碳酸锂数据日报-20260226

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - In January 2026, the new energy vehicle market ran smoothly, with production and sales reaching 1.041 million and 945,000 units respectively, a year-on-year increase. In the same month, new energy vehicle exports maintained high - speed growth, with 302,000 units exported, doubling year - on - year. Affected by the stocking rhythm and macro - sentiment, the market showed an overall range - bound trend. After the Spring Festival, considering that the VAT refund rate for lithium battery exports will decline from 9% to 6% on April 1st, it is expected that there will be a rush to match batteries, and the overall situation is to be treated bullishly [3] 3. Summary According to Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate had an average price of 161,750 yuan, up 9,750 yuan; SMM industrial - grade lithium carbonate had an average price of 158,250 yuan, up 9,750 yuan [1] Lithium Ore - Lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) had an average price of 2,254 yuan, up 131 yuan; lithium mica (Li20: 1.5% - 2.0%) had an average price of 3,600 yuan, up 350 yuan; lithium mica (Li20: 2.0% - 2.5%) had an average price of 5,400 yuan, up 575 yuan; amblygonite (Li20: 6% - 7%) had an average price of 14,100 yuan, up 500 yuan; amblygonite (Li20: 7% - 8%) had an average price of 15,300 yuan, up 600 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) was 56,385 yuan, up 2,365 yuan; the average price of ternary material 811 (polycrystalline/power type) was 207,600 yuan, up 4,100 yuan; the average price of ternary material 523 (single - crystal/power type) was 183,500 yuan, up 3,900 yuan; the average price of ternary material 613 (single - crystal/power type) was 184,900 yuan, up 4,000 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate was 3,500 yuan; the price spread between battery - grade lithium carbonate and the main contract was - 4,730 yuan, up 7,390 yuan; the price spread between the near - month and the first - continuous contract was - 2,060 yuan, up 220 yuan; the price spread between the near - month and the second - continuous contract was - 2,560 yuan, up 100 yuan [2] Inventories - The total inventory (weekly, tons) was 102,932 tons, down 2,531 tons; the smelter inventory (weekly, tons) was 16,920 tons, down 1,436 tons; the downstream inventory (weekly, tons) was 44,492 tons, up 835 tons; other inventories (weekly, tons) were 41,520 tons, down 1,930 tons; the registered warehouse receipts (daily, tons) were 38,525 tons, down 330 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally was 161,161 yuan, with a profit of - 1,548 yuan; the cash cost of purchasing lithium mica concentrate externally was 159,685 yuan, with a profit of - 3,640 yuan [3] Futures Contracts - The closing price of lithium carbonate 2603 was 163,920 yuan, with a rise of 4.01%; the closing price of lithium carbonate 2604 was 165,980 yuan, with a rise of 4%; the closing price of lithium carbonate 2605 was 166,480 yuan, with a rise of 3.4%; the closing price of lithium carbonate 2606 was 167,080 yuan, with a rise of 4.19%; the closing price of lithium carbonate 2607 was 167,220 yuan, with a rise of 3.7% [1]