1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall market for various agricultural products is in a state of oscillation. Corn, soybean meal, oils, eggs, and pigs are all expected to show an oscillatory trend [1][2]. - For corn, the market is affected by factors such as the increase in new grain listings and the transition of old - grain prices to new - grain prices. In the short - term, the 11 - month contract is expected to continue to adjust, and in the medium - term, it is judged to be weak due to expected high yields and lower costs [1]. - Regarding soybean meal, the international market has changes in supply and demand expectations, and the domestic market has sufficient spot goods and stable import costs. Without significant driving factors, the price will oscillate, and short - term participation is recommended [1]. - In the case of oils, the international market has a negative impact on prices, but there are also some positive factors such as potential bio - diesel policy changes. The market is currently oscillating, and strategies such as increasing volatility or selling put options are recommended [1]. - For eggs, the spot price has a certain increase, but the rebound is limited. The future egg price will be affected by the supply side. It is recommended to wait and see and pay attention to changes in the market and supply [1][2]. - For pigs, the futures price is oscillating strongly, while the spot price is weak. The short - term policy boost is limited, and attention should be paid to the impact of market sentiment on futures prices [2]. 3. Summary by Related Catalogs 3.1 Research Views - **Corn**: The main 2511 contract of corn decreased in position and price on Wednesday. The trading enthusiasm of both long and short sides has cooled. As the listing volume of new corn in western Liaoning increases, the price returns to range fluctuations. The old grain in the Northeast is still strong, and the price in North China is weakly stable. The price in the sales area has a local increase. Technically, the 11 - month contract is expected to continue to adjust in the short - term and be weak in the medium - term [1]. - **Soybean Meal**: CBOT soybeans fell on Wednesday. Analysts expect a decrease in US soybean yield, export, and inventory. The strengthening of US soybean oil is due to potential bio - diesel policy changes. The domestic spot price of soybean meal oscillates, and short - term participation is recommended [1]. - **Oils**: BMD palm oil fell for the second consecutive day due to the decline of related oils and weak exports. The MPOB August supply - demand report is slightly bearish. The domestic oil futures price is weak. The market is oscillating, and strategies such as increasing volatility or selling put options are recommended [1]. - **Eggs**: The main 2510 and 2511 contracts of eggs showed a weak trend on Wednesday. The spot price increased slightly. The future egg price will be affected by the supply side. It is recommended to wait and see and pay attention to changes in the market and supply [1][2]. - **Pigs**: The pig futures price oscillated strongly on Wednesday, while the spot price was weak. The short - term policy boost is limited, and attention should be paid to the impact of market sentiment on futures prices [2]. 3.2 Market Information - Malaysia's sustainable palm oil certification (MSPO) has been recognized by the EU, which helps relevant enterprises comply with EU deforestation regulations [3]. - The export volume of Malaysian palm oil from September 1 - 10 decreased compared with the same period last month, with a decrease of 1.2% - 8.4% according to different survey agencies [3]. - The MPOB August supply - demand report shows that the inventory of Malaysian palm oil increased by 4.18% to 2.2 million tons, the production increased by 2.35% to 1.86 million tons, and the export decreased by 0.29% to 1.32 million tons [3]. - In the 36th week of 2025 (September 1 - 5), the average weekly price of lean - type white - striped pork in 16 provinces and municipalities increased by 2.0% month - on - month, decreased by 29.7% year - on - year, and the decline narrowed by 0.8 percentage points compared with the previous week. The price first rose and then fell during the week [4]. - The Ministry of Agriculture and Rural Affairs and the National Development and Reform Commission plan to hold a symposium on pig production capacity regulation on September 16, inviting 25 enterprises to participate [5]. 3.3 Variety Spreads - The report provides charts of contract spreads and contract basis for various agricultural products, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but no specific analysis of these spreads is provided [6][7][8][12][14][15][16][18][19][25]

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 9 月 1 1 日 1 0 50 100 150 200 01 01 02 03 03 03 04 04 05 05 06 06 07 07 08 08 09 2009-2101 2109-2201 2209-2301 2309-2401 2409-2501 2509-2601 -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-2105 2201-2205 2301-2305 2401-2405 2501-2505 2601-2605 资料来源：Wind，Mysteel, 光大期货研究所 p 2 2.1 基差：数据 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 781.0 | ...

