上海市通力律师事务所 关于永兴特种材料科技股份有限公司 2025 年第一次临时股东大会的法律意见书 致: 永兴特种材料科技股份有限公司 上海市通力律师事务所(以下简称"本所")接受永兴特种材料科技股份有限公司(以下 简称"公司")的委托, 指派本所徐青律师、俞挺律师(以下简称"本所律师")根据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》等法律法规和规范性 文件(以下统称"法律法规")及《永兴特种材料科技股份有限公司章程》(以下简称"公司 章程")的规定就公司 2025 年第一次临时股东大会(以下简称"本次股东大会")相关事宜 出具法律意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以了 核查、验证。在进行核查验证过程中, 公司已向本所保证, 公司提供予本所之文件中的所有 签署、盖章及印章都是真实的, 所有作为正本提交给本所的文件都是真实、准确、完整和有 效的, 且文件材料为副本或复印件的, 其与原件一致和相符。 在本法律意见书中, 本所仅对本次股东大会召集和召开的程序、出席本次股东大会人员 资格和召集人资格及表决程序、表决结果是否符合法律法规和公司章程 ...

Core Insights - The controlled nuclear fusion industry in China is characterized by high technical barriers and limited participation from companies, with significant involvement from research institutions like the Hefei Institute of Physical Science and the Southwest Institute of Physics [1][4] Industry Overview - The industry is still in the technological breakthrough phase, with commercialization being insufficient. Key players include China Nuclear Engineering and Construction Corporation (CNEC) and China National Nuclear Power, which are leading the development of controlled nuclear fusion technology [1][4] - The industry is supported by various companies that supply critical components and materials, including superconducting materials and radiation-resistant materials [4][6] Market Competition Landscape - As of March 25, 2025, there are 170 institutions related to controlled nuclear fusion in China, with the highest concentration in Anhui Province (24 institutions), followed by Guangdong (19), and Beijing (17) [3] - The distribution of these institutions indicates a focus on regions rich in research resources and complete supporting industries [3] Company Contributions - Key companies involved in the controlled nuclear fusion sector include: - **Orient Lithium**: Specializes in superconducting materials essential for controlled nuclear fusion [6] - **Tianli Composite**: Supplies thermal barrier coatings for fusion reactors [6] - **Yongding Co.**: Provides superconducting magnets and is actively involved in the ITER project [6] - **Baotai Co.**: Produces nuclear-grade aluminum materials critical for nuclear power applications [6] Regional Distribution of Companies - The distribution of listed companies in the controlled nuclear fusion sector shows a concentration in Jiangsu Province (8 companies), followed by Sichuan (7) and Shaanxi (6) [4][7] - The industry is centered around Hefei and Shanghai, forming a key industrial circle, with significant facilities located in these areas [7]

1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core View of the Report - The fundamental situation of lithium carbonate remains weak, but as the price continues to decline, the probability of supply - side disturbances will increase. Near holidays, the probability of short - position closing will also rise, so the recent market may fluctuate sharply. The short - term shock range is 58,000 - 63,000 [4]. 3. Summary by Relevant Catalogs 3.1 Futures Price and Volatility - The pressure level of the lithium carbonate main contract is 65,000, the current volatility (20 - day rolling) is 23.4%, and the historical percentile of the current volatility (3 - year) is 28.6% [2]. 3.2 Risk Management Strategies 3.2.1 Inventory Management - For companies with high product inventory and inventory impairment risk, strategies include shorting lithium carbonate futures (LC2508, sell, 60% hedging ratio, strategy level 2) to lock in profits and cover production costs, selling call options (over - the - counter/on - exchange options, sell, 60% hedging ratio, strategy level 3), and buying out - of - the - money put options (on - exchange/over - the - counter options, buy, strategy level 2) [2]. 3.2.2 Procurement Management - For companies with future production plans and the risk of rising raw material prices, strategies include selling put options (on - exchange/over - the - counter options, sell, hedging ratio based on procurement plan, strategy level 1 - 3), buying long - term lithium carbonate contracts (far - month lithium carbonate contracts, buy, based on procurement plan) to lock in procurement costs, and buying out - of - the - money call options (on - exchange/over - the - counter options, buy, based on procurement plan, strategy level 1) [2]. 