Core Viewpoint - Tibet Mining (000762) is currently in normal production for the first phase of the Zabuye project, with the second phase set to officially commence production following a successful 120-hour functional assessment scheduled from September 20 to 24, 2025 [1] Company Updates - The first phase of the Zabuye project is operating normally [1] - The second phase of the Zabuye project is expected to complete its functional assessment in September 2025, marking the official start of production [1] - Investors are advised to check the lithium product prices on the Shanghai Nonferrous Metals Network [1]

| 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 81,640.00 | -260.00↓ 前20名净持仓（日，手） | -196,126.00 | -7657.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 488,803.00 | +5325.00↑ 近远月合约价差（日，元/吨） | -360.00 | +20.00↑ | | | 广期所仓单（日，手/吨） | 27,335.00 | -404.00↓ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 78,500.00 | +1950.00↑ 工业级碳酸锂平均价（日，万元/吨） | 76,300.00 | +2000.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | -3,140.00 | +2210.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 959.00 | +18.00↑ 磷锂铝石平均价（日，元/吨） | 8 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply side still has projects ramping up or awaiting production both domestically and overseas. If the mine supply remains stable, lithium salt production is expected to grow strongly. - The demand side shows that the demand for cathode materials is expected to increase steadily, and the terminal market, including new - energy vehicles and energy storage, remains strong. - In November 2025, if there are no changes in the mine end, there is expected to be a supply - demand gap of 1.2 million tons. - The operation suggestion is to buy 2601 and sell 2605 [2][58]. 3. Summary According to the Directory 3.1 Carbonate Lithium Market Review in October 2025 - In October, the fundamentals of carbonate lithium showed increased production, decreased inventory, and continuous growth in futures. By October 27, the main contract closed at 81,900 yuan/ton, up 9,020 yuan/ton (+12.4%) within the month. The average spot price of SMM battery - grade carbonate lithium was 76,600 yuan/ton, and the industrial - grade was 74,300 yuan/ton, both up about 4% month - on - month. - In October, raw material prices rose, with a slightly larger increase than lithium salts. By October 27, the price of SMM lithium spodumene concentrate (6%, CIF China) was 906 US dollars/ton, up 49 US dollars/ton (+6%) within the month, and the price of SMM lithium mica (Li2O: 2.0% - 2.5%) was 1,990 yuan/ton, up 115 yuan/ton (+6%) [8]. 3.2 Supply Side 3.2.1 Domestic Lithium Mines - Domestic lithium mine production decreased month - on - month. In September, the sample production of domestic mines was 20,000 tons of LCE, a month - on - month decrease of 700 tons of LCE (-3.4%), and the cumulative production from January to September was 205,000 tons of LCE, a year - on - year increase of 52,000 tons of LCE (+34%). - Projects in the process of ramping up production include Lijiagou, Dahongliutan, and Lagocuo [11]. 3.2.2 Overseas Lithium Resources - Australian mines: Production continued to grow, but the growth rate slowed down. In the second quarter, the production of operating mines was about 940,000 tons of ore, a month - on - month increase of about 108,000 tons (+13%), and the sales volume was about 996,000 tons, a month - on - month increase of about 150,000 tons (+18%). - South American salt lakes: Continued to grow rapidly. New projects were put into production in 2025, and the Atacama salt lake was expanding production. - American mines: The main projects were relatively stable, with increased production and sales volume month - on - month. In the second quarter, the production of the main lithium spodumene projects in the Americas was 140,200 tons, a month - on - month increase of about 16,500 tons (+13%), and the sales volume was about 120,600 tons, a month - on - month increase of about 20,000 tons (+18%). - African mines: Expected to have considerable growth, but geopolitical issues may disrupt production and shipping [16][17][18]. 3.2.3 Domestic Carbonate Lithium Capacity and Production - Capacity: The total smelting capacity of carbonate lithium in China has expanded rapidly in the past two years. In October 2025, the monthly total smelting capacity was close to 150,000 tons, a year - on - year increase of 37,400 tons (+33%), mainly from the lithium spodumene and salt lake ends. - Production: The overall production of domestic lithium salt plants has continuously reached new highs this year. In September, the production was 87,300 tons, a month - on - month increase of 2,000 tons (+2.4%), and the cumulative production was 684,000 tons, a year - on - year increase of 203,000 tons (+42%) [23]. 3.2.4 Import of Lithium Ore and Lithium Salt - Lithium concentrate: The cumulative import volume increased slightly. In September, the import of lithium concentrate was 521,000 tons, a month - on - month increase of about 50,000 tons (+10.6%), and the cumulative import from January to September was 4.37 million tons (+3.4%). Among them, the cumulative import of Australian ore increased by 8.5% year - on - year, and that of Zimbabwean ore decreased by 15%. - Lithium salt: In September, the import of carbonate lithium was 19,600 tons, a month - on - month decrease of 2,200 tons (-10%), and the cumulative import in September was 173,000 tons (+5.2%) [28]. 3.3 Demand Side 3.3.1 Direct Demand - The production schedule of cathode materials is expected to increase steadily. In September, the production of lithium iron phosphate was 356,800 tons, a month - on - month increase of 40,000 tons (+13%); the production of ternary cathode materials was 75,300 tons, a month - on - month increase of 2,000 tons (+3%). In October, the estimated production of lithium iron phosphate and ternary materials increased by 5% and 1.65% month - on - month respectively, and the production schedule in November is expected to remain strong [39]. 3.3.2 Terminal Demand - Power market: The sales of new - energy vehicles in China still had a high growth rate. In September 2025, the cumulative sales of new - energy vehicles (including exports) were 11.198 million, a year - on - year increase of 34.6%, and the sales penetration rate reached 49.72%. The sales of pure - electric heavy - duty trucks increased rapidly, and the proportion of plug - in hybrids decreased. - Energy storage: Due to cost reduction and policy support, there is an expected increase in demand. From January to September, the total winning bid capacity of energy storage was 131.6 GWh, a year - on - year increase of 37.8% [45][46]. 3.4 Inventory and Outlook 3.4.1 Inventory - Mine - end inventory dropped to a low level. Lithium salt inventory has been gradually reduced for about 3 months, and the warehouse receipt volume decreased rapidly in advance [51]. 3.4.2 Carbonate Lithium Outlook in November - There are still projects ramping up or awaiting production both at home and abroad. - Raw materials: The Jianxiawo project in China has stopped production, and some mining rights in Jiangxi are still uncertain. Overseas, the production and sales volume of Australian mines, South American salt lakes, and American lithium spodumene in the second quarter did not decrease significantly. Lithium ore inventory has fallen to a low level in the past half - month. - Lithium salt: Production continues to increase, and the proportion of lithium spodumene - end carbonate lithium production has increased from 55% at the beginning of the year to 64%. - Import: The subsequent import of lithium ore and lithium salt depends on the geopolitics in Africa and whether overseas producers will adjust sales volume due to price fluctuations. - Overall, if there are no changes in the mine end, there is expected to be a supply - demand gap of 1.2 million tons in November 2025 [56][58].

