盐湖股份在投资者互动平台回答称，目前，4万吨锂盐项目整体运行平稳，效能提升态势良好，日产量 达60—70吨，纯度稳定在99.7%以上，装置连续无故障运行。公司本年度碳酸锂生产计划为3000吨，从 当前进展来看，该目标有望超额完成。 ...

Core Points - The company announced a cooperation framework agreement with Huayou Holding Group for lithium salt products from 2026 to 2030, involving a total procurement of 221,400 tons [1] - The company has approved a plan to issue A-shares to specific entities, including Huayou Holding Group, which will become a shareholder with over 5% ownership after the issuance [1] Group 1 - The company will sign a cooperation framework agreement with Huayou Holding Group for lithium salt products, with a total procurement of 221,400 tons scheduled from 2026 to 2030 [1] - The specific annual procurement volumes will be determined in sub-orders signed by both parties [1] - The company held board meetings and a shareholder meeting to approve the issuance of A-shares to specific investors, including Huayou Holding Group [1] Group 2 - After the completion of the A-share issuance, Huayou Holding Group will become a related party and a shareholder with more than 5% stake in the company [1] - This transaction is classified as a related party transaction due to the ownership structure post-issuance [1]

盛新锂能11月18日公告，公司与华友控股集团有限公司（简称"华友控股集团"）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，华友控股集团（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22.14万吨，具体年度采购量将在双方 签订的子订单中进行约定。 ...

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core Viewpoint - The recovery expectation restricts the upside space of lithium carbonate, and it will fluctuate within a range [1] - The trend strength of lithium carbonate is 0, indicating a neutral view [4] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **2511 Contract**: The closing price was 79,300 yuan, down 2,540 yuan; the trading volume was 20,286 lots, down 10,997 lots; the open interest was 10,627 lots, down 8,078 lots [1] - **2601 Contract**: The closing price was 80,780 yuan, down 2,620 yuan; the trading volume was 915,245 lots, up 86,128 lots; the open interest was 510,440 lots, down 22,431 lots [1] - **Warehouse Receipts**: The number of warehouse receipts was 27,621 lots, down 20 lots [1] - **Basis**: The basis of spot - 2511 was 1,250 yuan; the basis of spot - 2601 was -230 yuan; the basis of 2511 - 2601 was -1,480 yuan [1] - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 944 US dollars; the price of lepidolite (2.0% - 2.5%) was 2,180 yuan [1] - **Lithium Salts**: The price of battery - grade lithium carbonate was 80,550 yuan, up 550 yuan; the price of industrial - grade lithium carbonate was 78,350 yuan, up 550 yuan [1] 2. Macro and Industry News - SMM's battery - grade lithium carbonate index price was 80,530 yuan/ton, up 649 yuan/ton compared with the previous working day [2] - In October 2025, the domestic lithium iron phosphate production reached 395,700 tons, a significant month - on - month increase of 11.21%. It is expected to reach 405,600 tons in November [2][4] - Most enterprises maintained full - load production, the orders of B - series suppliers increased slightly, and the overall industry operating rate continued to rise. The expected production in November will increase by 2.5% [4]

Report Highlights 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The post - holiday restocking enthusiasm of downstream industries exceeded market expectations, resonating with macro - level positives and amplifying market fluctuations. However, from a seasonal perspective, the demand growth rate of lithium carbonate may decline in the fourth quarter. The short - term price increase of lithium carbonate lacks strong sustainability. It is advisable to adopt a bearish approach on rallies. Upstream and downstream enterprises should consider futures and options selling hedging opportunities according to their risk management needs [4][5]. - The price of lithium hydroxide stopped falling and rebounded last week. With increasing demand, some lithium salt plants slightly increased production. Due to tight inventory and more提货量 from downstream and battery cell factories, lithium salt plants were reluctant to sell, and the market price is expected to recover following lithium carbonate [6]. 3. Summary by Directory First Part: Recommended Strategies for Lithium - Ion New Energy - **Futures and Options Unilateral Strategies** - For the lithium carbonate 01 futures contract, with strong supply and demand and continued spot market enthusiasm but potential future demand decline, it is expected to weaken in a volatile manner. Upstream enterprises should seize opportunities to sell and hedge on rallies. The support level is 68,000 - 70,000, and the resistance level is 82,000 - 83,000 [12]. - For the lithium carbonate 01 futures options, although the market sentiment is good, the upside space is limited. Selling call options at prices above 83,000 on the 01 contract is a strategy worthy of attention [12]. - **Arbitrage Strategies** - Buying spot and selling the 03 contract is recommended. The active period of the 03 contract falls in the off - season of demand, making it suitable as a short - position for cash - and - carry arbitrage [12]. Second Part: Changes in Spot and Futures Prices - **Lithium Carbonate Futures Price Changes** - The closing price of the lithium carbonate 1 - month contract was 81,900, with a daily increase of 2.99%. The trading volume was 514,455, the open interest was 483,478, the open interest increased by 52,304 compared to the previous day, and the number of warehouse receipts was 27,739 [13]. - **Changes in Spot Prices of the Lithium - Ion Industry Chain** - Relevant charts such as the latest spot price overview of the lithium - ion new energy industry chain, the average price of battery - grade lithium carbonate, and the average price of industrial - grade lithium carbonate are presented, sourced from SMM and Fangzheng Futures Research Institute [13][14]. Third Part: Fundamental Situation of the Lithium - Ion Industry Chain - **Lithium Carbonate Fundamental Data** - In terms of supply, last week's lithium carbonate output was 21,308 tons, an increase of 242 tons from the previous week, reaching a new weekly high. New production lines were put into operation at the spodumene and salt - lake ends, and the total output in October is expected to continue to grow. The total sample inventory was 130,366 tons, a decrease of 2,292 tons from the previous week, maintaining a fast de - stocking trend. The apparent weekly demand was 23,600 tons, also reaching a new high, and the inventory - to - use days dropped below 40 [4]. - **Data of Directly Related Downstream Products** - Charts related to the production capacity and operating rate of lithium iron phosphate, the monthly operating rate of SMM ternary materials, and the monthly output of lithium hexafluorophosphate are presented, sourced from SMM and other institutions [18][20].

