Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On September 10, the main contract of lithium carbonate futures fluctuated at a low level. The spot market was active in low - price point pricing, and the basis premium widened. Considering the cost, supply, demand, and inventory aspects, short - term supply and demand are both strong. With the active resumption of lithium mines, the expectation of supply contraction weakens, and the lithium carbonate price is expected to decline in a fluctuating manner. The trading strategy suggests shorting on rallies [1]. 3. Summary by Relevant Catalog Market Data - **Futures Prices**: On September 10, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures decreased compared to the previous day, with decreases of 2,520 yuan/ton, 2,160 yuan/ton, 2,000 yuan/ton, and 2,000 yuan/ton respectively. The trading volume was 751,480 hands (+159,805), and the open interest was 340,814 hands (-10,526) [1]. - **Spot Prices**: The average prices of various lithium - related products such as lithium carbonate, lithium hydroxide, and lithium ore decreased. For example, the average price of battery - grade lithium carbonate (99.5%/domestic) decreased by 1,150 yuan/ton to 73,450 yuan/ton [1]. - **Inventory Data**: The registered warehouse receipt was 38,101 tons, and the social inventory decreased. The inventory of smelters decreased, while the inventory of downstream and other sectors increased. The total SMM lithium carbonate inventory decreased by 1,044 tons to 140,092 tons compared to the previous week [1]. Industry News - **Project Progress**: Australia's Galan Lithium company's Hombre Muerto West (HMW) project in Argentina made significant progress in the first - phase construction, completing the design of the 4th pond, which can support an annual operation of 400 tons of lithium carbonate equivalent. The project aims to reach an annual production of 21,000 tons in 2026, 40,000 tons in 2028, and potentially 60,000 tons in 2030 [1]. - **Export Data**: In August, Brazilian lithium ore exports decreased by more than one - third year - on - year and nearly 43% month - on - month. The export decline was mainly due to the inactivity of Brazil's largest lithium ore exporter, Sigma Lithium [1]. Supply and Demand Analysis - **Supply**: Last week, the production of lithium carbonate increased, with small increases in the production of lithium carbonate from different raw materials. The resumption of lithium mines is actively advancing, weakening the expectation of supply contraction [1]. - **Demand**: Last week, the production of lithium iron phosphate increased, while the production of ternary materials decreased. In September, the production of lithium manganate increased, and the production of power batteries increased. In August, the year - on - year growth of new energy vehicle production slowed down, 3C shipments were average, and the production schedule of energy - storage batteries increased in September [1].

Report Industry Investment Rating - No information provided Core View of the Report - On September 10, the main contract of lithium carbonate futures fluctuated at a low level. The spot market had active low - price point pricing, and the basis premium expanded. Considering factors such as cost, supply, demand, and inventory, with short - term supply and demand both strong and the weakening expectation of supply contraction due to the active resumption of lithium mines, the price of lithium carbonate is expected to decline with fluctuations. It is recommended to go short on rallies [1]. Summary by Related Catalogs Futures Market - On September 10, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures decreased compared to the previous day, with the near - month contract closing at 70,300 yuan/ton, down 2,520 yuan. The trading volume was 751,480 lots (+159,805), and the open interest was 340,814 lots (-10,526) [1]. Spot Market - The average prices of various lithium - related products such as lithium carbonate, lithium hydroxide, and ternary precursors showed different degrees of change on September 10. For example, the average price of battery - grade lithium carbonate (99.5%/domestic) was 73,450 yuan/ton, down 1,150 yuan [1]. Inventory - The registered warehouse receipts were 38,101 tons. The social inventory decreased, the smelter inventory decreased, while the downstream and other inventories increased. The total SMM lithium carbonate inventory decreased by 1,044 tons compared to the previous week [1]. Industry News - Australia's Galan Lithium company's Hombre Muerto West (HMW) project in Argentina made significant progress in the first - phase construction, with the design of the 4th pond completed. The project has a phased development plan, aiming for an annual production of 21,000 tons of LCE in 2026, 40,000 tons in 2028, and potentially 60,000 tons in 2030 [1]. - In August, Brazilian lithium spodumene exports decreased by more than one - third year - on - year and nearly 43% month - on - month. The suspension of shipments by the largest producer, Sigma Lithium, was a major factor [1].

Group 1 - SITE Centers (NYSE: SITC) has underperformed in 2025, delivering a negative return of approximately 16% compared to the Vanguard Real Estate Index Fund ETF (VNQ) and Curbline Properties (CURB) [1] - The investment strategy includes a focus on REITs, preferred stocks, and high-yield bonds, with a long-term fundamental approach [1] Group 2 - The article expresses a beneficial long position in CBL shares, indicating a personal investment interest [2] - The content reflects the author's opinions and is not influenced by compensation from any mentioned companies [2]