盛新锂能(002240.SZ)公告，公司与中创新航科技集团股份有限公司("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。 ...

Core Viewpoint - Shengxin Lithium Energy (002240.SZ) announced a proposed cooperation framework agreement with Zhongchuang Xinhang for lithium salt product business from 2026 to 2030, involving the procurement of 200,000 tons of lithium salt products [1] Group 1 - The transaction constitutes a related party transaction [1] - The transaction is not expected to impact the company's operating performance for the current year [1] - The agreement is anticipated to have a positive impact on the company's future operating performance [1]

Group 1: Market Analysis - On December 18, 2025, the main contract 2605 of lithium carbonate opened at 106,800 yuan/ton and closed at 106,160 yuan/ton, with a -0.79% change compared to the previous day's settlement price. The trading volume was 1,013,916 lots, and the open interest was 672,711 lots, up from 668,589 lots the previous day. The current basis was -10,850 yuan/ton, and the number of lithium carbonate warehouse receipts was 15,636 lots, unchanged from the previous day [1] Group 2: Lithium Carbonate Spot - According to SMM data, the price of battery-grade lithium carbonate was 95,300 - 99,800 yuan/ton, up 500 yuan/ton from the previous day, and the price of industrial-grade lithium carbonate was 93,900 - 96,000 yuan/ton, also up 500 yuan/ton. The price of 6% lithium concentrate was 1,340 US dollars/ton, up 10 US dollars/ton from the previous day. The market transactions were rare, mainly supported by the rigid demand of some enterprises. The supply of lithium salt plants was stable, with an expected 3% month-on-month increase in domestic lithium carbonate production in December. The demand was supported by the new energy vehicle and energy storage markets, but the production schedules of cells and cathode materials were expected to decline slightly month-on-month in December. The industry maintained a pattern of "steady increase in supply and stable demand at a high level", with the de-stocking trend continuing but at a slower pace. The weekly inventory decreased by 1,044 tons, and the total inventory was 110,425 tons [2] Group 3: Strategy - The decline of lithium carbonate was due to technical overbought repair and profit-taking. The continuous de-stocking, certain consumption support, and supply uncertainty were key factors supporting the strong price. In the short term, it was likely to maintain a high-level shock. Attention should be paid to the production capacity release rhythm and capital trends, and be vigilant against the intensified fluctuations caused by the marginal changes in supply and demand [3] Group 4: Trading Recommendations - Unilateral: Wait and see in the short term - Inter - delivery spread: None - Cross - variety: None - Futures - cash: None - Options: None [5]

Core Viewpoint - The lithium carbonate market is experiencing a significant transformation in 2025, with a notable recovery in prices and production driven by strong demand from the energy storage sector and adjustments in mining rights and environmental regulations [2][10][14]. Group 1: Lithium Carbonate Price Trends - In 2025, the domestic lithium carbonate market showed a trend of initial decline followed by recovery, with prices dropping below 60,000 yuan, marking a 22% decrease in the first half of the year [2]. - The second half of 2025 saw a surge in orders from the energy storage sector, leading to a rebound in lithium carbonate prices, with market inventory decreasing from approximately 55 days to around 27 days by year-end [2]. - Market volatility increased due to ongoing supply-demand dynamics, with rumors about mining resumption affecting price fluctuations throughout the fourth quarter [2]. Group 2: Production Growth of Lithium Salt Enterprises - In response to mining rights adjustments, several lithium salt companies in Jiangxi shifted production lines from lithium mica to spodumene, while others converted some hydroxide lithium capacity to carbonate to meet the rising demand for lithium iron phosphate [4]. - According to ICC Xinluo Lithium Battery Database, domestic lithium carbonate production reached 926,000 tons in 2025, a year-on-year increase of approximately 34%, with spodumene, salt lake, and lithium mica production growing by 43%, 30%, and 17% respectively [5]. Group 3: Future Market Outlook for 2026 - The market anticipates a consistent increase in lithium resource demand, estimated around 2 million tons (LCE equivalent) for 2026, while supply projections remain varied due to ongoing capacity releases [7]. - The global lithium resource capacity is expected to reach 2.55-2.6 million tons (LCE equivalent) in 2026, with an actual supply forecast of approximately 2.17 million tons, resulting in a supply-demand ratio of 108% [10]. - The average price of domestic lithium carbonate is projected to rise to a range of 85,000 to 125,000 yuan, with an expected average of 95,000 to 100,000 yuan, reflecting an increase of about 20,000 yuan compared to 2025 [10]. Group 4: Supply Chain Challenges - Domestic mining rights issues in Jiangxi and Qinghai remain unresolved, potentially limiting lithium mica production contributions in 2026 [9]. - Political instability in several African countries may impact lithium ore exports, with specific risks noted in Nigeria, the Democratic Republic of the Congo, and other regions [9][11]. - The overall market is expected to face constraints on price increases due to the sensitivity of the energy storage sector to cost changes and the potential for competition from sodium batteries and recycled materials [13][16].

