免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建 议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 碳酸锂产业日报 2025/8/25 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价（日，元/吨） | 79,380.00 | +420.00↑ 前20名净持仓（日，手） | -132,250.00 | +6209.00↑ | | | 主力合约持仓量（日，手） | 368,667.00 | +6413.00↑ 近远月合约价差（日，元/吨） | 540.00 | -20.00↓ | | | 广期所仓单（日，手/吨） | 24,990.00 | +670. ...

2025 年 8 月 25 日 碳酸锂：宽幅震荡 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2509合约（收盘价） | 79,180 | -3,820 | -7,740 | 2,540 | 9,800 | 16,820 | | | | 2509合约（成交量） | 23,175 | -7,397 | -16,759 | -121,959 | -1,310,984 | -13,537 | | | | 2509合约（持仓量） | 51,084 | -5,986 | -38,565 | -98,405 | -310,970 | -40,194 | | | 盘面 | 2511合约（收盘价） | ...

事件：公司发布2025 年半年报。2025 年上半年公司实现营业收入32.67亿元，同比+35%；归母净利0.89 亿元，同比-81%；扣非后归母净利润0.08亿元，同比-98%。其中，25Q2 营业收入17.3 亿元，环比 +13%；归母净利-0.46 亿元，环比-1.81 亿；扣非后归母净利润-0.35 亿元，环比-0.78 亿。 锂板块销售实现增长，锂价下跌拖累利润：1）营收：25H1 实现13.07亿，同比-18%，毛利率10.89%， 同比-25pct。2）量：25 上半年公司自供原料实现锂盐销量17869 吨，同比+6.37%。直接销售自产锂辉 石精矿34834吨。25 年全年销售目标4.5-5 万吨碳酸锂当量（部分以锂矿形式销售）3）价：25 上半年锂 价降幅较大，上半年碳酸锂价格一度跌破6 万/吨，均价为7 万元/吨。二季度公司平均销售价格约为6.4 万元/吨。4）本：一季度公司含税完全成本7.2 万元/吨，二季度含税完全成本7 万元/吨。中矿锂业技改 项目完成后，加工费有望下降1000-2000 元/吨。5）利：Q2 锂板块业务端亏损4000 万，同时因6 月30 日锂盐含税价格为6.1 万 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of 326,672.53 million yuan, a year-on-year increase of 34.89% [6] - The net profit attributable to shareholders decreased by 8,912.89 million yuan, representing a decline of 81.16% compared to the same period last year [6] - Basic earnings per share were 0.1235 yuan, down 81.16% year-on-year [6] - As of June 30, 2025, total assets amounted to 1,731,156.19 million yuan, a growth of 0.69% from the end of the previous year [6] - Net assets attributable to shareholders were 1,191,496.59 million yuan, down 2.19% from the previous year [6] Rare Light Metals Segment - The rare light metals (cesium and rubidium) segment saw significant growth, with operating revenue reaching 50.43% year-on-year increase [6] - Gross profit for this segment increased by 50.15% [6] - The cesium and rubidium salt fine chemical business generated 3.11 billion yuan in revenue, a 24.93% increase year-on-year [6] - The cesium formate rental business achieved 3.01 billion yuan in revenue, growing by 107.63% [6] Lithium Battery New Energy Segment - The company sold 17,869 tons of lithium salt, a year-on-year increase of approximately 6.37% [8] - Direct sales of spodumene concentrate reached 34,834 tons [8] - A comprehensive technical upgrade of the lithium salt production line is underway, with an investment in a new project expected to yield 30,000 tons of high-purity lithium salt annually [8] Copper and Germanium Business - The company acquired a 65% stake in the Kitumba copper mine project, with a designed capacity of 60,000 tons of cathode copper per year [9] - The Kitumba project is progressing as planned, with construction of mining and processing facilities underway [9] - The company also acquired a 98% stake in the Tsumeb project, which will have a designed capacity of 33 tons of germanium ingots per year [10] Future Development Plans - The company aims to complete the Kitumba copper mine construction by 2026, targeting an annual capacity of over 100,000 tons within five years [11] - Plans to solidify its leading position in the cesium and rubidium industry while developing the Tsumeb Smelter as a multi-metal recycling center in Southern Africa [11] - The company will maintain competitive lithium salt production costs and continue to explore high-quality mineral resources globally [11]