3.3 Core Contradictions - In the second quarter, the pattern of oversupply in the lithium carbonate market is expected to continue, with no significant increase in demand - side production scheduling. On the supply side, production has not improved significantly, and both lithium ore and lithium salt inventories are under great pressure, with a slow de - stocking process. The current main contradiction is that the pressure of lithium salt production capacity clearance is gradually spreading to the upstream ore end, and the loosening of ore prices will further drive down lithium salt prices, potentially leading to a spiral - like cycle of falling prices [3]. 3.4利多解读 (Positive Factors) - Macroeconomic policies are positive, and support for industries such as robotics, low - altitude economy, and AI may stimulate electricity demand growth [5]. - As the prices of lithium ore and lithium salt continue to fall, the probability of upstream ore mines and lithium salt plants suspending production for maintenance will increase [5]. - The Sino - US game has eased, and there is an expectation of a "90 - day" export rush in the market, with an expectation of passive de - stocking [5]. 3.5利空解读 (Negative Factors) - The future production capacity of lithium ore is still expected to increase, and inventory suppresses ore prices. If ore prices further loosen, it will drag down the cost of lithium carbonate [6]. - Both lithium ore and lithium salt inventories are high and still in an inventory accumulation trend [7]. - Industrial technology upgrades and iterations have postponed the clearance of high - cost production capacity [7]. 3.6 Futures Market Data - The closing price of the lithium carbonate futures main contract is 58,860, with a daily decrease of 1,520 (- 2.52%) and a year - on - year decrease of 44.05%. The trading volume is 386,145, with a daily decrease of 1,995 (- 0.51%) and a year - on - year increase of 308.58%. The open interest is 287,506, with a daily increase of 3,899 (1.37%) and a year - on - year increase of 72.47% [9]. 3.7 Spot Market Data - SMM battery - grade lithium carbonate average price is 61,500, with a daily decrease of 500 (- 0.81%); SMM industrial - grade lithium carbonate average price is 59,900, with a daily decrease of 500 (- 0.83%); SMM battery - grade lithium hydroxide average price is 63,970, with a daily decrease of 250 (- 0.39%); SMM industrial - grade lithium hydroxide average price is 57,950, with a daily decrease of 250 (- 0.43%); battery - grade lithium hydroxide CIF in China, Japan, and South Korea (SMM) is 8.4 dollars/kg, with no change; battery - grade lithium hydroxide CIF in China, Japan, and South Korea (fastmarkets) is 8.4 dollars/kg, with no change [11]. 3.8 Month - to - Month Spread Data - LC07 - 08: current value - 320, previous value - 260, week - on - week change - 69.81%, month - on - month change - 69.81%, year - on - year change - 84.39% [14]. - LC08 - 11: current value - 180, previous value - 100, week - on - week change - 60.87%, month - on - month change - 66.67%, year - on - year change - 86% [14]. - LC11 - 12: current value - 840, previous value - 640, week - on - week change - 69.81%, month - on - month change 2.44%, year - on - year change - 47.50% [14]. - LC12 - 03: current value - 380, previous value - 180, week - on - week change 72.73%, month - on - month change - 5.00%, year - on - year change - 52.50% [14]. 3.9 Lithium Ore and Shipping Data - Lithium mica average price (2% - 2.5%) is 1,235 yuan/ton, with a daily decrease of 15 (- 1.2%); lithium spodumene concentrate average price (6%, CIF China) is 680 dollars/ton, with a daily decrease of 6 (- 0.87%); lithium spodumene 6% (fastmarkets quote) is 635 dollars/ton, with a daily decrease of 10 (- 1.6%); lithium spodumene concentrate 6% (Zimbabwe) is 635 dollars/ton, with a daily decrease of 15 (- 2%); Zimbabwe container quote is 34.5 dollars/ton, with no change; Zimbabwe bulk quote is 35.5 dollars/ton, with no change; Nigerian container quote is 20.5 dollars/ton, with no change; Nigerian bulk quote is 26.5 dollars/ton, with no change [25]. 3.10 Warehouse Receipt Data - The total number of lithium carbonate warehouse receipts is 33,884, an increase of 30 from the previous day. Among them, the number of warehouse receipts in some warehouses has changed, such as an increase of 60 in Zhongyuan Shipping Nanchang and a decrease of 30 in Zhongyuan Shipping Lingang [28][30].

