Report Information - Report Title: Carbonate Lithium Daily Report (November 21, 2025) [1] - Report Type: Daily Report - Industry: Carbonate Lithium Investment Rating - No investment rating is provided in the report. Core Viewpoints - The carbon - lithium futures 2601 contract rose 0.84% to 98,980 yuan/ton yesterday. Spot prices of battery - grade carbonate lithium, industrial - grade carbonate lithium, and battery - grade coarse - particle lithium hydroxide all increased. The warehouse receipt inventory increased by 150 tons to 26,916 tons [3]. - On the supply side, weekly production increased. In October, China's carbonate lithium imports rose. On the demand side, the weekly production of ternary materials and lithium iron phosphate increased, with different inventory changes. Carbonate lithium social inventory has been decreasing for 14 weeks [3]. - In November, the inventory is being depleted rapidly. With the increase in prices, spot trading is sluggish. Attention should be paid to the pressure at the 100,000 - yuan mark and positions, and risks such as potential market sentiment weakening, power - end off - seasons, uncertain resumption of Jiangxi lithium mines, and large contract positions should be vigilant [3]. Summary by Section 1. Research Views - **Price Changes**: Futures 2601 contract rose 0.84% to 98,980 yuan/ton. Battery - grade carbonate lithium average price increased 2,400 yuan/ton to 91,300 yuan/ton, industrial - grade to 88,900 yuan/ton, and battery - grade coarse - particle lithium hydroxide to 80,580 yuan/ton. Warehouse receipt inventory increased by 150 tons to 26,916 tons [3]. - **Supply - side Situation**: Weekly production increased by 585 tons to 22,130 tons. In October, imports were 23,800 tons, up 21.9% month - on - month and 3.0% year - on - year [3]. - **Demand - side Situation**: Ternary material weekly production increased by 118 tons to 19,002 tons, inventory by 79 tons to 19,290 tons. Lithium iron phosphate weekly production increased by 118 tons, inventory decreased by 2,154 tons [3]. - **Inventory Situation**: Social inventory decreased for 14 weeks to 118,400 tons, turnover days dropped to 26.8 days. Downstream inventory decreased by 4,336 tons, other环节 inventory increased by 4,450 tons, and upstream inventory decreased by 2,166 tons [3]. - **Market Outlook**: In November, inventory depletion continued. Spot trading was cold as prices rose. Attention should be paid to potential risks [3]. 2. Daily Data Monitoring - **Price Changes**: Most products in the lithium - battery industry chain had price changes. For example, lithium ore prices generally increased, and so did lithium salts and some other products [5]. - **Price Differences**: Some price differences also changed, such as the difference between battery - grade and industrial - grade lithium hydroxide and carbonate lithium [5]. 3. Chart Analysis - **Ore Prices**: Charts show the price trends of lithium - containing ores such as lithium - spodumene concentrate and lithium - mica [6][7][8][9]. - **Lithium and Lithium Salt Prices**: Display price trends of metal lithium, battery - grade and industrial - grade carbonate lithium, etc. [10][11][12][13][14][15]. - **Price Differences**: Illustrate the trends of various price differences in the industry [17][18][20][21]. - **Precursor & Cathode Materials**: Show price trends of ternary precursors, ternary materials, lithium iron phosphate, etc. [23][25][26][27][29]. - **Lithium Battery Prices**: Present price trends of various lithium - battery cells and batteries [31][32][33][34]. - **Inventory**: Display inventory trends of downstream, smelters, and other环节 [36][37][38][39]. - **Production Costs**: Illustrate the trends of production profits from different raw materials [40][41]. 4. Team Introduction - The research team consists of Zhan Dapeng, Wang Heng, and Zhu Xi, with rich experience and professional titles in the field of non - ferrous metals research [44][45]. 5. Contact Information - Company address: 6th Floor, Building 1, Lujiazui Century Financial Plaza, No. 729, Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. Company phone: 021 - 80212222, fax: 021 - 80212200, and customer service hotline: 400 - 700 - 7979 [48][49].

| 代码 | 名标 | | | 涨幅%↑ | 最新 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 861520 | 微盘股 | 1 | | -3.76 | 3217.48 | -125.64 | | 932000 | 中证2000 | 2 | | -3.22 | 2968.05 | -98.72 | | 899050 | 北证50 | 1 | | -3.14 | 1400.18 | -45.36 | | 000698 | 科创100 | 1 | 喜 | -3.04 | 1313.05 | -41.15 | | 399006 | 创业板指 | 2 | 看 | -2.89 | 2954.56 | -87.78 | | 000852 | 中证1000 | 1 | 1 | -2.84 | 7132.20 | -208.21 | | 399001 | 深证成指 | | 章 | -2.62 | 12640.67 | -340.15 | | 000688 | 科创50 | 1 | 0 | -2.53 | 1294.58 | -33.60 | | 800000 | ...