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - On September 10, 2025, the 2511 contract of lithium carbonate futures dropped 4.87% to 70,720 yuan/ton. The average price of battery - grade lithium carbonate decreased by 1,150 yuan to 73,450 yuan/ton, the average price of industrial - grade lithium carbonate dropped by 1,150 yuan to 71,200 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) fell by 500 yuan/ton to 74,700 yuan/ton. The warehouse receipt inventory remained at 38,101 tons [3]. - In terms of supply, the weekly production increased slightly. The weekly production rose by 389 tons to 19,419 tons. In September, the expected production of lithium carbonate is estimated to increase by 1.7% to 86,730 tons. In terms of demand, the expected production of ternary materials in September is projected to decline by 1.5% to 72,330 tons, while the production of lithium iron phosphate is expected to increase by 6% to 335,250 tons. Regarding inventory, the weekly inventory depletion accelerated, with a week - on - week decrease of 1,044 tons to 140,092 tons [3]. - Amid news - related disturbances, the futures price opened significantly lower and then rebounded. However, due to the expected resumption of production, the bullish logic has weakened, and there is certain pressure on the upside. Before the actual resumption of projects, strong demand will support the price, and the actual situation of projects in Jiangxi needs continuous attention [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - The prices of most products in the lithium - battery industry chain declined on September 10, 2025. For example, the closing price of the main futures contract dropped by 2,180 yuan/ton, and the price of lithium ore and lithium salts also decreased. However, the prices of some products like battery - grade lithium hydroxide (CIF in China, Japan, and South Korea) and lithium hexafluorophosphate remained unchanged [5]. 3.2 Chart Analysis 3.2.1 Ore Prices - Charts 1 - 4 show the price trends of lithium - bearing ores such as lithium spodumene concentrate, lithium mica, and lithium - phosphorus - aluminum stone from 2024 to September 10, 2025 [6][8]. 3.2.2 Lithium and Lithium Salt Prices - Charts 5 - 10 present 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 September 2025 [10][12]. 3.2.3 Spreads - Charts 11 - 22 display the price spreads between different lithium - related products and the basis from 2024 to September 2025 [16][18][19][21]. 3.2.4 Precursor & Cathode Materials - Charts 16 - 20 show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobalt oxide from 2024 to September 2025 [23][25][27]. 3.2.5 Lithium Battery Prices - Charts 21 - 24 present the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobalt oxide cells, and square lithium iron phosphate batteries from 2024 to September 2025 [29][32]. 3.2.6 Inventory - Charts 25 - 39 show the weekly inventory trends of downstream, smelters, and other sectors of lithium carbonate from January 16, 2025, to September 4, 2025 [36][38]. 3.2.7 Production Costs - Chart 42 shows the production profit trends of lithium carbonate from different raw materials such as purchased ternary pole - piece black powder, lithium iron phosphate pole - piece black powder, lithium mica concentrate, and lithium spodumene concentrate from 2024 to September 2025 [42]. 3.3 Research Team Introduction - The non - ferrous research team of Everbright Futures includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience in non - ferrous and new - energy research and have provided services and reports for clients [44][45]. 3.4 Contact Information - The company is located at Building 6, No. 729 Yanggao South Road, Lujiazui Century Financial Plaza, China (Shanghai) Pilot Free Trade Zone. The company's phone number is 021 - 80212222, the fax is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [48].

