报告期内，公司持有的 Pilbara Minerals Limited(PLS)股票价格上涨产生了公允价值变动收益，在领式期 权相关的既定风险管理策略对冲后，整体公允价值变动收益约10.3亿元。 赣锋锂业(002460.SZ)披露2025年年度业绩预告，公司预计归属上市公司股东的净利润11亿元至16.5亿 元，扭亏为盈;扣除非经常性损益后的净亏损3亿元至6亿元。 ...

每经AI快讯，1月27日，赣锋锂业(002460.SZ)公告称，公司预计2025年归属于上市公司股东的净利润为 11.00亿元至16.50亿元，上年同期亏损20.74亿元，同比扭亏为盈。报告期内，公司持有的 PilbaraMineralsLimited（PLS）股票价格上涨产生了公允价值变动收益，在领式期权相关的既定风险管 理策略对冲后，整体公允价值变动收益约10.3亿元。 （文章来源：每日经济新闻） ...

南财智讯1月27日电，赣锋锂业发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 110000万元—165000万元，同比预增153.04%—179.56%；预计2025年全年归属于上市公司股东的扣除 非经常性损益的净利润为亏损60000万元—30000万元，同比预减亏32.38%—66.19%。业绩变动原因： 1、报告期内，公司持有的PilbaraMineralsLimited（PLS）股票价格上涨产生了公允价值变动收益，在领 式期权相关的既定风险管理策略对冲后，整体公允价值变动收益约10.3亿元。2、根据《企业会计准则 第22号》规定，公司将报告期内在H股发行的可转换公司债券整体指定为"以公允价值计量且其变动计 入当期损益的金融负债"。受公司股价显著上涨及绝大部分债券持有人行使转股权影响，本期确认了相 应的公允价值变动损失。3、公司通过转让控股子公司深圳易储数智能源集团有限公司部分股权并成功 引入战略投资人，确认了相应的投资收益。4、根据《企业会计准则第8号》的相关规定，公司对存在减 值迹象的资产（包括长期资产）进行了减值测试，并相应计提了资产减值准备。上述事项1-3导致的公 允价值变动及投 ...

据生意社监测，碳酸锂01月26日最新价格170000.00元/吨，最近5天上涨6.92%，10天上涨9.68%，15天 上涨21.43%，20天上涨31.78%，30天上涨44.39%，60天上涨83.26%。 相关生产商有：川能动力(000155)藏格矿业(000408)西藏矿业(000762)盐湖股份(000792)大中矿业 (001203)融捷股份(002192)盛新锂能(002240)赣锋锂业(002460)天齐锂业(002466)雅化集团(002497)中矿资 源(002738)永兴材料(002756)天华新能(300390)金银河(300619)宁德时代(300750)红星发展(600367)科力远 (600478)科达制造(600499)永杉锂业(603399)芳源股份(688148)等。 相关生产商有：川能动力(000155)藏格矿业(000408)西藏矿业(000762)盐湖股份(000792)大中矿业 (001203)融捷股份(002192)盛新锂能(002240)赣锋锂业(002460)天齐锂业(002466)雅化集团(002497)中矿资 源(002738)永兴材料(002756)天华 ...