Core Insights - The rapid development of energy storage both domestically and internationally is driving demand for dynamic storage, which is expected to lead to an expansion in the lithium battery supply chain [1] - Certain segments are experiencing supply tightness, resulting in significant price increases for products such as lithium hexafluorophosphate and VC, confirming the industry's high prosperity [1] - It is anticipated that the price increase trend will spread to other segments, with suppliers previously facing low profitability or losses expected to see a recovery as prices rise, leading to a phase of simultaneous volume and profit growth [1] Industry Outlook - The outlook remains positive for energy storage cells, lithium hexafluorophosphate, VC & electrolytes, copper foil, anode and cathode materials, and separators [1]

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - On November 21, 2025, the lithium carbonate futures 2601 contract rose 4.97% to 99,300 yuan/ton. The average price of battery-grade lithium carbonate increased by 1,500 yuan/ton to 88,900 yuan/ton, the average price of industrial-grade lithium carbonate rose by 1,450 yuan/ton to 86,500 yuan/ton, and the price of battery-grade lithium hydroxide (coarse particles) increased by 1,000 yuan/ton to 79,080 yuan/ton. The warehouse receipt inventory increased by 155 tons to 26,766 tons [2]. - On the supply side, production remained flat while imports increased. The weekly production increased slightly month-on-month, and the domestic production in November changed little compared to the previous month. In October, Chile's lithium carbonate exports to China increased by 46% month-on-month to 16,200 tons. On the demand side, the demand for lithium carbonate from ternary materials and lithium iron phosphate in November increased by 4% month-on-month to 114,600 tons. In terms of inventory, the social inventory of lithium carbonate has been decreasing for 13 consecutive weeks to 120,500 tons, and the inventory turnover days have dropped to a new low of 28.1 days since the futures listing, with the downstream inventory decreasing at a faster pace [2]. - In November, the inventory continued to decline rapidly, and the warehouse receipt inventory remained at a low level. The price of ore remained firm. The strong terminal expectations and the rising prices of related materials increased the demand for inventory replenishment in each link and for raw materials. The market opened lower and closed higher on November 21. Attention should be paid to the 100,000 yuan mark and the position situation. In the short term, it may still fluctuate strongly. In the future, first, as the price rises, the spot trading has become sluggish, but the supply side is expected to increase the operating rate to a certain extent, and the gap in December may narrow compared to November; second, there was a mismatch between the terminal performance in October and market expectations, and there may be an off - season in the power sector in the first quarter after the pre - consumption this year; third, the actual resumption of production of lithium ore projects in Jiangxi is still uncertain, with a 10 - working - day document publicity period, and attention should be paid to new market information after the 20th; fourth, the current weighted contract position of lithium carbonate is still large, and position disturbances need to be vigilant [2]. Summary by Relevant Catalogs 1. Daily Data Monitoring - Futures: The closing price of the main contract was 99,300 yuan/ton, up 5,780 yuan; the closing price of the continuous contract was 99,060 yuan/ton, up 5,640 yuan [4]. - Lithium Ore: The price of lithium spodumene concentrate (6%, CIF China) was 1,086 US dollars/ton, up 30 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) was 1,625 yuan/ton, up 50 yuan; the price of lithium mica (Li2O: 2.0% - 2.5%) was 2,575 yuan/ton, up 110 yuan; the price of amblygonite (Li2O: 6% - 7%) was 8,950 yuan/ton, up 500 yuan; the price of amblygonite (Li2O: 7% - 8%) was 10,400 yuan/ton, up 500 yuan [4]. - Lithium Carbonate: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 88,900 yuan/ton, up 1,500 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 86,500 yuan/ton, up 1,450 yuan [4]. - Lithium Hydroxide: The price of battery - grade lithium hydroxide (coarse particles/domestic) was 79,080 yuan/ton, up 1,000 yuan; the price of battery - grade lithium hydroxide (micropowder) was 83,850 yuan/ton, up 900 yuan; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 73,630 yuan/ton, up 900 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) was 10.45 US dollars/kg, up 0.1 US dollars [4]. - Lithium Hexafluorophosphate: The price was 148,500 yuan/ton, up 4,000 yuan [4]. - Spreads: The price difference between battery - grade and industrial - grade lithium carbonate was 2,400 yuan/ton, up 50 yuan; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 9,820 yuan/ton, down 500 yuan; CIF China, Japan, and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide was - 5,018.76 yuan/ton, down 275 yuan [4]. - Precursors and Cathode Materials: The prices of some ternary precursors decreased slightly, while the prices of some ternary materials and lithium iron phosphate increased. For example, the price of ternary precursor 523 (polycrystalline/power type) decreased by 50 yuan/ton, and the price of ternary material 523 (polycrystalline/consumer type) increased by 500 yuan/ton [4]. - Cells and Batteries: The prices of most cells and batteries remained stable, with only a few showing small increases, such as the price of square lithium iron phosphate cells (small power type) increasing by 0.01 yuan/Wh [4]. 2. Chart Analysis - 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 [5][7] - Lithium and Lithium Salt Prices: Charts display the price trends of metallic 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] - Spreads: Charts present 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 - battery - grade lithium hydroxide, battery - grade lithium carbonate (CIF Asia) - domestic, and basis from 2024 to 2025 [15][17] - Precursors and Cathode Materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2025 [22][25] - Lithium Battery Prices: Charts display 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 [28][31] - Inventory: Charts show the inventory trends of downstream, smelters, and other links of lithium carbonate from March to November 2025 [35][37] - Production Cost: A chart shows 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][41]

