Investment Rating - The report maintains a "Positive" outlook for the lithium industry [5] Core Viewpoints - The lithium industry is expected to transition from a state of "realistic oversupply" to "future tightness," marking 2026 as a pivotal year for price recovery [19] - The financial attributes of lithium have strengthened, with market expectations likely to lead pricing ahead of fundamental improvements [20] - The absolute price heights may be difficult to replicate, but a gradual increase in the price floor is more certain [21] Summary by Sections 1. Overall Viewpoint Discussion - 2026 is anticipated to be a turning point for lithium prices, moving from a low base to a higher equilibrium due to limited supply elasticity and sustained demand growth [19] - The demand for lithium is projected to maintain a compound growth rate of over 20%, driven by the expansion of renewable energy installations and AI-related infrastructure [19] 2. 2025 Lithium Price Review - In Q1 2025, lithium prices experienced fluctuations due to supply constraints and strong demand expectations, with prices peaking at approximately 78,500 CNY/ton [22] - Q2 2025 saw a decline in prices due to a supply-demand imbalance, with prices dropping to around 60,400 CNY/ton by the end of June [29] - Q3 2025 marked a recovery in prices, driven by supply-side disruptions and seasonal demand increases, with prices reaching approximately 72,700 CNY/ton by September [36] 3. Demand Analysis - The demand for lithium batteries is expected to grow significantly, with energy storage becoming a core growth driver, potentially surpassing 30% of total lithium demand by 2026 [8] - The global electric vehicle market is projected to continue its growth trajectory, although at a slightly reduced pace [19] 4. Supply Analysis - Capital expenditures in the lithium sector have decreased significantly, leading to a structural delay in new project approvals and expansions [10] - The report anticipates limited new supply additions in the coming years, with a projected net increase of 448,000 tons of lithium carbonate equivalent (LCE) in 2026 [18] 5. Supply-Demand Balance Analysis - The report suggests that the lithium market may not require a complete supply clearing to reverse the current trends, as both supply and demand are expected to increase [38] - Inventory levels are seen as a lagging indicator rather than a decisive factor in price movements [39] 6. Investment Recommendations - Companies with expansion projects in the next three years are highlighted as potential investment opportunities, including Dazhong Mining, Guocheng Mining, and Shengxin Lithium Energy [12] - Companies with diversified business models that can stabilize profits amid lithium price fluctuations are also recommended, such as Zhongmin Resources and Yahua Group [12]

Group 1 - The company plans to apply for a comprehensive credit limit of up to RMB 460 million from China Construction Bank for its wholly-owned subsidiary, Shengwei International [2] - The company also intends to apply for a credit limit of up to RMB 200 million from Industrial and Commercial Bank of China for its subsidiary, Sichuan Zhiyuan Lithium Industry [2] - The total guarantee amount approved for subsidiaries is capped at RMB 11 billion, with specific limits based on the subsidiaries' asset-liability ratios [3] Group 2 - Shengwei International has an asset-liability ratio exceeding 70%, while Sichuan Zhiyuan Lithium Industry has a ratio below 70% [4] - After the new guarantees, the available guarantee limit for Shengwei International will be RMB 38.5 million, and for Sichuan Zhiyuan Lithium Industry, it will be RMB 3.017 billion [4] - The company has provided a total guarantee of RMB 584.0095 million for Shengwei International and RMB 1.0618 billion for Sichuan Zhiyuan Lithium Industry prior to this announcement [4] Group 3 - The company has signed a maximum guarantee contract with China Construction Bank, covering all debts including principal, interest, penalties, and related costs [11] - The guarantee amount for Shengwei International is capped at RMB 460 million, with no counter-guarantee [13] - A similar contract with Industrial and Commercial Bank covers debts related to Sichuan Zhiyuan Lithium Industry, with a guarantee amount of up to RMB 200 million [14] Group 4 - The company maintains control over both subsidiaries, and the financial risks associated with the guarantees are considered manageable [16] - The provision of guarantees is based on the operational needs of the subsidiaries and is not expected to adversely affect the company's normal operations or shareholder interests [16] Group 5 - As of the announcement date, the total external guarantee balance (excluding the new guarantees) is RMB 4.6093141 billion, representing 38.33% of the company's audited net assets [17] - There are no overdue guarantees or guarantees involved in litigation as of the announcement date [17]

每经AI快讯，盛新锂能2月13日晚间发布公告称，截至本公告日，公司及控股子公司实际发生的对外担 保余额为人民币约46.09亿元，占2024年12月31日经审计归属于母公司净资产的38.33%。 每经头条（nbdtoutiao）——上市公司净利从暴增9倍到突然预亏超2亿元，董事长为何自掏5000万元补 窟窿？50亿元信托理财也去向成谜，股民直呼看不懂 （记者 胡玲） ...

