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 ...

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]

姓名：安冉 从业资格号：F3049294 交易咨询证号：Z0017020 姓名：王海聪 从业资格号：F03101206 交易咨询证号：Z0022465 投资咨询资格号：证监许可[2012]112 交易咨询资格证号：证监许可[2012]112 碳酸锂产业链概览-研究框架 碳酸锂 锂辉石 锂云母 盐湖卤水 氢氧化锂 三元材料 磷酸铁锂 钴酸锂 锰酸锂 六氟磷酸锂 动力电池 储能电池 新能源汽车 玻璃陶瓷等 3C数码 请务必阅读正文之后的声明部分 碳酸锂综述 01 多空矛盾不强，震荡运行为主 碳酸锂周度报告 2025年9月28日 碳酸锂产业链价格 02 03 碳酸锂上游供给环境 04 碳酸锂下游消费环境 05 碳酸锂库存结构 请务必阅读正文之后的声明部分 目 录 Part 01 碳酸锂综述 请务必阅读正文之后的声明部分 碳酸锂综述 碳酸锂综述——平衡表 | | 要素 | | | | ★ 碳酸锂周度综述 ★ | | 驱动方向 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 单位:吨 总产量 | 一道 20363 | न्त में मी 20516 | ...

新能源及有色金属周报 | 2025-09-28 从库存端来看：根据SMM最新统计数据，现货库存为136825吨（上周为137531吨），其中冶炼厂库存为33492吨（上 周为34456吨），下游库存为60893吨（上周为59495吨），其他库存为 42440吨（上周为43580吨），总库存较上周降 低705 吨。库存继续发生转移，下游补库库存增加较多，冶炼厂库存减少。 从利润看：锂矿价格小幅波动，海外矿山挺价意愿不减，报价持续高企，外采原料企业依赖期货套保平衡盈亏， 锂云母原料价格已出现倒挂，回收黑粉原料供应偏紧，采购难度较大，锂辉石精矿价格企稳。自有矿源及盐湖提 锂企业成本优势较显著，仍保持较为稳定的利润空间。 氢氧化锂：根据百川统计数据，本周氢氧化锂产量 5450 吨，较上周产量环比小幅增加。上游锂辉石价格偏高，锂 盐生产企业面临较大的成本压力，部分工厂依然存在成本倒挂现象，从而制约了开工率的提升。此外，目前部分 产线尚处于计划内或计划外检修状态，在多方面因素的共同影响下，氢氧化锂市场的整体供应能力持续偏紧。国 内工业级氢氧化锂市场成交价格在 6.65-7.1 万元/吨之间，均价在 6.875 万元/吨； ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The weekly closing price of the lithium carbonate futures main contract fluctuated and declined, with a change of -1.46% and an amplitude of 3.62%. As of the end of this week, the main contract closed at 72,880 yuan/ton. The overall fundamentals of lithium carbonate may show a situation where supply increases slightly and demand gradually rises, with positive industry expectations and gradual reduction of inventory. It is recommended to conduct short - term long trades at low prices with a light position and control risks [5]. 3. Summary by Relevant Catalogs 3.1 Weekly Summary - **Market Review**: The main contract of lithium carbonate futures fluctuated and declined, with a change of -1.46% and an amplitude of 3.62%. As of the end of this week, the main contract closed at 72,880 yuan/ton [5]. - **Market Outlook**: Overseas miners still have a strong willingness to support prices, and the supply of domestic mining areas is expected to gradually become clear. Lithium ore may continue to have firm quotes. Supply is expected to show an increasing trend, and the overall domestic supply of lithium carbonate may increase slightly. Driven by the traditional consumption season, downstream orders and production schedules have improved, and the industry maintains a high - growth trend. Policy support is more positive, and the demand for lithium carbonate is expected to increase [5]. - **Strategy Suggestion**: Conduct short - term long trades at low prices with a light position and control trading rhythm to manage risks [5]. 3.2 Futures and Spot Market - **Futures Price**: As of September 26, 2025, the closing price of the lithium carbonate main contract was 72,880 yuan/ton, a week - on - week decrease of 1,080 yuan/ton. The near - far month spread of lithium carbonate was - 200 yuan/ton, a week - on - week increase of 80 yuan/ton [10]. - **Spot Price**: As of September 26, 2025, the average price of battery - grade lithium carbonate was 73,600 yuan/ton, a week - on - week increase of 100 yuan/ton. The basis of the main contract was 720 yuan/ton, a week - on - week increase of 1,180 yuan/ton [16]. 3.3 Upstream Market - **Lithium Spodumene**: As of September 26, 2025, the average price of lithium spodumene concentrate (6% - 6.5%) was 876 US dollars/ton, with no change from the previous week. The spot exchange rate of the US dollar against the RMB was 7.1253, a week - on - week increase of 0.24% [20]. - **Lithium Mica**: As of the latest data, the average price of lithium mica (Li₂O: 2.0% - 3%) was 2,645 yuan/ton, with no change from the previous week. The average price of lithiophilite was 7,285 yuan/ton, a week - on - week increase of 70 yuan/ton [27]. 