2020年6月，中国宝武钢铁集团有限公司及其一致行动人日喀则珠峰城市投资发展集团有限公司通过参 与西藏矿业资产经营有限公司增资扩股的方式，合计取得改制及增资扩股后西藏矿业资产经营有限公司 52%股权，西藏矿业实际控制人由自治区国资委变更为国务院国资委。 中央及西藏自治区在融资渠道、税收优惠和其他扶持政策等方面实施的一系列特殊政策支持，为西藏矿 业提供了良好的经营环境，降低了运营成本，增强了市场竞争力。 目前，西藏矿业拥有西藏罗布莎铬矿的采矿权，近两年年产量在10万吨左右，产量位于国内同行业前 列。同时，西藏矿业通过子公司西藏扎布耶拥有西藏扎布耶盐湖采矿权。 值得一提的是，虽然西藏扎布耶盐湖采矿权项目开发起步晚，但其对生态环境的保护丝毫未放松，不仅 工艺绿色环保，就连能源也来自西藏矿业通过BOO模式建设的光伏光热电站（中国宝武旗下子公司宝 武清能承建），被称之为"零碳项目"。 "西藏矿业以产业帮扶、定点帮扶及本地采购等方式全面推动乡村地区经济发展。以扎布耶项目开发为 例，公司运输和劳务等方面的业务均委托给当地公司，三年的时间内，当地农民增收接近6000万 元。"证券时报"从资本市场看地方高质量发展"大型融媒报道 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The game between reality and expectations in the lithium carbonate market is intensifying, leading to increased volatility in the market [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: The closing price of the 2509 contract was 81,040 yuan, down 6,540 yuan; the trading volume was 55,748 lots, and the open interest was 65,157 lots. The closing price of the 2511 contract was 80,980 yuan, down 6,560 yuan; the trading volume was 838,879 lots, and the open interest was 395,102 lots [1] - **Warehouse Receipts**: The warehouse receipt volume was 24,045 lots, up 430 lots [1] - **Basis**: The basis of spot - 2509 was 4,660 yuan; the basis of spot - 2511 was 4,720 yuan; the basis of 2509 - 2511 was 60 yuan [1] - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 951 US dollars, down 27 US dollars; the price of lithium mica (2.0% - 2.5%) was 2,125 yuan, down 60 yuan [1] - **Lithium Salts**: The price of battery - grade lithium carbonate was 85,700 yuan, unchanged; the price of industrial - grade lithium carbonate was 83,400 yuan, unchanged [1] 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 85,752 yuan/ton, down 189 yuan/ton compared with the previous working day. The average price of battery - grade lithium carbonate was 85,700 yuan/ton, unchanged; the average price of industrial - grade lithium carbonate was 83,400 yuan/ton, unchanged [2] - In July, lithium ore imports were 750,700 tons, a month - on - month increase of 30.35%. Imports from Australia were 427,300 tons, a month - on - month increase of 67.24%, with an average price of 631.35 US dollars/ton, a month - on - month decrease of 9.16% [2][3] 3.3 Trend Intensity - The trend intensity of lithium carbonate was 0, indicating a neutral trend [3]

Group 1 - The semiconductor sector is experiencing a rebound, with the semiconductor equipment ETF (159516) rising over 2% and a net inflow of more than 76 million yuan yesterday [1] - Tianfeng Securities indicates an improving supply-demand balance in the electronics and semiconductor industries, with notable weekly gains in modified plastics and fluorochemicals at 11.44% and 6.04% respectively, reflecting a recovery in upstream material demand [1] - Key recommended areas include OLED materials (e.g., Lite-On Optoelectronics, Aolide) and electronic gases (e.g., Huate Gas, Jinhong Gas), highlighting the acceleration of domestic substitution in display panels and semiconductor manufacturing [1] Group 2 - The semiconductor equipment ETF (159516) tracks the semiconductor materials and equipment index (931743), focusing on the upstream materials and equipment sectors of the semiconductor industry [1] - The index includes listed companies engaged in semiconductor material research, production, and equipment manufacturing, reflecting the overall performance of key upstream companies in the semiconductor industry [1] - The index is characterized by high technical barriers and growth potential, effectively representing the development status of the semiconductor industry's upstream [1]

