当"反内卷"的风吹来，大宗商品市场算是"炸开了锅"，短短一个月，国内的碳酸锂期货飞速地坐了一轮过山车：主力合约从速度突破80000元/吨到暴跌至 67840元/吨（8月5日收盘价）。同样的，在现货市场，电池级碳酸锂均价从72,833元/吨的高点回落至70,833元/吨，工业级产品跌幅更达3.06%。这一波动直 接传导至氢氧化锂市场，芝商所氢氧化锂期货（LTH）远期曲线随之陡峭化上行，反映出市场对远期供需平衡的焦虑。 氢氧化锂期货近期走势 锂，作为现代工业的 "白色石油"，在全球能源转型和科技发展的浪潮中占据着举足轻重的地位。从电动汽车的动力电池到便携式电子设备的储能单元，锂 的身影无处不在，其市场表现牵动着众多行业的神经。面对如此复杂多变的市场环境，深入了解锂价格风险的应对策略以及准确把握锂市场的走势，对于相 关企业和投资者而言具有至关重要的现实意义。 缘何波动？"锂"由在哪？ 从供应端来看：从全球范围来看，锂矿的主要供应地包括澳大利亚、南美盐湖地区以及非洲部分新兴产区。2025 年一季度，澳大利亚 Greenbushes 锂精矿产 量 34.1 万吨，环比减少 13%，但同比仍增长 22%，销量更是同比翻倍 ...

Macro News - The State Council, led by Premier Li Qiang, has initiated measures to gradually implement free preschool education, emphasizing the need for local governments to refine work plans and ensure timely funding allocation [4] - The China Securities Regulatory Commission (CSRC) is soliciting public opinions on the revised Corporate Governance Code, which aims to enhance the supervision of directors and senior management, and improve incentive and restraint mechanisms [5][6] - The Ministry of Finance reported that in the first half of 2025, the national general public budget expenditure reached 14,127.1 billion yuan, a year-on-year increase of 3.4%, while revenue decreased by 0.3% to 11,556.6 billion yuan [6] - The National Bureau of Statistics indicated that in June, the profit decline of industrial enterprises above designated size narrowed compared to May, with rapid profit growth in new momentum industries like equipment manufacturing [6] Industry News - The Insurance Association announced that the current standard interest rate for ordinary life insurance products is 1.99%, leading major life insurance companies to adjust their rates downwards [9] - The Ministry of Agriculture and Rural Affairs, along with ten other departments, released a plan to promote agricultural product consumption, focusing on optimizing supply, innovating circulation, and activating market demand [9] - The China Pesticide Industry Association has launched a three-year campaign to address issues like hidden additives and illegal production in the pesticide industry, aiming to curb disorderly competition [9] - The Chinese government has proposed the establishment of a World Artificial Intelligence Cooperation Organization, with Shanghai as a potential headquarters [10] - The Shanghai land auction set a new record for residential land prices, with a floor price of 200,257 yuan per square meter [11] Company News - China Duty Free Group reported a total revenue of 28.151 billion yuan for the first half of 2025, a year-on-year decline of 9.96%, with net profit down 20.81% to 2.6 billion yuan [14] - Huayou Cobalt announced plans to acquire a 49% stake in Wuhan Junheng Technology through a combination of stock issuance and cash payment, marking a significant asset restructuring [14] - Several companies, including *ST Muban and Taiyuan Heavy Industry, received notices from the CSRC regarding investigations into alleged financial misconduct and information disclosure violations [16][17] - Shijiazhuang Railway announced a cooperation agreement with the Guangzhou Municipal Government for the Guangzhou East Station renovation project, with a total investment of approximately 16.66 billion yuan [12]

Group 1 - The Guangxi Futures Exchange is actively promoting the development and listing of new futures products, including platinum, palladium, and lithium hydroxide, with expectations for them to be launched this year [1][2] - Platinum and palladium are crucial materials in the new energy and high-tech manufacturing sectors, with their demand increasing significantly due to the rapid advancement of the global new energy vehicle and clean energy industries [1][2] - Platinum prices have surged over 50% this year, reaching over $1400 per ounce, while palladium prices have also increased by 41%, indicating a growing need for financial tools for risk management in these markets [1][2] Group 2 - Lithium hydroxide is a key raw material for new energy battery manufacturing, and its market is experiencing supply-demand imbalances, leading to increased price volatility and a pressing need for risk management tools [2] - The introduction of futures products for platinum, palladium, and lithium hydroxide is expected to fill market gaps, providing risk management tools for upstream and downstream enterprises, thereby enhancing their risk resilience and supporting stable industry development [2] - The development and listing of electricity futures are also under focus, with the Guangxi Futures Exchange emphasizing its commitment to serving green and low-carbon development [2][3]