上市公司名称：永兴特种材料科技股份有限公司 永兴特种材料科技股份有限公司 简式权益变动报告书 信息披露义务人：浙江久立特材科技股份有限公司 住所：浙江省湖州市双林镇镇西 通讯地址：浙江省湖州市吴兴区中兴大道1899号 一、本报告书是根据《中华人民共和国证券法》(以下简称《证券法》)、《上市 公司收购管理办法》(以下简称《收购管理办法》)、《公开发行证券的公司信息披露 内容与格式准则第15号—权益变动报告书》（以下简称《准则15号》）及相关法律、 法规和规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《证券法》、《收购管理办法》、《准则15号》的规定，本报告书已全 面披露信息披露义务人在永兴特种材料科技股份有限公司中拥有权益的股份变动情 况；截至本报告书签署之日，除本报告书披露的持股信息外，信息披露义务人没有通 过任何其他方式增加或减少其在永兴特种材料科技股份有限公司中拥有权益的股份。 四、本次权益变动是根据本报告书所载明的资料进行的。除本报告书披露的信息 外，信息披露义务人没有委托或授权任何其他人提供未在本报告书中列载的信息和对 本报告做出任何解释或者说明。 股份变动性质：股 ...

证券代码：002756 证券简称：永兴材料 公告编号：2025-028 号 永兴特种材料科技股份有限公司 关于持股5%以上股东股份减持计划实施完毕暨 权益变动至5%以下的公告 公司股东浙江久立特材科技股份有限公司保证向本公司提供的信 息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的 信息一致。 特别提示： 1、本次权益变动系永兴特种材料科技股份有限公司（以下简称"公司"）股东浙 江久立特材科技股份有限公司（以下简称"久立特材"）减持公司股份，不触及要约收 购。 2、本次权益变动后，久立特材持有公司股份 26,954,977 股，占公司总股本的 4.99998%，占剔除公司回购专用证券账户股份后总股本的 5.10782%，不再是公司持股 5%以上股东。 3、本次权益变动不会对公司治理结构、股权结构及未来持续经营产生重大影响， 也不会导致公司控制权发生变更。 4、截至本公告日，公司总股本为 539,101,540 股，剔除公司回购专用证券账户股 份后总股本为 527,719,792 股。 公司于 2025 年 2 月 7 日在巨潮资讯网（www ...

关于董事股份减持计划实施完毕的公告 董事郑卓群女士保证向本公司提供的信息内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的 信息一致。 永兴特种材料科技股份有限公司（以下简称"公司"）于 2025 年 2 月 7 日在巨 潮资讯网（www.cninfo.com.cn）披露了《关于董事减持公司股份的预披露公告》（公 告编号：2025-003 号），董事郑卓群女士计划在减持公司股份的预披露公告披露之日 起 15 个交易日后的 3 个月内以集中竞价方式减持其所持有的公司股份不超过 39,000 股（即不超过剔除公司回购专用证券账户股份后总股本的 0.0074%）。 公司于 2025 年 5 月 29 日收到董事郑卓群女士《股份减持计划实施完毕告知函》， 获悉其股份减持计划已实施完毕，现将有关情况公告如下： 一、股东减持情况 证券代码：002756 证券简称：永兴材料 公告编号：2025-029 号 永兴特种材料科技股份有限公司 股东名称 股份性质 本次减持前持有股份 本次减持后持有股份 股数（万股） 占总股本 比例（%） 股数（万股） 占总股本 比 ...

