碳酸锂日报 二、日度数据监测 碳酸锂日报（2025 年 8 月 28 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2511 合约跌 0.23%至 78860 元/吨。现货价格方面，电池级碳酸锂平均价下跌 100 元/吨至 81600 元/吨，工业级碳酸锂平均价下跌 100 元/吨至 79300 元/吨，电池级氢氧化锂（粗颗 粒）下跌 50 元/吨至 77030 元/吨。仓单方面，昨日仓单库存增加 787 吨至 27477 吨。 2. 基本面来看，供应端生产小幅放缓，减量主要还是由于云母停产所带来的，后续来看，随着前期价 格走强和海外进口的增加，锂辉石提锂依旧有望持续增加，对于供应来看，有更多的锂矿转化为碳 酸锂的形式存在，但需要注意的是，目前矿价成交价格维持高位，对碳酸锂价格仍有一定支撑；需 求端 8 月合计需求环比增加 6%，9 月迎来传统旺季，下游排产或表现依旧景气，叠加客供比例下 降，下游备货意愿较强。库存方面，社会库存维持 14.1 万吨水平，但呈现出两周小幅去库状态，且 结构上显现出来下游采购行为增加。 3. 昨日锂矿 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The short - term supply and demand of lithium carbonate are both strong, with high production, rising downstream demand, and destocking of social inventory. The short - term fundamentals change little, but beware of the repeated "contrarian" sentiment. It is expected that the lithium carbonate price will fluctuate widely. Short - term interval operations are recommended. If there is an over - decline, one can buy on dips and appropriately buy options for protection, or buy straddle options [1] Summary by Relevant Content 1. Lithium Carbonate Futures and Spot Price Changes - **Futures**: On August 26, 2025, the closing prices of near - month, consecutive one, consecutive two, and consecutive three contracts of lithium carbonate futures were 87,580 yuan/ton, 87,600 yuan/ton, 87,540 yuan/ton, and 87,420 yuan/ton respectively, with decreases compared to the previous day. The trading volume was 734,929 lots, and the open interest of the active contract was 414,097 lots. The inventory was 23,615 tons, an increase of 1,060 tons compared to the previous day [1] - **Spot**: The average price of battery - grade lithium carbonate was 85,700 yuan/ton, a decrease of 800 yuan/ton compared to the previous day; the average price of industrial - grade lithium carbonate was 83,400 yuan/ton, also a decrease of 800 yuan/ton compared to the previous day [1] 2. Lithium - Related Product Price Changes - **Lithium Ore**: The average price of spodumene concentrate (6%, CIF China) was 978 US dollars/ton, a decrease of 5 US dollars/ton compared to the previous day; the average price of lithium mica (Li2O: 1.5% - 2.0%) was 1,385 yuan/ton, a decrease of 20 yuan/ton compared to the previous day [1] - **Other Lithium Products**: The average price of lithium hydroxide (56.5% battery - grade, CIF China, Japan, and South Korea) was 8.85 US dollars/kg, unchanged from the previous day; the average price of lithium hexafluorophosphate (99.95%, domestic) was 56,300 yuan/ton, a decrease of 100 yuan/ton compared to the previous day [1] 3. Inventory Changes - **SMM Lithium Carbonate Inventory**: The total inventory was 141,543 tons, a decrease of 713 tons compared to the previous week. Among them, the inventory of smelters was 46,846 tons, a decrease of 2,847 tons; the inventory of downstream was 51,507 tons, an increase of 3,224 tons; and the inventory of other sources was 43,190 tons, a decrease of 1,090 tons [1] 4. Industry News - Guotou Xinjiang Lithium Co., Ltd. plans to invest about 800 million yuan to expand the total production capacity of lithium carbonate in its plant in Xinjiang from 500 tons to 10,000 tons. Jiwu Hi - Tech and Lanxiao Technology won the bids for the core systems in the equipment procurement of this expansion project [1] - Australian miner Galan Lithium obtained 20 million Australian dollars (equivalent to 13 million US dollars) in financing for its Hombre Muerto West (HMW) salt project in Argentina. The project is expected to be put into production in the first half of 2026 [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - On August 26, 2025, the 2511 contract of lithium carbonate futures fell 0.75% to 79,020 yuan/ton. The average price of battery - grade lithium carbonate dropped 800 yuan/ton to 