Group 1 - The lithium mining sector has strengthened again, with lithium carbonate futures rising by 5% to exceed 100,000 yuan/ton for the first time since June 2024 [1] - Strong downstream demand in domestic energy storage and accelerated inventory depletion of lithium carbonate indicate a tight short-term supply [1] - Market sentiment is highly optimistic, driven by various catalysts including adjustments in battery shipments and positive statements from upstream lithium company executives [1] Group 2 - Short-term price volatility for lithium carbonate is expected, but a steady long-term growth trend is highly certain [1] - The continuous upward adjustment of energy storage demand expectations is likely to benefit lithium mining equities [1] - Emerging demands in sectors like AI and electricity, along with ongoing supply disruptions, suggest a promising outlook for base metals such as copper and aluminum [1]

Group 1 - The core viewpoint of the news highlights a strong performance in the non-ferrous metals industry, with the index rising by 1.51% and key stocks like Guocheng Mining and Yahua Group showing significant gains [1] - In October, the actual growth of the industrial added value of non-ferrous metals above designated size increased by 4.0% year-on-year, while the growth from January to October was 7.4%, which is 0.4 percentage points lower than the previous three quarters [1] - The demand in the energy storage market is robust, with leading domestic lithium battery companies placing large orders with upstream material suppliers, indicating a high growth trend in production for November [1] Group 2 - The non-ferrous metals ETF closely tracks the Guozheng Non-Ferrous Metals Industry Index, which selects 50 securities with significant size and liquidity in the non-ferrous metals sector, reflecting the overall performance of listed companies in this industry [2] - As of October 31, 2025, the top ten weighted stocks in the Guozheng Non-Ferrous Metals Industry Index accounted for 52.91% of the index, including companies like Zijin Mining and Ganfeng Lithium [2]

Group 1 - Dawi Co., Ltd. is advancing the procedures for converting exploration rights to mining rights for its lithium battery new energy project in Chenzhou, Hunan, with a significant milestone achieved on June 2025 when the provincial land resources department completed the reserve filing [1] - The completion of the exploration rights conversion marks a critical step in resource development, potentially enhancing the company's upstream supply chain capabilities in the lithium battery industry, although subsequent approvals remain uncertain [1] - The recent stock price fluctuation of 22.53% over two trading days reflects market sentiment, and investors are advised to monitor the progress of government approvals and lithium price trends impacting company performance [1] Group 2 - Jiejia Weichuang announced the early termination of the share reduction plan by senior management, signaling positive sentiment regarding the company's future development [2] - As of now, senior management has reduced their holdings by 5,000 shares and 2,000 shares respectively, with no further reductions planned within the original timeframe [2] - This decision may help stabilize market expectations amid increased volatility in the photovoltaic equipment industry, reflecting management's confidence [2] Group 3 - Fengyuan Co., Ltd. has successfully entered the mass production phase of its high-pressure dense lithium iron phosphate products, with a total production capacity of 225,000 tons and an additional 75,000 tons under construction [3] - The company plans to adjust its production capacity in real-time based on industry trends and customer demand, showcasing operational rationality [3] - The successful mass production of high-pressure dense products demonstrates technological strength and aligns with high-end market demands, although risks of industry overcapacity and intense price competition remain [3]

