Core Viewpoint - The A-share market experienced a strong performance on November 13, with the Shanghai Composite Index rising over 0.6%, reaching a new high not seen in over a decade, and total trading volume exceeding 1.5 trillion yuan [1]. Industry Summary - The lithium battery supply chain saw a significant surge, particularly in the lithium battery electrolyte sector, with companies like CATL (Contemporary Amperex Technology Co., Limited) witnessing stock increases of over 9% [3]. - Prices for lithium electrolyte materials, including lithium hexafluorophosphate and VC additives, have shown notable fluctuations due to a tight balance between supply and demand [3]. Sector Performance - The Wind popular concept index for lithium battery electrolytes increased by 9.60%, while other related sectors such as lithium mining (6.67%) and power batteries (6.43%) also showed strong performance [5]. - Other sectors like lithium battery anodes (6.29%) and lithium iron phosphate batteries (5.91%) contributed positively, while sectors such as healthcare and real estate experienced declines [5].

Group 1 - The lithium battery industry chain is experiencing significant activity, with over 20 stocks, including Tianqi Materials and Rongjie Co., hitting the daily limit, and CATL's stock price rising by 6.29% to 410.7 yuan per share [1] - The 2025 World Power Battery Conference held in Yibin, Sichuan, resulted in 180 signed projects totaling 86.13 billion yuan, covering key areas in green energy such as power batteries and new energy vehicles, indicating strong industrial aggregation and development momentum [1] - The surge in the lithium battery concept is attributed to explosive growth in demand for power batteries and energy storage, with domestic power battery installation reaching 578 GWh in the first ten months of 2025, a 42.4% year-on-year increase [1] Group 2 - Long-term stable growth is expected for Chinese lithium battery companies due to their significant scale production capacity and advanced technology in the global power battery industry, supported by a large domestic market and a well-established supply chain [2] - The domestic energy storage sector is reaching an economic inflection point, with investment booming driven by marketization of renewable energy and capacity pricing, leading to an upward revision of new installations to 300 GWh by 2026 [4] - The demand for energy storage is projected to drive lithium battery demand growth exceeding 30% by 2026, presenting investment opportunities across materials, batteries, and integration [4]

Group 1 - The price of lithium hexafluorophosphate has rebounded strongly, rising from below 50,000 yuan/ton in July to over 120,000 yuan/ton by early November 2025, indicating potential for further increases in the short term [1] - Demand from the electric vehicle and energy storage industries has significantly boosted electrolyte procurement, while supply constraints due to previous capacity reductions have led to a tight overall supply situation, suggesting a recovery in industry profitability [1][2] - The overall revenue of the lithium battery supply chain reached 636.19 billion yuan in the first three quarters of 2025, a year-on-year increase of 16.12%, with net profit rising by 40.37% compared to the same period last year [1] Group 2 - In October 2025, China's new energy vehicle sales reached 1.715 million units, a year-on-year increase of 19.93%, with the monthly sales share surpassing 50% for the first time [2] - The price of battery-grade lithium carbonate increased by 15.65% since early October, reflecting a generally upward trend in raw material prices, which presents investment opportunities in the lithium battery sector [2] - The recent price increase of lithium hexafluorophosphate is primarily due to a mismatch between supply and demand, with a surge in downstream market demand and a contraction in supply from small and medium enterprises exiting the market [2] Group 3 - As of November 13, 2025, the CSI Rare Metals Theme Index rose by 5.20%, with the Rare Metals ETF (159608) increasing by 5.04%, and a cumulative increase of 28.53% over the past three months [3] - The top ten weighted stocks in the Rare Metals ETF account for 60% of the index, with significant gains from companies like Tianhua New Energy and Rongjie Co., indicating strong performance in the sector [3] - The Rare Metals ETF closely tracks the CSI Rare Metals Theme Index, which includes up to 50 listed companies involved in the mining, smelting, and processing of rare metals, reflecting the overall performance of the rare metals sector [3]

