Group 1: Report Overview - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: December 9, 2025 [2] - Research Team: Non - ferrous Metals Research Team [4] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - Carbonate lithium futures rose. The expected resumption of the Jianxiawo mine did not happen. With the spot price remaining firm, the downward pressure on carbonate lithium is limited. Although the weekly destocking volume of carbonate lithium has been declining since late November and the weekly production of ternary and lithium iron phosphate decreased last week, considering market sentiment and spot support, the futures price of lithium is expected to rise slightly with fluctuations, but it is unlikely to break the previous high in the short term [9] Group 4: Market Review and Operation Suggestions - Carbonate lithium futures increased. The 01 contract quickly rebounded after falling below 90,000 in the morning. The spot price dropped by 500 to 92,750, the discount in the trading market remained the same, Australian ore rose by 15 to 1,172.5, lithium mica rose by 20 to 2,535, ternary materials rose by 0 - 50, lithium iron phosphate fell by 120 - 125, and electrolyte rose by 500. The upward price trend in the industrial chain continued [9] Group 5: Industry News - Rio Tinto tightened its lithium business expansion plan, limiting investment in ongoing projects. It aims to achieve an annual capacity of about 200,000 tons by 2028, down from the previous guidance of 225,000 tons. The company is confident in the long - term lithium demand, especially in the grid energy storage field, but will prioritize existing projects and control capital expenditure [13] - Dazhong Mining announced that the Jijiaoshan lithium mine has a resource volume of about 490 million tons, corresponding to about 3.24 million tons of lithium carbonate equivalent. The designed open - pit mining scale is 20 million tons per year, with an expected annual output of about 80,000 tons of lithium carbonate. The company obtained the mining license in October this year with a 30 - year validity [13]

2025年12月9日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，上周碳酸锂产量为21939吨，环比增长0.33%,高于历史同期平均水平。 需求端来看，上周磷酸铁锂样本企业库存为103681吨，环比减少0.63%,上周三元材料样本企业库存为18842 吨，环比减少2.68%。 成本端来看，外购锂辉石精矿成本为93764元/吨，日环比减少0.52%,生产所得为-1810元/吨，有所亏损；外 购锂云母成本为92638元/吨，日环比持平，生产所得为-2982元/吨，有所亏损；回收端生产成本普遍大于矿 石端成本，生产所得为负，排产积极性较低；盐湖端季度现金生产成本为31477元/吨，盐湖端成本显著低于矿 石端，盈利 ...

天齐锂业（002466）(09696)发布公告，黄凯婷女士因其他工作安排已辞任公司的联席公司秘书及香港 联合交易所有限公司证券上市规则第3.05条的公司授权代表，自2025年12月8日起生效。李家慧女士已 获委任为联席公司秘书及授权代表，自2025年12月8日起生效。张文宇先生获委任为替任授权代表，自 2025年12月8日起生效，并将继续担任另一名联席公司秘书。 ...

天齐锂业（002466）(09696)发布公告，为优化本公司的债务融资结构，丰富债务融资工具以保障现金 流的稳定，公司董事会于2025年12月8日审议通过了《关于向银行间市场交易商协会申请注册发行债务 融资工具的议案》，同意公司向中国银行间市场交易商协会申请注册发行不超过人民币60亿元(含60亿 元)的债务融资工具，并根据实际资金需求分次发行。本事项尚需公司股东在即将召开的临时股东大会 上审议。 ...

Core Viewpoint - Company Tianqi Lithium Industries (09696) is applying for the qualification of designated delivery warehouse for lithium hydroxide at the Guangzhou Futures Exchange, which is expected to enhance its industry presence and operational management [1] Group 1: Company Actions - The company will hold its 27th meeting of the 6th Board of Directors on December 8, 2025, to review the proposal for the application [1] - The management is authorized to submit the application materials and handle related matters [1] Group 2: Product and Market Impact - Lithium hydroxide is one of the company's core products, and the application for a designated delivery warehouse is aimed at increasing the company's visibility and influence in the industry [1] - This move is expected to integrate the spot market, futures market, and delivery warehouse, thereby enhancing the company's risk resistance and market competitiveness, ultimately improving profitability [1]

Core Viewpoint - Tianqi Lithium Industries, Inc. has announced its application for designated delivery warehouse qualification for lithium hydroxide at the Guangzhou Futures Exchange, which is expected to enhance its industry presence and operational management [1] Group 1: Company Actions - The company held its 27th meeting of the 6th Board of Directors on December 8, 2025, where it approved the proposal to apply for the designated delivery warehouse qualification [1] - The management has been authorized to submit the application materials and handle related matters [1] Group 2: Strategic Implications - The application for the designated delivery warehouse is aimed at increasing the company's visibility and influence within the industry [1] - This move is expected to integrate the spot market, futures market, and delivery warehouse, thereby enhancing the company's risk resistance and market competitiveness [1] - The initiative is anticipated to improve the company's profitability [1]

智通财经APP讯，天齐锂业(002466.SZ)公告，公司董事会审议通过了《关于向银行间市场交易商协会申 请注册发行债务融资工具的议案》，同意公司向中国银行间市场交易商协会申请注册发行不超过人民币 60亿元(含60亿元)的债务融资工具，并根据实际资金需求分次发行。 ...

智通财经APP讯，天齐锂业(002466.SZ)公告，公司董事会审议通过了《关于向银行间市场交易商协会申 请注册发行债务融资工具的议案》，同意公司向中国银行间市场交易商协会申请注册发行不超过人民币 60亿元(含60亿元)的债务融资工具，并根据实际资金需求分次发行。 ...

智通财经APP讯，天齐锂业(002466.SZ)公告，公司董事会审议通过了《关于申请广州期货交易所氢氧化 锂指定交割厂库的议案》，同意公司向广州期货交易所申请氢氧化锂指定交割厂库的资质，并授权公司 管理层提交申请材料，并办理其他相关事宜。 ...

Core Viewpoint - UBS upgraded Albemarle Corporation (ALB.US) from "Neutral" to "Buy" with a target price increase from $107 to $185, citing rising energy storage demand and a slowdown in production capacity growth in Western countries, which may lead to a lithium market shortage in the second half of 2026, setting the stage for a potential surge in lithium prices in 2027 [1] Group 1 - Albemarle's stock price rose 4% in pre-market trading to $130.2, following a more than 5% increase last Friday [1] - UBS anticipates that the increase in lithium prices driven by battery metal demand will boost Albemarle's profitability, suggesting that now is an opportune time to buy the stock [1]