81,700 yuan/ton, and the average price of industrial - grade lithium carbonate decreased 800 yuan/ton to 79,400 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) declined 250 yuan/ton to 77,080 yuan/ton. The warehouse receipt inventory increased 1,060 tons to 26,690 tons [3]. - In the first half of 2025, Zimbabwe's lithium exports surged 30% to 586,197 tons of spodumene concentrate, highlighting its growing influence in the global supply chain [3]. - In terms of fundamentals, the supply - side production slowed down slightly due to mica shutdown. With the previous price increase and more overseas imports, spodumene - based lithium production is expected to continue rising. The high ore price still supports the lithium carbonate price. The total demand in August increased 6% month - on - month, and downstream production scheduling may remain strong in September, a traditional peak season. The social inventory remains at 141,000 tons with a two - week slight destocking trend [3]. - After the rapid price increase last week, lithium carbonate prices face short - term correction pressure and await new driving factors. Short - term focus is on lithium ore transaction prices, and medium - term attention is on the progress of other projects that need to complete report compilation and submission by September 30 [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract decreased 360 yuan/ton to 79,020 yuan/ton, and the closing price of the continuous contract dropped 320 yuan/ton to 79,260 yuan/ton. The price of spodumene concentrate (6%, CIF China) fell 5 dollars/ton to 920 dollars/ton, and the price of lithium mica (Li2O: 1.5% - 2.0%) decreased 20 yuan/ton to 1,245 yuan/ton [5]. - Lithium ores and lithium salts: Most prices declined, such as battery - grade lithium carbonate, industrial - grade lithium carbonate, and various types of lithium hydroxide. The price of hexafluorophosphate lithium dropped 100 yuan/ton to 56,200 yuan/ton [5]. - Price differences: The price difference between battery - grade and industrial - grade lithium carbonate remained unchanged at 2,300 yuan/ton, while the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased 550 yuan/ton to - 4,620 yuan/ton [5]. - Precursor and cathode materials: The prices of most ternary precursors and cathode materials remained stable, with only a few showing minor decreases [5]. - Batteries: The prices of most batteries and cells were stable, with only a few showing small changes [5]. 3.2 Chart Analysis - Ore prices: Charts show the price trends of spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone from 2024 to 2025 [6][8]. - Lithium and lithium salt prices: Charts present the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, lithium hydroxide, and hexafluorophosphate lithium from 2024 to 2025 [11][13][15]. - Price differences: Charts display the price differences between different lithium products, including battery - grade and industrial - grade lithium carbonate, battery - grade lithium hydroxide and battery - grade lithium carbonate, etc., from 2024 to 2025 [18][20][22]. - Precursor and cathode materials: Charts show the price trends of ternary precursors and cathode materials from 2024 to 2025 [25][27][29]. - Lithium battery prices: Charts present the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [31][34]. - Inventory: Charts show the downstream and smelter inventory trends of lithium carbonate in 2025 [38]. - Production cost: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [44].

