新能源及有色金属周报 | 2025-10-12 矿端扰动减弱，短期消费支撑价格 市场分析 现货市场 价格方面：碳酸锂期货本周维持震荡运行，主力合约2511本周五收于 72740元/吨，本周跌幅为0.08%，持仓量为 221919吨。SMM电池级碳酸锂均价73,550元/吨；工业级碳酸锂均价71,300元/吨，现货价格基本持平。现货成交稍 有好转，但多数观望为主。截至本周五，所有合约总持仓 68.17万手。截至本周五，碳酸锂当日仓单 42379 手， 仓单数量较多。 供应端：据 SMM 统计，周度产量小幅增加，周度总产量 2.06 万吨，环比增加 119 吨，其中辉石产碳酸锂 13064 吨，环比增加 75吨，云母产碳酸锂2695 吨，环比减少145 吨，盐湖产碳酸锂 2904 吨，环比增加 141 吨，回收产 碳酸锂 1972吨，整体来看，供应端仍保持较高水平。 消费端：据百川数据，磷酸铁锂产量环比降低0.04%，三元材料环比增加0.48%。钴酸锂环比增加0.12%，锰酸锂环 比增长5.64%。下游排产维持增量预期。终端动储双增，下游需求维持高位，但节后下游散单采购需求较弱，多观 望市场走势，仅少数刚需采购， ...

一边是控股股东积极参与定增认购，一边是重要股东纷纷减持，盟固利的资本运作背后究竟隐藏着什么 信号？ 近期，盟固利发布《关于持股5%以上股东减持股份计划期限届满及实施情况暨减持股份触及1%整数倍 的公告》，多名股东大幅减持取得进展。 2025年9月10日，公司发布定增预案，拟向包括控股股东亨通新能源在内的不超过35名特定投资者募集 资金不超过9.8亿元。 然而，细察盟固利自2023年8月上市以来的表现，这家锂电正极材料企业在业绩持 续下滑的背景下，却频频进行资本运作，其主要股东减持与公司定增同步进行，疑点重重。 要理解盟固利的资本运作，需先审视其主营业务状况。盟固利主营锂离子电池正极材料，主要产品包括 钴酸锂和三元材料。 从历史业绩看，盟固利上市后表现持续不佳。上市首年（2023年），公司净利润同比下滑35.01%。 2024年，公司就亏损7166.57万元。2025年上半年，尽管营业收入同比增长23.19%至10.18亿元，但归母 净利润仅为303.84万元，同比下滑60.87%。 上市当年净利润即下滑35.01%，2024年转为大幅亏损7166.57万元。这种上市后业绩"变脸"的现象，让 人质疑公司是否在上 ...

瑞达期货研究院 「2025.10.10」 碳酸锂市场周报 需求提振库存去化，锂价或将有所支撑 研究员:陈思嘉 期货从业资格号 F03118799 期货投资咨询 从业证书号 Z0022803 关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 行情回顾：碳酸锂主力周线震荡走势，涨跌幅为-0.08%，振幅3.65%。截止本周主力合约收盘报价72740元/吨。 后市展望：宏观方面，财政部、商务部宣布，开展消费新业态新模式新场景试点和国际化消费环境建设。中央财政将 对试点城市给予资金补助，政策实施期均为两年。碳酸锂基本面供给端，国内矿石提锂、盐湖提锂皆有新增投产，锂 云母方面受到矿区不确定性影响产能回落，锂电回收方面亦有所增量。智利碳酸锂出口仍小幅收敛，预计到港后国内 进口亦将有所减少，故总体来看，国内碳酸锂供给量保持稳定小增状态。需求端，碳酸锂下游长假后逐步复工复产， 叠加政策方面给予产业积极的消费预期，碳酸锂应用端新能源汽车、储能行业在传统旺季下的发力，令碳酸锂需求提 升明显。整体来看，碳酸锂基本面或处于供给稳增、需求提振的局面，产业 ...

