软商品日报 光大期货软商品日报（2025 年 7 月 31 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 棉花 | 周三，ICE 美棉下跌 0.25%，报收 67.5 美分/磅，CF509 环比下降 1.89%，报收 13755 | | | | 元/吨，主力合约持仓环比下降 37728 手至 37.59 万手，新疆地区棉花到厂价为 15343 | | | | 元/吨，较前一日下降 88 元/吨，中国棉花价格指数 3128B 级为 15470 元/吨，较前 | | | | 一日下降 110 元/吨。国际市场方面，近期市场关注重心仍聚焦于宏观层面，美联 | | | | 储 7 月议息会议如期按兵不动，符合市场预期，但鲍尔威未就 9 月降息概率给出 | | | | 预测，市场解读为"强硬防守"，9 月降息概率下降，跌至 5 成以下，美元指数走 | 震荡偏 | | | 强，美棉价格承压下行，关注后续经济与就业数据。基本面驱动有限，短期仍以震 | | | | 荡看待。国内市场方面，近期行情的转向仍在继续，09 合约减仓下行，9-1 价差仍 | 弱 | | | 在不断下 ...

Research Views - Yesterday, the 2509 contract of lithium carbonate futures rose 0.43% to 70,600 yuan/ton. The average price of battery-grade lithium carbonate decreased by 200 yuan/ton to 72,950 yuan/ton, the average price of industrial-grade lithium carbonate decreased by 150 yuan/ton to 70,850 yuan/ton, and the price of battery-grade lithium hydroxide (coarse particles) increased by 50 yuan/ton to 65,470 yuan/ton. The warehouse receipt inventory increased by 855 tons to 13,131 tons [3]. - On the supply side, the output in July is expected to increase by 3.9% month-on-month to 81,150 tons, and the weekly output decreased by 485 tons to 18,630 tons. In terms of imports, China's lithium carbonate import volume in June 2025 was 17,700 tons, a month-on-month decrease of 16.3%. On the demand side, the production schedule in July increased slightly month-on-month, and the consumption of lithium carbonate by the two major main materials increased by 3% month-on-month to about 80,800 tons. On the inventory side, the weekly inventory increased by 550 tons to 143,170 tons, with downstream inventory increasing by 1,544 tons to 42,815 tons, intermediate links increasing by 1,660 tons to 44,970 tons, and upstream inventory decreasing by 2,654 tons to 55,385 tons [3]. - The core contradiction in the short-term fundamentals lies in concerns about supply disruptions, but there is still no clear announcement. Affected by the overall market, market volatility is relatively large. Opportunities to short volatility in the subsequent market can be monitored, and attention should be paid to position management [3]. Daily Data Monitoring - The report presents a table of daily price data for various products in the lithium - ion battery industry chain, including futures, lithium ore, lithium carbonate, lithium hydroxide, and other related products. It shows price changes from July 29 - 30, 2025, such as the main contract closing price of futures dropping from 70,840 yuan/ton to 70,600 yuan/ton, and the price of battery - grade lithium carbonate decreasing by 200 yuan/ton [5]. Chart Analysis Ore Prices - The report includes charts showing the price trends of lithium - related ores such as lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%, 2.0% - 2.5%), and lithium aluminum phosphate stone (6% - 7%, 7% - 8%) from 2024 to 2025 [6][8]. Lithium and Lithium Salt Prices - There are charts depicting the price trends of metal lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2025 [9][11][13]. Price Spreads - Charts display the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, and other related spreads from 2024 to 2025 [16][17][18]. Precursor & Cathode Materials - The report provides charts showing the price trends of ternary precursors (523, 622, 811), ternary materials (523, 622, 811), lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2025 [21][24][27]. Lithium Battery Prices - There are charts presenting 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][32][33]. Inventory - Charts show the inventory trends of downstream, smelters, and other links in the lithium carbonate industry from December 2024 to July 2025 [35][37][39]. Production Costs - A chart depicts 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, lithium mica concentrate, and lithium spodumene concentrate from 2024 to 2025 [39][40]

