炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中国宝安火线入局，杉杉重整再临深渊 || 焦点 //// 辽宁首富、湖南国资退出杉杉重整，一旦中国宝安及贝特瑞中选，可能引发反垄断审查，还要解决同业 竞争问题。 杉杉集团重整，突然警铃大作。 12月13日，据中国宝安（000009.SZ）公告，经董事会前一日审议通过，其将作为重整投资联合体牵头 人，携旗下上市公司贝特瑞及其他潜在投资人，参与杉杉集团重整投资人招募。 根据公告，中国宝安已缴纳5000万尽职调查保证金，委托中介机构开展尽职调查。 另据接近杉杉的人士称，此前先后宣布参与二次重整招募的方大炭素、湖南盐业集团，已主动退出重 整。 12月20日的重整截止日近在眼前，杉杉集团能否避免破产清算，杉杉股份又能否迎来靠谱的产业投资 人，悬念似乎更大了。 中国宝安的算盘 对中国宝安来说，杉杉股份吸引力十足。 公开资料显示，中国宝安已成立逾40年，旗下拥有马应龙、贝特瑞、国际精密等多家上市公司。截至 2024年末，集团总资产超过520亿元。 但这家老牌企业，正在遭遇转型挑战。 截至目前，中国宝安有三大主营业务，分别是高新技术、生物医药和地产。其 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The short - term fundamentals of lithium carbonate show strong supply and weak demand, and the lithium price is expected to fluctuate weakly under position limits. It is recommended to hold short positions [1] 3. Summary by Related Catalogs 3.1 Lithium Carbonate Futures Market - **Price**: On December 10, 2025, the closing price of the near - month contract was 93,640 yuan/ton, with an increase of 1,060 yuan compared to December 9; the trading volume of lithium carbonate futures was 620,935 hands, an increase of 108,720 hands; the open interest was 605,453 hands, an increase of 30,032 hands [1] - **Spread**: The spread between the near - month and the first - consecutive contract was - 440 yuan, the spread between the first - consecutive and the second - consecutive contract was - 80 yuan, and the spread between the second - consecutive and the third - consecutive contract was - 60 yuan [1] - **Inventory**: The registered inventory was 1,368 tons, an increase of 760 tons [1] 3.2 Lithium - Related Product Prices - **Lithium Ore**: The average price of lithium spodumene concentrate (6%, CIF China) was 1,178 US dollars/ton; the average price of lithium mica (Li2O: 1.5% - 2.0%) was 1,640 yuan/ton [1] - **Lithium Compounds**: The average price of battery - grade lithium carbonate (99.5% domestic) was 92,700 yuan/ton, a decrease of 50 yuan; the average price of battery - grade lithium hydroxide (56.5% CIF China, Japan and South Korea) was 10.2 US dollars/kg [1] - **Other Products**: The average price of lithium hexafluorophosphate (99.95% domestic) was 171,000 yuan/ton; the average price of ternary precursor 523 (polycrystalline/consumer type) was 106,050 yuan/ton [1] 3.3 Lithium Supply and Demand - **Supply**: Last week, the output of lithium carbonate increased, with a decrease in the output of salt - lake lithium carbonate and an increase in the output of lithium carbonate from other raw materials [1] - **Demand**: Last week, the output of lithium iron phosphate and ternary materials decreased; in December, the production scheduling of lithium iron phosphate and lithium manganate decreased; last week, the output of power batteries increased; in November, the month - on - month and year - on - year growth rates of new - energy vehicle production and sales slowed down; the 3C shipments weakened; the production scheduling growth of energy - storage batteries stagnated in December [1] 3.4 Lithium Inventory - The SMM lithium carbonate inventory: the inventory of smelters was 20,767 tons, the inventory of downstream was 41,984 tons, and the inventory of others was 49,140 tons. The total inventory decreased by 2,366 tons compared to the previous week [1] 3.5 Industry News - Standard Lithium and Equinor's joint - venture Smackover Lithium announced that its Arkansas Smackover project has attracted over $1.1 billion in financing intentions, covering 76% of the $1.45 billion construction cost of Phase I. The project uses uncommercialized direct lithium extraction (DLE) technology but faces challenges [1]

