2020 年下半年以来全球新能源汽车销售火爆带动锂需求激增，锂行业基本 面状况发生扭转。由于此前锂价低迷，矿山纷纷减产停产，更是没有新增 产能投放；尽管盐湖生产成本较低，锂价低迷没有妨碍盐湖新建/扩产计划， 但是疫情却使得人力密集的盐湖产能建设被迫中断，新增产能投放延迟。 当前锂供需矛盾十分突出，一方面是2020 年下半年以来全球新能源汽车销 售火爆带动锂需求激增，另方面是近年锂供给增量极其有限。展望未来， 本报告着重分析2022 年锂需求增量与锂供给增量，探究2022 年锂行业供 需状况边际变化。

1 锂行业概况 .................................................................................................................................................................. 3

2 锂行业景气波动 .......................................................................................................................................................... 3

3 锂需求：从“工业味精”到“白色石油” ................................................................................................................. 6

4 锂供给 .......................................................................................................................................................................... 8

4.1 锂资源储量 ....................................................................................................................................................... 8

4.2 多层次锂供给结构：盐湖提锂与矿石提锂 .................................................................................................... 8

4.3 锂资源开采 ..................................................................................................................................................... 10

4.3.1 SQM-Atacama ................................................................................................................................... 13

4.3.2 ALB-Atacama, Green Bushes, Wodgina ............................................................................................ 13

4.3.3 Pilbara- Pilgangoora ........................................................................................................................... 17

4.3.4 Allkem (Orocobre-Olaroz, Galaxy -Mt Cattlin) ................................................................................ 18

4.3.5 赣锋锂业- Marion, Cauchari-Olaroz ................................................................................................... 20

4.3.6 Livent-Hombre Muerto ...................................................................................................................... 22

5 总结：锂供需矛盾突出 ............................................................................................................................................ 23

6 投资建议 .................................................................................................................................................................... 23

7 风险提示 .................................................................................................................................................................... 23