Group 1 - Lithium battery industry stocks surged significantly on October 13, with Huasheng Lithium Battery hitting a 20% limit up and reaching a new high, while Haike New Energy and Taihe Technology rose over 17%, also achieving new highs [1] - From October 14 to November 10, lithium carbonate futures prices have continuously increased, with a total increase of 20% [1] - The production enthusiasm in the lithium iron phosphate industry is high, with leading material manufacturers operating at full or even over capacity, indicating a strong supply-demand dynamic that is expected to continue until the end of the year [1] Group 2 - By the first half of 2025, large-scale battery cells are expected to achieve full production and sales, with leading manufacturers' capacity utilization rates generally exceeding 80%, and some nearing 90% [1] - The independent energy storage demand in China is rapidly exploding after the cancellation of mandatory storage, with an expected annual growth rate of 30%-40% [1] - The demand for electrolytes has rapidly increased, with a cumulative production of 1.47 million tons from January to September, a year-on-year increase of 43.67%, and the annual total is expected to exceed 2 million tons [1] Group 3 - The price of lithium iron phosphate has recovered from a low of 70,000-80,000 yuan/ton in 2023-2024 to the current level of 100,000-110,000 yuan/ton, although still below the 2022 peak [2] - From January to September 2025, the production of lithium iron phosphate is expected to grow by 23.9% year-on-year, with rapid overall production expansion [2] - The negative electrode sector is experiencing a significant upward shift in price levels compared to the low points of 2019-2020, driven by rapid recovery in downstream demand starting September 2025 [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On November 11, the lithium carbonate futures 2601 contract rose 1.38% to 86,540 yuan/ton. Spot prices also increased, with the average price of battery-grade lithium carbonate rising 1,550 yuan/ton to 82,300 yuan/ton, and industrial-grade lithium carbonate rising 1,550 yuan/ton to 80,100 yuan/ton. The warehouse receipt inventory increased by 608 tons to 28,099 tons [3]. - In terms of supply, the weekly production increased by 454 tons to 21,534 tons. In November, the expected production of lithium carbonate is expected to decline by 0.2% to 92,080 tons. On the demand side, the production of ternary materials in November increased by 1% to 85,000 tons, and the production of lithium iron phosphate increased by 4% to 410,000 tons. The weekly inventory decreased by 3,406 tons to 123,953 tons [3]. - From a fundamental perspective, demand in November continued to increase month-on-month, and social inventory has been decreasing for 12 consecutive weeks. However, there are significant differences in news factors, and the rhythm of project resumption is unknown. Short-term market sentiment may fade, and attention should be paid to actual project resumption time and the first-quarter off - season in the power sector [3]. Group 3: Summary by Directory 2. Daily Data Monitoring - Futures: The closing price of the main contract was 86,540 yuan/ton, down 700 yuan; the closing price of the continuous contract was 84,620 yuan/ton, up 120 yuan. Lithium ore prices generally increased, and the price of lithium hexafluorophosphate rose by 2,000 yuan/ton to 122,000 yuan/ton [5]. - Price differences: The price difference between battery-grade and industrial-grade lithium carbonate remained unchanged at 2,200 yuan/ton, while the price difference between battery-grade lithium hydroxide and battery-grade lithium carbonate decreased by 1,250 yuan/ton to -6,370 yuan/ton [5]. 3. Chart Analysis - **3.1 Ore Prices**: Charts show the price trends of lithium spodumene concentrate, lithium mica, and other ores from 2024 to 2025 [8][9]. - **3.2 Lithium and Lithium Salt Prices**: Charts display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [10][11][12]. - **3.3 Price Differences**: Charts present the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, etc., from 2024 to 2025 [17][18]. - **3.4 Precursor & Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate from 2024 to 2025 [24][25][26]. - **3.5 Lithium Battery Prices**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid cells, and square lithium iron phosphate batteries from 2024 to 2025 [32][33][34]. - **3.6 Inventory**: Charts show the inventory trends of downstream, smelters, and other links from March to November 2025 [36][37][38]. - **3.7 Production Costs**: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [40][41].