Core Points - China has become the first Asian observer of the Andean Community (CAN), with unanimous support from its four member countries: Peru, Ecuador, Colombia, and Bolivia [1][3] - The approval reflects a shift in Latin American countries' alignment towards China, influenced by recent U.S. trade policies that have strained their economies [3][5] Group 1: Background and Context - The relationship between China and the Andean Community dates back to 1999, with a formal consultation mechanism established [6] - Recent U.S. tariffs on Latin American products, including a 50% tariff on copper, have led to significant economic challenges for these countries, prompting them to seek new partnerships [5][6] - China's cooperation proposals have been more appealing to Latin American nations compared to U.S. policies, focusing on practical needs rather than ideological values [6][8] Group 2: Economic Implications - The Andean Community countries control 35% of the world's copper and 28% of lithium resources, which are crucial for China's electric vehicle and AI industries [8][11] - By becoming an observer, China can now participate in setting regional trade standards, enhancing the security of its supply chains [8][11] - The shift from bilateral agreements to regional cooperation mechanisms allows China to mitigate risks associated with policy changes in Latin America [6][8] Group 3: Geopolitical Impact - China's entry into the Andean Community challenges the long-standing U.S. influence in Latin America, traditionally viewed as its "backyard" [8][10] - The unanimous vote signifies a collective response from Latin American countries against unilateralism and a desire for diversified partnerships [10][11] - The collaboration between China and the Andean Community is expected to reshape the development logic in the region, moving towards a more integrated economic framework [10][11]

（记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：请问公司在德阿园区的一起锂盐项目预期产能是6万吨/ 年吗？ 国城矿业（000688.SZ）10月28日在投资者互动平台表示，国城锂业20万吨/年锂盐项目一期工程的产能 规划是6万吨/年。 ...