Report Industry Investment Rating - Not provided Core View of the Report - The short - term fundamentals of lithium carbonate show strong supply and weak demand, and the lithium price is expected to fluctuate weakly under position limits. It is recommended to hold short positions [1] Summary by Relevant Content Lithium Carbonate Futures Market - On December 10, 2025, the main contract of lithium carbonate futures oscillated upward. The trading volume was 620,935 hands (+108,720), and the open interest was 605,453 hands (+30,032) [1] - The prices of different contracts (near - month, consecutive - one, consecutive - two, consecutive - three) all increased compared with previous data, with price increases ranging from 3,080 yuan/ton to 3,180 yuan/ton [1] Spot Market - The spot market trading was sluggish, and the basis discount widened. The price of spodumene concentrate increased, while the price of mica also rose [1] Supply and Demand - **Supply**: Last week, the production of lithium carbonate increased. The production of lithium carbonate from salt lakes decreased, while that from other raw materials increased [1] - **Demand**: Last week, the production of lithium iron phosphate and ternary materials decreased. In December, the production plan of lithium iron phosphate and lithium manganate decreased. Last week, the production of power batteries increased. In November, the month - on - month and year - on - year growth rates of new energy vehicle production and sales slowed down; the 3C shipments weakened; the growth of the production plan of energy - storage batteries in December stagnated [1] Inventory - The registered inventory was 13,680 tons (+760), and the social inventory decreased. Refineries and other sectors destocked, while downstream sectors also destocked [1] Industry News - Standard Lithium and Equinor's joint - venture Smackover Lithium project in Arkansas has attracted over $1.1 billion in financing intentions, covering 76% of the $1.45 - billion construction cost of Phase I. The project uses direct lithium extraction (DLE) technology but faces challenges such as the complexity of brine composition and the stability of recovery rates [1]

证券日报网12月5日讯科达制造（600499）在12月5日回答调研者提问时表示，公司负极材料业务主要面 向储能领域，客户涵盖部分储能头部企业。今年前三季度，受益于下游储能行业的快速发展，公司人造 石墨产品前三季度销量近7万吨，产销均较去年同比增长超300%。同时，公司负极材料整体盈利水平相 比去年同期亦有较好提升，今年前三季度实现盈利，但整体净利率相对较低。目前，公司福建及重庆基 地合计拥有15万吨/年人造石墨产能，后续随着负极材料产能的完整释放，若维持稳定的产销率水平， 其营收规模有望进一步提升。 ...

Economic Development - Kunming has achieved significant economic growth, with its total economic output surpassing 700 billion and 800 billion yuan, contributing 31.9% to Yunnan's economic growth by 2024, up from 13.3% in 2020 [1] - The city is focusing on industrial development, upgrading traditional industries while fostering emerging sectors, establishing a modern industrial system unique to Kunming [1][2] - New industries such as biomedicine and digital economy are becoming billion-yuan industries, with emerging industries' added value growing by 9.2% in the first nine months of the year, outpacing the growth of regulated industrial output [3] Industrial Transformation - Yunnan Shanshan New Materials Co., Ltd. has successfully launched a 300,000-ton lithium-ion battery anode material production base, leveraging local green electricity resources to attract investment [2] - Kunming is enhancing its industrial chain towards high-end, green, and digital transformation, with a focus on biomedicine and green energy [2][3] - The number of investment projects exceeding 100 million yuan in Kunming has increased from 211 in 2021 to 533 in 2024, with industrial project funding rising from 7.2% to 58.5% [3] Cross-Border E-commerce and Logistics - The cross-border e-commerce sector in Kunming is experiencing growth, with customs facilitating logistics and customs clearance through smart information platforms [4] - The "China-Laos Railway + Cross-Border E-commerce" model allows for efficient customs clearance, enhancing the export of goods to Southeast Asia [4][5] - The total volume of goods at the Mohan port has increased from 4.4686 million tons in 2020 to 9.2831 million tons in 2024, a growth of 107.7% [5] Ecological Development - Kunming is committed to ecological protection, focusing on the governance of Dianchi Lake, with significant improvements in water quality and pollution management [6][7] - The city has developed a lakeside ecological belt and integrated tourism with agriculture, leading to increased local income and tourism growth [7] - In the first three quarters, Kunming received 280 million tourists, generating a total tourism revenue of 355.185 billion yuan, reflecting a year-on-year growth of 7.25% and 12.5% respectively [7]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On November 24, the main contract of lithium carbonate futures fluctuated at a low level. The current market trading warmed up, and the spot premium expanded. Considering the current strong supply and demand, the repeated news of the resumption of production of Jiangnan lithium mines, the record - high weekly production of lithium carbonate, the strong wait - and - see sentiment of downstream, the warming up of the spot market trading, the weakening of power demand, and the exchange's move to cool down the market, it is expected that lithium prices will fluctuate weakly. Production enterprises can conduct sell - hedging at high levels, and speculators can go short on rallies [1] Summary by Related Catalogs Futures Market Data - On November 24, 2025, the closing prices of near - month, continuous - one, continuous - two, and continuous - three contracts of lithium carbonate futures were 90200 yuan/ton, 90480 yuan/ton, 90780 yuan/ton, and 90780 yuan/ton respectively, with decreases of 760 yuan/ton, 540 yuan/ton, and 380 yuan/ton compared to the previous trading day. The trading volume was 454612 hands (-683212), and the open interest was 365078 hands (-46249) [1] Spot Market Data - The average price of battery - grade lithium carbonate (99.5% domestic) was 92150 yuan/ton (-150), and the average price of industrial - grade lithium carbonate (99.2% domestic) was 89750 yuan/ton (-150). The average price of lithium spodumene concentrate (6%, CIF China) was 1071 US dollars/ton (-18), and the average prices of different types of lithium mica and phospho - lithium - aluminum stone also decreased to varying degrees [1] Inventory Data - The registered warehouse receipts were 26510 tons (-338). The social inventory decreased. The inventories of smelters and downstream decreased, while other inventories increased. The total SMM lithium carbonate inventory decreased by 2052 tons compared to the previous week [1] Supply and Demand Data - Supply side: Last week, the production of lithium carbonate increased, and the production of lithium carbonate from various raw materials increased. Demand side: Last week, the production of lithium iron phosphate and ternary materials increased. In November, the production schedule of lithium cobalt oxide increased, and that of lithium manganate decreased. Last week, the production of power batteries decreased. In October, the year - on - year and month - on - month growth rates of new energy vehicle production and sales slowed down, the 3C shipments weakened, and the production schedule of energy - storage batteries increased in November [1] Industry News - Shengxin Lithium Energy plans to sign a "2026 - 2030 Cooperation Framework Agreement" with Huayou Holding Group on lithium salt product business cooperation. Huayou Holding Group is expected to purchase 221400 tons of lithium salt products from the company between 2026 and 2030 [1]