Investment Rating - Industry Rating: Neutral (maintained rating) [6] Core Viewpoints - The recent notification from multiple government departments aims to promote standardized construction and high-quality development of chemical parks, which may positively impact the industry [1][13] - The basic chemical sector has shown a week-on-week increase of 3.27%, outperforming the CSI 300 index by 0.9 percentage points, indicating a relatively strong market performance [4][15] - Key chemical products have experienced price fluctuations, with notable increases in industrial-grade lithium carbonate (+15.6%) and nitric acid (+6.9%), while other products like urea and liquid methionine have seen declines [2][29] Summary by Sections 1. Key News Tracking - The Ministry of Industry and Information Technology and other departments issued a notification to enhance the management and recognition of chemical parks, focusing on three main measures: reviewing provincial recognition methods, strict management, and accelerating problem rectification [1][13] 2. Product Price Tracking - WTI oil price decreased by 1.7% to $62.8 per barrel - Key products such as rubber, pure MDI, and ethylene glycol saw price increases of 0.7%, 0.3%, and 0.04% respectively, while several others experienced declines [2][26] 3. Chemical Sector Performance - The basic chemical sector's performance was strong, with significant weekly increases in sub-sectors like modified plastics (+11.44%) and fluorochemicals (+6.04%) [4][16] 4. Focused Sub-industry Insights - The report highlights stable demand and global supply dominance in certain sectors, recommending companies like Jinhe Industrial and Wanhu Chemical for investment [5] - It also emphasizes the importance of domestic demand to counteract tariff impacts in sectors such as refrigerants and fertilizers [5] 5. Investment Opportunities - The report identifies investment opportunities in companies like Lite Optoelectronics and Aolai De, focusing on supply replacement gaps in the market [6]

Group 1: Industry Investment Rating - There is no information about the industry investment rating in the provided content. Group 2: Core View - The report suggests that due to supply disruptions and positive demand, the upward - trending and volatile situation of lithium carbonate may continue [1] Group 3: Summary of Related Catalogs 1. Fundamental Tracking - **Futures Contracts**: For the 2509 contract, the closing price is 89,300, the volume is 50,353, and the open interest is 81,117. For the 2511 contract, the closing price is 89,240, the volume is 1,036,328, and the open interest is 421,106 [1] - **Warehouse Receipts**: The warehouse receipt volume is 23,555 hands [1] - **Basis**: The basis between spot and 2509 is - 4,700, between spot and 2511 is - 4,640, between 2509 and 2511 is 60, between electric carbon and industrial carbon is 2,300, and between spot and CIF is 14,962 [1] - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) is 978, and the price of lithium mica (2.0% - 2.5%) is 2,185 [1] - **Lithium Salts**: The price of battery - grade lithium carbonate is 84,600, industrial - grade lithium carbonate is 82,300, battery - grade lithium hydroxide (micropowder) is 81,710, etc [1] - **Related Products for Consumption**: The price of ternary material 523 (polycrystalline/consumer - type) is 114,230, ternary material 622 (polycrystalline/consumer - type) is 117,590, etc [1] 2. Macro and Industry News - The SMM battery - grade lithium carbonate index price is 84,794 yuan/ton, with a daily increase of 2,069 yuan/ton. The average price of battery - grade lithium carbonate is 84,600 yuan/ton, and that of industrial - grade lithium carbonate is 82,300 yuan/ton, both increasing by 1,900 yuan/ton compared to the previous workday [2] - India plans to reduce the goods and services tax for entry - level two - wheelers, small cars, and hybrid passenger cars before October [2] 3. Trend Intensity - The trend intensity of lithium carbonate is 1, indicating a relatively strong trend [3]