光大期货煤化工商品日报 光大期货煤化工商品日报（2025 年 9 月 11 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周三尿素期货价格延续偏弱运行趋势，主力01合约收盘价1669元/吨，跌幅1.01%。 现货市场继续走弱，昨日主流地区市场价格回落10～20元/吨不等，山东、河南地区 | | | | 市场价格均为1670元/吨，日环比分别持平、继续下降10元/吨。基本面来看，尿素 | | | | 供应水平继续窄幅波动，昨日行业日产量18.51万吨，日环比增0.02万吨。需求端情 | | | 尿素 | 绪依旧偏弱，昨日主流地区现货产销率依旧维持10%~20%的低位，仅个别地区产销 | 宽幅震荡 | | | 超110%。印标结果及消息扰动依旧存在，最新消息称采购量基本 合其计划采购量 | | | | ，并未有超预期表现。且在国内需求力度不足的情况下行业库存本周增幅3.44%。后 | | | | 续出口仍处于兑现阶段，但市场新增预期或 不再，尿素期货价格承压运行 率较 | | | | 大，持续关注印标动态、出口动态、 观及商品市场整体情绪。 | | | | ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - Copper prices are expected to continue a moderate recovery. The market has digested concerns about the US recession and shifted to expectations of Fed rate - cuts. Domestic CPI performance also spurs expectations of domestic growth - stabilizing policies, and the expected improvement in fundamentals during the "Golden September and Silver October" period will support copper prices [1]. - Aluminum prices are generally strong. Alumina,沪铝, and aluminum alloy are all showing a bullish trend. Although there is an oversupply situation in alumina, the overall aluminum market is in a macro - micro resonance mode, and the end of tax rebates for recycled aluminum restricts supply, making aluminum alloy relatively more resilient [1][2]. - Nickel prices may continue to be strong. With marginal improvements in nickel - iron and the new energy sectors, there are opportunities for long - positions at low prices. The cost support for stainless steel is strengthening, and the new energy raw material prices may remain strong due to tight supply [2]. Group 3: Summary by Relevant Catalogs 1. Research Views Copper - Macro: US August PPI inflation unexpectedly declined, providing grounds for Fed rate - cuts. In China, the CPI turned negative year - on - year in August, and the PPI decline narrowed. The finance minister emphasized strengthening the domestic market and implementing more proactive macro - policies [1]. - Inventory: LME copper inventory decreased by 225 tons to 155,050 tons; Comex copper inventory increased by 916 tons to 280,056 tons; SHFE copper warehouse receipts increased by 45 tons to 19,126 tons; BC copper remained at 4,418 tons [1]. - Demand: As the peak season approaches, high copper prices have led to weak downstream procurement [1]. Aluminum - Price: Alumina,沪铝, and aluminum alloy all showed a bullish trend. AO2601 closed at 2,944 yuan/ton, up 0.75%; AL2510 closed at 20,830 yuan/ton, up 0.22%; AD2511 closed at 20,390 yuan/ton, up 0.2% [1]. - Inventory: The overall situation is complex, with changes in different varieties and trading venues [1][2]. - Market: Environmental protection restrictions in some areas have affected downstream start - up, and the inventory inflection point for aluminum ingots has been postponed [2]. Nickel - Price: LME nickel rose 0.43% to 15,170 US dollars/ton, and沪镍 rose 0.24% to 120,780 yuan/ton [2]. - Inventory: LME nickel inventory increased by 3,024 tons to 221,094 tons; domestic SHFE warehouse receipts decreased by 295 tons to 22,304 tons [2]. - Market: Nickel - iron and new energy sectors are showing marginal improvements, and stainless steel cost support is strengthening [2]. 2. Daily Data Monitoring Copper - Price: The price of flat - water copper increased by 40 yuan/ton to 79,840 yuan/ton; the premium of flat - water copper decreased by 20 yuan/ton [3]. - Inventory: LME registered + cancelled inventory decreased by 550 tons; SHFE warehouse receipts increased by 155 tons; COMEX inventory increased by 1,739 tons; social inventory increased by 0.7 million tons [3]. Aluminum - Price: Wuxi and Nanhai aluminum prices increased; the price of Shandong alumina decreased by 30 yuan/ton; the price of ADC12 aluminum alloy in South China increased by 100 yuan/ton [5]. - Inventory: LME registered + cancelled inventory remained unchanged; SHFE warehouse receipts decreased by 74 tons; total inventory decreased by 1,518 tons; alumina social inventory increased by 2.1 million tons [5]. Nickel - Price: The price of Jinchuan nickel decreased by 600 yuan/ton; the price of nickel - iron remained stable; the price of some stainless steel products increased [5]. - Inventory: LME registered + cancelled inventory increased by 456 tons; SHFE nickel warehouse receipts decreased by 173 tons; nickel social inventory increased by 460 tons [5]. Zinc - Price: The main settlement price decreased by 0.2%; SMM 0 and 1 spot prices increased by 50 yuan/ton; the prices of zinc alloy and zinc oxide also changed to varying degrees [7]. - Inventory: SHFE inventory increased by 793 tons; LME inventory remained unchanged; social inventory increased by 0.14 million tons [7]. Tin - Price: The main settlement price decreased by 0.5%; LME S3 price decreased by 2.1%; SMM spot price increased by 900 yuan/ton [7]. - Inventory: SHFE inventory increased by 207 tons; LME inventory remained unchanged [7]. 3. Chart Analysis - **Spot Premium**: Charts show the spot premium trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [9][11][12]. - **SHFE Near - Far Month Spread**: Charts display the near - far month spread trends of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [16][21]. - **LME Inventory**: Charts present the LME inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [25][27][29]. - **SHFE Inventory**: Charts show the SHFE inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [32][34][36]. - **Social Inventory**: Charts display the social inventory trends of copper, aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel from 2019 - 2025 [38][40][42]. - **Smelting Profit**: Charts show the trends of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin from 2019 - 2025 [45][47][49]. 4. Non - ferrous Metals Team Introduction - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, with extensive experience in commodity research and many awards [52]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures, focusing on aluminum and silicon research [52]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures, focusing on lithium and nickel research [53].