Core Viewpoint - Sichuan Yahua Industrial Group Co., Ltd. has reported significant growth in its performance for the first three quarters of 2025, with net profit and net profit after deducting non-recurring gains both increasing by over 100% year-on-year, particularly notable in the third quarter with substantial growth both sequentially and year-on-year [2][3]. Financial Performance Summary - The net profit attributable to shareholders is expected to be between 320 million to 360 million yuan, representing a year-on-year increase of 106.97% to 132.84% from 154.61 million yuan [3]. - The net profit after deducting non-recurring gains is projected to be between 255 million to 295 million yuan, reflecting a year-on-year growth of 126.75% to 162.32% from 112.45 million yuan, indicating strong growth in core business profitability [3]. - The basic earnings per share are expected to be between 0.2776 yuan to 0.3123 yuan, which is a doubling from the previous year's 0.1341 yuan per share [3]. Key Growth Drivers - The significant growth in performance is driven by two main factors: stable orders from high-quality key customers and positive market feedback for some customer end products, which led to a substantial increase in sales of lithium salt products in the third quarter, providing a solid foundation for revenue and profit growth [4]. - The company has also enhanced its operational efficiency through meticulous management of all production and operational aspects, optimizing the balance mechanism across the entire "mining, production, and sales" chain, which has significantly improved overall profitability and led to a substantial recovery in operating performance compared to the same period last year [4].

Core Viewpoint - Yahua Group expects net profit for the first three quarters of 2025 to be between 320 million and 360 million yuan, representing a year-on-year increase of 106.97% to 132.84% [1] Financial Performance - The estimated net profit for the third quarter is projected to be between 184 million and 224 million yuan, indicating a quarter-on-quarter growth of 245.58% to 320.62% and a year-on-year increase of 251.37% to 327.66% [1] Operational Highlights - The company has maintained stable orders from high-quality key customers, with positive market feedback on some customers' end products, leading to a significant increase in sales of lithium salt products in the third quarter [1] - Yahua Group has enhanced control over various operational processes, improving efficiency and reducing costs, which has contributed to the recovery and improvement of its business performance [1]