3.4 Industry Situation - **Supply Side**: As of August 2025, the monthly import volume of lithium carbonate was 21,846.92 tons, an increase of 8,001.6 tons from July, a growth rate of 57.79%, and a year - on - year increase of 23.54%. The monthly export volume was 368.905 tons, an increase of 2.56 tons from July, a growth rate of 0.7%, and a year - on - year increase of 56.97%. The monthly output was 45,880 tons, an increase of 1,280 tons from July, a growth rate of 2.87%, and a year - on - year increase of 31.09%. The monthly operating rate was 43%, a month - on - month decrease of 5% and a year - on - year decrease of 32% [32]. 3.5 Downstream Market - **Demand Side**: - **Lithium Hexafluorophosphate**: As of September 26, 2025, the average price of lithium hexafluorophosphate was 59,000 yuan/ton, a week - on - week increase of 15,000 yuan/ton. As of August 2025, the monthly output of electrolyte was 192,100 tons, an increase of 10,150 tons from July, a growth rate of 5.58%, and a year - on - year increase of 43.84% [35]. - **Lithium Iron Phosphate**: As of the latest data, the average price of lithium iron phosphate (power type) was 34,300 yuan/ton, with no change from the previous week. As of August 2025, the monthly output of lithium iron phosphate cathode materials was 240,000 tons, an increase of 26,040 tons from July, a growth rate of 12.17%, and a year - on - year increase of 32.6%. The monthly operating rate was 57%, a month - on - month increase of 6% and a year - on - year decrease of 3% [38]. - **Ternary Materials**: As of August 2025, the monthly output of ternary materials was 65,860 tons, an increase of 3,940 tons from July, a growth rate of 6.36%, and a year - on - year increase of 17.61%. The monthly operating rate was 55%, a month - on - month increase of 3% and a year - on - year decrease of 4%. As of the latest data, the prices of ternary materials 811, 622, and 523 continued to strengthen [43]. - **Lithium Manganate**: As of August 2025, the monthly output of lithium manganate was 10,330 tons, an increase of 210 tons from July, a growth rate of 2.08%, and a year - on - year decrease of 6.09%. As of the latest data, the average price of lithium manganate was 32,000 yuan/ton, with no change from the previous week [48]. - **Lithium Cobaltate**: As of August 2025, the monthly output of lithium cobaltate was 14,980 tons, an increase of 2,110 tons from July, a growth rate of 16.39%, and a year - on - year increase of 92.05%. As of the latest data, the average price of lithium cobaltate was 230,000 yuan/ton, with no change from the previous week [51]. - **Application Side**: - **New Energy Vehicles**: As of August 2025, the penetration rate of new energy vehicles was 45.53%, a month - on - month increase of 0.54% and a year - on - year increase of 8.03%. The monthly output was 1,391,000 vehicles, a month - on - month increase of 11.91%; the sales volume was 1,395,000 vehicles, a month - on - month increase of 10.54% [53]. - **New Energy Vehicle Exports**: As of August 2025, the cumulative export volume of new energy vehicles was 1.532 million, a year - on - year increase of 87.29% [58]. 3.6 Options Market - According to the option parity theory, the premium of the synthetic underlying asset is 0.18, presenting a positive arbitrage opportunity. Based on the performance of option at - the - money contracts and fundamental conditions, it is recommended to build a long straddle option to bet on increased volatility [61].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - On September 25, 2025, the 2511 contract of lithium carbonate futures rose 0.93% to 74,040 yuan/ton. The average price of battery - grade lithium carbonate decreased by 100 yuan/ton to 73,750 yuan/ton, the average price of industrial - grade lithium carbonate decreased by 100 yuan/ton to 71,500 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) decreased by 100 yuan/ton to 73,980 yuan/ton. The warehouse receipt inventory increased by 560 tons to 40,309 tons [3]. - In terms of supply, the weekly output increased by 153 tons to 20,516 tons. Among them, lithium extraction from spodumene increased by 120 tons to 12,989 tons, lithium extraction from lepidolite decreased by 20 tons to 2,840 tons, lithium extraction from salt lakes increased by 18 tons to 2,763 tons, and lithium recycling increased by 35 tons to 1,924 