盛新锂能木龙锂矿的开发进展、产能规模、成本水平及投产时间如何？公司近 期对该矿的增持是否彰显了对后续开发的信心？未来是否有进一步股权增厚的 可能性？ 木龙锂矿是盛新锂能目前非常核心的资源布局之一。木龙矿资源品位为 1.62%，是川西地区品位最高的矿。2024 年 10 月，公司已取得自然资源部颁 发的采矿证，采矿规模为 300 万吨，是川西地区非常大的产能规模。目前整体 进度是 2025 年重点推进用地、发改备案、拆迁安设和环评等相关手续，2026 年将启动大规模基建。生产规模按照自然资源部给出的采矿权证为 300 万吨原 矿，约 8 万吨碳酸锂当量。预计不含税成本约在 4 万元左右，由于川西地区地 质条件复杂，预计在 2028 年投入生产。 公司目前穿透后的股比为 88%，剩 余股权在一个产业基金手中，公司计划继续增加对木龙矿山的控股比例，以大 幅提升自供比例。木龙矿山建成后，公司整体自供比例将大幅提升，国内自供 盛新锂能 20260107 摘要 盛新锂能已获得木龙矿山采矿证，该矿为川西地区高品位锂矿，计划 2028 年投产，年产约 8 万吨碳酸锂当量，不含税成本预计 4 万元/吨。 公司拟增持木龙矿山股权 ...

天齐锂业 20260107 摘要 根据与澳洲分析师交流的信息，目前并没有明确或正式复产指引。如果锂精矿 价格稳定维持在 1,200 美元/吨以上并持续 3-6 个月，有些停产项目可能会考 虑复产。例如皮尔巴拉 20 年底停产的一条 15 万吨金矿生产线存在复产预期， 但从决策到实际复产生效需时约 6 个月至 1 年；Minor Resource 旗下波尔黑 尔 15 万吨铝精矿也有类似情况；武吉纳第三条选矿线 25 万吨金矿若价格持续 向好则可能加快推进。而 Collison 由于融资问题短期内复产生机较低，力拓旗 下 Kelyn 因体量小且成本高重启意义不大。因此短期内除 CDP 3 外，不太可能 出现大规模快速释放的新供应。 天齐锂业冶炼业务扩展情况如何？未来是否有进一步扩展计划？ 天齐锂业预计 2026 年 Talisman 锂精矿产量将增加，主要受益于 CGP 3 项目产能释放，预计达产率约为 60%，但初期产品品味和杂质含量可 能存在波动，将与其他产品搭配使用以满足客户需求。 公司与雅宝等合资公司尚未讨论调整锂精矿定价机制，预计雅宝采购量 可能低于上限 95 万吨。文飞 2026 年产量预算不超过 ...

南华期货碳酸锂数据日报 2026年01月07日 碳酸锂期货主力合约 source： 同花顺,南华研究 元/吨 碳酸锂期货主力合约收盘价 碳酸锂期货主力合约成交量(右轴) 碳酸锂期货主力合约持仓量(右轴) 手 25/01 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 50000 75000 100000 125000 150000 0 500000 1000000 1500000 2000000 碳酸锂期货数据 | 指标 | 本期值 | 日涨跌 | 日环比 | 周涨跌 | 周环比 | 单位 | | --- | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 142300 | 4360 | 3.16% | 23480 | 19.76% | 元/吨 | | 主力合约成交量 | 420407 | 116170 | 38.18% | -268357 | -38.96% | 手 | | 主力合约持仓量 | 506520 | -28479 | -5.32% | -5825 | -1.14% ...

2026 年展望—碳酸锂年报 佛山金控期货 研究部 交易咨询业务资格： 证监许可【2013】193 号 人员：冯文勇 期货从业资格号：F03147404 投资咨询资格证号：Z0017200 联系方式：0757-86296271 地址：佛山市南海区桂城街 道永胜西路 22 号新凯广场 2 座39 楼 佛山金控期货网址：http:// www.fsjkqh.com/ 碳酸锂年报：供需平衡逆转，锂价重心上移 内容摘要： 全球锂资源供给保持快速增长（+24%）：2025 年海外上半年高成本 矿山减产以及国内下半年反内卷政策及矿权减产影响明显，今明两年 新增待投项目产能合计超 40 万吨，利润恢复使项目释放加速，南美、 非洲以及中国等地是主要增量来源，预计 2026 年全球锂资源供应量 达 209 万吨 LCE，同比增长约 24.4%，其中国内锂原生供给同比+51% 至 47 万吨 LCE，国内碳酸锂产量预计同比+38.86%至 134.7 万吨 LCE。 储能需求前景爆发增长（+51%）：全球储能需求快速增长主要受电网 消纳压力、光伏配储以及 AI 数据需求驱动，中国、欧洲、美国以及 中东均迎来确定性的高速增长期，国 ...