有色商品日报 有色商品日报（2025 年 7 月 31 日） 一、研究观点 | 品 种 | 点评 | | --- | --- | | | 隔夜 LME 铜震荡偏弱，下跌 0.74%至 9730 美元/吨；SHFE 铜下跌 0.47%至 78700 元/ | | | 吨；国内现货进口仍处于亏损状态。宏观方面，美国 Q2 实际 GDP 年化季环比初值 3%， | | | 好于预期值 2.6%，但 PCE 物价指数 2.5%，高于预期的 2.3%，大幅低于前值 3.5%。美 | | | 国 7 月 ADP 就业人数增加 10.4 万人，好于预期 7.6 万人和前值-3.3 万人。就业韧性和 | | | 通胀走高使得美联储在货币政策上更加谨慎。昨晚美联储议息会议继续按兵不动，鲍 | | | 威尔在发布会上未就 9 月降息给出明确指引，强调通胀风险和就业稳固，打压年内降 | | | 息预期，美元和美债收益率急升。国内方面，国内重要会议指出宏观政策要持续发力、 | | 铜 | 适时加力，要有效释放内需潜力，持续防范化解重点领域风险。库存方面来看，LME 库 | | | 存增加 9225 吨至 136850 吨；Comex ...

Group 1: Investment Ratings - Steel: Oscillatory consolidation [1] - Iron ore: Decline [1] - Coking coal: Wide - range oscillation [1] - Coke: Wide - range oscillation [1] - Manganese silicon: Oscillation [1][3] - Ferrosilicon: Oscillation [3] Group 2: Core Views - The steel market is in a situation of weak supply and demand, with the production of building materials slightly decreasing, inventory slightly decreasing, and apparent demand falling. The market has mixed expectations for anti - involution policy implementation, and the short - term steel futures may oscillate [1]. - For iron ore, supply has slightly increased, demand has decreased, and with the digestion of the "anti - involution" sentiment and concerns about military parade production restrictions, the short - term price is expected to decline [1]. - Coking coal supply is increasing, while coking enterprises are in production losses but still have a high enthusiasm for raw material procurement. The short - term futures are expected to oscillate widely [1]. - Coke production is facing cost transfer pressure, and the game between steel mills and upstream is intense. The short - term futures are expected to oscillate widely [1]. - Manganese silicon has strong cost support, and the supply - demand contradiction is not significant. The short - term futures are expected to oscillate widely, and market sentiment should be monitored [1][3]. - Ferrosilicon production profit has improved, demand has increased, and cost has support. The short - term futures are expected to oscillate widely, and attention should be paid to market sentiment changes [3]. Group 3: Summary of Daily Data Monitoring Contract Spreads - Steel: The 10 - 1 spread of rebar is - 56.0 (down 19.0), and the 1 - 5 spread is - 22.0 (down 7.0); the 10 - 1 spread of hot - rolled coil is - 12.0 (down 8.0), and the 1 - 5 spread is - 2.0 (down 9.0) [4]. - Iron ore: The 9 - 1 spread is 23.0 (down 4.5), and the 1 - 5 spread is 20.5 (down 1.0) [4]. - Coke: The 9 - 1 spread is - 63.5 (down 6.0), and the 1 - 5 spread is - 52.5 (up 3.5) [4]. - Coking coal: The 9 - 1 spread is - 115.5 (down 21.5), and the 1 - 5 spread is - 34.0 (down 7.5) [4]. - Manganese silicon: The 9 - 1 spread is - 92.0 (down 18.0), and the 1 - 5 spread is - 30.0 (down 10.0) [4]. - Ferrosilicon: The 9 - 1 spread is - 132.0 (down 26.0), and the 1 - 5 spread is - 20.0 (down 6.0) [4]. Basis - Steel: The basis of the 10 - contract of rebar is 125.0 (up 42.0), and that of the 01 - contract is 69.0 (up 23.0); the basis of the 10 - contract of hot - rolled coil is 17.0 (up 30.0), and that of the 01 - contract is 5.0 (up 22.0) [4]. - Iron ore: The basis of the 09 - contract is 30.2 (down 0.9), and that of the 01 - contract is 53.2 (down 5.4) [4]. - Coke: The basis of the 09 - contract is - 98.0 (down 10.9), and