Core Viewpoint - The 2025 (15th) High-tech Lithium Battery Annual Conference will be held from November 18 to 20 in Shenzhen, focusing on the lithium battery industry and attracting over 1,500 executives from more than 1,000 companies in the lithium battery supply chain [3][4]. Event Details - The conference will feature 12 specialized forums over three days, discussing new developments in the lithium battery industry [3]. - A variety of prominent industry leaders and executives are confirmed to attend and speak at the event, including representatives from major companies such as CATL, Yiwei Lithium Energy, and others [4][5]. Guest Speakers - Notable speakers include: - Zeng Yuqun, Chairman of CATL - Liu Jincheng, Chairman of Yiwei Lithium Energy - Wang Mingwang, Founder of Xinwangda - Other leaders from companies like Star Power, Greenmech, and more [4][5]. Sponsorship and Support - The event is supported by several sponsors, including Hai Moxing Laser as the main sponsor and Dazhu Lithium Battery as a special sponsor [6]. - Various companies will also participate in the conference, showcasing their innovations and products [6]. Concurrent Activities - The conference will feature the launch of the "2025 China Solid-State Lithium Battery Industry Chain Development Blue Book" and a new product release from Shangshui Intelligent [7]. - The High-tech Golden Ball Award will also be presented, with numerous companies nominated for their contributions to the industry [7][8]. Award Nominees - Companies such as Yiwei Lithium Energy, Xinwangda, and Rongbai Technology are among the first batch of nominees for the High-tech Golden Ball Award [7]. - Additional nominees will be announced in subsequent batches, highlighting the ongoing recognition of industry leaders [8][9].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 碳酸锂 姓名：龙奥明 宝城期货投资咨询部 摘要 【期货市场】主力合约仍为 LC2601.GFE。主力合约收盘价 86540 元/吨，较前日下跌 700 元/吨（-0.80%），近 10 个交易日整体呈现 上升走势。 从业资格证号：F3035632 投资咨询证号：Z0014648 【现货市场】碳酸锂现货价格为 82360 元/吨，较前日上涨 1.97%， 近 10 个交易日整体呈现上升走势。 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 有色金属 | 日报 2025 年 11 月 11 日 碳酸锂日报 专业研究·创造价值 碳酸锂震荡企稳 【基差分析】当前基差为-4400 点，负基差（现货贴水），较前日 走强 190 点，近 10 个交易日基差整体走弱。 【仓 ...

碳酸锂日报 碳酸锂日报（2025 年 11 月 11 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2601 合约涨 7.36%至 87240 元/吨。现货价格方面，电池级碳酸锂平均价上涨 350 元/吨至 80750 吨，工业级碳酸锂平均价上涨 350 元/吨至 78550 元/吨，电池级氢氧化锂（粗颗粒） 上涨 50 元/吨至 75630 元/吨。仓单方面，昨日仓单库存增加 159 吨至 27491 吨。 2. 供给端，周度产量环比增加 454 吨至 21534 吨，其中锂辉石提锂环比增加 220 吨至 13124 吨，锂云 母提锂环比增加 130 吨至 3011 吨，盐湖提锂环比增加 72 吨至 3319 吨，回收提锂环比增加 32 吨至 2080 吨；11 月预计碳酸锂产量环比下降 0.2%至 92080 吨。需求端，11 月三元材料产量环比增加 1% 至 8.5 万吨，周度三元材料产量环比增加 666 吨至 19234 吨，库存环比增加 663 吨至 19553 吨；11 月磷酸铁锂产量环比增加 4%至 41 万吨，周度 ...

Core Insights - The article emphasizes the importance of timely and relevant research reports for identifying investment opportunities, particularly in the lithium battery materials sector, which is experiencing structural shortages and price increases [1][2]. Group 1: Lithium Battery Materials - The lithium battery materials industry is expected to enter a new cycle driven by energy storage, with structural shortages and rising prices already observed [1]. - As of November 3, the report highlighted investment opportunities in the lithium battery materials supply chain, leading to significant stock price increases for companies like DLF (up over 25%), Tianqi Lithium, and Hunan Youneng (both up over 10%) [1]. Group 2: Market Trends and Projections - By 2025, the shipment volume in the lithium battery sector is projected to exceed 580 GWh, with leading companies achieving capacity utilization rates above 90% [2]. - The ban on single-use e-cigarettes in Europe and the U.S. is creating a new market opportunity, with a predicted acceleration in industry reshuffling by 2025, benefiting compliant contract manufacturers [2].

Group 1 - The core viewpoint indicates that lithium prices have surged significantly, driven by unexpected demand in energy storage, with a daily increase exceeding 6% [1] - The market anticipates that the rapid resumption of mining rights at Jiangxiawo is unlikely in the short term, leading to bullish expectations and a return to strong demand realities [2] - The overall production of lithium iron phosphate is expected to maintain a month-on-month increase, with the industry operating at higher rates, supported by optimistic storage demand forecasts for 2026 [2] Group 2 - On November 10, domestic futures contracts showed mixed results, with lithium carbonate rising over 7%, while glass prices fell nearly 3% [3] - The supply-demand balance has shifted to a tight situation, with expected shortages of approximately 1wt in November and December, influenced by the resumption pace at Jiangxiawo [4] - It is anticipated that lithium prices will remain strong until the end of the year due to funding and strong demand, although future highs may be limited if actual demand does not meet expectations [4]