晨报 碳酸锂 成材：重心下移 偏弱运行 碳酸锂：市场情绪高涨 聚焦资金博弈与供需边际 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 12 月 16 日 逻辑：云贵区域短流程建筑钢材生产企业春节期间停产检修时间大多 在 1 月中下旬，复产时间预计在正月初十一至正月十六左右，停产期间预 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 于 1 月 5 日开始停产；其余大部分钢厂均表示将于 1 月中旬左右停产放假， 证监许可【2011】1452 号 逻辑:昨日碳酸锂主力合约 LC2605 较上一交易日上涨 3.42%至 10.16 万元/吨，成交和持仓量持续放量，主力净空格局延续，资金博弈加剧价格 波动，盘面价格中心持续上移。截至收盘，SMM 数据显示电碳均价 95，150 元/吨，主力合约基差扩大至-6，450 元/吨，期现背离加剧。 个别钢厂预计 1 月 20 日后停产放假，停产期间日度影响产量 1.62 万吨左 右。2 ...

展望未来，预计2026年碳酸锂维持供需双增态势，价格中枢或整体上移，供应端和需求端的年度增速都 有望达到30%。对于储能方面能否在2026年及以后拉动总需求超预期增长，目前行业内分歧比较大。如 果根据《新型储能规模化建设专项行动方案（2025—2027）》中"2027年全国新型储能装机规模在1.8亿 千瓦（180吉瓦）以上"的总体目标来推算，30%左右的年度增速可能是储能需求增速的基准点。 为应对锂价波动，实现稳健发展，产业链企业可以基于产量、库存量等生产经营情况，运用期货进行套 期保值，稳定原料采购成本或锁定产品销售利润。矿产资源储备较充足、技术不断创新、成本控制力强 的企业可能在发展中进一步巩固自身优势。 在政策引导行业加快技术进步和转型升级发展的背景下，锂盐企业需要从技术创新、绿色发展、产业协 同等多个方面入手，着力提升产业竞争力，增强自身资源保障能力与产业链协同水平。 近期，锂电下游需求相对乐观，储能行业维持高景气度，市场对2026年一季度需求有"淡季不淡"的预 期。2026年年初需要留意下游补库需求和个别锂资源项目复产进度，关注储能需求和供需两侧政策的后 续变动。（作者单位：广州期货） 周一碳酸锂期 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The trading strategy is to conduct light - position oscillatory trading and pay attention to trading rhythm to control risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 101,060 yuan/ton, up 3,340 yuan; the net position of the top 20 is - 168,125 lots, up 11,607 lots; the position of the main contract is 662,185 lots, up 25,801 lots; the spread between near - and far - month contracts is - 1,660 yuan/ton, up 240 yuan; the Guangzhou Futures Exchange warehouse receipt is 15,260 lots/ton, up 210 lots [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 95,150 yuan/ton, up 650 yuan; the average price of industrial - grade lithium carbonate is 92,650 yuan/ton, up 650 yuan; the basis of the Li₂CO₃ main contract is - 5,910 yuan/ton, down 2,690 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 0 US dollars/ton, down 1,170 US dollars; the average price of amblygonite is 10,575 yuan/ton, up 125 yuan; the price of lithium mica (2 - 2.5%) is 4,058 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 53,980 tons, up 2,450 tons; the monthly import volume is 23,880.69 tons, up 4,283.79 tons; the monthly export volume is 245.91 tons, up 95.10 tons; the monthly operating rate of lithium carbonate enterprises is 47%, unchanged; the monthly output of power batteries is 176,300 MWh, up 5,700 MWh; the price of lithium manganate is 36,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 180,000 yuan/ton, unchanged; the price of ternary material (811 type): China is 167,000 yuan/ton, unchanged; the price of cobalt - acid lithium is 345,200 yuan/ton, unchanged; the price of ternary material (622 power - type): China is 148,500 yuan/ton, unchanged [2] 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type): China is 159,500 yuan/ton, unchanged; the monthly operating rate of ternary cathode materials is 51%, down 