Group 1 - The public consultation period for the "two-in-one plan" of Jinxin Mining's Daba Lithium Mine project has concluded [1] - The plan passed the review by the Ministry of Natural Resources in late September [1] - Jinxin Mining is currently preparing the materials for the mining rights application as per the relevant requirements [1]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问扎布耶一期10月份以来的投产运营情况如何？二 期项目建设进度如何？目前，公司锂矿出场单价较前半年有没有明显回升？ 西藏矿业（000762.SZ）10月28日在投资者互动平台表示，目前扎布耶一期正常生产中；扎布耶二期项 目于2025年9月20日至24日顺利完成120小时的功能考核，标志着该项目正式投产；锂产品的价格请查阅 上海有色金属网。 ...

藏格矿业公告，子公司藏格矿业投资收到加拿大创新、科技和经济发展部通知，已注销持有的超级锂业 公司2300万普通股股份及对应的1150万股行股权，不再持有超级锂业公司股份。此次终止投资是基于 LAGUNA VERDE盐湖锂项目预期经济效益不佳和投资进展不理想等因素考虑，旨在避免资源浪费和减 少潜在经济损失。公司已对超级锂业公司的股权投资累计计提资产减值损失及公允价值变动损失合计 2005.46万元，本次注销股份确认投资损失120.42万元，不会对公司财务状况产生重大不利影响。 ...

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Report's Core View - Terminal demand is strong, social inventory is continuously being depleted, creating a short - term supply - demand mismatch that drives up prices. As prices rise, supply - side hedging positions are gradually released, with lithium mica lithium extraction as the main incremental supply. Due to rising ore prices, the cost support has shifted upward. In the short term, prices are likely to move upward under the supply - demand mismatch, but there is pressure. In the long - term, the pattern of supply surplus remains unchanged, and capacity clearance is still awaited [3]. 3. Summary by Relevant Catalog Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 75,400 yuan with a daily increase of 600 yuan; SMM industrial - grade lithium carbonate has an average price of 73,150 yuan with a daily increase of 600 yuan [1]. - For lithium carbonate futures contracts, the closing price of Li2511 is 78,920 yuan with a 1.26% increase; Li2512 is 79,420 yuan with a 1.4% increase; Li2601 is 79,520 yuan with a 1.33% increase; Li2602 is 79,100 yuan with a 1.28% increase; Li2603 is 79,100 yuan with a 1.18% increase [1]. Lithium Ore - The price of lithium spodumene concentrate (CIF China) is 881 yuan with a daily increase of 11 yuan; lithium mica (Li2O: 1.5% - 2.0%) is 1,175 yuan with a daily increase of 35 yuan; lithium mica (Li2O: 2.0% - 2.5%) is 1,940 yuan with a daily increase of 50 yuan; phospho - lithium - aluminum stone (Li2O: 6% - 7%) is 6,975 yuan with a daily increase of 225 yuan; phospho - lithium - aluminum stone (Li2O: 7% - 8%) is 8,250 yuan with a daily increase of 275 yuan [1][2]. Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2,250 yuan/ton. The price spread between battery - grade lithium carbonate and the main futures contract is - 4,120 yuan with a change of 1,020 yuan; the spread between the near - month and the first - continuous contract is - 500 yuan with a change of - 80 yuan; the spread between the near - month and the second - continuous contract is - 600 yuan with a change of - 40 yuan [2]. Inventory - The total weekly inventory is 130,366 tons, a decrease of 2,292 tons. The weekly inventory of smelters is 33,681 tons, a decrease of 602 tons; the weekly inventory of downstream is 55,275 tons, a decrease of 2,460 tons; the weekly inventory of others is 41,410 tons, an increase of 770 tons. The daily registered warehouse receipts are 28,699 tons, a decrease of 60 tons [2]. Profit Estimation - The cash cost of externally purchased lithium spodumene concentrate is 76,653 yuan, with a profit of - 2,342 yuan; the cash cost of externally purchased lithium mica concentrate is 80,139 yuan, with a profit of - 7,835 yuan [3]. Industry News - Apian Capital Advisory, a UK private equity firm, is collaborating with the International Finance Corporation of the World Bank to launch a $1 - billion critical minerals, metals, and mining fund focused on emerging markets [3].