Group 1 - The energy transition has significantly impacted the commodity market, with traditional energy consumption being replaced by new energy sources, leading to a surge in demand for battery metals like lithium and cobalt [1] - In 2022, lithium carbonate prices soared to 600,000 yuan per ton, while cobalt prices exceeded 570,000 yuan per ton, but have since seen a sharp decline due to oversupply and slowing demand from the electric vehicle sector [1][6] - The industry is currently in an early stage of production cuts and capacity clearance, indicating a phase of industry reshuffling, although the decline in lithium carbonate prices is nearing its end [1] Group 2 - The supply situation has not shown significant contraction, with initial oversupply leading to declining product prices, causing some companies to incur losses while others maintain profitability [2] - Smaller companies are beginning to reduce or halt production, while larger firms are practicing self-discipline in production cuts, leading to gradual inventory depletion [2] Group 3 - Cost analysis shows that only a few small companies are reducing production, while those using lithium brine extraction methods still maintain considerable profits [3] - The cash production cost for lithium carbonate varies, with estimates around 74,000 yuan per ton for purchased lithium mica and 63,000 yuan per ton for self-sourced lithium mica [3] Group 4 - Companies with lithium mine and salt lake resources maintain high operating rates, with some achieving 100% capacity utilization [4] - The competitive edge of lithium brine extraction companies is highlighted as lithium prices continue to decline, suggesting that capacity clearance may be limited to hard rock extraction methods [4] Group 5 - Despite falling lithium prices, lithium spodumene projects continue to see production investments, particularly in Australia and Africa, with expectations of African lithium concentrate production exceeding 1 million tons by 2025 [5] Group 6 - The peak demand for lithium has passed, with the primary consumption area being batteries, which account for over 80% of lithium use [6] - The growth rate of new energy vehicles has significantly slowed compared to the peak periods of 2021-2022, although the penetration rate continues to rise [7] Group 7 - The key growth area for lithium demand is in the domestic energy storage sector, with projections indicating rapid growth in new energy storage installations in China from 2024 to 2030 [8] - The overall supply surplus of lithium carbonate is expected to persist, with prices continuing to decline, while lithium spodumene and lithium mica production capacity expansion remains ongoing [8]

Core Viewpoint - The lithium market is experiencing a "cyclical bear" phase due to a fundamental shift in supply and demand dynamics, leading to significant price declines and industry overcapacity [1][2][21]. Supply and Demand Dynamics - The lithium industry has seen a fundamental change in supply and demand since 2023, with significant capital entering upstream production while downstream demand has not kept pace, resulting in overcapacity [1][2]. - 2024 is expected to be a crucial year for lithium resource production, with many new projects coming online, but ongoing price declines have led to production halts and adjustments in strategy among mining companies [2][3]. Regional Supply Insights - Australian lithium projects are adjusting strategies in response to price pressures, with companies like Core Lithium and Arcadium announcing production halts [3][4]. - African lithium resources are emerging as a significant supply source, with a projected supply increase of 233% in 2024 and further growth in 2025 [7][8]. - Domestic lithium resources in China are concentrated, with a mix of spodumene and lepidolite, but environmental pressures are slowing production growth [9][10]. Production Forecasts - The total lithium supply from Australia is projected to increase from 39.09 million tons in 2023 to 43.18 million tons in 2025, while African supply is expected to grow from 4.53 million tons to 21.9 million tons in the same period [6][8][49]. - Domestic lithium production is expected to rise significantly, with spodumene projects contributing 8.64 million tons by 2025 [12][14]. Price Trends and Market Outlook - Lithium prices have seen a