证券日报网讯 1月5日，科力远在互动平台回答投资者提问时表示，子公司金丰锂业碳酸锂的规划产能 为3万吨/年，采取边生产边扩充产能的模式，2023年7月实现一期1万吨碳酸锂产线拉通投产，并于2023 年12月实现全面达产，同时一期工程建设已覆盖二期工程厂房、设备基础、公辅设施等，为后续快速建 成提供了有力保障。东联公司旗下的同安瓷矿已于2024年12月23日获取可采选规模为40万吨/年的采矿 许可证，目前矿山生产及建设均正常推进，随着碳酸锂生产原材料中自有矿的占比将逐步上升，制造成 本逐步下降。同时正对提锂技术进行革新，计划将该技术在二期项目进行应用，以进一步降低生产成 本，因此将综合考虑技术开发进度及市场行情变化等因素，加快推动二期产能拓展计划。公司在2023年 将科力远注册地变更至郴州，通过结合当地的锂资源优势，强化资源控制能力，从而与储能业务形成协 同。针对当地锂资源品位较低的特点，公司首先在郴州围绕提锂技术进行了创新研发和中试工作，暂未 于临武县建设选矿厂。当前公司旗下锂资源总储量预测不低于1200万吨，折合碳酸锂当量约40万吨，可 满足年产3万吨碳酸锂产能的十年以上开发需求，此外，公司通过结合大储能创 ...

Group 1 - Tianqi Lithium Industries, Inc. experienced a decline of 1.01% on December 31, with a stock price of 55.81 yuan per share and a trading volume of 1.28 billion yuan, resulting in a total market capitalization of 91.595 billion yuan [1] - The company, established on October 16, 1995, and listed on August 31, 2010, is primarily engaged in the production and sales of lithium concentrate products and lithium compounds and their derivatives [1] - The revenue composition of Tianqi Lithium includes 50.54% from lithium compounds and derivatives, 49.25% from lithium ore, and 0.21% from other sources [1] Group 2 - The Huatai-PineBridge Fund holds Tianqi Lithium as one of its top ten positions, with the Huatai-PineBridge CSI Sub-Industry Metal Theme ETF (159652) owning 1.2377 million shares, representing 2.65% of the fund's net value [2] - The fund has reported a floating loss of approximately 705,500 yuan as of the latest data [2] - The Huatai-PineBridge CSI Sub-Industry Metal Theme ETF was established on January 16, 2023, with a current size of 2.221 billion yuan, achieving a year-to-date return of 94.7% and a one-year return of 89.6% [2] Group 3 - The fund managers of the Huatai-PineBridge CSI Sub-Industry Metal Theme ETF are Dong Jin and Sun Hao, with Dong Jin having a tenure of 6 years and 30 days and a best fund return of 66.58% during his tenure [3] - Sun Hao has a tenure of 2 years and 126 days, achieving a best fund return of 132.91% during his management [3]