1. Report's Industry Investment Rating - Not provided in the report 2. Report's Core View - The short - term supply and demand of lithium carbonate are both strengthening, with high production, rising downstream demand, and social inventory depletion. The short - term fundamentals change little, but beware of the repeated "reversal" sentiment. It is expected that the lithium carbonate price will fluctuate widely. Operationally, it is recommended to conduct short - term range operations, buy on dips and appropriately purchase options for protection if it drops excessively, or buy straddle options [1] 3. Summary According to Relevant Content 3.1 Lithium Carbonate Futures Market - On August 26, the main contract of lithium carbonate futures fluctuated within a range. The trading volume was 5999 lots (- 67314), and the open interest was 34996 lots (- 1917). The spot market showed a rising trend, and the basis premium decreased [1] - The closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts decreased compared with the previous day, while the trading volume and open interest of the active contract decreased, and the inventory decreased [1] 3.2 Lithium - Related Product Prices - The average price of spodumene concentrate (6%, CIF China) decreased, while the prices of lithium mica (different grades), phospho - lithium - aluminum stone (different grades), and most lithium - related products such as lithium carbonate, lithium hydroxide, and ternary materials changed to varying degrees [1] - The price differences between different grades of lithium carbonate, lithium hydroxide, and other products also changed. For example, the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased by 550 [1] 3.3 Lithium Inventory - The SMM lithium carbonate inventory showed different trends in different sectors. The inventory of smelters decreased by 2847 tons, the inventory of downstream increased by 3224 tons, and the inventory of others decreased by 1090 tons. The total inventory decreased by 713 tons [1] 3.4 Industry News - SDIC Xinjiang Lithium Industry Co., Ltd. plans to invest about 800 million yuan to expand its lithium carbonate production capacity in Xinjiang from 500 tons to 10,000 tons. Jiuwu Hi - tech and Lanxiao Technology won the bids for the core systems in the equipment procurement of this expansion project [1] - Australian miner Galan Lithium obtained 20 million Australian dollars (equivalent to 13 million US dollars) in financing for its Hombre Muerto West (HMW) project in Argentina. The project is expected to be put into production in the first half of 2026 and has 7.86 million tons of lithium carbonate equivalent (LCE) resources [1]

丨证券研究报告丨 联合研究丨公司点评丨厦钨新能（688778.SH） [Table_Title] 厦钨新能 2025H1 点评：传统主业稳健增长，新 型正极&固态放量可期 报告要点 [Table_Summary] 厦钨新能发布 2025 年半年报，2025H1 公司实现营业总收入 75.34 亿元，同比+18.04%，实现 归属净利润 3.07 亿元，同比+27.76%，实现扣非净利润 2.91 亿元，同比+32.24%；拆分 2025Q2， 公司实现营业收入 45.57 亿元，同比+47.8%，环比+53%，实现归属净利润 1.90 亿元，同比 +48%，实现扣非净利润 1.79 亿元，同比+53%。 分析师及联系人 [Table_Author] 王鹤涛 邬博华 王筱茜 叶之楠 肖百桓 SAC：S0490512070002 SAC：S0490514040001 SAC：S0490519080004 SAC：S0490520090003 SAC：S0490522080001 SFC：BQT626 SFC：BQK482 SFC：BWM115 请阅读最后评级说明和重要声明 %% %% %% %% research ...

碳酸锂日报（2025 年 8 月 26 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 碳酸锂日报 1. 昨日碳酸锂期货 2511 合约跌 0.3%至 79380 元/吨。现货价格方面，电池级碳酸锂平均价下跌 1400 元/吨至 82500 元/吨，工业级碳酸锂平均价下跌 1400 元/吨至 80200 元/吨，电池级氢氧化锂（粗颗 粒）下跌 160 元/吨至 77330 元/吨。仓单方面，昨日仓单库存增加 640 吨至 25630 吨。 2. 基本面来看，供应端生产小幅放缓，减量主要还是由于云母停产所带来的，后续来看，随着前期价 格走强和海外进口的增加，锂辉石提锂依旧有望持续增加，对于供应来看，有更多的锂矿转化为碳 酸锂的形式存在，但需要注意的是，目前矿价成交价格维持高位，对碳酸锂价格仍有一定支撑；需 求端 8 月合计需求环比增加 6%，9 月迎来传统旺季，下游排产或表现依旧景气，叠加客供比例下 降，下游备货意愿较强。库存方面，社会库存维持 14.1 万吨水平，但呈现出两周小幅去库状态，且 结构上显现出来下游采购行为增加。 3. 已知资源项目的生产问题 ...