1%; the price of lithium iron phosphate is 39,100 yuan/ton, unchanged; the monthly output of new energy vehicles (CAAM) is 1,880,000 vehicles, up 108,000 vehicles; the monthly sales volume is 1,823,000 vehicles, up 108,000 vehicles; the cumulative sales penetration rate of new energy vehicles (CAAM) is 47.48%, up 0.74%; the cumulative sales volume and year - on - year of new energy vehicles is 14,780,000 vehicles, up 3,518,000 vehicles; the monthly export volume of new energy vehicles is 300,000 vehicles, up 44,000 vehicles; the cumulative export volume and year - on - year of new energy vehicles is 2,315,000 vehicles, up 1,174,000 vehicles; the 20 - day average volatility of the underlying is 51%, down 7.06; the 40 - day average volatility of the underlying is 48.11%, up 0.45 [2] 3.6 Option Situation - The total call position is 124,221 lots, down 7; the total put position is 97,390 lots, up 8,604; the total put - call ratio is 78.4%, up 6.9304%; the at - the - money IV implied volatility is 0.35%, up 0.0003% [2] 3.7 Industry News - The lithium iron phosphate industry is experiencing a wave of price hikes, and industry associations are promoting solutions; in November 2025, the domestic power battery loading volume was 93.5 GWh, a month - on - month increase of 11.2% and a year - on - year increase of 39.2%; multiple departments have deployed 2026 key tasks; the National Development and Reform Work Conference emphasized measures for investment, consumption, etc.; at the 2025 - 2026 China Economic Annual Conference, relevant leaders said that the economy is better than expected and proposed 2026 policies [2] 3.8 Market Analysis - The lithium carbonate main contract oscillated strongly, with an increase of 1.4% at the close. The position increased month - on - month, the spot price was at a discount to the futures price, and the basis weakened compared with the previous day. The raw material price was supported by the strong futures market, the supply increased steadily, the demand was resilient, and the option market sentiment was bullish with a slight increase in implied volatility. Technically, the 60 - minute MACD had double lines above the 0 - axis and the red bars expanded [2]

盐湖股份（000792.SZ）12月15日在投资者互动平台表示，公司持有蓝科锂业51.42%股权，目前碳酸锂 产能已达到4万吨。新建4万吨锂盐项目由公司独立投资，由锂电科技分公司全面负责项目的运营管理， 本年度碳酸锂生产计划为3000吨，目前试运行情况良好，不仅实现了稳定运行，还顺利产出合格碳酸 锂，更关键的是产能利用率正稳步提升，当前生产状况已超出预期目标。 每经AI快讯，有投资者在投资者互动平台提问：公司11月11日回复提到2025年计划生产4.3万吨碳酸 锂，这4.3万吨的碳酸锂如果出售后的收益全部归盐湖股份吗？还是考虑蓝科锂业的二股东科达制造要 分走49%？ （记者 王瀚黎） ...

财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 格隆汇12月15日丨盐湖股份(000792.SZ)在投资者互动平台表示，4万吨锂盐一体化项目作为公司重点布 局，目前试运行情况良好，不仅实现了稳定运行，还顺利产出合格碳酸锂，更关键的是产能利用率正稳 步提升，当前生产状况已超出预期目标。后续公司将加快推进项目全面达产，为公司业绩增长提供支 撑。 ...

盐湖股份（000792.SZ）12月15日在投资者互动平台表示，公司2025年计划生产碳酸锂产量4.3万吨，其 中，4万吨锂盐项目已于今年9月底正式投运，现公司碳酸锂总产能已达8万吨。 每经AI快讯，有投资者在投资者互动平台提问：请问公司目前为止拥有碳酸锂产能多少？ （记者 胡玲） ...