significant decline, with the main contract dropping to around 60,000 yuan/ton, reflecting a 22.23% decrease from the end of 2024 [1][51]. - The market is expected to remain oversupplied in 2025, with price levels projected between 60,000 and 90,000 yuan/ton, indicating ongoing pressure from high inventory levels [51]. Demand Projections - The demand for lithium is primarily driven by electric vehicle (EV) and energy storage sectors, which together account for approximately 70% of lithium consumption [22][35]. - Global EV sales are projected to reach 18.24 million units in 2024, with significant growth in China, while demand in Europe and the US is expected to face challenges due to policy shifts [22][24][28]. Inventory and Cost Considerations - Lithium carbonate inventory levels have been rising, indicating a supply-demand imbalance, with significant stockpiles reported as of early 2025 [37][47]. - The cost structure for lithium production varies significantly, with salt lake extraction being the most cost-effective method, while higher-cost projects may face challenges in the current market environment [40][46].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The fundamental situation of the lithium carbonate market remains weak. However, as the price of lithium carbonate continues to decline, the probability of supply - side disturbances and short - position profit - taking will increase, leading to potential sharp fluctuations in the recent market. The short - term oscillation range is between 58,000 and 63,000 [4]. - In the second quarter, the pattern of oversupply in the lithium carbonate market is expected to continue, with no obvious growth in demand - side production scheduling. The supply - side output shows no significant improvement, and both lithium ore and lithium salt inventories face great pressure, with a slow de - stocking process. The current main contradiction in the market is that the pressure of lithium salt production capacity clearance is gradually being transmitted to the upstream ore end, and the loosening of ore prices will further drive down lithium salt prices. There is a risk of a spiral decline in ore and lithium salt prices [3]. 3. Summaries According to Relevant Catalogs 3.1 Futures Price and Volatility - The pressure level of the lithium carbonate main contract is 65,000, with a current volatility (20 - day rolling) of 25.1% and a current volatility historical percentile (3 - year) of 29.9% [2]. - Regarding the daily changes of lithium carbonate futures: the closing price of the main contract is 60,380, with a daily decrease of 540 and a daily decline rate of - 0.89%, and a year - on - year decrease of - 42.50%; the trading volume of the main contract is 388,140, with a daily decrease of 4,329 and a daily decline rate of - 1.10%, and a year - on - year increase of 238.09%; the open interest of the main contract is 283,607, with a daily decrease of 10,008 and a daily decline rate of - 3.43%, and a year - on - year increase of 66.32% [9]. 3.2 Risk Management Strategies 3.2.1 Inventory Management - When the company's product inventory is high and there is a risk of inventory impairment, it can short lithium carbonate futures (LC2508) to lock in profits and cover production costs, with a hedging ratio of 60% and a strategy level of 2; sell call options (over - the - counter/on - exchange options) with a hedging ratio of 60% and a strategy level of 3; buy out - of - the - money put options (on - exchange/over - the - counter options) with a strategy level of 2 [2]. 3.2.2 Procurement Management - When the company has a future production plan and there is a risk of rising production raw material prices, it can buy far - month lithium carbonate contracts according to the production plan to lock in procurement costs, with a strategy level of 1 - 3; sell put options (on - exchange/over - the - counter options); buy out - of - the - money call options (on - exchange/over - the - counter options) with a strategy level of 1 [2]. 3.3 Market Influencing Factors 3.3.1 Bullish Factors - Positive macro - policies may stimulate the growth of power demand by supporting enterprises in robotics, low - altitude economy, and AI [6]. - As the prices of lithium ore and lithium salt continue to decline, the probability of upstream ore mines and lithium salt plants suspending production for maintenance will increase [6]. - The easing of Sino - US competition leads to an expected "90 - day" rush for exports and a passive de - stocking expectation in the market [6]. - The open interest is at a high level, and short - position profit - taking may cause the market to rebound [6]. 