that of the 01 - contract is - 161.5 (down 16.9) [4]. - Coking coal: The basis of the 09 - contract is - 79.0 (up 3.5), and that of the 01 - contract is - 194.5 (down 18.0) [4]. - Manganese silicon: The basis of the 09 - contract is - 316.0 (up 96.0), and that of the 01 - contract is - 408.0 (up 78.0) [4]. - Ferrosilicon: The basis of the 09 - contract is - 258.0 (up 202.0), and that of the 01 - contract is - 390.0 (up 176.0) [4]. Spot Prices - Steel: The spot price of rebar in Shanghai is 3440.0 (up 10.0), in Beijing is 3340.0 (unchanged), and in Guangzhou is 3480.0 (up 30.0); the spot price of hot - rolled coil in Shanghai is 3500.0 (up 10.0), in Tianjin is 3500.0 (up 30.0), and in Guangzhou is 3610.0 (unchanged) [4]. - Iron ore: The spot price of PB powder in Rizhao Port is 772.0 (down 9), and that of Super Special powder is 647.0 (down 10) [4]. - Coke: The spot price of quasi - first - class metallurgical coke in Rizhao Port is 1420.0 (up 30.0) [4]. - Coking coal: The spot price of medium - sulfur main coking coal in Shanxi is 1230.0 (unchanged) [4]. - Manganese silicon: The spot price in Ningxia is 6000.0 (up 150.0), in Inner Mongolia is 5800.0 (unchanged), and in Guangxi is 5850.0 (unchanged) [4]. - Ferrosilicon: The spot price in Ningxia is 5700.0 (up 150.0), in Inner Mongolia is 5650.0 (up 100.0), and in Qinghai is 5700.0 (up 150.0) [4]. Other Data - Rebar: The rebar futures profit is 131.9 (down 38.9), the long - process profit is 252.4 (up 24.3), and the short - process profit is 148.5 (unchanged) [4]. - Spread data: The spread between hot - rolled coil and rebar is 168.0 (up 12.0), the ratio of rebar to iron ore is 4.2 (up 0.01), the ratio of coke to iron ore is 2.1 (up 0.08), the ratio of coking coal to iron ore is 1.5 (up 0.04), the ratio of rebar to coke is 2.0 (down 0.07), and the spread between manganese silicon and ferrosilicon is - 108.0 (down 6.00) [4]. Group 4: Chart Analysis 3.1 Main Contract Prices - The report provides historical price charts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon main contracts from 2020 to 2025 [5][7][9][11][14]. 3.2 Main Contract Basis - The report shows historical basis charts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon main contracts [16][17][18][20][22]. 3.3 Inter - period Contract Spreads - The report presents historical spread charts of different contracts (such as 10 - 01, 01 - 05) of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [24][26][31][32][35][37]. 3.4 Inter - variety Contract Spreads - The report includes charts of the spread between hot - rolled coil and rebar, the ratio of rebar to iron ore, the ratio of rebar to coke, the ratio of coke to iron ore, the ratio of coking coal to iron ore, and the spread between manganese silicon and ferrosilicon [39][40][42][44]. 3.5 Rebar Profits - The report provides charts of the rebar main - contract futures profit, long - process profit, and short - process profit [43][45][49]. Group 5: Research Team Introduction - Qiu Yuecheng, the assistant director of the research institute and the director of black research at Everbright Futures, has nearly 20 years of experience in the steel industry [51]. - Zhang Xiaojin, the director of resource product research at Everbright Futures, is a trainer for thermal coal at the Zhengzhou Commodity Exchange [51]. - Liu Xi, a black researcher at Everbright Futures, is good at fundamental supply - demand analysis based on industrial chain data [51]. - Zhang Chunjie, a black researcher at Everbright Futures, has experience in combining financial theory with industrial operations [52].