Core Viewpoint - The Guangzhou Futures Exchange (GFEX) is actively promoting the development and listing of new futures products, including platinum, palladium, and lithium hydroxide, which are expected to be launched within this year [1][3][5]. Group 1: New Futures Products - GFEX is advancing the research and listing of platinum, palladium, and lithium hydroxide futures, with expectations for them to be available in 2023 [1][3]. - Platinum and palladium are crucial materials in the new energy and high-tech manufacturing sectors, with increasing demand due to the global push for clean energy and electric vehicles [4]. - Platinum prices have surged over 50% this year, reaching over $1400 per ounce, while palladium prices have increased by 41%, currently at $1283 per ounce [4]. Group 2: Lithium Hydroxide Market - Lithium hydroxide is essential for battery manufacturing, and its market is experiencing supply-demand imbalances, leading to increased price volatility [4]. - The price of battery-grade lithium hydroxide has risen by 2.41% this month, currently at 59466.67 yuan per ton [5]. - The introduction of futures for platinum, palladium, and lithium hydroxide will provide risk management tools for related industries, enhancing their resilience and contributing to a stable industrial chain [5]. Group 3: Electricity Futures Development - GFEX is also accelerating the development and listing of electricity futures, aiming to create an efficient bridge between the electricity industry and the futures market [2][6]. - Electricity futures are a common financial product in mature international electricity markets, and their introduction in China is seen as a significant enhancement to the electricity market [7]. - The electricity futures will help stabilize operations for electricity producers and consumers, allowing them to lock in future revenues and costs, thereby injecting financial strength into the national unified electricity market [7].

Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) has approved the registration of monthly average futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene at the Dalian Commodity Exchange [1] - The Guangzhou Futures Exchange is actively promoting the research and listing of platinum, palladium, and lithium hydroxide futures, expected to launch this year [1] Group 2: Market Trends - The number of ETFs with over 10 billion yuan in assets has surpassed 90, with the total ETF scale exceeding 4.6 trillion yuan, driven by thematic products in technology, dividends, and innovative pharmaceuticals [1] - Bond funds are facing significant redemption pressure, with over 200 billion yuan in bond sales in the first four days of the week, including nearly 100 billion yuan in a single day [2] Group 3: Insurance Sector - The preset interest rate for traditional life insurance products has been lowered by 50 basis points to 2.0%, while the guaranteed interest rate cap for participating insurance has been reduced to 1.75% [3] Group 4: Company Performance - IMAX China reported a record 25 million moviegoers in the first half of 2025, generating approximately 416 million yuan in revenue, doubling the box office compared to the same period last year [4] - LVMH's net profit for the first half of 2025 fell by 22% to 5.7 billion euros, with a significant decline in sales in Japan due to currency appreciation [4] - Vanke has successfully sold the Shanghai Jinqiao Wanchuang Center project, with market speculation suggesting a transaction price of around 1.4 billion yuan [5] - China Communications Construction Company signed new contracts worth 991.05 billion yuan in the first half of the year, a year-on-year increase of 3.14% [5] - Fudan Fuhua terminated the transfer of a 28% stake in a subsidiary due to a lack of interested buyers [6] - Feima International received 437 million yuan in performance compensation from its controlling shareholder [7] - Shanghai Construction Group reported a net profit of 710 million yuan in the first half of the year, a decrease of 14.04% [8] - Funi Co., Ltd. achieved a net profit of 1.337 billion yuan in the first half of the year, an increase of 12.48% [10] - Western Mining reported a net profit of 1.869 billion yuan in the first half of the year, a growth of 15% [11] - Bomaike's net profit dropped by 80.42% to 12.39 million yuan in the first half of the year [12]

Group 1 - The Guangzhou Futures Exchange is actively promoting the research and development of platinum and palladium futures, as well as lithium hydroxide futures, with the expectation of launching them this year [1]

Group 1 - The Guangzhou Futures Exchange is actively promoting the research and listing of platinum, palladium, and lithium hydroxide futures, with the expectation of launching them this year [1] - The announcement was made by Chen Ruigang, the director of the commodity department at the Guangzhou Futures Exchange, during a seminar hosted by the China Photovoltaic Industry Association [1] - The focus on these futures indicates a strategic move to enhance trading options in the commodities market, particularly in sectors related to renewable energy and electric vehicles [1]

Group 1 - The average daily trading volume of industrial silicon futures and options is 318,600 contracts, with a cumulative transaction value exceeding 8.5 trillion yuan, and institutional holding accounts for 65.1% [1] - The average daily trading volume of lithium carbonate futures and options is 337,000 contracts, with a cumulative transaction value surpassing 11.5 trillion yuan, and institutional trading volume accounts for 68.2% [1] - The average daily trading volume of polysilicon futures and options, which just launched at the end of 2024, is 133,100 contracts, indicating strong market activity [1] Group 2 - The Guangxi Futures Exchange has established a preliminary structure for the new energy metal futures sector, with industrial silicon, lithium carbonate, and polysilicon futures and options currently operational [1] - The Guangxi Futures Exchange plans to enhance its product system by developing new products such as platinum, palladium, and lithium hydroxide, aiming to better serve the risk management needs of the real economy during the low-carbon transition [1] - Platinum prices have shown a significant upward trend, reaching $1,392 per ounce in May, the highest since 2014, with a year-to-date increase surpassing that of gold [2]

Group 1 - The lithium battery industry is facing a new round of challenges, and the integration of production and finance is essential for the industry chain to navigate through cycles [3] - The introduction of new products such as lithium hydroxide is anticipated, and the futures market will deeply integrate into the lithium battery industry chain [3] - The event aims to facilitate discussions on industry development among key players, with a focus on providing top-notch derivative trading and risk management services for lithium battery industry clients [3] Group 2 - The event will take place on July 8 in Shanghai, China, organized by Xinhua Lithium Battery and Guotou Futures [2][3] - Participation in the event is free for those who register in advance, with sponsorship opportunities available for companies [4] - On-site registration will incur a fee for those who have not registered beforehand, emphasizing the importance of early registration [4]