2025 年 8 月 22 日 碳酸锂：周库存再度去化，区间震荡 | | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2509合约（收盘价） | 81,040 | -6,540 | -4,000 | 11,780 | 9,760 | 18,460 | | | | 2509合约（成交量） | 55,748 | 27,298 | -19,995 | -47,957 | -792,402 | 18,478 | | | | 2509合约（持仓量） | 65,157 | -11,043 | -43,237 | -96,741 | -316,028 | -18,225 | | | 盘面 | 2 ...

碳酸锂产业日报 2025/8/21 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 82,760.00 | +1780.00↑ 前20名净持仓（日，手） | -142,510.00 | -3052.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 390,069.00 | -5033.00↓ 近远月合约价差（日，元/吨） | 820.00 | +660.00↑ | | | 广期所仓单（日，手/吨） | 24,045.00 | +430.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 85,200.00 | -500.00↓ 工业级碳酸锂平均价（日，万元/吨） | 82,900.00 | -500.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） | 2,440.00 | -2280.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 980.00 | 0.00 磷锂铝石平 ...

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: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The report suggests that lithium carbonate will experience range - bound fluctuations, and investors should pay attention to supply disturbances [1]. Group 3: Summary of Related Catalogs 1. Fundamental Tracking - **Market Data**: - For the 2509 contract, the closing price was 87,580, down 1,720 compared to T - 1; the trading volume was 28,450, down 21,903; and the open interest was 76,200, down 4,917 [2]. - For the 2511 contract, the closing price was 87,540, down 1,700 compared to T - 1; the trading volume was 734,929, down 301,399; and the open interest was 414,097, down 7,009 [2]. - The warehouse receipt volume was 23,615, up 60 compared to T - 1 [2]. - **Price Differences**: - The spot - 2509 was - 1,880, up 2,820 compared to T - 1; the spot - 2511 was - 1,840, up 2,800 compared to T - 1 [2]. - The 2509 - 2511 basis was 40, down 20 compared to T - 1; the electric carbon - industrial carbon was 2,300, unchanged compared to T - 1; the spot - CIF was 16,035, up 1,073 compared to T - 1 [2]. - **Raw Material Prices**: - The price of spodumene concentrate (6%, CIF China) was 978, unchanged compared to T - 1; the price of lepidolite (2.0% - 2.5%) was 2,185, unchanged compared to T - 1 [2]. - The price of battery - grade lithium carbonate was 85,700, up 1,100 compared to T - 1; the price of battery - grade lithium carbonate (CIF) was 9,700, unchanged compared to T - 1 [2]. - The price of industrial - grade lithium carbonate was 83,400, up 1,100 compared to T - 1; the price of battery - grade lithium hydroxide (micropowder) was 82,710, up 1,000 compared to T - 1 [2]. - The price of battery - grade lithium hydroxide (CIF) was 8,850, unchanged compared to T - 1; the price of lithium iron phosphate (power type) was 36,490, up 320 compared to T - 1 [2]. - The price of lithium iron phosphate (mid - high - end energy storage type) was 35,085, up 315 compared to T - 1; the price of lithium iron phosphate (low - end energy storage type) was 32,085, up 255 compared to T - 1 [2]. - The price of ternary material 523 (polycrystalline/consumer type) was 114,530, up 300 compared to T - 1; the price of ternary material 622 (polycrystalline/consumer type) was 117,890, up 300 compared to T - 1 [2]. - The price of ternary material 811 (polycrystalline/power type) was 146,070, unchanged compared to T - 1; the price of lithium hexafluorophosphate was 56,300, up 800 compared to T - 1 [2]. - The price of electrolyte (for ternary power) was 21,850, unchanged compared to T - 1; the price of electrolyte (for lithium iron phosphate) was 17,850, unchanged compared to T - 1 [2]. 