工业硅日报 工业硅&多晶硅日报（2025 年 7 月 31 日） 一、研究观点 点评 30 日多晶硅再触及涨停板，主力 2509 收于 54705 元/吨，日内涨幅 8.87%，持仓增仓 22849 手至 16.4 万手；多晶硅 N 型复投硅料价格涨至 46500 元/吨，最低交割品硅料价格涨至 46500 元/吨，现货贴水扩至 8085 元/吨。工业硅震荡走强，主力 2509 收于 9285 元/吨，日内涨幅 2.2%，持仓减仓 33993 手至 24.3 万手。百川工业硅现货参考价 9630 元/ 吨，较上一交易日下跌 100 元/吨。最低交割品#421 价格回落至 9450 元/吨，现货升水收至 125 元/吨。市场不断传出关于产能并购消息，光 伏协会针对部分新闻给予澄清。工信部再度发声巩固反内卷综合治理 成效，强调光伏等重点行业治理以标准提升倒逼落后产能退出。多晶 硅再度受消息面提振，工业硅受多晶硅带涨。目前政策对于盘面仍有 支撑，但前置投机需求兑现后，情绪有所降温，后续再冲前高动力不 足。交易所调整保证金和手续费以后，需避免重仓追涨杀跌。适当关 注月间反套空间和 PS/SI 比价套利，关注西南复产动 ...

Report Summary 1. Report Information - Report Title: "Guangda Futures Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Date: July 31, 2025 [2] 2. Core Views - The report provides daily monitoring data on iron ore futures contract prices, spreads, and basis, as well as information on contract rule changes and the composition of the research team. 3. Key Points by Section 3.1 Futures Contract Prices and Spreads - **Contract Prices**: The closing prices of I05, I09, and I01 contracts decreased compared to the previous day, with changes of -3.5, -9.0, and -4.5 respectively [4]. - **Contract Spreads**: The spreads of I05 - I09, I09 - I01, and I01 - I05 contracts changed by 5.5, -4.5, and -1.0 respectively [4]. 3.2 Basis - **Basis Data**: The basis of various iron ore varieties changed, with some increasing and some decreasing. For example, the basis of BRBF increased by 8, while the basis of Carajás fines decreased by 1 [7]. - **Basis Charts**: Multiple charts show the basis trends of different iron ore varieties over time [9][10][11]. 3.3 Contract Rule Changes - **New Deliverable Varieties**: Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, and Ukrainian Concentrate) were added, and four more (Taigang Concentrate, Magang Concentrate, Wugang Standard Fines, and SP10 Fines) were also added later [12]. - **Brand Premium Adjustment**: Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, and the rest are 0 yuan/ton [12]. - **Quality Premium Adjustment**: The allowable range of iron grade and other element indicators was adjusted, and a dynamic adjustment mechanism for the iron element premium was introduced [12]. 3.4 Variety Spreads - **Spread Data**: The spreads between different iron ore varieties changed. For example, the spread of PB lump - PB fines increased by 2, while the spread of PB fines - mixed fines decreased by 2 [14]. - **Spread Charts**: Multiple charts show the spread trends between different iron ore varieties over time [16][17][19][20][21]. 3.5 Research Team Introduction - The black research team consists of Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich industry experience and professional qualifications [24].