1. Report Title and Date - Title: Carbonate Lithium Weekly Report [2] - Date: October 27, 2025 [3] 2. Core Viewpoints Supply - side - Last week, carbonate lithium production increased by 405 tons week - on - week to 23,170 tons, and September production increased by 3.3% month - on - month to 95,442 tons [5]. - Ningde Jianxiawo Mine has been shut down for 3 months, and production enterprises in Yichun and Qinghai have received notices for the re - review of mining rights transfers, affecting supply [5]. - In the third quarter, Australian mines achieved cost control, with extremely limited further cost - reduction space, and most mainstream Australian mines have reduced their capital expenditure for fiscal year 2025 [5]. - In September 2025, China imported 711,000 tons of lithium concentrate, a 14.7% month - on - month increase. The top three importing countries were Australia, Nigeria, and Zimbabwe. The import from Australia increased by 64.1% month - on - month, from Zimbabwe decreased by 7.8% month - on - month, from Nigeria increased by 14.4% month - on - month, and from South Africa increased by 109,000 tons [5]. - In September, carbonate lithium imports were 19,597 tons, a 10.3% month - on - month decrease, with 11,000 tons from Chile, accounting for 55% [5]. - The CIF price of imported lithium spodumene concentrate increased week - on - week, and some manufacturers producing carbonate lithium from purchased lithium ore faced cost inversion. Self - owned ore and salt lake enterprises had some profit support, while lithium hydroxide manufacturers faced greater cost pressure [5]. Demand - side - The overall production schedule in October increased month - on - month, and in September, the production schedule of large battery cell factories increased by 8% month - on - month [6]. - In September, the total production of power and other batteries in China was 151.2 GWh, an 8.3% month - on - month and 35.4% year - on - year increase. The total export of power and other batteries was 26.7 GWh, an 18.2% month - on - month and 28.3% year - on - year increase. The sales volume of power and other batteries was 146.5 GWh, a 9.0% month - on - month and 42.2% year - on - year increase [6]. - The trade - in policy and the extension of the new energy vehicle purchase tax policy are expected to continue to support the rapid growth of China's new energy vehicle market sales [6]. Inventory - This week, carbonate lithium inventory showed a destocking trend, with a 1,040 - ton decrease in factory inventory and a 1,987 - ton decrease in futures inventory [6]. Strategy Suggestion - Before a clear result on the lithium mining license issue in Jiangxi, the domestic supply - demand remains in a tight balance, and it is expected that subsequent lithium salt imports from South America will supplement the supply [6]. - The terminal demand for energy storage continues to be strong. In September, the production schedule of large battery cell factories increased by 8% month - on - month, and in October, the cathode production schedule is expected to increase by 4% month - on - month [6]. - With profit recovery, lithium production from ore continues to increase, and the cost center shifts upward. The proportion of long - term contracts and customer - supplied products for battery factories increases, and warehouse receipts are continuously cancelled. It is expected that the short - term carbonate lithium price will be supported [6]. - As the verification and submission of reserve reports by Yichun mining enterprises are still undetermined and the downstream production schedule exceeds expectations, attention should be paid to the disturbances at the Yichun mining end. During the peak season, downstream enterprises actively purchase carbonate lithium, and it is expected that the price will continue to fluctuate strongly. Prudent trading is recommended, and continuous attention should be paid to the progress of mining licenses in Yichun mines and the resumption of production at Ningde Jianxiawo Lithium Mine [6]. 3. Key Data Tracking - The report presents multiple data charts, including the spot含税均价 of carbonate lithium, weekly and monthly production and inventory of carbonate lithium, average price of lithium concentrate, average production cost of carbonate lithium, production and related data of power batteries, production proportion of carbonate lithium from different raw materials, production of cathode materials (such as lithium iron phosphate, ternary materials), average price of lithium iron phosphate, import volume of carbonate lithium and lithium spodumene, and market price of ternary materials [9][10][12][14][19][21][24][25][27][29][33][35][39][41][43][45]