Investment Rating - The report maintains a "Buy" rating for several companies including Xin Yang Feng, Sen Qi Lin, Rui Feng New Materials, China Petroleum & Chemical Corporation, Ju Hua Co., Yang Nong Chemical, China National Offshore Oil Corporation, and Sai Lun Tire [10]. Core Viewpoints - The report highlights significant price increases in industrial-grade lithium carbonate (up 22.06%) and sulfur (up 5.26%), while synthetic ammonia and butanone experienced substantial declines [4][20]. - The report suggests focusing on import substitution, pure domestic demand, and high-dividend opportunities due to the impact of renewed U.S. tariffs and geopolitical tensions affecting international oil prices [6][20]. - The overall chemical industry remains in a weak position, with mixed performance across sub-sectors, influenced by past capacity expansions and weak demand [23]. Summary by Sections Chemical Industry Investment Suggestions - Key products with notable price increases include industrial-grade lithium carbonate, sulfur, and urea, while synthetic ammonia and butanone saw significant price drops [4][20]. - The report emphasizes the importance of focusing on sectors like glyphosate, fertilizers, and high-dividend assets amid a challenging market environment [23][24]. Price Trends and Market Dynamics - The report notes fluctuations in international oil prices, with Brent crude at $65.85 per barrel and WTI at $62.80 per barrel, reflecting a downward trend [6][20]. - The chemical product prices have shown some rebound, but many products still face price declines, indicating a mixed market sentiment [23][24]. Company Focus and Profit Forecasts - The report recommends companies like Jiangshan Co., Xingfa Group, and Yangnong Chemical, which are expected to enter a favorable economic cycle [8][23]. - It also highlights the potential of domestic fertilizer companies to meet local demand, with specific recommendations for companies like Hualu Hengsheng and Xin Yang Feng [23][24].

Report Industry Investment Rating - The investment rating for the lithium carbonate industry is "Range-bound" [1] Core Viewpoints - The trend intensity of lithium carbonate is 0, indicating a neutral outlook [4] Summary by Relevant Catalogs Fundamental Tracking - **2509 Contract**: The closing price was 82,560, with a volume of 162,667 and an open interest of 117,650. Compared to previous periods, there were significant changes in volume and open interest [2] - **2511 Contract**: The closing price was 82,520, with a large volume of 1,417,704 and an open interest of 356,998. Volume and open interest also showed notable fluctuations [2] - **Warehouse Receipts**: The warehouse receipt volume was 20,829 hands, with changes compared to previous periods [2] - **Basis**: The basis between different contracts and product grades showed various changes [2] - **Raw Materials**: Lithium concentrate prices and other raw material prices changed compared to previous periods [2] - **Lithium Salts**: Prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, and other lithium salts increased compared to the previous day [2][3] - **Downstream Products**: Prices of products such as lithium iron phosphate and ternary materials also had different degrees of change [2] Macro and Industry News - SMM's battery - grade lithium carbonate index price was 78,124 yuan/ton, up 3,557 yuan/ton from the previous day. The average price of battery - grade lithium carbonate was 78,000 yuan/ton, and that of industrial - grade lithium carbonate was 75,800 yuan/ton, both up 3,500 yuan/ton [3] - The Lithium Industry Branch of the China Nonferrous Metals Industry Association issued an initiative to relevant enterprises in the lithium industry chain to strengthen upstream - downstream collaboration, maintain industrial safety, and resist "involution - style" vicious competition [4]