数据显示，中邮基金旗下1只基金重仓盟固利。中邮绝对收益策略定期开放混合（002224）二季度持有 股数3.5万股，占基金净值比例为1.7%，位居第九大重仓股。根据测算，今日浮亏损失约4.97万元。 中邮绝对收益策略定期开放混合（002224）成立日期2015年12月30日，最新规模4507.02万。今年以来 收益16.96%，同类排名5180/8245；近一年收益15.43%，同类排名4899/8086；成立以来收益6.2%。 中邮绝对收益策略定期开放混合（002224）基金经理为姚艺、邢儒风。 截至发稿，姚艺累计任职时间3年12天，现任基金资产总规模35.22亿元，任职期间最佳基金回报 16.59%， 任职期间最差基金回报1.05%。 10月10日，盟固利跌5.03%，截至发稿，报26.83元/股，成交3.83亿元，换手率5.10%，总市值123.32亿 元。 资料显示，天津国安盟固利新材料科技股份有限公司位于天津市宝坻区九园工业园9号路，成立日期 2009年11月18日，上市日期2023年8月9日，公司主营业务涉及锂电池正极材料的研发、生产和销售,主 要产品为应用于消费领域的钴酸锂和应用于动力电池领域的三 ...

| 碳酸锂日评20251010:低位震荡 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期(日) | 2025-09-24 | 2025-10-09 | 2025-09-30 | 较昨日变化 | 近两周走势 | VMV | 收盘价 | 72680.00 | 840.00 | 近月合约 | 73580.00 | 72740.00 | | | 73340.00 | 72800.00 | 72880.00 | 540.00 | VM | 连一合约 | 收盘价 | 收盘价 | 73440.00 | 72860.00 | 72900.00 | 580.00 | VM | 连二合约 | | 73440.00 | 72860.00 | 72860.00 | 580.00 | VM | 连三合约 | 收盘价 | 收盘价 | 72880.00 | 540.00 | 73340.00 | 72800.00 | VVVV | | | 砖酸锂期 ...

《战略合作框架协议》的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 1.本协议属于双方合作意愿和基本原则的框架性、意向性、初步的约定，尚存在不确定性。本协议所涉 及的具体合作事项需另行签订相关正式合作协议，敬请广大投资者注意投资风险。 2.本协议的签署对公司本年度及未来各会计年度财务状况的具体影响存在不确定性。 3.公司最近三年签署的框架协议不存在无进展的情况。 4.本次签署的协议不构成关联交易，不属于《上市公司重大资产重组管理办法》规定的重大资产重组。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：300919 证券简称：中伟股份 公告编号:2025-111 中伟新材料股份有限公司关于与厦门厦钨新能源材料股份有限公司签署 一、概述 中伟新材料股份有限公司（以下简称"公司"或"中伟股份"）与厦门厦钨新能源材料股份有限公司（以下 简称"厦钨新能源"）于2025年9月29日签署《战略合作框架协议》（以下简称"本协议"）。双方合作围 绕消费电子、动力电池、低空经济、AI及机器人等新兴领域的关键电池材料供应链展开，重点覆盖三 元材料、 ...

Group 1 - Zhongwei Co., Ltd. announced a strategic cooperation framework agreement with Xiamen XTC New Energy Materials Co., Ltd. on September 29, 2025, focusing on key battery material supply chains in emerging fields such as consumer electronics, power batteries, low-altitude economy, AI, and robotics [1] - The collaboration will emphasize high-growth products including ternary materials, lithium cobalt oxide, solid/semisolid lithium battery materials, and lithium-rich manganese-based materials, extending to precursors, recycling, lithium products, and global resource development [1] - For the first half of 2025, Zhongwei's revenue composition was 45.17% from battery materials, 43.49% from new energy metals, and 11.34% from other sources [1] Group 2 - As of the report, Zhongwei Co., Ltd. has a market capitalization of 46.2 billion yuan [2]