Group 1: Report Investment Rating - No information provided Group 2: Core Views - Last week, the fundamental improvement drove the spread of bullish sentiment, and lithium carbonate prices showed a strong upward trend. Terminal demand was hot due to the reduction of purchase tax incentives in 2026, while supply only had a small increase due to tight mica ore, leading to a decline in total lithium carbonate inventory. The widening of the C - structure of near - month contracts and the market's bet on the non - resumption of production of Zhenxiawo lithium mine also drove the price to break through and rise [4]. - In the short term, bullish sentiment may still push the price up, but the upside space is limited. The pressure on national subsidy funds is increasing, and the consumption boom driven by the reduction of purchase tax incentives in 2026 may face a cooling risk. The market has already priced in the supply gap caused by the shutdown of 8 lithium mines in Jiangxi in mid - August, and currently only Ningde Times' Zhenxiawo mine has not resumed production, so the upside space is expected to be limited [4][11]. Group 3: Summary by Directory 1. Market Data - From October 17th to October 24th, 2025, the prices of imported lithium raw ore (1.3% - 2.2%), imported lithium concentrate (5.5% - 6%), and domestic lithium concentrate (5.5% - 6%) increased, with changes of +4.58%, +5.33%, and +5.33% respectively. The battery - grade lithium carbonate spot price and the main contract price also rose by 4.94% and 4.81% respectively. The prices of cobalt - acid lithium, ternary materials (811 and 622) increased, while the price of phosphoric acid iron lithium remained unchanged and the exchange rate of the US dollar against the RMB slightly decreased by 0.05%. The total lithium carbonate inventory remained unchanged [5]. 2. Market Analysis and Outlook Last Week's Market Analysis - **Regulatory and Delivery**: As of October 24, 2025, the total warehouse receipt scale of the Guangzhou Futures Exchange was 28,699 lots, with the latest matching transaction price of 73,480 yuan/ton. The position scale of the main contract 2601 was 431,100 lots [7]. - **Supply Side**: As of October 24, the weekly output of lithium carbonate was 23,170 tons, an increase of 405 tons from the previous period. The import of lithium spodumene increased significantly, but the production increase of spodumene - to - lithium factories needed a further increase in lithium prices. Mica - to - lithium production faced a shortage of raw materials due to the shutdown of Zhenxiawo mine. Short - term supply remained high but was difficult to increase significantly [7]. - **Lithium Salt Import**: In September, the import volume of lithium carbonate was 19,597 tons, a month - on - month decrease of 10.3% and a year - on - year increase of 20%. The import volume from Chile decreased by 22.5% year - on - year, accounting for about 55.2%, and the import volume from Argentina increased by 242.9% year - on - year, accounting for about 35.5% [7]. - **Lithium Ore Import**: In September, the total import of lithium ore was about 711,000 tons, a month - on - month increase of 14.8%. The import from Australia increased by 64.1% month - on - month, the import from Zimbabwe decreased by 7.8% month - on - month, and the import from Nigeria increased by 14.4% month - on - month. The import from South Africa increased significantly [7]. - **Demand Side** - **Downstream Cathode Materials**: As of October 24, the production of phosphoric acid iron lithium was about 83,503 tons, with an operating rate of 73.49% (an increase of 5.6 percentage points from the previous period) and a decrease in inventory by 2,000 tons. The production of ternary materials was about 19,084 tons, with an operating rate of 49.94% (an increase of 0.34 percentage points from the previous period) and a decrease in inventory by 150 tons. The prices of ternary materials and phosphoric acid iron lithium increased [8]. - **New Energy Vehicles**: From October 1st to 19th, the retail sales of new energy vehicles in the national passenger car market were 632,000, a year - on - year increase of 5% and a month - on - month increase of 2%. The penetration rate was 56.1%. The consumption boom driven by the reduction of purchase tax incentives in 2026 may face a cooling risk due to the shortage of subsidy funds [9]. - **Inventory**: As of October 24, the total lithium carbonate inventory decreased by about 1,044 tons from the previous period. Factory inventory decreased by about 1,040 tons, market inventory decreased by about 13,194 tons, and exchange inventory decreased by 1,987 lots [10]. This Week's Outlook - Short - term bullish sentiment may still push the price up, but the upside space is limited because of the increasing pressure on national subsidy funds and the market's previous pricing of the supply gap [11]. 