Group 1 - The U.S. has decided not to consider imposing a 100% tariff after negotiations, indicating a shift in stance that may influence other countries that previously aligned with the U.S. against China [1] - Canada imposed a 100% tariff on Chinese electric vehicles to appease the U.S., resulting in an 18% drop in the stock prices of lithium mining companies [1] Group 2 - Japan faced a 13.8% margin requirement from China in rubber trade, leading to a loss of 30% market share [3] - The EU, after accusing China of unfair practices in rare earths, realized its own lack of purification technology, and 83% of EU companies are hesitant to withdraw from China despite sanctions [3] - The narrative of a "united front" against China is seen as a tactic by the U.S. to shift blame, with allies suffering losses while the U.S. acknowledges the unsustainability of the tariff war [3]

Summary of Shengxin Lithium Energy Conference Call Company Overview - **Company**: Shengxin Lithium Energy - **Industry**: Lithium Industry Key Points and Arguments Financial Performance - In Q3, Shengxin Lithium Energy turned a profit due to a 10% increase in lithium prices and better-than-expected downstream demand, particularly in energy storage batteries and automotive sales [2][3] - Q3 revenue reached 1.481 billion yuan, marking a significant recovery from previous losses [3] Production and Capacity Expansion - The company’s production capacity nearly doubled to 130,000 tons with the addition of a new 60,000-ton lithium salt capacity from the Indonesian factory, which began shipping in August [2][3] - The company has a planned 2,500-ton capacity for lithium metal, with preparations already completed [2][9] Market Dynamics - The average lithium price in Q3 rose approximately 10% compared to Q2, with prices fluctuating between 60,000 to 90,000 yuan [3] - The company benefits from limited competition in overseas markets, with higher customer acceptance and pricing compared to domestic markets [2][3][4] Cost Structure - Domestic gross margins have reached 20%-25%, while overseas margins are higher despite increased production costs due to smelting fees [7][8] - The Indonesian factory's operational costs are comparable to domestic costs, aided by tax incentives that offset some expenses [8] Resource and Supply Chain Management - The company has a diversified supply chain strategy, sourcing lithium from its own mines in Sichuan and Zimbabwe, with a focus on maintaining a circular supply chain to meet global demand [3][11] - The average production cost for lithium resources in Sichuan is around 40,000-50,000 yuan, while in Zimbabwe, it is approximately 60,000 yuan due to logistical and tax factors [10] Future Outlook - The company plans to continue expanding its mining operations in Africa and enhance its global resource reserves to mitigate risks from international trade tensions [12] - The long-term outlook for lithium prices and demand remains positive, driven by growth in energy storage and new technologies, despite short-term volatility [18] Inventory and Cash Flow - The company maintains a low inventory turnover in its domestic operations, while the Indonesian factory has higher inventory levels due to initial shipping phases [15] - Operating cash flow has been negative for two consecutive quarters due to increased purchases of raw materials and services [16] Strategic Initiatives - Shengxin Lithium Energy is actively engaging in foreign exchange hedging to mitigate risks associated with currency fluctuations, especially as overseas revenues increase [17] Project Timelines - The Murong lithium mine is expected to begin large-scale production by 2028, with a production capacity of approximately 75,000 to 80,000 tons of lithium carbonate equivalent [13][14] Additional Important Information - The company has established a strong foothold in the lithium market with a focus on both domestic and international growth, leveraging its competitive advantages in resource management and production efficiency [12][18]

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [3][20]. Core Insights - In Q3 2025, lithium concentrate production reached 224,800 tons, a 2% increase quarter-on-quarter and year-on-year, indicating sustained reliability and processing capacity following the successful completion of the P1000 expansion [1]. - The average actual sales price of spodumene concentrate was $742 per ton, a 24% increase quarter-on-quarter and a 9% increase year-on-year [2]. - The unit operating cost (including freight and royalties) decreased by 9% to $422 per ton, reflecting effective cost control measures [2]. - The company achieved a revenue of AUD 251 million in Q3 2025, a 30% increase quarter-on-quarter and a 20% increase year-on-year [5]. Production and Sales Performance - Lithium concentrate sales in Q3 2025 were 214,000 tons, a 1% decrease quarter-on-quarter but nearly flat year-on-year [1]. - The lithium recovery rate improved significantly to 78.2%, up from 71.6% in the previous quarter, showcasing the effectiveness of operational strategies [1]. - Tantalum concentrate production totaled approximately 74,267 pounds, a 25% increase quarter-on-quarter, while shipments reached about 66,161 pounds, a 9% increase quarter-on-quarter and a 29% increase year-on-year [4]. Financial Performance - The company ended Q3 2025 with cash of AUD 852 million and undrawn credit facilities of AUD 625 million, with a cash outflow of AUD 19 million due to financing activities and foreign exchange changes [5][6]. - Operating cash profit for Q3 2025 was AUD 8 million, benefiting from price increases, although affected by timing factors [5]. Upstream Development Projects - The Ngungaju processing plant is expected to remain in maintenance mode throughout FY 2026 to flexibly increase production capacity amid rising lithium prices [7]. - A feasibility study for the P2000 project is anticipated to be published in FY 2027, with development progress dependent on research outcomes and funding [8]. Downstream Development Projects - The midstream demonstration plant in Australia is on track for completion in Q4 2025 [11]. - The joint venture with POSCO in South Korea has seen production lines operating in a moderate batch production mode to optimize operational efficiency amid fluctuating lithium prices [12]. - A feasibility study with Ganfeng Lithium regarding the construction of a lithium salt processing plant is ongoing, with site assessments being conducted [15].