2. Macro and Industry News - The SMM battery - grade lithium carbonate index price was 85,941 yuan/ton, up 1,147 yuan/ton compared to the previous working day; the battery - grade lithium carbonate price range was 84,300 - 87,100 yuan/ton, with an average of 85,700 yuan/ton, up 1,100 yuan/ton compared to the previous working day; the industrial - grade lithium carbonate price range was 82,700 - 84,100 yuan/ton, with an average of 83,400 yuan/ton, up 1,100 yuan/ton compared to the previous working day [3]. - On August 19, Jiangte Motor announced that its wholly - owned subsidiary, Yichun Yinli New Energy Co., Ltd., which had previously suspended production for equipment maintenance, would resume production soon [4]. 3. Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral outlook. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [4].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View - The market has basically digested the suspension of lithium mines in Jiangxi, and the spot price has risen. If the scope of production cuts does not further expand, the futures price is expected to fluctuate [2] 3. Summary by Relevant Catalogs Lithium Compound Prices - SMM battery - grade lithium carbonate average price is 84,600 yuan/ton, up 1,900 yuan/ton; SMM industrial - grade lithium carbonate average price is 82,300 yuan/ton, up 1,900 yuan/ton [1] Lithium Futures Contracts - The closing price of lithium carbonate 2509 is 89,300 yuan/ton, with a daily increase of 4.86%; lithium carbonate 2510 is 89,280 yuan/ton, up 4.64%; lithium carbonate 2511 is 89,240 yuan/ton, up 4.67%; lithium carbonate 2512 is 89,240 yuan/ton, up 4.86%; lithium carbonate 2601 is 89,040 yuan/ton, up 4.95% [1] Lithium Ore Prices - Lithium spodumene concentrate (CIF China) is 978 yuan/ton, up 38 yuan/ton; lithium mica (Li20: 1.5% - 2.0%) is 1,385 yuan/ton, up 65 yuan/ton; lithium mica (Li20: 2.0% - 2.5%) is 2,185 yuan/ton, up 85 yuan/ton; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 7,700 yuan/ton; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 8,850 yuan/ton, up 410 yuan/ton [1][2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2,300 yuan/ton; the price spread between battery - grade lithium carbonate and the main contract is - 4,640 yuan/ton, down 440 yuan/ton; the price spread between the near - month and the first - continuous contract is 20 yuan/ton, up 100 yuan/ton; the price spread between the near - month and the second - continuous contract is 60 yuan/ton, up 40 yuan/ton [2] Inventory - The total weekly inventory is 142,256 tons, down 162 tons; the weekly inventory of smelters is 49,693 tons, down 1,306 tons; the weekly inventory of downstream is 48,283 tons, up 124 tons; the weekly inventory of others is 44,280 tons, up 1,020 tons; the daily registered warehouse receipts are 23,555 tons, up 70 tons [2] Production Profit - The cash cost of purchasing lithium spodumene concentrate is 82,343 yuan/ton, and the profit is 1,069 yuan/ton; the cash cost of purchasing lithium mica concentrate is 86,253 yuan/ton, and the profit is - 4,968 yuan/ton [2] Company News - Ganfeng Lithium announced on the evening of August 12 to jointly develop the Pozuelos - Pastos Grandes salt lake basin in Argentina with Lithium Argentina AG, with a planned annual production capacity of up to 150,000 tons of LCE lithium products [2] - Albemarle's lithium plant in Chile resumed normal operation after an accident last week [2] - Jiangte Motor announced on August 13 that it has multiple mining and exploration rights in Yichun, with lithium ore resources of over 100 million tons. The Qikeng lithium mine, with a mining license, has an ore resource reserve of 72.93 million tons at a Li20 average grade of 0.44%, and 126.67 million tons at a Li20 average grade of 0.39% [2]

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]