南华期货碳酸锂企业风险管理日报 2025年11月19日 夏莹莹 投资咨询证书：Z0016569 研究助理：余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 【核心矛盾】 锂矿端，本月到港锂精矿数量预计偏多，可缓解市场锂矿端的紧张格局；供给方面，盐湖产能释放将持续为 锂盐市场补充供给，而"枧下窝复产速度"是关键变量，若其复产进度超市场预期，将直接扩大锂盐供给规 模，对价格形成潜在压制。需求端当前表现强劲，磷酸铁锂、三元材料、六氟磷酸锂等核心电池材料价格持 续上行，直观反映出市场对碳酸锂的需求韧性；从历史经验来看，临近12月时，下游动力电芯排产会出现季 节性环比减少情况，当前市场核心焦点同时聚焦于储能电芯排产能否弥补动力电芯排产的下滑，具体需根据 排产情况判断。假设，若整体下游排产环比减量有限，则仍符合市场预期；但若减量超预期，则可能引发市 场波动，削弱市场对短期需求的信心，进而导致碳酸锂价格震荡承压。 . 此外，11月底仓单集中注销情况亦需重点关注：若仓单数量出现大幅减少，则很有可能引发市场对持仓量和 仓单数量的炒作，进而对碳酸锂 ...

碳酸锂日报（2025 年 11 月 19 日） 碳酸锂日报 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 0.93%至 93520 元/吨。现货价格方面，电池级碳酸锂平均价上涨 1250 元/吨至 87400 元/吨，工业级碳酸锂平均价上涨 1250 元/吨至 85050 元/吨，电池级氢氧化锂（粗颗 粒）上涨 800 元/吨至 78080 元/吨。仓单方面，昨日仓单库存减少 342 吨至 26611 吨。 2. 供应端，产量持平+进口增加，周度产量环比小幅增加，11 月国内产量环比变化不大，10 月智利出 口碳酸锂至中国环比增长 46%至 1.62 万吨。需求端，11 月三元材料+磷酸铁锂对碳酸锂需求环比增 加 4%至 11.46 万吨。库存端，碳酸锂社会库存连续去库 13 周至 12.05 万吨，库存周转天数下降至期 货上市以来新低 28.1 天，其中下游去库速度较快。 3. 11 月整体维持较快速度去库的节奏中，且仓单库存持续去化，矿价表现仍偏坚挺，终端强预期和相 关材料价格的走强提升其各环节及原材料备货需求，昨 ...

Core Insights - The lithium battery industry chain maintains a high level of prosperity as of November 17, with active performance across various segments including separators, cathode materials, and electrolytes [1] - Lithium carbonate futures reached a new high of 95,200 yuan/ton, marking the highest level since July 2024, driven by predictions of a significant increase in demand [1] - The global lithium carbonate supply capacity is projected to exceed 1.7 million tons by 2025, while demand is estimated at around 1.55 million tons, indicating a potential supply surplus that previously suppressed prices [1] Industry Performance - The demand side shows strong performance, with both power and energy storage batteries experiencing robust demand, leading to a rapid decline in energy storage cell inventories [2] - The new energy vehicle market also remains vibrant, with wholesale sales of new energy passenger vehicles reaching 1.621 million units in October, a year-on-year increase of 18.5% and a month-on-month increase of 8.5% [2] - The lithium battery industry chain's production in November is expected to reach a historical high of 209 GWh, supported by high-capacity operations across lithium battery companies [2] Market Dynamics - The lithium battery sector is experiencing a simultaneous increase in both volume and price due to high demand, with the sector's valuation and performance being supported by the dual drivers of energy storage and new energy vehicles [2] - The lithium battery index is currently at a historical low valuation of 37.87%, indicating potential for recovery [2] - Recommendations are made to pay attention to the new energy vehicle ETF (159806) to capitalize on these opportunities [2]