Report Industry Investment Rating - Not provided Core View - The current supply and demand are both strong. The news of the resumption of lithium mines in Jiangxi is inconsistent. The lithium carbonate production remains at a high level. High prices intensify the downstream wait - and - see sentiment, and the spot market trading volume is low. The power demand shows signs of peaking. The multi - empty game intensifies, and the trading channel is crowded. It is expected that the lithium price will fluctuate widely, and it is necessary to guard against a sharp fall after a rise. Production enterprises can conduct selling hedging at high positions [1] Summary by Related Catalogs 1. Lithium Carbonate Futures and Spot Prices - On November 19, 2025, the closing prices of the near - month, continuous - one, continuous - two, and continuous - three contracts of lithium carbonate futures were 99,060 yuan/ton, 99,300 yuan/ton, 99,300 yuan/ton, and 99,300 yuan/ton respectively, with increases of 5,640 yuan/ton, 5,780 yuan/ton, 5,860 yuan/ton, and 5,780 yuan/ton compared with the previous day. The trading volume was 1,767,428 lots (+279,704), and the open interest was 503,132 lots (+18,775). The SMM battery - grade lithium carbonate average price was 88,900 yuan/ton (+1,500), and the lithium carbonate (99.2% industrial - grade/ domestic) average price was 81,100 yuan/ton (+1,450) [1] 2. Lithium Ore and Related Product Prices - The price of spodumene concentrate (6%, CIF China) was 1,086 US dollars/ton (+102), the price of lithium mica (Li2O:1.5% - 2.0%) was 1,625 yuan/ton (+50), and the price of lithium mica (Li2O:2.0% - 2.5%) was 2,575 yuan/ton (+110) [1] 3. Downstream Product Prices - The average price of ternary precursor 523 (polycrystalline/consumer - type) was - 50 yuan/ton, the average price of ternary material 523 (single - crystal/power - type) was 141,150 yuan/ton (+500), the average price of lithium iron phosphate (power - type) was 38,165 yuan/ton (+365) [1] 4. Production and Sales Data in the New Energy Vehicle Market - From November 1 - 16, the new - energy retail penetration rate of the national passenger vehicle market was 62.5%, and the new - energy wholesale penetration rate of national passenger vehicle manufacturers was 60.6%. In the first week of November, the production of pure - fuel light - duty vehicles was 331,000 units, a 3% year - on - year decrease compared with the same period last November and a 59% increase compared with the same period last month. The total production of hybrid and plug - in vehicles was 185,000 units, an 8% year - on - year decrease compared with the same period last November and a 27% increase compared with the same period last month [1] 5. Lithium Carbonate Inventory - The registered inventory was 26,611 tons (+155). The SMM lithium carbonate inventory of smelters, downstream, and others was 32,051 tons, 48,772 tons, and 2,200 tons respectively. The total inventory was 120,472 tons, a decrease compared with the previous period [1]