关于为子公司的银行综合授信提供担保的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：002240 证券简称：盛新锂能 公告编号：2026-013 盛新锂能集团股份有限公司 一、担保情况概述 盛新锂能集团股份有限公司（以下简称"公司"）全资子公司盛威致远国际 有限公司（以下简称"盛威国际"）因业务发展需要，拟向中国建设银行股份有 限公司成都第六支行（以下简称"建设银行"）申请不超过人民币 4.6 亿元（含 本数）综合授信额度，期限不超过 12 个月。2026 年 2 月 13 日，公司与建设银 行签署了《最高额保证合同》，为上述事项提供连带责任保证。 公司控股子公司四川致远锂业有限公司（以下简称"致远锂业"）因业务发 展需要，拟向中国工商银行股份有限公司德阳分行（以下简称"工商银行"）申 请不超过人民币 2 亿元（含本数）综合授信额度，期限不超过 12 个月。2026 年 2 月 13 日，公司与工商银行签署了《最高额保证合同》，为上述事项提供连带责 任保证。 公司分别于 2025 年 3 月 21 日、2025 年 4 月 11 日召开第八届董 ...

Group 1: Acquisition Background and Scale - The company announced on February 5, 2026, its plan to acquire a 13.93% stake in Huirong Mining from Xiamen Chuangyi for 1.26 billion yuan, aiming for 100% control of the Muro Lithium Mine [1] - Since 2020, the company has invested over 5 billion yuan through multiple rounds of capital increases and equity acquisitions to fully control the mine, including a 1.456 billion yuan acquisition of a 21% stake in September 2025 and a 2.08 billion yuan acquisition of the remaining 30% in December 2025 [1] - The Muro Lithium Mine has significant resources, with identified lithium oxide resources of 989,600 tons and an average grade of 1.62%, with a designed annual production capacity of 3 million tons, which will enhance the company's self-sufficiency in lithium raw materials by over 50% after production [1] Group 2: Reasons for Stock Price Fluctuation - The full acquisition of the Muro Lithium Mine is seen as a key move for the company to strengthen upstream resource control, with lithium prices rebounding since the second half of 2025, leading to expectations of improved cost advantages and benefits from industry recovery [2] - Despite a net loss of 752 million yuan in the first three quarters of 2025, the company achieved a net profit of 88.72 million yuan in the third quarter, indicating a turnaround mainly due to rising lithium salt prices and the commencement of its Indonesia project, alleviating market concerns about ongoing losses [2] - On January 23, 2026, institutional investors net bought over 700 million yuan, reflecting optimism about the company's prospects post-acquisition, while the company plans to raise 3.2 billion yuan through a private placement to ease financial pressure [2] Group 3: Recent Stock Performance - As of February 12, 2026, the company's stock closed at 38.85 yuan, with a single-day increase of 3.82% and a cumulative increase of 13.90% over the past five days, driven by the acquisition and the lithium price rebound [3] - The construction period for the Muro Lithium Mine is long (approximately 4 years), and any delays in production or fluctuations in lithium prices could impact performance [3] Group 4: Industry Policy Status - The demand for new energy vehicles and energy storage continues to grow, with global lithium demand expected to increase by 30% year-on-year in 2025, supporting a tight supply-demand balance that raises the central price of lithium [4] - The company, with a lithium salt production capacity of 137,000 tons per year, aligns its resource layout with the industry's favorable conditions [4]

Market Overview - A-shares experienced narrow range consolidation with mixed performance across the three major indices, as the trading volume in the Shanghai and Shenzhen markets fell below 2 trillion yuan for the first time in 31 trading days, with over 3,200 stocks declining [1][19] - The market saw a return of funds to "price increase" themes, with prices of rare earths, tungsten, molybdenum, tin, and antimony rising [1][23] Sector Performance Non-ferrous Metals - The non-ferrous ETF Huabao (159876) rose by 2.29%, with a trading volume of 89.8 million yuan, marking an 80% increase in trading activity [1][20] - Significant inflows into the non-ferrous metals sector, with over 13.7 billion yuan in main funds entering, making it the top sector in terms of capital inflow [22] - Key stocks in the small metals sector, such as Xiamen Tungsten and Jinchuan Group, saw gains exceeding 7% [22] Chemical Sector - The chemical ETF (516020) surged by 2.19%, with a peak increase of 3.02% during the trading session, reflecting strong market momentum [8][26] - The chemical sector attracted 13.8 billion yuan in main funds, ranking second among all sectors [11] - Notable stock performances included New Zhonbang, which surged by 8.16%, and Tongkun Co., which rose by 7.82% [9][26] Hong Kong Market - The Hong Kong market showed signs of recovery, with the Hong Kong Stock Connect Automotive ETF Huabao (520780) gaining 1.6% for four consecutive days [1][21] - The Hong Kong Internet ETF (513770) rose nearly 1%, driven by the performance of major internet companies [1][21] Investment Insights - Analysts suggest that the recent adjustments have released certain risks, and upcoming events and the "Spring Festival effect" may create a favorable environment for market recovery [1][20] - Key investment themes include TMT (Technology, Media, and Telecommunications), high-end manufacturing, and price increase chains [1][20] - The Hong Kong Internet ETF is expected to highlight the value of AI core assets as new AI-related companies enter the market [2][21]