1. Report's Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core View of the Report - On January 26, 2026, the lithium carbonate futures 2605 dropped 6.56% to 165,680 yuan/ton. The average price of battery - grade lithium carbonate rose 10,500 yuan/ton to 181,500 yuan/ton, the average price of industrial - grade lithium carbonate rose 10,500 yuan/ton to 178,000 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) rose 8,000 yuan/ton to 169,000 yuan/ton. The warehouse receipt inventory increased 490 tons to 28,646 tons [3]. - Sigma announced the sale of a second shipment of 100,000 tons of high - purity lithium tailings (1% lithium content) on January 23, 2026, with a reference price of 195 US dollars/ton for SMM lithium oxide content of 1.35% and an actual transaction price of 140 US dollars/ton; previously, the price of the first shipment of lithium tailings announced for sale on January 13 was 125 US dollars/ton. Core Lithium optimized the restart plan of the Finniss lithium mine project and advanced the final investment decision [3]. - On the supply side, the weekly production decreased 388 tons to 22,217 tons. On the demand side, the weekly production of ternary materials increased 621 tons to 18,256 tons, and the inventory increased 611 tons to 18,868 tons; the weekly production of lithium iron phosphate increased 293 tons to 87,319 tons, and the inventory increased 700 tons to 96,590 tons. On the inventory side, the weekly social inventory of lithium carbonate decreased 783 tons to 108,896 tons [3]. - Overall, without a clear negative feedback in demand, there is still an expectation of inventory reduction in Q1, but it is necessary to be vigilant about the amplification of market volatility and the impact of positions [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Price and Inventory Changes**: Futures prices fell, while spot prices of battery - grade and industrial - grade lithium carbonate and battery - grade lithium hydroxide rose. Warehouse receipt inventory increased [3]. - **News Events**: Sigma sold two shipments of lithium tailings, and Core Lithium optimized the lithium mine project restart plan [3]. - **Supply - Demand - Inventory Analysis**: Supply decreased, demand and inventory of downstream products increased, and the overall social inventory of lithium carbonate decreased [3]. - **Outlook**: There is an expectation of inventory reduction in Q1, but market volatility and position impact need attention [3]. 3.2 Daily Data Monitoring - **Futures**: The closing price of the main contract decreased 15,840 yuan/ton to 165,680 yuan/ton, and the closing price of the continuous contract decreased 15,060 yuan/ton to 164,580 yuan/ton [5]. - **Lithium Ore**: The prices of lithium ore such as lithium spodumene concentrate and lithium mica increased to varying degrees [5]. - **Lithium Salts**: The prices of battery - grade and industrial - grade lithium carbonate, and battery - grade and industrial - grade lithium hydroxide increased, while the price of lithium hexafluorophosphate decreased 1,000 yuan/ton to 145,000 yuan/ton [5]. - **Price Spreads**: The spread between battery - grade and industrial - grade lithium carbonate remained unchanged at 3,500 yuan/ton, while the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased 2,500 yuan/ton to - 12,500 yuan/ton [5]. - **Precursors and Cathode Materials**: The prices of ternary precursors and cathode materials such as lithium iron phosphate and manganese acid lithium increased [5]. - **Lithium Batteries**: The prices of various lithium - ion battery cells and batteries also showed an upward trend [5]. 3.3 Chart Analysis - **Ore Prices**: The report provides historical price charts of lithium spodumene concentrate and lithium mica from 2024 - 2026 [6][9]. - **Lithium and Lithium Salt Prices**: It shows historical price charts of metal lithium, battery - grade and industrial - grade lithium carbonate, and lithium hydroxide from 2024 - 2026 [12][14]. - **Price Spreads**: There are charts of various price spreads, including the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate from 2024 - 2026 [19]. - **Precursors and Cathode Materials**: Historical price charts of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 - 2026 are provided [25][27]. - **Lithium Battery Prices**: It presents historical price charts of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries from 2024 - 2026 [32][35]. - **Inventory**: There are charts of downstream inventory, smelter inventory, and other - link inventory of lithium carbonate from 2025 - 2026 [37][39]. - **Production Costs**: A chart of the production cost of lithium carbonate from 2024 - 2026 is shown, including the production profit from different raw materials [42].

Summary of Key Points from Conference Call Industry Overview - The focus is on the lithium carbonate industry, particularly regarding pricing, supply-demand balance, and electric vehicle (EV) and energy storage demand trends. Core Insights and Arguments 1. **Price Trends**: - Lithium carbonate prices have surged from 90,000 to nearly 190,000, indicating a bullish outlook for the market. The internal rate of return (IRR) for energy storage projects in northern regions has decreased from 9% to 6%. Further price increases could lead to additional declines in IRR, but this may not significantly impact prices [1][1][1]. 2. **Supply-Demand Balance**: - Initial projections indicated a surplus of 30,000 to 50,000 tons in 2025, but adjustments now suggest a tight balance for the entire year. The supply-demand balance is projected to shift negatively from 2026 to 2030, with deficits of -15,000 tons in 2026, -6,000 tons in 2027, -89,000 tons in 2028, -189,000 tons in 2029, and -440,000 tons in 2030 [1][1][1]. 3. **Supply Details**: - By 2026, resource supply is expected to reach 2.05 to 2.06 million tons, an increase of 413,000 tons from 2025. Lithium salt supply is projected to rise from 1.54 million tons to 1.91 million tons, an increase of 370,000 to 380,000 tons. Major contributors to this growth include the commissioning of the Greenbushes project in Australia and other salt lake projects [1][1][1]. 4. **Future Supply Increases**: - In 2027, an additional 440,000 tons of resource supply is anticipated, primarily from the resumption of Australian projects and the commissioning of the Mariana project. The breakdown for 2026 includes 230,000 tons from spodumene, with contributions from Africa (140,000 tons), Australia (43,000 tons), and China (49,000 tons) [2][2][2]. 5. **Demand Projections**: - Domestic electric vehicle sales are expected to grow by 19% in 2026, with a projected 16 million units sold in 2025. Each 1% increase in sales corresponds to an additional 160,000 vehicles and 5,000 tons of lithium carbonate. Heavy-duty electric trucks are expected to see sales of 200,000 units in 2025 and 250,000 units in 2026 [3][3][3]. 6. **Energy Storage Demand**: - Actual shipments for energy storage in 2025 are projected to be between 620-640 GWh, representing over 80% year-on-year growth. The forecast for 2026 has been revised upwards to 900-950 GWh, with a potential aggressive target of 1,000 GWh. Domestic registered energy storage projects are expected to reach 1,200-1,300 GWh in the coming years [3][3][3]. Additional Important Insights 1. **Impact of Lithium Prices on IRR**: - The sensitivity of IRR to lithium prices is significant; a 50,000 increase in lithium prices results in a 1.25-1.5 percentage point decrease in IRR for storage projects. If prices rise from 90,000 to 190,000, the IRR could drop by 3 percentage points. If IRR falls below 6%, project delays may occur [4][4][4]. 2. **Market Dynamics**: - There is a time misalignment between energy storage installation and production, where current production exceeds current order volumes. If lithium prices fall to 100,000, previously registered projects could be restarted, providing a floor for lithium prices [4][4][4].