Core Viewpoint - The report from Haitong International indicates that Ganfeng Lithium (01772) maintains its industry-leading position, with multiple business developments progressing simultaneously, and assigns a target price of HKD 40.36 based on a 1.8x PB for 2025, rating the company as outperforming the market [1] Group 1: 2025 First Half Performance - In the first half of 2025, the company achieved operating revenue of CNY 8.258 billion, a year-on-year decrease of 13.82%, and a net profit of -CNY 536 million, which is a reduction in losses by CNY 223 million year-on-year [2] - The comprehensive gross margin was 10.78%, down by 0.38 percentage points year-on-year; net profits for Q1 and Q2 were -CNY 356 million and -CNY 180 million respectively, with Q2 losses decreasing by CNY 175 million quarter-on-quarter [2] - The global lithium salt industry experienced a deep adjustment, with sales prices of lithium salt and lithium battery products declining, significantly impacting the company's performance [2] Group 2: Lithium Carbonate Price Recovery - The price of battery-grade lithium carbonate hit a low of CNY 60,000 per ton by the end of June 2025, contributing to the company's weak profitability in the first half [3] - In August, the price rebounded to a peak of CNY 86,000 per ton, with the latest price in September at CNY 72,500 per ton; the report suggests that the price has passed its low point [3] - The demand for lithium carbonate is expected to expand due to steady growth in the electric vehicle market and ongoing energy storage developments, leading to an improvement in the supply-demand balance [3] Group 3: Project Development and Competitive Edge - The company's Goulamina lithium spodumene project in Mali has officially commenced production, with efforts underway to accelerate capacity ramp-up [4] - The Cauchari-Olaroz salt lake project in Argentina is in a stable capacity ramp-up phase, with a designed capacity of 40,000 tons/year for lithium carbonate; the Mariana project also commenced production in early 2025, with a designed capacity of 20,000 tons/year for lithium hydroxide [4] Group 4: Lithium Battery and Energy Storage Development - The company has expanded its business to cover solid-state lithium batteries, power batteries, consumer batteries, polymer lithium batteries, energy storage batteries, and energy storage systems, with over twenty product types [5] - In solid-state battery development, the company has established a complete integrated layout and commercial capabilities, with research and production capabilities in key areas such as sulfide electrolytes, oxide electrolytes, metallic lithium anodes, battery cells, and battery systems [5]

2025 年 9 月 17 日 商 品 研 究 碳酸锂：震荡运行，供给增量制约上方空间 | | | 邵婉嫕 | | 投资咨询从业资格号：Z0015722 | | | shaowanyi@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 刘鸿儒（联系人） 期货从业资格号：F03124172 | | | | liuhongru@gtht.com | | | | 【基本面跟踪】 | | | | | | | | | | 碳酸锂基本面数据 | | | | | | | | | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | | | 2511合约（收盘价） | 73,180 | 500 | 280 | 560 | -13,720 | 13,400 | | | | 2511合约（成交量） | 500,267 | 17,477 | -91,408 | -120,174 | -368,544 | 478,477 | | | | 2511合约（持仓量） | 300,437 | -9,00 ...

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the given content. 2. Core View of the Report - The price of lithium carbonate is expected to experience wide - amplitude fluctuations due to repeated disturbances on the supply side [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Market Data**: For the 2509 contract, the closing price was 79,040 yuan, down 220 yuan compared to T - 1; the trading volume was 15,027 lots, down 4,545 lots; the open interest was 29,214 lots, down 4,831 lots. For the 2511 contract, the closing price was 78,860 yuan, down 160 yuan; the trading volume was 729,645 lots, up 170,046 lots; the open interest was 351,322 lots, up 1,826 lots. The warehouse receipt volume was 27,477 lots, up 787 lots [2] - **Price Difference Data**: The spot - 2509 was 2,560 yuan, up 120 yuan; the spot - 2511 was 2,740 yuan, up 60 yuan; the basis of 2509 - 2511 was 180 yuan, down 60 yuan; the difference between electric carbon and industrial carbon was 2,300 yuan, unchanged [2] - **Raw Material and Lithium Salt Data**: The price of spodumene concentrate (6%, CIF China) was 920 yuan, unchanged; the price of lepidolite (2.0% - 2.5%) was 1,970 yuan, unchanged; the price of battery - grade lithium carbonate was 81,600 yuan, down 100 yuan; the price of industrial - grade lithium carbonate was 79,300 yuan, down 100 yuan [2] - **Consumer Data**: The price of ternary material 523 (polycrystalline/consumer - type) was 114,400 yuan, unchanged; the price of ternary material 622 (polycrystalline/consumer - type) was 117,850 yuan, unchanged; the price of ternary material 811 (polycrystalline/power - type) was 145,900 yuan, unchanged; the price of lithium hexafluorophosphate was 56,200 yuan, unchanged [2] 3.2 Macro and Industry News - The SMM battery - grade lithium carbonate index price was 81,739 yuan/ton, down 780 yuan/ton compared to the previous workday. The price range of battery - grade lithium carbonate was 79,400 - 84,000 yuan/ton, with an average price of 81,700 yuan/ton, down 800 yuan/ton. The price range of industrial - grade lithium carbonate was 78,800 - 80,000 yuan/ton, with an average price of 79,400 yuan/ton, down 800 yuan/ton [3] - In the first half of 2025, Hunan Yueneng's shipments of phosphate cathode materials reached 480,800 tons, a year - on - year increase of 55.38%. Its operating income was 14.3577771 billion yuan, a year - on - year increase of 33.17%. The net profit attributable to shareholders of the listed company was 305.1675 million yuan, a year - on - year decrease of 21.59%. The product gross profit margin was 6.97%, a decrease of 1.02 percentage points compared to the same period last year [3][4] 3.3 Trend Intensity - The trend intensity of lithium carbonate was - 1, indicating a relatively bearish outlook [4]