3. Industry News - Kodal's Bougouni project in Mali shipped its first batch of 30,000 tons of lithium concentrate on October 20, which will be transported to Hainan Yangpu Port to provide raw materials for Hainan Mining's lithium salt processing project [12]. - In Q3 2025, EVE Energy achieved both volume and profit growth. Its revenue was 16.832 billion yuan, a year - on - year increase of 35.85%, and its net profit was 1.211 billion yuan, a year - on - year increase of 15.13% [12]. - Pilgangoora produced 224,800 tons of lithium concentrate in Q3 2025, a 1.6% increase from the previous quarter, and sold 214,000 tons, a 0.9% decrease from the previous quarter. Its FOB operating cost decreased by 12.8% quarter - on - quarter, but it is expected to face cost - rising pressure in the remaining time of this fiscal year [12]. 4. Related Charts - The report provides charts on lithium carbonate futures prices, battery - grade lithium hydroxide prices, import lithium concentrate prices, lithium carbonate production, etc. [14][16][18][21][23][25]

Core Viewpoint - Tianqi Lithium Industries (002466)(09696) announced the cancellation of 26,600 repurchased A-shares on October 22, 2025 [1] Group 1 - The company is actively managing its share repurchase program by canceling a specific number of shares [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The lithium carbonate market is in a stage of increasing supply and demand with inventory reduction. The price of lithium carbonate may be supported. It is recommended to conduct short - term long trades at low prices with a light position and control risks [7][8]. 3. Summary by Relevant Catalogs 3.1 Weekly Highlights Summary - **Market Review**: The weekly line of the lithium carbonate main contract fluctuated strongly, with a change rate of +5.05% and an amplitude of 7.32%. As of the end of this week, the closing price of the main contract was 79,520 yuan/ton [7]. - **Macro Aspect**: The communiqué of the Fourth Plenary Session of the 20th Central Committee was released, setting the main goals for economic and social development during the "15th Five - Year Plan" period [7]. - **Fundamentals**: Overseas miners continue to support prices. The current demand of lithium salt plants is good, and the ore price rises with the lithium price. The smelters maintain a high production schedule, and the domestic lithium carbonate supply shows a stable growth trend. The downstream material factories have good production and order situations. The power battery benefits from the peak consumption season of the new energy vehicle industry, and the energy storage market also maintains a high growth rate. The domestic demand for lithium carbonate is strong, and the industrial inventory is gradually reduced [7]. - **Strategy Recommendation**: Conduct short - term long trades at low prices with a light position and control trading rhythm to manage risks [8]. 3.2 Futures and Spot Market - **Futures Price**: As of October 24, 2025, the closing price of the lithium carbonate main contract was 79,520 yuan/ton, a week - on - week increase of 3,820 yuan/ton. The near - far month spread was - 600 yuan/ton, a week - on - week decrease of 120 yuan/ton [14]. - **Spot Price**: As of October 24, 2025, the average price of battery - grade lithium carbonate was 75,400 yuan/ton, a week - on - week increase of 2,050 yuan/ton. The basis of the main contract was - 4,120 yuan/ton, a week - on - week decrease of 1,770 yuan/ton [20]. 3.3 Upstream Market - **Spodumene**: As of October 24, 2025, the average price of spodumene concentrate (6% - 6.5%) was 897 US dollars/ton, a week - on - week increase of 45 US dollars/ton. The spot exchange rate of the US dollar against the RMB was 7.1221, a week - on - week decrease of 0.04% [24]. - **Lepidolite**: As of the latest data, the average price of lepidolite (Li₂O: 2.0% - 3%) was 2,835 yuan/ton, a week - on - week increase of 112 yuan/ton. The average price of lithiophilite was 8,250 yuan/ton, a week - on - week increase of 700 yuan/ton [31]. 