tons. In terms of demand, the weekly output of ternary materials increased by 113 tons to 16,762 tons, and the weekly inventory of ternary materials increased by 351 tons to 17,896 tons; the weekly output of lithium iron phosphate increased by 1,680 tons to 79,823 tons, and the weekly inventory of lithium iron phosphate increased by 2,069 tons to 98,286 tons. In terms of inventory, the weekly inventory decreased by 706 tons to 136,825 tons, mainly due to downstream restocking. Downstream inventory increased by 1,398 tons to 60,893 tons, intermediate - link inventory decreased by 1,140 tons to 42,440 tons, and upstream inventory decreased by 964 tons to 33,492 tons [3]. - As the National Day holiday approaches, the peak demand season, lithium carbonate destocking, and the firm price of lithium ore still support the price. However, the pre - holiday stocking demand may gradually weaken, and there is an expectation of project resumption after the holiday, but there is still some uncertainty. It is necessary to manage positions well [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract was 74,040 yuan/ton, up 1,160 yuan from the previous day; the closing price of the continuous contract was 73,740 yuan/ton, up 1,060 yuan [5]. - **Lithium Ore**: The price of spodumene concentrate (6%, CIF China) remained unchanged at 856 US dollars/ton. The price of lepidolite (Li2O: 1.5% - 2.0%) and lepidolite (Li2O: 2.0% - 2.5%) remained unchanged at 1,140 yuan/ton and 1,875 yuan/ton respectively. The price of amblygonite (Li2O: 6% - 7%) increased by 70 yuan to 6,150 yuan/ton, and the price of amblygonite (Li2O: 7% - 8%) increased by 75 yuan to 7,285 yuan/ton [5]. - **Lithium Carbonate and Lithium Hydroxide**: The prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide (coarse particles), battery - grade lithium hydroxide (micropowder), and industrial - grade lithium hydroxide (coarse particles) decreased by 100 yuan/ton. The price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) increased by 0.05 US dollars/kg to 9.45 US dollars/kg [5]. - **Lithium Hexafluorophosphate**: The price increased by 250 yuan to 58,000 yuan/ton [5]. - **Spreads**: The spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged at 2,250 yuan/ton, and the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate remained unchanged at 230 yuan/ton. The difference between CIF China, Japan, and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide increased by 494 yuan [5]. - **Precursors and Cathode Materials**: The prices of various ternary precursors and cathode materials generally increased, while the prices of different types of lithium iron phosphate decreased, and the prices of manganese acid lithium remained unchanged. The price of cobalt acid lithium increased by 6,000 yuan to 250,000 yuan/ton [5]. - **Cells and Batteries**: The prices of 523 square ternary cells and square lithium iron phosphate cells increased slightly, while the prices of other cells and batteries remained unchanged [5]. 3.2 Chart Analysis - **Ore Prices**: Charts 1 - 4 show the price trends of spodumene concentrate, different grades of lepidolite, and amblygonite from 2024 to 2025 [6][8]. - **Lithium and Lithium Salt Prices**: Charts 5 - 10 show the price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [11][13]. - **Spreads**: Charts 11 - 22 show the trends of various spreads such as the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate, the spread between battery - grade lithium carbonate and industrial - grade lithium carbonate, and the basis from 2024 to 2025 [18][19][22]. - **Precursors and Cathode Materials**: Charts 16 - 20 show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [23][26][28]. - **Lithium Battery Prices**: Charts 21 - 24 show 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 [30][33]. - **Inventory**: Charts 25 - 27 show the inventory trends of downstream, smelters, and other links from February 2025 to September 2025 [37][39]. - **Production Costs**: Chart 28 shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉,外购磷酸铁锂极片黑粉,外购锂云母精矿, and外购锂辉石精矿 from 2024 to 2025 [43].