海南矿业（601969.SH）12月30日在投资者互动平台表示，公司氢氧化锂产线尚处于爬坡阶段，产线流 程已基本调试顺畅，产品品质也趋于稳定，预计到2026年1季度可实现月度达产。碳酸锂产线目前还在 推进相关技改，技改完成后，项目可实现产品组合的灵活配置：即年产2万吨氢氧化锂，或年产0.8万吨 氢氧化锂加1万吨碳酸锂。公司将根据市场情况及项目进度合理排产。 每经AI快讯，有投资者在投资者互动平台提问：公司现有氢氧化锂产线是否正常生产，每月产量是多 少？技改后公司碳酸锂每月产量是多少？ （文章来源：每日经济新闻） ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The lithium carbonate market is in a stage where supply is steadily increasing while demand is slightly slowing. The raw material prices are rising due to the strong lithium carbonate prices, and smelters are still willing to purchase and stockpile. The supply of lithium salts in China is growing steadily, but downstream procurement is becoming more cautious due to high prices. [2] - The option market sentiment is bearish, with the put - call ratio of total positions at 160.08%, a decrease of 44.7769% compared to the previous period, and the implied volatility slightly decreasing. [2] - Technically, on the 60 - minute MACD, the double lines are above the 0 - axis and the green bars are expanding. The suggestion is to conduct light - position oscillating trading and control risks by paying attention to trading rhythms. [2] 3. Summary by Related Catalogs Futures Market - The closing price of the main contract is 121,580 yuan/ton, up 2,760 yuan. The net position of the top 20 is - 138,637 lots, down 10,332 lots. The trading volume of the main contract is 511,309 lots, down 1,036 lots. The spread between near - and far - month contracts is - 2,000 yuan/ton, down 1,300 yuan. The Guangzhou Futures Exchange's warehouse receipts are 19,491 lots/ton, up 1,300 lots. [2] Spot Market - The average price of battery - grade lithium carbonate is 118,000 yuan/ton, unchanged. The average price of industrial - grade lithium carbonate is 115,000 yuan/ton, unchanged. The basis of the Li₂CO₃ main contract is - 3,580 yuan/ton, down 2,760 yuan. [2] Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 1,440 US dollars/ton, up 10 US dollars. The average price of amblygonite is 14,025 yuan/ton, unchanged. The price of lepidolite (2 - 2.5%) is 5,106 yuan/ton, down 300 yuan. [2] Industry Situation - The monthly production of lithium carbonate is 53,980 tons, up 2,450 tons. The monthly import volume is 22,055.19 tons, down 1,825.51 tons. The monthly export volume is 759.24 tons, up 513.33 tons. The monthly operating rate of lithium carbonate enterprises is 47%, unchanged. [2] - The monthly production of power batteries is 176,300 MWh, up 5,700 MWh. The price of lithium manganate is 38,000 yuan/ton, up 1,000 yuan. The price of lithium hexafluorophosphate is 180,000 yuan/ton, unchanged. The price of lithium cobalt oxide is 372,200 yuan/ton, unchanged. The price of ternary materials (811 type) in China is 171,500 yuan/ton, unchanged. The price of ternary materials (622 power type) in China is 153,500 yuan/ton, unchanged. [2] Downstream and Application Situation - The price of ternary materials (523 single - crystal type) in China is 166,000 yuan/ton, unchanged. The monthly operating rate of ternary cathode materials is 51%, down 1%. The price of lithium iron phosphate is 45,100 yuan/ton, unchanged. The monthly operating rate of lithium iron phosphate cathodes is 63%, down 1%. [2] - The monthly production of new energy vehicles (according to the China Association of Automobile Manufacturers) 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 is 47.48%, up 0.74%. The cumulative sales volume is 14,780,000 vehicles, up 3,518,000 vehicles. [2] - The monthly export volume of new energy vehicles is 300,000 vehicles, up 44,000 vehicles. The cumulative export volume is 2,315,000 vehicles, up 1,174,000 vehicles. The 20 - day average volatility of the underlying is 61.94%, down 0.08%. The 40 - day average volatility is 58.37%, down 1.64%. [2] Option Situation - The total subscription position is 129,272 contracts, up 19,940 contracts. The total put position is 206,942 contracts, down 17,035 contracts. The put - call ratio of total positions is 160.08%, down 44.7769%. The at - the - money IV implied volatility is 0.51%, down 0.0045%. [2] Industry News - Jinyuan Co., Ltd. stated on the interactive platform that its Baqiancuo salt lake lithium extraction project is in the trial - production stage, and the company focuses on "early production and high - volume production". The company will comprehensively evaluate and plan its Argentine Carlo project based on various factors. [2] - The State Administration for Market Regulation deployed key tasks for 2026, emphasizing continuous deepening of fair competition governance, strengthening the fight against administrative monopolies, and intensifying anti - monopoly and anti - unfair competition law enforcement. [2] - The National Energy Administration held a symposium on promoting the construction of a high - quality charging infrastructure system, emphasizing the implementation of the "three - year doubling" action plan for the service capacity of electric vehicle charging facilities, accelerating the construction of a high - quality charging infrastructure system, promoting the planning and construction of high - power charging facilities, and advancing the large - scale application pilot of vehicle - grid interaction. [2] - Cui Dongshu, the secretary - general of the Passenger Car Association, wrote that the growth of the auto market in 2026 is complex. The most important factor at the beginning of the year is the late Spring Festival. Coupled with the early implementation of national subsidies, the market is expected to have a positive start in January, but there will be more pressure in February. [2]

赣锋锂业(002460.SZ)公告称，公司于2025年12月29日收到宜春市公安局的移送起诉告知书，因涉嫌内 幕交易罪单位犯罪，案件已移送检察机关审查起诉。该事项系在江西证监局行政处罚的基础上，依法开 展的后续正常司法程序。公司生产经营活动保持正常有序运行，预计不会影响公司正常的生产经营。公 司将持续关注进展情况，并及时履行信息披露义务。 ...

作 者：杨江涛 执业证书编号：F03117249 交易咨询编号：Z0022644 联 系 方 式：0371-58620082 本周观点 | 逻辑驱动 | 品种 | 策略及风险提示 | | --- | --- | --- | | | 【现货市场】：电池级碳酸锂现货价格周内上涨16.89%至120400元/吨，市场情绪 | | | | 高涨。但期货价格持续高于现货，基差深度贴水扩大至-10120元/吨（环比增 | | | | 20.48%），显示现货跟涨乏力。 | | | | 【期货市场】：主力合约周度大涨17.16%，收于130520元/吨，连续突破关键整数 | | | | 关口。持仓量周内下降13.72%至577035手，价格在巨幅波动中减仓上行，波动率 | 预计未来1-2周， | | | | 市场在情绪与监 | | | 显著放大。 | 管压力下将转入 | | | 【供应方面】：碳酸锂产能利用率维持83.52%高位，供应端呈现国内高开工与盐 | | | | 湖季节性减产预期并存的结构性矛盾。 | 高位剧烈震荡， | | | | 需警惕快速回调 | | | 【需求方面】：正极材料厂对高价接受度有限，采购偏谨慎， ...