工业硅日报 工业硅&多晶硅日报（2025 年 9 月 11 日） 一、研究观点 点评 10 日工业硅震荡偏强，主力 2511 收于 8665 元/吨，日内涨幅 1.58%， 持仓减仓 7975 手至 27.8 万手。百川工业硅现货参考价 9359 元/吨，较 上一交易日持稳。最低交割品#421 价格回调至 8600 元/吨，现货升水 70 元/吨。多晶硅震荡偏弱，主力 2511 收于 52885 元/吨，日内跌幅 4.4%，持仓减仓 5908 手至 13.7 万手；多晶硅 N 型复投硅料价格涨至 52000 元/吨，最低交割品硅料价格跌至 52000 元/吨，现货贴水收至 885 元/吨。工业硅短期因需求预期修复叠加多晶硅政策情绪波及，下 跌情绪修复。交易所调整多晶硅手续费及成交限额，部分多头头寸离 场。短期市场仍在静待节能监察结果，政策预期给予较强底部支撑。 但排产持续增加叠加下游接受不佳，库存高压未解，多晶硅出现大幅 回涨难度较大。 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 工业硅日报 二、日度数据监测 图表 1：工业硅各牌号价格（元/吨） 图表 2：牌号价差（单位：元/ ...

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The overall energy and chemical market is in a state of shock. The oil price is affected by geopolitical risks and inventory data, and it is expected to fluctuate. The fundamentals of fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and PVC also have different influencing factors, and their prices are expected to show different trends of shock [1][2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Wednesday, the oil price center moved up. The WTI October contract closed up $1.04 to $63.67 per barrel, a 1.66% increase. The Brent November contract closed up $1.10 to $67.49 per barrel, also a 1.66% increase. SC2510 closed at 490.1 yuan per barrel, up 4.0 yuan per barrel, a 0.82% increase. The market is pricing in the increase in geopolitical risks, and the oil price is expected to fluctuate [1]. - **Fuel Oil**: On Wednesday, the main fuel oil contract FU2510 on the Shanghai Futures Exchange closed up 1.44% at 2,827 yuan per ton, and the low - sulfur fuel oil contract LU2511 closed up 0.48% at 3,383 yuan per ton. The supply in the Singapore area has increased recently. The fundamentals of FU and LU have no obvious driving force, and in the short term, attention should be paid to the fluctuations of the cost - side crude oil [2]. - **Asphalt**: On Wednesday, the main asphalt contract BU2510 on the Shanghai Futures Exchange closed up 0.55% at 3,463 yuan per ton. It is expected that the supply - demand contradiction will ease in September, and the asphalt price may have further upward space [2]. - **Polyester**: TA601 closed at 4,698 yuan per ton, up 0.43%. EG2601 closed at 4,319 yuan per ton, down 0.07%. It is expected that the PX price will fluctuate with the cost, the TA fundamentals have improvement expectations, and ethylene glycol is expected to fluctuate weakly [2][4]. - **Rubber**: On Wednesday, the main沪胶 contract RU2601 rose 40 yuan per ton to 15,980 yuan per ton. It is expected that the rubber price will be mainly in a strong - side shock, and close attention should be paid to the weather conditions in the production areas during the peak production season [4]. - **Methanol**: On Wednesday, the spot price in Taicang was 2,295 yuan per ton. It is expected that the methanol price will enter a stage - bottom [4][5]. - **Polyolefins**: On Wednesday, the mainstream price of East China wire - drawing was 6,750 - 6,960 yuan per ton. The polyolefins are gradually transitioning to a situation of both strong supply and demand, and the overall will show a weakly - fluctuating pattern [5]. - **Polyvinyl Chloride (PVC)**: On Wednesday, the PVC market in East China was in a shock - finishing state. It is expected that the PVC price will fluctuate weakly [5][6]. 3.2 Daily Data Monitoring - The report provides the basis data of various energy and chemical varieties on September 11, 2025, including spot prices, futures prices, basis, basis rates, and their changes, as well as the quantile of the latest basis rate in historical data [7]. 