes**: Battery - grade lithium carbonate spot prices rose 5.1% to 95,750 yuan/ton, and industrial - grade rose 5.24% to 94,350 yuan/ton. The main futures contract rose 6.03% to 97,720 yuan/ton, with a weekly amplitude of 11.5%. The spot prices of different types of lithium hydroxide also increased, with the increase rates ranging from 3.11% to 3.53% [2][5] - **Basis Structure**: The basis maintained a contango structure, widening 85.85% week - on - week to - 1,970 yuan/ton, indicating that the futures price increase led the spot price [2] - **Futures Position**: The futures position increased 13.5% week - on - week to 636,000 lots, showing intensified divergence between long and short positions and fierce capital games [2] Lithium Salt Fundamentals - **Supply - China's Lithium Carbonate Production**: The domestic lithium carbonate capacity utilization rate increased 10.86% to 83.52% week - on - week, and the total output in December is expected to increase 3% month - on - month. However, the expected seasonal production reduction in salt - lake lithium extraction and the 4.65% decline in lithium hydroxide capacity utilization offset each other [2] - **Supply - Output from Different Raw Material Sources**: Not provided in the content - **Import and Export - Lithium Ore Transportation Cost**: For South Africa, the freight for bulk transportation remained unchanged at 26.00, and the freight for container transportation decreased 12.50% to 28.00. For Zimbabwe, the freight for both bulk and container transportation remained unchanged. For Nigeria, the freight for bulk transportation was unchanged, and the container freight increased 5.88% to 18.00 [28] - **Import and Export - Lithium Carbonate**: Not provided in the content - **Import and Export - Seasonal Changes**: Not provided in the content - **Import and Export - Lithium Hydroxide**: Not provided in the content - **Inventory - Lithium Carbonate Social Inventory**: Not provided in the content - **Inventory - Lithium Carbonate Warehouse Receipts**: The exchange warehouse receipts increased 37.8% week - on - week to 15,050 lots. The upstream lithium ore warehouse available inventory doubled to 10,000 tons week - on - week, showing obvious signs of inventory accumulation at the raw material end [2][41] - **Cost and Profit - Lithium Carbonate**: The production cost of externally purchased lithium concentrate increased 7.64% to 104,970 yuan/ton, higher than the spot price. The production profit of the externally purchased concentrate route was - 9,219.6 yuan/ton, and although the loss narrowed 43.59% week - on - week, the entire industry was still in a deep - loss state [2] Lithium Battery Fundamentals - **Market - Cathode Materials**: Not provided in the content - **Supply - Cathode Material Production**: The weekly production of ternary and lithium - iron materials decreased month - on - month, showing marginal signs of slowdown [2] - **Supply - Electrolyte Price and Production**: Not provided in the content - **Demand - Cathode Material Consumption**: Not provided in the content - **Import and Export - Lithium Battery Materials**: Not provided in the content - **Import and Export - Batteries**: Not provided in the content - **Cost and Profit - Ternary Materials**: Not provided in the content - **Lithium Battery Recycling**: Not provided in the content - **New Energy Vehicles - Production and Sales**: Not provided in the content