数据来源：Wind，光期研究所 数据来源：Wind，光期研究所 中证 500 较前收盘价上涨-41.44 点，电力设备,计算机,非银金融等板块对指数向下拉动明显。 股指期货日度数据跟踪 2025-07-31 一、指数走势 二、板块涨跌对指数影响 07 月 30 日，上证综指涨跌幅 0.17%，收于 3615.72 点，成交额 8196.28 亿元，深成指数涨跌幅-0.77%，收于 11203.03 点，成交额 10246.52 亿元。 中证 1000 指数涨跌幅-0.82%，成交额 3926.75 亿元，其中开盘价 6758.33，收盘价 6718.48，当日最高价 6770.88，最低价 6662.91； 中证 500 指数涨跌幅-0.65%，成交额 3047.78 亿元，其中开盘价 6345.37，收盘价 6314.69，当日最高价 6368.27，最低价 6269.51； 沪深 300 指数涨跌幅-0.02%，成交额 4451.68 亿元，其中开盘价 4148.94，收盘价 4151.24，当日最高价 4185.21，最低价 4127.43； 上证 50 指数涨跌幅 0.38%，成交额 1125.97 ...

光大期货金融期货日报 光大期货金融期货日报（2025 年 07 月 31 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 昨日，A 股市场震荡回调，Wind 全 A 下跌 0.4%，成交额 1.87 万亿元。中证 | | | | 1000 指数下跌 0.82%，中证 500 指数下跌 0.65%，沪深 300 指数下跌 0.02%， | | | | 上证 50 指数上涨 0.38%。中共中央办公厅、国务院办公厅印发了《育儿补贴 | | | | 制度实施方案》，标志着育儿补贴制度正式在全国范围内落地。这是我国近 | | | | 年来第一次发布普惠型中央财政政策，尽管总量仍有提升空间，但对于提升 | | | | 居民端收益水平影响较为直接。预计未来通过央行购买国债为中央政府筹集 | | | | 资金，推出更多普惠型财政支持方案将成为拉动我国通胀环境企稳回升的一 | | | | 条重要路径。股市近期上涨主要来自三个逻辑：（1）长期：市场压住财政政 | | | 股指 | 策更多转向促销费领域，以及中美关系缓和后国内通胀水平回升，在此背景 | 震荡 | | | 下， ...

光大期货能化商品日报 光大期货能化商品日报（2025 年 7 月 31 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周三油价录得三连涨，其中 WTI 9 月合约收盘上涨 0.79 美元至 | | | | 70.00 美元/桶，涨幅 1.14%。布伦特 9 月合约收盘上涨 0.73 美元 | | | | 至 73.24 美元/桶，涨幅 1.01%。SC2508 以 523.6 元/桶收盘，下跌 | | | | 7.4 元/桶，跌幅为 1.39%。特朗普宣布自 8 月 1 日起对印度进口 | | | | 商品征收 25%关税，并对购买俄罗斯武器和石油的行为实施未明 | | | | 确的惩罚。虽然其他国家不太可能遵守美国制裁，但印度已表示 | | | | 会配合，这可能影响俄罗斯每日 230 万桶的石油出口量。与此同 | | | 原油 | 时，美国国务院指控五家船只管理公司和一家石油批发公司参与 | 震荡 | | | 运输和购买伊朗石油、石油产品和石化产品。其中包括一家中国 | | | | 舟山港口，这是第四家被制裁的中国港口。EIA 数据显示，美国 | | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Yesterday, the 2509 contract of lithium carbonate futures dropped 5.9% to 70,840 yuan/ton. The average price of battery - grade lithium carbonate decreased by 750 yuan/ton to 73,150 yuan/ton, and the average price of industrial - grade lithium carbonate fell by 700 yuan/ton to 71,000 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) was 65,420 yuan/ton. The warehouse receipt inventory remained at 12,276 tons [3]. - In terms of supply, the output in July is expected to increase by 3.9% month - on - month to 81,150 tons, and the weekly output decreased by 485 tons to 18,630 tons. In June 2025, China's lithium carbonate import volume was 17,700 tons, a month - on - month decrease of 16.3%. On the demand side, the production schedule in July increased slightly month - on - month, and the consumption of lithium carbonate by the two major main materials increased by 3% month - on - month to about 80,800 tons. In terms of inventory, the weekly inventory increased by 550 tons to 143,170 tons. Among them, the downstream inventory increased by 1,544 tons to 42,815 tons, the intermediate link inventory increased by 1,660 tons to 44,970 tons, and the upstream inventory decreased by 2,654 tons to 55,385 tons [3]. - The core contradiction in the short - term fundamentals lies in the concern about supply disruptions. Currently, there is still no clear announcement, and affected by the overall market, the market volatility is relatively large. Opportunities to short volatility in the future market can be monitored [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 70,840 yuan/ton, down 2,280 yuan from the previous day; the closing price of the continuous contract was 70,460 yuan/ton, down 1,240 yuan [5]. - Lithium ore: The price of lithium spodumene concentrate (6%, CIF China) was 777 US dollars/ton, down 28 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) was 1,140 yuan/ton, down 25 yuan; the price of lithium mica (Li2O: 2.0% - 2.5%) was 1,775 