新能源及有色金属日报 | 2025-09-30 节前备货基本结束，现货价格持稳运行 市场分析 2025-09-29，碳酸锂主力合约2511开于73100元/吨，收于73920元/吨，当日收盘价较昨日结算价变化0.93%。当日成 交量为465591手，持仓量为251749手，前一交易日持仓量248640手，根据SMM现货报价，目前基差为690元/吨（电 碳均价-期货）。当日碳酸锂仓单41119手，较上个交易日变化790手。 碳酸锂现货：根据SMM数据，电池级碳酸锂报价72800-74300元/吨，较前一交易日变化-50元/吨，工业级碳酸锂报 价70700-71900元/吨，较前一交易日变化-50元/吨。6%锂精矿价格835美元/吨，较前一日变化5美元/吨。据SMM数 据，下游材料厂国庆备货已基本结束，市场成交明显转淡。供应方面，以锂辉石为原料生产的碳酸锂占比已超过 60%，成为市场供给的重要支撑；锂云母原料所产碳酸锂占比则下降至15%。整体来看，9月市场呈现供需同步增 长、但需求增速更快的态势，当月呈现持续去库状态。 天齐锂业三万吨电池级氢氧化锂项目正式竣工投产。天齐锂业三万吨电池级氢氧化锂项目位于张家港市江苏 ...

Core Viewpoint - Ganfeng Lithium is taking strategic actions to enhance its integrated lithium ecosystem amid signs of market recovery, including a capital increase of up to 2.5 billion yuan for its subsidiary, Ganfeng Lithium Battery Technology [1][2][3] Group 1: Company Actions - Ganfeng Lithium plans to introduce investors for a capital increase in Ganfeng Lithium Battery, with a total amount not exceeding 2.5 billion yuan [1][3] - The capital increase is aimed at strengthening Ganfeng Lithium's integrated strategy across the lithium ecosystem, with potential plans for Ganfeng Lithium Battery to go public within three years [2][7] - The capital increase will be priced at 3 yuan per 1 yuan of registered capital, and Ganfeng Lithium will waive its preemptive rights for this increase [3][4] Group 2: Financial Performance - Ganfeng Lithium has faced significant financial pressure due to market volatility, reporting a loss of 2.074 billion yuan in 2024, marking its first annual loss since 2007 [2][10] - For the first half of 2025, the company reported a loss of 531 million yuan, although this represents a 30% reduction in losses compared to the same period last year [2][11] - Revenue for 2024 and the first half of 2025 was 18.906 billion yuan and 8.376 billion yuan, respectively, reflecting year-on-year declines of 42.66% and 12.65% [10] Group 3: Market Position and Strategy - Ganfeng Lithium is recognized as a leading global lithium enterprise, possessing unique industrial technologies for lithium extraction from brine, ore, and recycling [9] - The company has established a vertically integrated business model that spans upstream lithium resource development, midstream lithium compound processing, and downstream lithium battery manufacturing and recycling [9][10] - Ganfeng Lithium's stock has seen a significant increase of approximately 56% since the beginning of 2025, with its total market capitalization exceeding 100 billion yuan [2][11]

Core Viewpoint - Jiangsu Ronghui General Lithium Industry Co., Ltd. has failed its IPO application for the second time, indicating challenges in the lithium industry and the company's operational difficulties [2][3]. Group 1: Company Overview - Jiangsu Ronghui was established in 2006, focusing on battery-grade lithium carbonate and lithium hydroxide, essential materials for lithium-ion battery cathodes [2]. - The company is recognized as a national-level "little giant" enterprise specializing in new materials [2]. Group 2: IPO Plans and Financial Performance - The company planned to raise 3.06 billion yuan through its IPO to fund projects for producing 60,000 tons of battery-grade lithium carbonate and 68,000 tons of battery-grade monohydrate lithium hydroxide, along with working capital [3]. - Financial performance from 2020 to 2022 shows revenue growth from 506 million yuan in 2020 to 5.91 billion yuan in 2022, with net profit turning from a loss of 45.39 million yuan in 2020 to a profit of 1.91 billion yuan in 2022 [3]. Group 3: Customer Base and Market Challenges - Major customers during the reporting period included companies like Bettery, Dingsheng Technology, and Sanyuan, with the top five customers accounting for 58.36%, 71.79%, and 73.65% of revenue in respective years [3]. - The company does not own lithium mines, and with lithium prices plummeting in 2023, its performance is expected to decline amid industry overcapacity and intense competition [3].