格隆汇9月29日丨中伟股份(300919.SZ)公布，公司与厦门厦钨新能源材料股份有限公司（简称"厦钨新 能源"）于2025年9月29日签署《战略合作框架协议》。双方合作围绕消费电子、动力电池、低空经济、 AI及机器人等新兴领域的关键电池材料供应链展开，重点覆盖三元材料、钴酸锂、固态/半固态锂电材 料、富锂锰基等高成长性产品，并延伸至前驱体、循环回收、锂产品及全球资源开发，充分发挥双方技 术、工程、资源、产线、产能等优势，实现合作共赢。 双方本着战略合作精神，将在产品供销、委托加工等方面进行长期稳定合作。未来三年，甲乙双方预计 在三元前驱体、四氧化三钴、固态前驱体、富锂锰基前驱体等产品以及循环回收和锂产品的合作量达约 11.5万吨/年（预估四氧化三钴约4万吨/年，三元前驱体约5万吨/年，碳酸锂/磷酸锂约1.5万吨/年，回收 料业务约1万吨/年，合计三年总量约34.5万吨）。 本次合作聚焦固态电池等前沿技术，通过整合双方研发资源，加速突破新材料研发、缩短新产品研发周 期，快速响应市场对高能量密度、快充电池的需求，奠定了公司在固态电池等新技术中的先发优势，巩 固行业技术标杆地位。此外，双方通过矿产资源开发与全球产 ...

Core Viewpoint - Zhongwei Co., Ltd. has signed a strategic cooperation framework agreement with Xiamen Xatu New Energy Materials Co., Ltd. to collaborate on key battery material supply chains in emerging fields such as consumer electronics, power batteries, low-altitude economy, AI, and robotics [1] Group 1: Strategic Cooperation - The cooperation will focus on high-growth products including ternary materials, lithium cobalt oxide, solid/semisolid lithium battery materials, and lithium-rich manganese-based materials [1] - The partnership will extend to precursor materials, recycling, lithium products, and global resource development [1] Group 2: Expected Collaboration Volume - Over the next three years, the expected collaboration volume for ternary precursors, cobalt tetroxide, solid precursors, and lithium-rich manganese-based precursors is approximately 115,000 tons per year [1]