湘潭电化于2025年9月19日下午14:00 - 17:00，通过全景网"投资者关系互动平台"（https://ir.p5w.net）以 网络远程的方式，开展了投资者网上集体接待日活动。参与此次活动的为投资者网上提问，上市公司接 待人员包括董事、常务副总经理兼董事会秘书贺娟，财务总监张伏林以及证券事务代表王悦 。 活动中，投资者提出多个关键问题，公司管理层进行了详细解答。 在合资公司进展方面，针对与吉利集团控股的浙江远程新能源商用车集团有限公司合资成立的新公司， 公司回应称，该合资公司目前正在履行国家市场监督管理总局的经营者集中申报、审查，尚未完成工商 注册登记。合资公司将聚焦新能源材料领域，以新能源电池正极材料为基础开展前沿技术研究与创新， 业务延伸至负极、电解液等电池材料及绿色甲醇制备新技术等新能源材料产业链上下游核心技术领域， 为产业升级提供科技支撑。 市值管理也是投资者关注焦点。公司表示高度重视市值管理工作，目前采取的举措包括聚焦核心业务提 质增效；通过优化沟通渠道，向投资者清晰传递公司战略价值和成长潜力；在兼顾发展的同时保持稳定 现金分红，近三年现金分红总额占当年净利润的比例从20.12%提升到31 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The lithium carbonate futures price rebounded with a weekly increase of 3.93% and an amplitude of 5.99%. As of the end of this week, the closing price of the main contract was 73,960 yuan/ton [5]. - The fundamentals of lithium carbonate may be in a stage of stable supply and improving demand. The overall industrial inventory is continuously decreasing, and consumption expectations are positive [5]. - It is recommended to conduct short - term long trades at low prices with a light position and pay attention to controlling risks in trading rhythm [5]. 3. Summary by Related Catalogs 3.1 Weekly Summary - **Market Review**: The main contract of lithium carbonate rebounded in the weekly line, with a price increase of 3.93% and an amplitude of 5.99%. The closing price of the main contract was 73,960 yuan/ton. The near - far month spread was - 200 yuan/ton, a weekly decrease of 20 yuan/ton [5][6]. - **Market Outlook**: Macroeconomically, relevant policies were introduced to expand service consumption. In terms of fundamentals, overseas mines and traders were reluctant to sell at low prices, and domestic producers' purchasing sentiment recovered. The inventory of lithium salt factories and traders continued to decline, and the production willingness of smelters remained positive. Downstream enterprises mostly adopted the strategy of buying on dips, and pre - holiday stocking before the Mid - Autumn Festival and National Day made the spot market transactions relatively active [5]. - **Strategy Suggestion**: Conduct short - term long trades at low prices with a light position and control risks in trading rhythm [5]. 3.2 Futures and Spot Market - **Futures Price**: The futures price fluctuated strongly. As of September 19, 2025, the closing price of the main contract was 73,960 yuan/ton, a weekly increase of 2,800 yuan/ton [6]. - **Spot Price**: The spot price rose. As of September 19, 2025, the average price of battery - grade lithium carbonate was 73,500 yuan/ton, a weekly increase of 1,050 yuan/ton. The basis of the main contract was - 460 yuan/ton, a weekly decrease of 1,750 yuan/ton [15]. 3.3 Upstream Market - **Lithium Spodumene**: The price of lithium spodumene concentrate (6% - 6.5%) was 876 US dollars/ton, a weekly decrease of 10 US dollars/ton. The US dollar - RMB spot exchange rate was 7.1125, a weekly decrease of 0.14% [19]. - **Lithium Mica**: The average price of lithium mica (Li₂O: 2.0% - 3%) was 2,645 yuan/ton, remaining flat week - on - week. The average price of phospho - lithium - aluminum stone was 7,215 yuan/ton, a weekly increase of 370 yuan/ton [25]. 