Investment Rating - The report maintains a "Buy" rating for several companies including Xin Yang Feng, Sen Qi Lin, Rui Feng New Material, Sinopec, Ju Hua Co., Yang Nong Chemical, China National Offshore Oil Corporation, Sai Lun Tire, and Zhenhua Co. [12] Core Viewpoints - The report highlights significant price increases in products such as phosphoric acid pentoxide (85% up by 9.11%), urea (up by 5.75%), and battery-grade lithium carbonate (up by 4.40%), while also noting declines in products like synthetic ammonia (down by 7.41%) and dichloromethane (down by 5.96%) [6][9][21] - The report suggests focusing on investment opportunities in areas such as import substitution, domestic demand, and high dividend stocks, particularly in light of the recent decline in international oil prices due to geopolitical tensions and tariff concerns [8][10][22] - The chemical industry is currently experiencing a mixed performance, with some sectors like lubricants showing strong results, while others remain weak due to overcapacity and subdued demand [9][10][24] Summary by Sections Chemical Industry Investment Suggestions - The report indicates that the chemical industry is facing challenges but also presents opportunities, particularly in the glyphosate sector, which is showing signs of recovery [10][24] - It recommends focusing on companies with strong competitive positions and growth potential, such as Rui Feng New Material and Bao Feng Energy [10][24] - The report emphasizes the importance of domestic demand in the chemical fertilizer sector, highlighting companies like Hualu Hengsheng and Xin Yang Feng as key players [10][24] Market Performance - The report notes that the basic chemical sector has outperformed the broader market, with a 12-month return of 33.9% compared to 23.2% for the CSI 300 index [4][5] - It provides a detailed analysis of price movements for various chemical products, indicating a general trend of price increases for certain key products while others are experiencing declines [6][9][21] Price Trends - The report details specific price changes for various chemical products, with phosphoric acid pentoxide and urea seeing significant increases, while synthetic ammonia and dichloromethane have seen notable declines [6][9][21] - It highlights the impact of international oil prices on the chemical market, with Brent crude oil prices dropping to $66.59 per barrel, affecting overall market sentiment [8][22][25]

对个别投资者特殊的投资目标、财务状况或需要，投资者需自行判断本报告中的任何意见或建议是否符合其特定状况，据此投资，责任自负。本报告仅向 特定客户推送，未经国贸期货授权许可，任何引用、转载以及向第三方传播的行为均构成对国贸期货的侵权,我司将视情况追究法律责任。 ITC国贸期货 世界500强投资 贸期货有限公司 一流的衍生品综合服务商 www.itf.com. 48 2 ntan ITG国贸期货 投资咨询业务资格:证监许可【2012】31号 炭酸锂数据日报 谢灵 投资咨询号: Z0015788 从业资格号: F3040017 国贸期货研究院 2025/08/08 有色金属研究中心 研究助理 陈宇森 从业资格号: F03123927 据来源: SMM. 公开新闻整理 1000000 锂化合物 平均价 涨跌 SMM电池级碳酸锂 71100 150 80000 4000 SMM工业级碳酸锂 69000 150 收盘价 期货合约 涨跌幅 3000 60000 碳酸锂2508 70000 3.24% 71920 碳酸锂2509 5. 3% 40000 2000 碳酸锂2510 5. 31% 72200 碳酸锂2511 > ...

Group 1: Project Development - The reason for the delay in the formal production of the Zabuye Phase II project is due to its unique "one lake, one process" characteristic, which is affected by multiple objective conditions in a high-altitude area [1] - The energy supply for Zabuye Phase II will utilize a photovoltaic and thermal technology solution, constructed by China Baowu Clean Energy Tibet Company [1] - The difference between Zabuye Phase I and II includes that Phase I produces lithium concentrate using solar gradient salt drying, while Phase II aims for comprehensive resource utilization, employing "membrane separation + evaporation crystallization" to efficiently recover lithium, potassium, and other resources [2] Group 2: Environmental and Policy Context - The environmental policies in Tibet maintain continuity and stability, emphasizing ecological priority and requiring mining companies to increase investment in development, prohibiting practices of holding mining rights without exploration or extraction [1] - The company benefits from special policy support from the central government for the Tibet region, including financing channels, tax incentives, and other supportive measures, which enhance operational conditions and market competitiveness [2] Group 3: Sales and Market Strategy - The company's main products are sold to downstream customers, with sales prices determined by a pricing committee based on published prices from Shanghai Nonferrous Metals Network and Ferroalloy Online [1] - Baowu Group's positioning for Tibet Mining focuses on lithium and chromium ore development, aiming to enhance management levels and steadily improve performance [2]