3.3 Market News - Trump urged the EU to impose up to 100% "secondary tariffs" on China and encouraged similar measures against India. The EU official delegation will visit Washington this week to discuss joint actions to pressure Russia [11]. - The U.S. Energy Information Administration (EIA) said that as of the week ending September 5, U.S. commercial crude oil inventories increased by 3.9 million barrels to 424.6 million barrels, and U.S. crude oil exports decreased by 1.1 million barrels per day to 2.8 million barrels per day [11]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report provides the closing price charts of the main contracts of various energy and chemical varieties from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, etc. [13][15][17]. - **4.2 Main Contract Basis**: The report provides the basis charts of the main contracts of various energy and chemical varieties from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, etc. [26][28][32]. - **4.3 Inter - period Contract Spreads**: The report provides the spread charts of inter - period contracts of various energy and chemical varieties, such as fuel oil, asphalt, PTA, etc. [41][43][46]. - **4.4 Inter - variety Spreads**: The report provides the spread charts of inter - variety contracts of various energy and chemical varieties, such as crude oil internal - external spreads, fuel oil high - low sulfur spreads, etc. [59][62]. - **4.5 Production Profits**: The report provides the production profit charts of various energy and chemical varieties, such as ethylene - based ethylene glycol cash flow, PP production profit, etc. [67][69]. 3.5 Team Member Introduction - The report introduces the members of the Guangda Futures Energy and Chemical Research Team, including Zhong Meiyan, Du Bingqin, Di Yilin, and Peng Haibo, and their positions, educational backgrounds, honors, and professional experiences [72][73][74].

1. Report's Industry Investment Rating - Stock Index Futures: Bullish [1] - Treasury Bond Futures: Range-bound [1] 2. Core Viewpoints of the Report - A-shares closed higher with the Wind All A index up 0.22% and a trading volume of 2 trillion yuan. The short-term correction is normal due to profit-taking, while long-term benefits from the Fed's dovish stance and potential rate cuts. Policy adjustments in Shanghai's housing market and the implementation of the childcare subsidy system are expected to boost the market. The liquidity-driven market will continue with obvious structural features and faster sector rotation [1]. - Treasury bond futures closed lower, with the 30-year, 10-year, 5-year, and 2-year main contracts down 0.86%, 0.27%, 0.15%, and 0.04% respectively. The central bank conducted 3040 billion yuan of 7-day reverse repurchase operations, resulting in a net injection of 749 billion yuan. The short-term bonds are relatively stable, while the long-term bonds are more volatile [1][2] 3. Summary by Relevant Catalogs 3.1 Daily Price Changes - Stock Index Futures: IH rose 0.42% to 2,937.8, IF rose 0.14% to 4,432.4, IC fell 0.14% to 6,863.4, and IM fell 0.21% to 7,151.0 [3]. - Stock Indexes: Shanghai Composite 50 rose 0.37% to 2,939.6, CSI 300 rose 0.21% to 4,445.4, CSI 500 rose 0.05% to 6,932.1, and CSI 1000 rose 0.06% to 7,230.2 [3]. - Treasury Bond Futures: TS fell 0.03% to 102.35, TF fell 0.14% to 105.43, T fell 0.26% to 107.49, and TL fell 0.83% to 114.76 [3]. 3.2 Market News - In August, the month-on-month PPI ended eight consecutive months of decline, turning flat from a 0.2% drop in the previous month. The year-on-year PPI fell 2.9%, with the decline narrowing by 0.7 percentage points from the previous month, the first narrowing since March this year [4]. 