3.3.2 Bearish Factors - The future production capacity expansion expectation of lithium ore remains high, and inventory suppresses ore prices. If ore prices further loosen, it will drag down the cost of lithium carbonate [5]. - Both lithium ore and lithium salt inventories are at high levels and still in an accumulation trend [7]. - Industrial technology upgrades and iterations have postponed the clearance of high - cost production capacity [7]. 3.4 Spot and Related Price Information - The average price of SMM battery - grade lithium carbonate is 61,500, with a daily decrease of 500 and a daily decline rate of - 0.81%; the average price of SMM industrial - grade lithium carbonate is 59,900, with a daily decrease of 500 and a daily decline rate of - 0.83%; the average price of SMM battery - grade lithium hydroxide is 63,970, with a daily decrease of 250 and a daily decline rate of - 0.39%; the average price of SMM industrial - grade lithium hydroxide is 57,950, with a daily decrease of 250 and a daily decline rate of - 0.43%; the average price of battery - grade lithium hydroxide CIF in China, Japan, and South Korea is 8.4 dollars per kilogram, with no daily change [11]. - The price difference between electric - grade and industrial - grade lithium carbonate is 1,600 yuan per ton, with no daily change; the price difference between battery - grade lithium carbonate and lithium hydroxide is 2,470 yuan per ton, with a daily increase of 250 and a daily increase rate of 11.26%; the price difference between battery - grade lithium hydroxide CIF in China, Japan, and South Korea and the domestic price is - 3,579.04 yuan per ton, with a daily increase of 265.12 and a daily decline rate of - 6.9% [21]. - The average price of lithium mica (2% - 2.5%) is 1,235 yuan per ton, with a daily decrease of 15 and a daily decline rate of - 1.2%; the average price of lithium spodumene concentrate (6%, CIF China) is 680 dollars per ton, with a daily decrease of 6 and a daily decline rate of - 0.87%; the price of lithium spodumene 6% (fastmarkets quote) is 645 dollars per ton, with no daily change; the price of lithium spodumene concentrate 6% (from Zimbabwe) is 635 dollars per ton, with a daily decrease of 15 and a daily decline rate of - 2% [25]. 3.5 Warehouse Receipt Information - The total number of lithium carbonate warehouse receipts is 33,854, a decrease of 300 from yesterday. Among them, the warehouse receipts of Xiangyu Sichuan Shanghai decreased by 300, while those of other warehouses remained unchanged [28].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The oversupply pattern in the lithium carbonate market is expected to continue in Q2, with no significant growth in demand-side production scheduling. The supply side shows no obvious improvement, and both lithium ore and lithium salt inventories face great pressure, with a slow de-stocking process. The main market contradiction is that the pressure of lithium salt production capacity clearance is gradually spreading to the upstream ore end, and the loosening of ore prices will further drive down lithium salt prices. There is a risk of a spiral decline in ore and lithium salt prices [3]. - The fundamentals remain weak, but as the lithium carbonate price continues to decline, the probability of supply-side disturbances will increase. Be vigilant against sharp fluctuations caused by short covering. The short-term strong resistance level is 63,000 - 65,000 [4]. 3. Summary by Relevant Catalogs 3.1 Futures Price and Volatility - The pressure level of the lithium carbonate main contract is 65,000, the current volatility (20 - day rolling) is 25.3%, and the current volatility historical percentile (3 - year) is 30.1% [2]. 