3.4 Industry Situation - **Supply Side**: In July 2025, the import volume of lithium carbonate was 13,845.31 tons, a decrease of 21.77% month - on - month and 42.67% year - on - year. The export volume was 366.347 tons, a decrease of 14.74% month - on - month and an increase of 37.2% year - on - year. In August 2025, the output was 45,880 tons, an increase of 2.87% month - on - month and 31.09% year - on - year. The monthly operating rate was 43%, a decrease of 5% month - on - month and 32% year - on - year [31]. - **Demand Side** - **Hexafluorophosphate Lithium**: The average price was 57,500 yuan/ton, a weekly increase of 10,000 yuan/ton. In August 2025, the output of electrolyte was 192,100 tons, an increase of 5.58% month - on - month and 43.84% year - on - year [34]. - **Lithium Iron Phosphate**: The average price of lithium iron phosphate (power type) remained flat week - on - week. In August 2025, the output of cathode materials was 240,000 tons, an increase of 12.17% month - on - month and 32.6% year - on - year. The monthly operating rate was 57%, a change of 6% month - on - month and - 3% year - on - year [37]. - **Ternary Materials**: The prices of ternary materials 811, 622, and 523 types remained stable. In August 2025, the output was 65,860 tons, an increase of 6.36% month - on - month and 17.61% year - on - year. The monthly operating rate was 55%, a change of 3% month - on - month and - 4% year - on - year [42]. - **Lithium Manganate**: The average price of lithium manganate remained flat week - on - week. In August 2025, the output was 10,330 tons, an increase of 2.08% month - on - month and a decrease of 6.09% year - on - year [47]. - **Lithium Cobaltate**: The average price of lithium cobaltate remained flat week - on - week. In August 2025, the output was 14,980 tons, an increase of 16.39% month - on - month and 92.05% year - on - year [50]. - **Application Side** - **New Energy Vehicles**: In August 2025, the penetration rate of new energy vehicles was 45.53%, a change of 0.54% month - on - month and 8.03% year - on - year. The monthly output was 1,391,000 vehicles, a change of 11.91% month - on - month, and the sales volume was 1,395,000 vehicles, a change of 10.54% month - on - month [52]. - **New Energy Vehicle Exports**: As of August 2025, the cumulative export volume of new energy vehicles was 1.532 million, a year - on - year increase of 87.29% [57]. 3.5 Option Market - According to the option parity theory, the premium of the synthetic underlying asset was 0.06, indicating a positive arbitrage opportunity. Based on the performance of option at - the - money contracts and fundamental conditions, it is recommended to build a long straddle option to bet on increasing volatility [60].

湘潭电化科技股份有限公司投资者关系活动记录表 编号：2025-003 | □ | 特定对象调研 □ 分析师会议 | | --- | --- | | 投资者关系活动 □ | 媒体采访 □ 业绩说明会 | | 类别 □ | 新闻发布会 □ 路演活动 | | □ | 现场参观 | | √ | 其他 （投资者网上集体接待日活动） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 2025 年 9 月 19 日 (星期五) 下午 14:00-17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 董事、常务副总经理兼董事会秘书 贺娟 | | 员姓名 | 财务总监 张伏林 | | | 证券事务代表 王悦 | | | 1、公司与吉利集团控股的浙江远程新能源商用车集团有限 | | | 公司合资成立的新公司进展如何了？新公司的主要业务方向是 | | | 什么？是否涉及到固态电池的开放与应用？谢谢。 | | | 回答：尊敬的投资者您好！该合资公司目前在履行国家市场 | | ...

湘潭电化（002125.SZ）9月19日在投资者互动平台表示，公司控股子公司广西立劲现有锰酸锂年产能4 万吨，其中可转债募投项目"年产3万吨尖晶石型锰酸锂电池材料项目"已完成一期2万吨已投入建设，募 投项目完成后公司锰酸锂年产能可达5万吨。公司现有电解二氧化锰年产能12.2万吨，四氧化三锰年产 能1万吨。 每经AI快讯，有投资者在投资者互动平台提问：请问广西立劲在可转债建设的项目完工后，将总共拥 有多少万吨的锰酸锂产能？公司总共有多少万吨的二氧化锰产能？将来如果锰基作为固态成功的话，我 们的四氧化三锰等其他锰源的产能有多少？我们的头号竞争对手的产能是什么情况？听说他们在湖北准 备建一个总共27万吨的生产基地？ （文章来源：每日经济新闻） ...