Core Viewpoint - The articles highlight the strong performance and growth potential of various companies in the tungsten industry, driven by rising tungsten prices and increasing demand across multiple sectors such as aerospace, military, and renewable energy. Company Summaries - **China Tungsten High-Tech (000657)**: A leading player in the tungsten industry with a complete value chain from mining to manufacturing, benefiting from high self-sufficiency and significant profit elasticity due to rising tungsten prices. The company is positioned well in high-end manufacturing and military applications [1]. - **Xiamen Tungsten (600549)**: A comprehensive new materials leader with a strong presence in tungsten, rare earths, and lithium battery materials. The company is a major APT producer and benefits from dual market demand in tungsten and rare earths, with a clear long-term growth trajectory [2]. - **Zhangyuan Tungsten (002378)**: A private sector leader in the tungsten industry with a complete production system and high resource self-sufficiency. The company is well-positioned in high-end tungsten markets and is expected to see steady profit growth due to rising demand and supply constraints [3]. - **Xianglu Tungsten (002842)**: Focused on deep processing of tungsten, the company has a strong customer base and benefits from rising processing fees alongside tungsten prices. Future growth is expected through technological upgrades and high utilization rates [4]. - **Luoyang Molybdenum (603993)**: A global mining leader with significant tungsten operations, benefiting from high-quality overseas resources and a diversified metal portfolio. The company is expected to see profit growth as tungsten supply-demand dynamics improve [5]. - **Guangsheng Nonferrous Metals (600259)**: A state-owned enterprise with a focus on tungsten and rare earths, benefiting from dual price increases and strong resource integration capabilities. Future growth is anticipated through expanding resource reserves and high-end applications [6][7]. - **Hunan Gold (002155)**: A key mining platform in Hunan with a stable tungsten production and high resource self-sufficiency. The company benefits from rising prices across multiple metals, providing a unique advantage in the small metals sector [8]. - **Antai Technology (000969)**: A leader in high-end refractory metals, focusing on high-value tungsten products for semiconductor and aerospace applications. The company is expected to grow through increased domestic demand and technological advancements [9]. - **Jinmo Co., Ltd. (601958)**: A leading player in the molybdenum industry with significant tungsten operations, benefiting from low-cost resources and a complete production chain. The company is expected to see profit elasticity as tungsten prices rise [10]. - **Dongfang Tantalum (000962)**: A leader in rare metals with a strong tungsten processing capability, benefiting from stable demand in military and aerospace sectors. Future growth is expected from increasing domestic production of high-end tungsten products [11]. - **Xingye Mining (000426)**: A multi-metal mining company with significant tungsten resources, benefiting from price increases and a diversified portfolio that mitigates risks [12]. - **Zhuye Group (600961)**: A veteran in non-ferrous metal smelting with advantages in tungsten recycling and processing. The company is expected to see profit improvements through expanded processing capacity and technological upgrades [13]. - **Zhongkuang Resources (002738)**: A leader in lithium and rare metals with stable tungsten production, benefiting from price increases and a diversified business model [14]. - **Shengxin Lithium Energy (002240)**: A lithium leader with significant tungsten resources, providing stable profits and enhancing resilience against market fluctuations [15]. - **Huayou Cobalt (603799)**: A global leader in cobalt and lithium materials, with a strong tungsten business that supports overall profitability through market synergies [16]. - **Hanrui Cobalt (300618)**: Focused on cobalt and tungsten processing, benefiting from rising demand in high-end manufacturing and renewable energy sectors [17]. - **Xiamen Xinda (000701)**: Engaged in tungsten product trading and supply chain services, benefiting from price increases and a mature supply chain system [18]. - **Aluminum Corporation of China (601600)**: A leader in the non-ferrous sector with a focus on tungsten resource development, benefiting from market dynamics and resource value reassessment [19]. - **Tin Industry Co., Ltd. (000960)**: A global leader in tin with a strong tungsten portfolio, benefiting from price increases and a comprehensive multi-metal strategy [20]. - **Nanshan Aluminum (600219)**: A leading aluminum processor with a focus on tungsten-related materials, expected to grow through high-end manufacturing demand [21].