Battery - Chuangneng New Energy launched a new generation 588Ah energy storage battery with an energy density of 190Wh/kg and a volume energy density of 419Wh/L, achieving an energy efficiency of 96.5%. The company plans to have over 200GWh of production capacity, with small-scale production expected in Q2 2026 and full-scale production in Q3 2026 [1] - EVE Energy's first large-capacity sodium-ion battery energy storage system has successfully entered commercial operation, featuring a cycle life of over 30,000 times and operational capabilities in a temperature range of -40℃ to +60℃, significantly reducing lifecycle carbon emissions by over 42% compared to lithium-ion batteries [2][3] Materials - Greenme's Qingmeibang park has opened a nickel electroplating production line with an annual capacity of 30,000 tons, achieving a nickel plate product purity of over 99.97%, contributing to a total global production capacity of 60,000 tons for Greenme [5][6] - Tianqi Lithium's battery-grade lithium hydroxide project, with a total investment of approximately 1.8 billion yuan, has been completed and put into production in Jiangsu Zhangjiagang Free Trade Zone [7] - Tibet Mining's battery-grade lithium carbonate project has officially commenced production, utilizing a complex membrane separation and MVR lithium extraction process, marking a significant achievement in challenging high-altitude conditions [8] Equipment - Mannesmann has completed the dual-line product layout for solid-state batteries, with multiple devices shipped and customer validation achieved [10] Battery Recycling - A project for processing waste lithium batteries has been publicly announced, aiming to handle approximately 11,000 tons of waste batteries annually using a low-temperature physical crushing technology developed by Southern University of Science and Technology, which avoids the pollution and high energy consumption associated with traditional methods [11]

Market Overview - A-shares opened lower on September 26, with the Shanghai Composite Index experiencing fluctuations while the ChiNext Index fell over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.37 trillion yuan, a decrease of 173.3 billion yuan compared to the previous trading day [1] - The Shanghai Composite Index closed at 3846.33 points, down 0.18%, with a trading volume of 595.9 billion yuan; the Shenzhen Component Index closed at 13339.82 points, down 0.79%, with a trading volume of 773.8 billion yuan; the ChiNext Index closed at 3198.02 points, down 1.17%, with a trading volume of 363.1 billion yuan [1] Sector Performance - The wind power sector showed resilience, with companies like Weili Transmission and Jixin Technology hitting the daily limit [1] - The chemical fiber sector also performed well, with Shennong Holdings and New Fengming reaching the daily limit [2] - The semiconductor industry saw a partial recovery, with Saiwei Microelectronics hitting the daily limit and reaching a historical high [1][2] - Conversely, gaming stocks faced a downturn, with Jibite hitting the daily limit down; photolithography concept stocks also retreated, with companies like Kaimeteqi hitting the daily limit down [1] Institutional Insights - Huatai Securities is optimistic about investment opportunities arising from the "14th Five-Year" capacity electricity price and peak-valley price difference, predicting that by 2027-2030, the peak-valley price difference will reach around 0.4 yuan per kilowatt-hour [3] - CITIC Construction believes that the domestic dairy product industry is entering a new phase of deep processing, with future capacity expected to exceed 700,000 tons, driven by low milk prices and downstream cost reduction [3] - CITIC Securities highlights the completion of Tesla's Optimus project leadership change, indicating a potential acceleration towards commercialization in the embodied intelligence sector [3] Industry Statistics - As of September 26, the number of participants in the national basic pension insurance reached 1.072 billion, an increase of over 73 million compared to the end of the 13th Five-Year Plan, with a participation rate rising from 91% to over 95% [4] - The National Energy Administration reported that as of the end of August, the cumulative installed power generation capacity in the country reached 3.69 billion kilowatts, a year-on-year increase of 18% [5] - The installed capacity for solar power reached 1.12 billion kilowatts, up 48.5% year-on-year, while wind power capacity reached 580 million kilowatts, up 22.1% year-on-year [5] Company Developments - Tianqi Lithium's 30,000-ton battery-grade lithium hydroxide project was officially completed and put into production on September 25, marking the first project to be implemented and completed under Tianqi's five-year strategic plan [6]

Group 1 - Tianqi Lithium's 30,000-ton battery-grade lithium hydroxide project has been completed, with a ceremony held on September 25 [1] - The project is located in the Zhangjiagang Free Trade Zone, specifically in the Jiangsu Yangtze River International Chemical Industrial Park [1] - This facility is Tianqi Lithium's second fully automated battery-grade lithium hydroxide (lithium carbonate) plant in Zhangjiagang [1]