Report Title - 2025 Q4 Lithium Carbonate Strategy Report [1] Report Date - September 2025 [1] Industry Investment Rating - Not provided in the document Core Viewpoints - In the first three quarters of this year, the lithium carbonate futures price bottomed out and stabilized. After reaching a low of 58,000 yuan/ton in late June, the price strengthened due to supply-side disturbances. The supply of lithium carbonate increased by over 40% year-on-year, while downstream demand showed rapid growth, especially in the output of lithium iron phosphate. The total inventory turnover days have decreased, but downstream inventory has increased significantly. As the National Day approaches, the pre-holiday restocking momentum will gradually weaken. The issue of lithium mine mining license changes in Jiangxi after the holiday remains uncertain, which affects market sentiment. The price center hovers around 73,000 yuan/ton, with increased volatility. If the projects in Jiangxi resume production without issues, the bullish logic will be further weakened, and the price trend will depend more on demand. If production cannot resume as scheduled or other projects shut down, the price center will continue to rise. Considering that 2026 is expected to be the last major year of supply capacity expansion in this cycle, the supply-demand balance in 2026 is estimated to have a surplus of about 150,000 - 200,000 tons, similar to this year. A new cycle will require further demand growth [7]. - The price range is expected to be between 60,000 - 90,000 yuan/ton [8]. Summary by Directory 1 Price, Spread, and Positioning - Not summarized in detail as specific numerical analysis is not provided in the text, only charts are mentioned 2 Theoretical Delivery Profit and Import-Export Profit - Not summarized in detail as specific numerical analysis is not provided in the text, only charts are mentioned 3 Inventory - As of the end of September, the social inventory of lithium carbonate was about 137,000 tons, a decrease of 6,000 tons from the peak of 143,000 tons in July. The total inventory turnover days decreased to 39 days [6][30] 4 Supply 4.1 Global Lithium Resource Supply and Cost - In 2025, the global lithium resource supply (including recycling) is expected to be 1.651 million tons, and in 2026, it is expected to be 2.022 million tons. The 80th percentile of the含税 cash cost of lithium resources is about 60,000 yuan/ton, and the 90th percentile is 65,000 yuan/ton [10][36] 4.2 Lithium Ore Production, Import, and Chilean Shipment - From January to August 2025, the domestic lithium ore production increased by 44% month-on-month to 145,000 tons, with a significant increase in spodumene and lepidolite. The cumulative import of lithium concentrate in China from January to August 2025 was 3.85 million tons, unchanged year-on-year. Imports from Canada increased significantly, those from Australia increased slightly, and those from Zimbabwe decreased significantly. From January to August 2025, Chile's shipment of lithium sulfate to China increased by 127% year-on-year to 60,000 tons [10][45][48] 4.3 Lithium Carbonate Production and Import-Export - From January to September 2025, the lithium carbonate production increased by 41.6% year-on-year to 683,100 tons, with a significant increase in lithium extraction from spodumene. From January to August, the cumulative import increased by 4% year-on-year to 150,000 tons [10][58] 4.4 Lithium Hydroxide Production and Import-Export - From January to September 2025, the lithium hydroxide production decreased by 21% year-on-year to 214,000 tons [10][70] 4.5 Lithium Hexafluorophosphate Production and Import-Export - From January to September 2025, the lithium hexafluorophosphate production increased by 40% year-on-year to 176,000 tons [10][73] 4.6 Waste Recycling - From January to August 2025, waste recycling increased by 8% year-on-year to 180,000 tons [10][76] 5 Demand 5.1 Total Demand - From January to September 2025, the two major cathode materials consumed a total of 697,000 tons of lithium carbonate, a year-on-year increase of 51%. All demand consumed 826,000 tons of lithium carbonate, a year-on-year increase of 44% [10][83] 5.2 Specific Materials - From January to September 2025, the production of ternary precursors was basically flat year-on-year at 620,000 tons. The production of ternary materials increased by 11% year-on-year to 567,000 tons. The production of lithium iron phosphate increased by 66% year-on-year to 2.513 million tons. The production of cobalt acid lithium increased by 30% year-on-year to 86,000 tons, and the production of manganese acid lithium increased by 25% year-on-year to 105,000 tons [10][88][91][94][97] 5.3 Battery Production - From January to August 2025, the battery cell production increased by 50% year-on-year to 1,050 GWh, with power battery cells increasing by 47% and accounting for about 71%, and lithium iron phosphate power battery cells accounting for 70%. Energy storage battery cells increased by 59%. The lithium battery production increased by 48% year-on-year to 1,105 GWh, with lithium iron phosphate batteries increasing by 65%. The lithium battery installation increased by 43% year-on-year to 418 GWh, with LFP increasing by 65% to 340.5 GWh and NCM decreasing by 10% to 77.3 GWh [10][12][101][103][105] 5.4 Terminal Demand - **China's New Energy Vehicles**: From January to August 2025, the cumulative retail sales of new energy passenger vehicles in China were 7.556 million, a year-on-year increase of 7.5%, with a retail penetration rate of 51% and an export volume of 2.02 million, a year-on-year increase of 51%. In September 2025, the penetration rate of new energy vehicles in China exceeded 58% for the first time. From January 1, 2026, to December 31, 2027, new energy vehicles will enjoy a 50% reduction in vehicle purchase tax [10][12][109] - **US New Energy Vehicles**: From January to August 2025, US automobile sales remained at 10.55 million year-on-year, and new energy vehicle sales increased by 5% to 1.03 million, with a penetration rate increase of 0.4 pcts to 9.8%. The US House of Representatives passed a tax and expenditure reform bill, and the federal tax credit for new electric vehicles ($7,500) and used electric vehicles ($4,000) will end on September 30 [10][12][111] - **European New Energy Vehicles**: From January to August 2025, European automobile sales increased by 0.4 to 8.69 million, and new energy vehicle sales increased by 26.8% to 2.32 million, with a penetration rate increase of 4 pcts to 27% [10][12][117] - **Energy Storage**: From January to August 2025, the shipment of energy storage battery cells in China increased by 71% year-on-year to 307.45 GWh, and the global energy storage market is booming [10][12][119] 6 Supply-Demand Balance - Supply disturbances have raised the bottom price, and the next cycle will be driven by demand. The supply-demand balance in 2026 is estimated to have a surplus of about 150,000 - 200,000 tons, similar to this year [7][12][132]