截至发稿，邓翔累计任职时间1年316天，现任基金资产总规模2.31亿元，任职期间最佳基金回报 52.16%， 任职期间最差基金回报4.83%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，华富基金旗下1只基金重仓盛新锂能。华富策略精选混合A（410006）四季度持有股数2.98万 股，占基金净值比例为3.94%，位居第九大重仓股。根据测算，今日浮盈赚取约5.36万元。 华富策略精选混合A（410006）成立日期2008年12月24日，最新规模1756.76万。今年以来收益1.72%， 同类排名7030/8884；近一年收益42.38%，同类排名2209/8127；成立以来收益122.23%。 华富策略精选混合A（410006）基金经理为邓翔。 2月11日，盛新锂能涨5.06%，截至发稿，报37.37元/股，成交8.14亿元，换手率2.45%，总市值342.05亿 元。 资料显示，盛新锂能集团股份有限 ...

Core Viewpoint - The lithium battery supply chain has experienced significant price increases from 2020 to 2022, driven by strong demand and a smooth transmission of price hikes across the industry [2][3]. Group 1: Price Trends - Electrolyte prices started at 70,000 CNY/ton in September 2020, rising to 100,000 CNY/ton by the end of the year, and reaching a peak of 580,000 CNY/ton in February 2022, with long-term contract prices stabilizing between 200,000 to 300,000 CNY/ton [2][3]. - Iron lithium cathode prices, including phosphoric acid iron and processing fees, doubled in 2021, peaking at over 40,000 CNY/ton by the end of that year [2][3]. - Anode prices began to rise in Q3 2021 due to graphite production constraints, increasing from 12,000 CNY/ton to a high of 25,000 to 28,000 CNY/ton by Q2 2022 [2][3]. Group 2: Supply Chain Dynamics - Lithium carbonate prices rebounded from a low of 40,000 CNY/ton at the end of 2020 to 50,000 CNY/ton in early 2021, and surged to 300,000 CNY/ton by the end of 2021, eventually reaching 520,000 CNY/ton by February 2022 [2][3]. - The battery sector has effectively transmitted raw material price increases, with battery prices rising by 1 cent/wh in Q1 2021 and accelerating to 2-3 cents/wh in Q1 and Q2 of 2022, reaching over 1 CNY/wh [2][3]. Group 3: Future Outlook - Current market conditions resemble Q4 2020, with expectations for continued price increases due to strong demand and low profitability levels compared to previous years [3]. - The industry's expansion willingness is significantly lower than in 2021, with limited new supply expected by 2026, suggesting a more stable price environment [3]. - The anticipated price increases are not expected to be as dramatic as in 2021, with supply-demand tightness projected to be lower, particularly for hexafluorophosphate and lithium carbonate [3]. Group 4: Investment Recommendations - The current valuation of leading companies is considered reasonable, with expected industry growth of 20% in 2027, suggesting potential for investment in the battery sector, including companies like CATL, Yiwei Lithium Energy, and others [4]. - Material leaders such as Keda Lithium and others are also highlighted as strong investment opportunities, alongside companies in the lithium carbonate sector [4]. - The solid-state battery sector is recommended for investment, particularly with catalysts expected to materialize in Q4 2025 [4].

南华期货碳酸锂产业周报 1.1 核心矛盾 本周碳酸锂期货价格呈现大幅减仓下降态势。展望后市，春节前夕碳酸锂期货价格的驱动逻辑将暂无，整体 以降低波动率为主；而节后则将聚焦以下因素：国内外锂资源释放进度、供需两端的检修排产情况、终端新 能源汽车的产销情况，上述因素将共同主导后续市场价格走势。 锂矿端，当前国内可售锂精矿库存暂时平稳。国内江西锂矿事件的进展，建议市场参与者通过政府官网关注 安评和环许的公示和进展，规避不实信息误导下的非理性决策行为。供给端，部分锂盐厂停产检修时间安排 在春节前后，后面需关注春节后复产情况；需求端，当前春节前下游补库已经结束，市场主要焦点在于新能 源汽车的产销情况，建议后续持续关注。 技术面，碳酸锂期货的历史波动率再创历史新高，隐含波动率处于下降态势，预计后续波动率大幅回落可能 性持续存在；下方关注12万左右的支撑位。 综合研判，春节前下游补库备货情况已结束，而春节长假期间不确定性因素较多，因此建议在春节前夕逐步 降低仓位，以轻仓或空仓状态过节，规避长假持仓风险。同时，当前碳酸锂期货市场波动率处于历史高位， 波动率进一步上行空间有限，建议关注卖波动率策略的布局机会。 中长期维度，储能 ...