3.4 Industry Supply - **Imports and Exports**: As of September 2025, the monthly import volume of lithium carbonate was 19,596.9 tons, a decrease of 2,250.01 tons from August, a decline of 10.3%, and a year - on - year increase of 20.49%. The monthly export volume was 150.816 tons, a decrease of 218.09 tons from August, a decline of 59.12%, and a year - on - year decrease of 9.07% [34]. - **Production**: As of September 2025, the monthly output of lithium carbonate was 47,140 tons, an increase of 1,260 tons from August, an increase of 2.75%, and a year - on - year increase of 47.59%. The monthly operating rate was 43%, a month - on - month decrease of 5% and a year - on - year decrease of 32% [34]. 3.5 Downstream Demand - **Lithium Hexafluorophosphate**: As of October 24, 2025, the average price was 95,000 yuan/ton, a week - on - week increase of 16,000 yuan/ton. As of September 2025, the monthly output of electrolyte was 211,050 tons, an increase of 18,950 tons from August, an increase of 9.86%, and a year - on - year increase of 45.25% [38]. - **Lithium Iron Phosphate**: As of the latest data, the average price of lithium iron phosphate (power type) was 33,400 yuan/ton, with no week - on - week change. As of September 2025, the monthly output of lithium iron phosphate cathode materials was 246,300 tons, an increase of 6,300 tons from August, an increase of 2.63%, and a year - on - year increase of 35.93%. The monthly operating rate was 59%, a month - on - month increase of 2% and a year - on - year decrease of 1% [41]. - **Ternary Materials**: As of September 2025, the monthly output of ternary materials was 63,140 tons, a decrease of 2,720 tons from August, a decline of 4.13%, and a year - on - year increase of 15.56%. The monthly operating rate was 53%, a month - on - month decrease of 2% and a year - on - year decrease of 4%. As of the latest data, the prices of ternary materials 811 type, 622 type, and 523 type continued to strengthen [46]. - **Lithium Manganate**: As of September 2025, the monthly output of lithium manganate was 9,920 tons, a decrease of 410 tons from August, a decline of 3.97%, and a year - on - year decrease of 5.52%. As of the latest data, the average price of lithium manganate was 32,000 yuan/ton, with no week - on - week change [51]. - **Lithium Cobaltate**: As of the latest data, the average price of lithium cobaltate was 343,500 yuan/ton, a week - on - week increase of 17,000 yuan/ton. As of September 2025, the monthly output of lithium cobaltate was 15,080 tons, an increase of 100 tons from August, an increase of 0.67%, and a year - on - year increase of 103.23% [54]. - **New Energy Vehicles**: As of September 2025, the penetration rate of new energy vehicles was 46.09%, a month - on - month increase of 0.55% and a year - on - year increase of 7.52%. The monthly production was 1,617,000 vehicles, a month - on - month increase of 16.25%, and the monthly sales were 1,604,000 vehicles, a month - on - month increase of 14.98%. The cumulative export volume was 1.758 million vehicles, a year - on - year increase of 89.44% [56][61]. 3.6 Options Market - According to the option parity theory, the premium of the synthetic underlying is 0.23, presenting a positive arbitrage opportunity. Based on the performance of option at - the - money contracts and the fundamental situation, it is recommended to go long on volatility by constructing a long straddle option [66].

（原标题：智利与法国矿业公司因锂开采地役权发生纠纷） 智利《金融日报》10月21日报道，智利国家矿业公司（Enami）及其锂矿分公司 （Enali）作为独立第三方加入国家防卫委员会（CDE）向法院提出诉讼请求，共同反 对法国锂矿公司Eramet获得智利高安第斯盐湖区锂开采地役权。Enami称Eramet的相关 要求将直接影响智利国家锂战略，干扰Enali根据已与智矿产部签署的《特别锂经营合 同》对非特许经营区进行锂勘探与开采。5月Enami与力拓达成协议，共同对高安第斯 盐湖区进行锂开采，该地区锂储量1500万吨，2032年可开采碳酸锂6万吨，投资额30亿 美元。7月Eramet因"落选"向法院提出诉讼，要求在该地区获得283个区块地役权，总面 积8万公顷，以开发多个非金属矿项目，Eramet已在当地投资1亿美元用于矿产收购，但 该申请被Enami视为是对其与力拓合作进行阻挠。 ...

Core Insights - The lithium extraction concept from salt lakes has seen a rise of 1.79%, ranking 7th among concept sectors, with 36 stocks increasing in value, including 盛新锂能 and *ST正平, which hit the daily limit [1] Market Performance - The top-performing stocks in the salt lake lithium extraction sector include: - 盛新锂能: +10.03% - 西藏矿业: +5.69% - 赣锋锂业: +5.56% - 盐湖股份: +4.76% [1][3] - The stocks with the largest declines include: - 中铝国际: -3.88% - 久吾高科: -2.53% - 争光股份: -1.12% [1][5] Capital Flow - The salt lake lithium extraction sector attracted a net inflow of 1.311 billion yuan, with 24 stocks receiving net inflows, and 6 stocks exceeding 100 million yuan in net inflows [2] - 赣锋锂业 led the net inflow with 474 million yuan, followed by 盛新锂能 with 448 million yuan, and 洛阳钼业 with 342 million yuan [2][3] Stock Turnover and Inflow Ratios - The stocks with the highest net inflow ratios include: - 盛新锂能: 16.79% - 新化股份: 15.07% - 碧水源: 12.15% [3][4] - 赣锋锂业 had a turnover rate of 8.44% with a net inflow of 473.78 million yuan [3]