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|有色产业中心】 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 2026/1/26 01 周度观点 l 供需状况： 供应端：据百川盈孚统计，上周碳酸锂产量环比减少360吨至24150吨，12月产量环比增加3%。宁德枧下窝矿山仍未复产，宜春和青 海地区生产企业均收到矿权转让重审的通知，市场传闻江西部分矿山可能面临停产。三季度澳矿实现对成本的管控，澳矿进一步降本 空间极为有限。海外进口方面，2025年12月国内进口锂精矿为78.9万吨，环比增加8.1%，其中进口量前三的国家分别为澳大利亚、 津巴布韦、尼日利亚。12月澳大利亚进口锂精矿环比减少27%，来自津巴布韦进口13万吨，环比增加20%，来自尼日利亚进口8万吨， 环比减少13%。12月碳酸锂进口23989吨，环比增加9%，来自智利进口1.4万吨，占比56%。 成本：进口锂辉石精矿CIF价周度环比上涨，部分外购锂矿生产碳酸锂厂家出现成本倒挂。自有矿石及盐湖企业利润有一定支撑，氢 氧化锂厂商成本压力较大。 ...

（编辑 丛可心） 证券日报网讯 1月25日，盛新锂能发布公告称，公司股票交易价格于2026年1月21日、1月22日、1月23 日连续三个交易日内收盘价格涨幅偏离值累计超过20%。根据深圳证券交易所的有关规定，属于股票交 易异常波动情况。公司董事会确认，截至目前，公司没有根据《深圳证券交易所股票上市规则》等有关 规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等；董事会也未获悉公司有 根据《深圳证券交易所股票上市规则》等有关规定应予以披露而未披露的、对公司股票交易价格产生较 大影响的信息；公司前期披露的信息不存在需要更正、补充之处。 ...

盛新锂能1月25日公告，公司股票交易价格于2026年1月21日、1月22日、1月23日连续三个交易日内收盘 价格涨幅偏离值累计超过20%，属于股票交易异常波动情形。经核实，近期公司生产经营情况正常，内 外部经营环境未发生重大变化。公司及控股股东、实际控制人不存在应披露而未披露的重大事项。公司 目前正在筹划向特定对象发行A股股票事项，该事项已经公司第八届董事会第二十四次会议、2025年第 二次（临时）股东大会审议通过，尚需深交所审核通过并经中国证监会同意注册后方可实施。股票异常 波动期间，公司控股股东、实际控制人未买卖公司股票。 ...

每经AI快讯，1月25日，盛新锂能（002240）公告称，公司股票于2026年1月21日至1月23日连续三个交 易日收盘价格涨幅偏离值累计超20%，属异常波动。经核查，公司未发现前期披露信息需更正补充，未 现可能影响股价重大信息，生产经营正常。公司正筹划向特定对象发行A股股票，已获董事会和股东大 会通过，但需交易所审核及证监会注册。期间控股股东、实际控制人未买卖公司股票。 ...