3.3 Chart Analysis - Stock Index Futures: The report provides charts of the trends and basis of IH, IF, IC, and IM main contracts [6][7][8][9][10]. - Treasury Bond Futures: The report includes charts of the trends, yields, basis, inter - period spreads, cross - variety spreads, and funding rates of treasury bond futures [12][15][16][17]. - Exchange Rates: The report presents charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, and various currency pairs [20][21][22][24][25][28]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On September 9, 2025, the 2511 contract of lithium carbonate futures dropped 2.62% to 72,900 yuan/ton. The average price of battery - grade lithium carbonate remained at 74,600 yuan/ton, the average price of industrial - grade lithium carbonate remained at 72,350 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) decreased by 150 yuan/ton to 75,200 yuan/ton. The warehouse receipt inventory increased by 650 tons to 38,101 tons [3]. - Ningde Times' subsidiary held a meeting on the resumption of the Shixiawo lithium mine. The mining permit approval is progressing smoothly, and it is expected to resume production soon, which may reduce the short - term price of lithium carbonate, but the actual resumption time needs further attention [3]. - In terms of supply, the weekly production increased by 389 tons to 19,419 tons, and the expected production in September increased by 1.7% to 86,730 tons. In terms of demand, the expected production of ternary materials in September decreased by 1.5% to 72,330 tons, while the expected production of lithium iron phosphate increased by 6% to 335,250 tons. In terms of inventory, the weekly inventory decreased by 1,044 tons to 140,092 tons [3]. 3. Summary by Directory 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract decreased by 1,900 yuan/ton to 72,900 yuan/ton, and the closing price of the continuous contract decreased by 2,440 yuan/ton to 72,820 yuan/ton [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) increased by 3 dollars/ton to 879 dollars/ton, while the prices of other lithium ores remained unchanged [5]. - **Lithium and Lithium Salts**: The price of battery - grade lithium hydroxide (coarse particles) decreased by 150 yuan/ton to 75,200 yuan/ton, and the prices of other related products were mostly stable [5]. - **Price Differences**: The price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 150 yuan/ton to 600 yuan/ton, and other price differences had different changes [5]. - **Precursors and Cathode Materials**: The prices of some ternary precursors and cathode materials increased slightly, while the prices of manganese - acid lithium decreased by 500 yuan/ton [5]. - **Lithium Batteries**: The prices of some lithium battery cells and batteries increased slightly [5]. 3.2 Chart Analysis - **Ore Prices**: There are charts showing the price trends of lithium spodumene concentrate, lithium mica, and other ores from 2024 to 2025 [6][8]. - **Lithium and Lithium Salt Prices**: There are charts showing the price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, etc. from 2024 to 2025 [10][13]. - **Price Differences**: There are charts showing the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc. from 2024 to 2025 [17][18]. - **Precursors and Cathode Materials**: There are charts showing the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese - acid lithium, and cobalt - acid lithium from 2024 to 2025 [23][25][27]. - **Lithium Battery Prices**: There are charts showing the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, etc. from 2024 to 2025 [29][32]. - **Inventory**: There are charts showing the inventory trends of downstream, smelters, and other links from January to September 2025 [36][38]. - **Production Costs**: There is a chart showing the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [42].

请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 有色商品日报 | | 开工受到环保限制，备货热度有所下降，铝锭库存拐点推迟。多板块旺季预期开始启 | | --- | --- | | | 动，铝价整体偏强运行，再生铝税收返还终止对供给形成制约，铝合金阶段相对电解铝 | | | 更具韧性。 | | | 隔夜 LME 镍跌 0.49%报 15105 美元/吨，沪镍跌 0.45%报 120400 元/吨。库存方面，LME | | | 库存增加 456 吨至 218070 吨；国内 SHFE 仓单减少 173 吨至 22599 吨。升贴水来看， | | | LME0-3 月升贴水维持负数；进口镍升贴水下跌 50 元/吨至 300 元/吨。镍矿方面，价 | | 镍 | 格表现平稳运行。不锈钢方面，周度库存环比小幅下降，但供应环比有所增加，而随着 | | | 原料端价格上涨，不锈钢成本支撑逐渐走强。新能源方面，9 月三元需求环比小幅转弱， | | | 但原料端供应相对偏紧，价格或持续偏强运行。一级镍方面，周度社会库存环比小幅增 | | | 加，变量不大。随着镍铁和新能源的边际好转，仍可关注逢低做 ...