yuan/ton, down 30 yuan; the price of amblygonite (Li2O: 6% - 7%) was 5,600 yuan/ton, down 300 yuan; the price of amblygonite (Li2O: 7% - 8%) was 6,500 yuan/ton, down 350 yuan [5]. - Lithium carbonate: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 73,150 yuan/ton, down 750 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 71,000 yuan/ton, down 700 yuan [5]. - Lithium hydroxide: The price of battery - grade lithium hydroxide (coarse particles/domestic) remained at 65,420 yuan/ton; the price of battery - grade lithium hydroxide (micropowder) remained at 70,570 yuan/ton; the price of industrial - grade lithium hydroxide (coarse particles/domestic) remained at 60,320 yuan/ton; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) remained at 8.28 US dollars/kg [5]. - Lithium hexafluorophosphate: The price of lithium hexafluorophosphate remained at 53,250 yuan/ton [5]. - Price differences: The price difference between battery - grade and industrial - grade lithium carbonate was 2,150 yuan/ton, down 50 yuan; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 7,730 yuan/ton, up 750 yuan; the difference between CIF China, Japan, and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide was - 6,208.89 yuan/ton, up 36 yuan [5]. - Precursors and cathode materials: The prices of some ternary precursors and cathode materials changed slightly. For example, the price of ternary precursor 523 (polycrystalline/power type) increased by 40 yuan/ton to 75,795 yuan/ton, and the price of cobalt acid lithium (60%, 4.35V/domestic) increased by 50 yuan/ton to 220,450 yuan/ton [5]. - Batteries: The price of 523 square ternary battery cells increased by 0.001 yuan/Wh to 0.384 yuan/Wh, and the price of square lithium iron phosphate battery cells increased by 0.002 yuan/Wh to 0.323 yuan/Wh [5]. 3.2 Chart Analysis 3.2.1 Ore Prices - Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and amblygonite (6% - 7%) from 2024 to 2025 [6][8]. 3.2.2 Lithium and Lithium Salt Prices - Charts present the price trends of metal lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2025 [9][11][13]. 3.2.3 Price Differences - Charts display the price difference trends between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, CIF China, Japan, and South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, and the basis from 2024 to 2025 [16][17][19]. 3.2.4 Precursors and Cathode Materials - Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [21][24][27]. 3.2.5 Lithium Battery Prices - Charts present the price trends of 523 square ternary battery cells, square lithium iron phosphate battery cells, cobalt acid lithium battery cells, and square lithium iron phosphate batteries from 2024 to 2025 [29][31]. 3.2.6 Inventory - Charts show the inventory trends of downstream, smelters, and other links of lithium carbonate from December 2024 to July 2025 [34][36]. 3.2.7 Production Costs - The chart shows the production profit trends of lithium carbonate from different raw materials such as purchased ternary pole piece black powder, purchased lithium iron phosphate pole piece black powder, purchased lithium mica concentrate, and purchased lithium spodumene concentrate from 2024 to 2025 [38][39]. 3.3 Research Team and Contact Information - The non - ferrous research team members include Zhan Dapeng, Wang Heng, and Zhu Xi, each with their own educational backgrounds, research directions, and professional qualifications [42][43]. - The company's address is in Shanghai, with a phone number, fax number, customer service hotline, and postal code provided [46].