Core Insights - The company reported a turnaround in Q3 with a revenue of 3.09 billion yuan, a year-on-year decrease of 11.5%, and a net profit attributable to shareholders of -750 million yuan, a year-on-year decrease of 63% [1] - Q3 revenue reached 1.48 billion yuan, showing a significant increase of 61.1% quarter-on-quarter and 59.6% year-on-year, with a net profit of 90 million yuan, reflecting a quarter-on-quarter increase of 132.3% and a year-on-year increase of 112.9% [1] - The lithium business became profitable due to rising lithium prices and the commencement of shipments from the Indonesian plant, with an estimated lithium salt shipment of approximately 40,000 tons in the first three quarters [1] Revenue and Profitability - For Q1-3 2025, the company reported a gross margin of 10.2%, an increase of 7.1 percentage points year-on-year, and a net profit margin of -24.3%, a decrease of 11.1 percentage points year-on-year [1] - The average price of lithium products in Q3 was approximately 87,000 yuan, a quarter-on-quarter increase of nearly 15% [1] - The company expects to ship over 60,000 tons of lithium salt for the entire year of 2025, remaining stable year-on-year [1] Production and Costs - The company’s self-supply rate from mining is approximately 50% for the year, with expected production of 200,000 tons from the Sabixing mine and 60,000-70,000 tons from the Yilonggou mine in 2025 [2] - The total expected production for 2025 is around 260,000 tons, equivalent to 32,000 tons of lithium carbonate equivalent (LCE) [2] - The cost of production for the Sabixing mine is estimated at 68,000 yuan per ton, while the Yilonggou mine is estimated at 70,000 yuan per ton [2] Cash Flow and Expenditures - The company reported a decrease in expense ratio to 21.5% for Q1-3 2025, down 5.9 percentage points year-on-year, with Q3 expense ratio at 17.8%, a decrease of 3.9 percentage points quarter-on-quarter [2] - Operating cash flow for Q1-3 2025 was 110 million yuan, a year-on-year decrease of 85.4%, with Q3 operating cash flow at -70 million yuan, reflecting a quarter-on-quarter decrease of 118.2% [2] - Capital expenditures for Q1-3 2025 totaled 750 million yuan, a decrease of 62.1% year-on-year, with Q3 capital expenditures at 140 million yuan, a decrease of 78.7% year-on-year [2] Profit Forecast and Investment Rating - Due to impairment impacts in 2025, the profit forecast for 2025 has been lowered, while the forecasts for 2026 and 2027 have been raised, with expected net profits of -600 million yuan, 550 million yuan, and 1 billion yuan respectively [3] - The company maintains a "buy" rating due to its excellent lithium resource endowment and the ramp-up of production from the Indonesian plant [3]

Core Insights - Company reported a significant increase in third-quarter revenue and net profit, indicating strong operational performance [1] - Year-to-date revenue growth is primarily driven by increased sales of self-supplied lithium salts and spodumene, along with new copper smelting sales [1] Financial Performance - Third-quarter revenue reached 1.551 billion yuan, representing a year-on-year growth of 35.19% [1] - Net profit for the third quarter was 115 million yuan, showing a year-on-year increase of 58.18% [1] - Year-to-date revenue for the first three quarters totaled 4.818 billion yuan, up 34.99% compared to the previous year [1] - Net profit for the first three quarters was 204 million yuan, reflecting a year-on-year decline of 62.58% [1] - Basic earnings per share for the first three quarters stood at 0.2831 yuan [1]