来源：市场资讯 （来源：储能世界） 政府入股谈判细节曝光 据路透社援引两名知情人士消息，特朗普政府正在寻求获得美洲锂业公司最高10%的股权，这是重新谈 判该公司萨克帕斯（Thacker Pass）锂矿项目22.6亿美元能源部贷款的一部分。 该项目投产后预计第一阶段每年将生产4万公吨电池级碳酸锂，足以供应多达80万辆电动汽车。这对于 美国建立本土锂供应链、减少对中国依赖具有重要战略意义。 目前，美国内华达州阿尔伯马尔公司的银峰项目是美国唯一运营中的锂矿，年产量不到5000公吨，而中 国每年生产超过4万公吨锂，是全球第三大锂生产国，在锂精炼领域更是占据65%以上的全球份额。 通用汽车合作关系面临调整 通用汽车去年投资6.25亿美元获得该矿山38%股权，并拥有从第一阶段购买全部锂产品、从第二阶段购 买部分产品的20年期权利。然而，特朗普政府官员现在正推动通用汽车放弃对项目部分控制权并将其转 移给华盛顿。 通用汽车发言人对此回应称："我们对这个项目充满信心，它支持政府的目标。贷款是将这一重要国家 资源商业化所需融资的重要组成部分。"该公司还指出，特朗普在第一任期内"强烈支持"这个矿山项 在最近关于贷款摊销计划的讨论中 ...

2025 年 9 月 23 日 碳酸锂：供需双增，区间震荡延续 | 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） | 73,420 | -540 | 740 | -1,380 | -9,340 | 14,620 | | | | 2511合约（成交量） | 396,645 | 26,286 | -86,145 | -385,742 | -381,182 | 368,467 | | | | 2511合约（持仓量） | 271,624 | -9,640 | -37,822 | -92,513 | -118,445 | 195,542 | | | 盘面 | 2601合约（收盘 ...

IPO Pipeline Overview - As of September 21, there are 279 companies in the IPO pipeline, with 21 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 25 on the Shenzhen Main Board, 27 on the Growth Enterprise Market, and 170 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - Hebei Shichang Automotive Parts Co., Ltd. was listed between September 15 and September 21, closing at 40.50 yuan per share, representing a 271.56% increase, with a trading volume of 641 million yuan and a turnover rate of 87.48% [3]. New Counseling Records - Eight new companies were added to the counseling records from September 15 to September 21, including Beijing Weina Star Technology Co., Ltd. and others, focusing on various sectors such as satellite technology, quantum computing, and environmental equipment [4][5]. Companies Undergoing Review - Yuan Chuang Technology Co., Ltd. and Suzhou New Guangyi Electronics Co., Ltd. successfully passed the review process, while Xiamen Youxun Chip Co., Ltd. had its review results postponed [8][9]. Registration Approval - Three companies received registration approval from September 15 to September 21, including Zhongcheng Zhixin Engineering Consulting Group Co., Ltd., which provides comprehensive consulting services, and Nabaichuan New Energy Co., Ltd., focusing on thermal management for electric vehicle batteries [10]. Terminated Reviews - Four companies, including Hengyang Jinzelite Special Alloy Co., Ltd. and others, withdrew their IPO applications during the same period [11][12][13].

Group 1 - As of September 21, 2025, a total of 22 companies that had passed the review have terminated their IPO applications, with 7 of these companies having been in the queue for over 1000 days [1][2] - From September 15 to September 21, three companies terminated their IPO applications: Jiangsu Ronghui General Lithium Co., Ltd., Hangzhou Sanai Environmental Technology Co., Ltd., and Xinjiang Boshiran Intelligent Agricultural Machinery Co., Ltd. [1] - Jiangsu Ronghui General Lithium Co., Ltd. had been in the queue for 1197 days before terminating its application, and it primarily engages in the research, production, and sales of lithium products [2] Group 2 - The company planned to raise 3.06 billion yuan for projects including the production of battery-grade lithium carbonate and lithium hydroxide, as well as for research and development [2] - The financial performance of Jiangsu Ronghui General Lithium Co., Ltd. showed revenues of 510 million yuan in 2020, 1.54 billion yuan in 2021, and 5.91 billion yuan in 2022, with net profits of -48.68 million yuan, 405 million yuan, and 1.99 billion yuan respectively [2] - Seven companies have terminated their registration this year, with the longest queue duration reaching 1110 days, indicating challenges in the IPO process [3]