Report Summary 1. Investment Rating The report does not mention an investment rating for the industry. 2. Core View The current supply and demand are both strong. The news of the resumption of lithium mines in Jiangxi is inconsistent. The lithium carbonate production remains high, and the high price increases the wait - and - see sentiment. The spot market has few transactions, and the power demand has shown signs of peaking. The game between long and short positions intensifies, and the trading channel is crowded. It is expected that the lithium price will fluctuate widely and may fall after a short - term rise [1]. 3. Summary by Related Content Price and Volume Data - **Futures Closing Prices**: On November 17, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures were 95,140 yuan/ton, 95,200 yuan/ton, 94,780 yuan/ton, and 94,780 yuan/ton respectively, with significant increases compared to previous dates [1]. - **Trading Volume and Open Interest**: The trading volume of the active lithium carbonate futures contract was 1,366,919 lots (+609,487), and the open interest was 562,954 lots (+46,176) on November 17, 2025 [1]. - **Inventory**: The registered warehouse inventory was 26,953 tons (-217), and social inventory decreased. Refineries and downstream industries reduced inventory, while other inventories increased [1]. - **Spot Prices**: The average prices of various lithium - related products such as lithium spodumene concentrate, lithium mica, and lithium carbonate increased to varying degrees [1]. Industry News PMET Resources Inc. submitted the NI 43 - 100 feasibility study technical report for the CV592 spodumene ore body in the Shaalcchurvaanaan project. The project has the largest spodumene resource in the Americas, with an indicated resource of 108 million tons (lithium oxide grade of 1.40%) and an initial inferred ore reserve of 8.3 million tons (grade of 1.26% Li₂O). It also has large resources of pollucite and tantalum [1]. Supply and Demand Analysis - **Supply**: Last week, the production of lithium carbonate was flat month - on - month. The production of lithium carbonate from spodumene and lithium mica decreased, while that from salt lakes and recycling increased [1]. - **Downstream Demand**: Last week, the production of lithium iron phosphate increased, while that of ternary materials decreased. In November, the production schedule of lithium cobalt oxide increased, and that of lithium manganate decreased. The production of power batteries decreased last week. In October, the year - on - year and month - on - month growth rates of new energy vehicle production and sales slowed down, 3C product shipments were average, and the production of energy - storage batteries increased in November [1]. Investment Strategy Production enterprises can conduct sell - hedging at high prices [1].

Core Viewpoint - The article discusses the implications of the U.S. imposing a 100% tariff on Chinese goods, highlighting the potential long-term consequences for U.S.-China relations and the U.S. economy, suggesting that the U.S. may struggle to maintain its position as a global competitor against China [2][3]. Group 1: Trade Relations and Tariffs - The U.S. has announced a 100% tariff on Chinese goods, indicating a strategy of prolonged trade conflict, but China has effectively countered this move with export controls on critical materials [3][5]. - Key materials such as rare earth elements and lithium batteries are essential for U.S. high-tech industries, electric vehicles, and military production, demonstrating the deep dependency of the U.S. on Chinese manufacturing [5][7]. - Despite high tariffs, the U.S. continues to import approximately $1 billion worth of goods from China daily, underscoring the difficulty of decoupling from Chinese manufacturing [5][7]. Group 2: Economic and Political Stability - The U.S. manufacturing sector faces significant challenges in rebuilding due to China's established and efficient supply chain, making it difficult for the U.S. to catch up [9]. - The U.S. government has experienced a shutdown, the longest in seven years, due to political disagreements, affecting federal employees and military personnel, which further complicates the U.S.'s ability to engage in international trade negotiations [10][12]. - The U.S. national debt has surpassed $38 trillion, with a debt-to-GDP ratio of 124%, indicating a precarious fiscal situation that hampers its global standing [12][13]. Group 3: Comparative Analysis of U.S. and China - In contrast to the U.S., China maintains political stability, steady economic growth, a complete industrial chain, and ample foreign exchange reserves, positioning itself favorably in the global landscape [15][17]. - The article suggests that as the U.S. declines, the likelihood of a direct confrontation with China decreases, as military actions are driven by cost-benefit analyses, which the current U.S. fiscal situation cannot support [15][17]. - China's strategy focuses on internal development and strengthening its global influence, allowing it to outlast U.S. challenges without direct confrontation [17].

Group 1 - The company has approximately 60 million tons of coal reserves [2] - The company does not produce artificial graphite products [2]