3.2 Risk Management Strategies - **Inventory Management**: For companies with high product inventories and inventory impairment risks, strategies include shorting lithium carbonate futures (using LC2508, selling, 60% hedging ratio, strategy level 2), selling call options (using over - the - counter/on - exchange options, selling, 60% hedging ratio, strategy level 3), and buying out - of - the - money put options (using on - exchange/over - the - counter options, buying, strategy level 2) [2]. - **Procurement Management**: For companies with future production plans and the risk of rising raw material prices, strategies include selling put options (using on - exchange/over - the - counter options, selling, hedging ratio based on procurement plan, strategy level 1 - 3), buying long - term lithium carbonate contracts (using far - month lithium carbonate contracts, buying, hedging ratio based on procurement plan), and buying out - of - the - money call options (using on - exchange/over - the - counter options, buying, hedging ratio based on procurement plan, strategy level 1) [2]. 3.3 Market News - It is rumored that several lithium salt plants plan to conduct maintenance in June, which is expected to affect the monthly lithium salt output by about 3,000 tons. Combined with last Thursday's shutdown, it is expected to affect the future monthly output by 4,500 tons, but it has little impact on the current lithium carbonate market [4]. 3.4利多 and利空 Factors - **利多 Factors**: Positive macro - policies may stimulate power demand growth; the probability of upstream ore and lithium salt plant shutdowns and maintenance increases as prices fall; there is an expectation of "90 - day" export rush due to the easing of Sino - US game, leading to passive de - stocking; high open interest may cause a rebound in the market due to short profit - taking [5][6]. - **利空 Factors**: There are still many future lithium ore production expectations, and high inventories suppress ore prices, which may drag down lithium carbonate costs; both lithium ore and lithium salt inventories are high and still in the process of inventory accumulation; industrial technology upgrades delay the clearance of high - cost production capacity [6]. 3.5 Price and Spread Data - **Futures Price Changes**: The closing price of the lithium carbonate futures main contract is 60,920, with a daily increase of 820 (1.36%), and a year - on - year decrease of 42.64%. The trading volume of the main contract is 392,469, with a daily increase of 130,487 (49.81%), and a year - on - year increase of 309.68%. The open interest of the futures main contract is 293,695, with a daily decrease of 32,777 (-10.04%), and a year - on - year increase of 71.11% [8]. - **Spot Price Changes**: The SMM average price of battery - grade lithium carbonate is 62,500, down 550 (-0.87%); the SMM average price of industrial - grade lithium carbonate is 60,900, down 550 (-0.9%); the SMM average price of battery - grade lithium hydroxide is 64,420, down 300 (-0.46%); the SMM average price of industrial - grade lithium hydroxide is 58,400, down 260 (-0.44%); the SMM average price of battery - grade lithium hydroxide CIF in China, Japan, and South Korea is 8.4 dollars/kg, down 0.05 (-0.59%); the fastmarkets average price of battery - grade lithium hydroxide CIF in China, Japan, and South Korea is 8.4 dollars/kg, with no change [10]. - **Lithium Carbonate Brand Basis**: The basis quotes of various lithium carbonate brands remain unchanged compared to the previous day [10][11]. - **Lithium Carbonate Month - to - Month Spread**: The spreads of LC07 - 08, LC08 - 11, LC11 - 12, and LC12 - 03 have different degrees of change compared to the previous period, with significant year - on - year changes [13]. - **Lithium Industry Chain Spread**: The difference between electric and industrial carbonates is 1,600 (no change); the difference between battery - grade carbonate and hydroxide is 1,920, up 250 (14.97%); the difference between battery - grade lithium hydroxide CIF in China, Japan, and South Korea and the domestic price is -4,080.28, down 131.83 (3.34%) [18]. - **Lithium Ore and Shipping Cost**: The average price of lithium mica (2% - 2.5%) is 1,260, down 20 (-1.56%); the average price of lithium spodumene concentrate (6%, CIF China) is 688 dollars/ton, down 2 (-0.29%); the fastmarkets price of lithium spodumene (6%) is 645 dollars/ton (no change); the price of lithium spodumene concentrate (6%, Zimbabwe) is 635 dollars/ton, down 15 (-2%) [20]. 3.6 Warehouse Receipt Data - The total number of lithium carbonate warehouse receipts is 34,154, a daily decrease of 825. Different warehouses have different changes in warehouse receipt quantities [23][24].