8月25日，厦钨新能涨1.08%，成交额4.74亿元。两融数据显示，当日厦钨新能获融资买入额6675.94万 元，融资偿还7040.26万元，融资净买入-364.32万元。截至8月25日，厦钨新能融资融券余额合计3.81亿 元。 融资方面，厦钨新能当日融资买入6675.94万元。当前融资余额3.75亿元，占流通市值的1.32%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，厦钨新能8月25日融券偿还0.00股，融券卖出800.00股，按当日收盘价计算，卖出金额4.50万 元；融券余量10.61万股，融券余额596.59万元，超过近一年90%分位水平，处于高位。 资料显示，厦门厦钨新能源材料股份有限公司位于中国(福建)自由贸易试验区厦门片区柯井社300号之 一，成立日期2016年12月20日，上市日期2021年8月5日，公司主营业务涉及锂离子电池正极材料的研 发、生产和销售。主营业务收入构成为：钴酸锂50.32%，三元材料(含磷酸铁锂及其他)45.89%，氢能材 料3.07%，其他(补充)0.72%。 截至6月30日，厦钨新能股东户数1.47万，较上期增加3.41%；人均流通股28584股，较上期减 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant performance increase in H1 2025, achieving revenue of 19.178 billion yuan, a year-on-year increase of 11.75%. The net profit attributable to shareholders was 972 million yuan, a decrease of 4.37% year-on-year, while the net profit excluding non-recurring items was 923 million yuan, an increase of 7.53% year-on-year [2][4]. - In Q2 2025, the company achieved revenue of 10.802 billion yuan, a quarter-on-quarter increase of 28.95% and a year-on-year increase of 21.48%. The net profit attributable to shareholders was 581 million yuan, a quarter-on-quarter increase of 48.65% but a year-on-year decrease of 1.41% [2][4]. - The profit structure for H1 2025 showed that tungsten-molybdenum, new energy materials, and rare earths accounted for 74.98%, 20.06%, and 7.38% of total profits, respectively. The growth in Q2 was primarily driven by contributions from tungsten-molybdenum and new energy sectors [2][4]. Summary by Relevant Sections Tungsten-Molybdenum - The tungsten-molybdenum segment achieved a total profit of 1.268 billion yuan in H1 2025, a year-on-year decrease of 10.94%. In Q2 2025, the profit totaled 739 million yuan, a quarter-on-quarter increase of 40% [9]. - The increase in tungsten prices significantly contributed to the performance, with the company having a production capacity of 12,000 tons of tungsten concentrate. The domestic tungsten concentrate price began to rise sharply in Q2 2025, enhancing performance elasticity [9]. - The deep processing sector showed strong profitability, with cutting tools achieving a gross margin of over 40%. The company adjusted product prices to enhance market penetration and explore new applications for tungsten wire products [9]. New Energy Materials - The new energy materials segment reported a total profit of 339 million yuan in H1 2025, a year-on-year increase of 35.47%. In Q2 2025, the profit was 215 million yuan, a quarter-on-quarter increase of 73% [9]. - The demand for lithium cobalt oxide was strong, driven by favorable policies and consumer electronics demand. The company sold 28,800 tons of lithium cobalt oxide in H1 2025, a year-on-year increase of 57% [9]. Rare Earth Magnetic Materials - The rare earth magnetic materials segment achieved a total profit of 125 million yuan in H1 2025, a year-on-year increase of 6.71%. In Q2 2025, the profit was 59 million yuan, a quarter-on-quarter decrease of 11% [9]. - The company expanded its production capacity in the rare earth sector, with new projects expected to contribute to performance in the coming years [9].

公司第二季度归属净利润 5.8 亿元，扣非后归属净利润 9.23 亿元，同 比增长 7.53%。剔除去年同期地产资产处置收益等一次性因素后，公司 整体利润总额同比增长 3.61%，归属净利同比增长 7.75%。 截至 2025 年 6 月 30 日，公司总资产 471 亿元，较上年末增长 3.64%；归母净资产 163 亿元，增长 2.32%。加权平均净资产收益率 15.96%，同比减少 2.79 个百分点，主要受再融资影响。经营活动现金 流净额约 8 亿元，同比减少，因经营规模扩大，存货占用资金增加。 钨钼板块贡献公司 46%的营收和 75%的利润总额，能源新材料贡献接 近 40%的营收和 20%的利润总额，稀土贡献 14%的营收和约 7%的利 润总额。上半年国内 65%黑钨精矿均价约 15 万元/吨，APT 均价创历史 新高，达到 22.29 万元/吨。 公司钨行业市场格局稳固，APT 等产品位居国内前列，硬质合金数控刀 片份额提升。光伏用钨丝渗透率超 80%，全球领先。上半年钨钼板块实 现营收 88.63 亿元，利润总额 12.68 亿元，剔除一次性影响后，利润总 额同比下降 6%。 Q&A 厦门钨业 ...

| [T走ab势le_评R级an：k] | 碳酸锂：看涨 | | | | | | --- | --- | --- | --- | --- | --- | | 报告日期： | 2025 月 | 年 | 8 | 24 | 日 | [Table_Summary] ★多头减仓触发深度回调，下游采购创年内高点 上周（08/18-08/22）锂盐价格冲高回落。LC2509 收盘价环比-8.9% 至 7.92 万元/吨，LC2511 收盘价环比-9.1%至 7.90 万元/吨；SMM 电池级及工业级碳酸锂现货均价环比+1.5%至 8.39、8.16 万元/ 吨。周内氢氧化锂价格延续上行，SMM 粗颗粒及微粉型电池级 氢氧化锂均价环比+4.7%、4.4%至 7.75、8.25 万元/吨。电工价差 环比持平于 0.23 万元/吨。电池级氢氧化锂较电池级碳酸锂价格 贴水环比收窄 0.23 万元至 0.64 万元/吨。 有 色 金 属 据海关总署，7 月中国进口锂辉石总量约合 6.41 万吨 LCE，环比 +32%，同比+10%，其中，自澳洲进口量环比+67%至 4.27 万吨 LCE，或由价格反弹及企业财年节点共同所致；1-7 ...