1. Report Industry Investment Rating - The investment rating for lithium carbonate is "Volatile" [4] 2. Core Viewpoints of the Report - Short - term speculative sentiment has cooled down, causing the market to decline significantly. Future price trends may gradually return to fundamental logic. The demand side shows positive growth in production schedules in August, and the supply side still has uncertainties due to the unresolved Jiangxi mining license issue. The market has support from both fundamentals and downstream buying. It is not recommended to enter short positions too early. Instead, it is advisable to try long positions at low prices with a light position and use spot market transactions to determine the entry timing. Also, it is suggested to take profit on the 9 - 11 reverse spread [2][12][13] 3. Summary by Relevant Catalogs 3.1.盘面高位回落，下游买盘涌出 - Last week (07/28 - 08/01), lithium salt prices dropped from high levels. LC2508 and LC2509 closing prices decreased by 13.7% and 14.4% respectively. SMM battery - grade and industrial - grade lithium carbonate spot average prices fell by 2.1%. Battery - grade lithium hydroxide prices continued to rise, with the average prices of coarse - grained and micronized types increasing by 4.0% and 3.7% respectively. The price difference between electric and industrial lithium carbonate narrowed slightly, and the price discount of battery - grade lithium hydroxide to battery - grade lithium carbonate also narrowed. Due to the previous influx of long - position funds and slow warehouse receipt generation, the delivery risk of LC2509 increased. After the Guangzhou Futures Exchange issued two position - limit announcements, LC2509 significantly reduced its positions by 270,000 lots to 210,000 lots, and the delivery risk is expected to decline [1][10][11] 3.2.周内行业要闻回顾 - Jiangte Motor's actual controller changed to Wang Xin and Zhu Jun after a series of equity transfers and agreements, and the company's stock resumed trading on July 29, 2025 [14] - Liontown's Kathleen Valley lithium project had strong second - quarter operating results, with a net operating cash flow of 23 million Australian dollars, revenue of 96 million Australian dollars, and sales of 97,330 metric tons of concentrate at an average grade of 5.2%. The underground production is increasing as planned [14] - De'a Lithium Industry's 30,000 - ton lithium salt project was successfully put into production on July 31, laying a foundation for full - scale production [15] - IGO's Greenbushes project has a 2026 guidance target of 1.5 - 1.65 million tons of spodumene with a cash cost of 310 - 360 US dollars per ton. The Kwinana lithium hydroxide refinery's annual output did not meet the target, and it is expected to be further impaired by 70 - 90 million Australian dollars [15] - PLS's 2025 fiscal - year lithium spodumene concentrate production reached 754,600 tons, a 4% year - on - year increase, exceeding the guidance target. However, due to falling lithium prices, the annual revenue decreased by 39% to 769 million Australian dollars. The company plans to increase production to 820,000 - 870,000 tons in 2026 [15][16] 3.3.产业链重点高频数据监测 3.3.1.资源端：锂精矿现货报价回落 - Lithium concentrate spot quotes declined, with the lithium spodumene concentrate spot average price (6%, CIF China) dropping from 810 US dollars per ton to 755 US dollars per ton, a 6.8% decrease [11] 3.3.2.锂盐：盘面高位回落 - Lithium salt prices dropped from high levels. Battery - grade and industrial - grade lithium carbonate spot average prices decreased by 2.1%, and LC2508 and LC2509 closing prices decreased by 13.7% and 14.4% respectively. Battery - grade lithium hydroxide prices continued to rise [1][10][11] 3.3.3.下游中间品：报价略回升 - The prices of downstream intermediate products such as some lithium - related materials showed a slight increase. For example, the prices of some ternary materials increased slightly, with the 523, 622, and 811 types rising by 0.6%, 1.1%, and 0.6% respectively [11] 3.3.4.终端：6月中国新能源车延续去库 - In June, China's new - energy vehicle market continued the inventory reduction trend, with relevant data on production, sales, and penetration rate showing certain trends [36]

Group 1: Industry News - Insurance institutions have paid disaster compensation of 520 million yuan to nine provinces and regions due to heavy rainfall [2] - The total box office for the summer season (June to August) has exceeded 6.6 billion yuan, with a single-day box office reaching over 370 million yuan, setting a new record for single-day box office during the summer season [4] Group 2: Company News - Hikvision announced that most of its product lines have integrated AI technology, providing a wide range of AI hardware products across various industries, with hundreds of large model products launched by mid-2023 [5] - Kunlun Wanwei has launched and open-sourced a new inference large model, Skywork MindLink, which adapts to task difficulty and significantly reduces inference costs while enhancing readability and effectiveness [5] - Zhiyuan Robotics has completed a new round of strategic financing, with investments from LG Electronics and Mirae Asset Group, marking LG's first investment in the field of embodied intelligence [5] Group 3: Market Regulation - The State Administration for Market Regulation has implemented guidelines to standardize the charging behaviors of online trading platforms, including commissions, membership fees, and service fees [2]

Group 1 - The battery ETF managed by Jiashi has a turnover rate of 1.67% and a transaction volume of 4.9343 million yuan as of July 31. The average daily transaction volume over the past month is 9.6408 million yuan [2] - The net value of the battery ETF has increased by 21.52% over the past year, with the highest monthly return since inception being 31.11% and the longest consecutive monthly increase being 3 months [2] - The valuation of the index tracked by the ETF is at a historical low, with a latest price-to-book ratio (PB) of 2.94, significantly lower than 80.38% of the time over the past five years, indicating strong valuation attractiveness [2] Group 2 - Since 2023, the capital expenditure in the lithium battery industry chain has been in a continuous decline for seven consecutive quarters, but is expected to turn positive in Q1 2025, indicating a potential recovery in the industry [3] - The Chinese government is focusing on regulating "involution" competition, which may lead to industry consolidation and value reconstruction within the supply chain [3] - Chinese companies are enhancing their competitiveness in the global market, with leading positions in both power and energy storage battery shipments, and are accelerating overseas capacity construction [3] Group 3 - As of July 31, the top ten weighted stocks in the CSI Battery Theme Index include Yangguang Electric, Ningde Times, Sanhua Intelligent Control, and others, collectively accounting for 51.66% of the index [3] - The performance of individual stocks shows mixed results, with Yangguang Electric increasing by 3.51% while Ningde Times decreased by 0.42% [5] - Investors without stock accounts can access battery industry investment opportunities through the Jiashi Battery ETF linked fund (016567) [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The 2509 contract of lithium carbonate futures dropped 4.66% to 6,8280 yuan/ton. The average price of battery - grade lithium carbonate decreased by 950 yuan/ton to 72,000 yuan/ton, and the average price of industrial - grade lithium carbonate fell by 950 yuan/ton to 69,900 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) rose by 200 yuan/ton to 65,670 yuan/ton. The warehouse receipts were concentrated for cancellation, and the inventory decreased by 7,586 tons to 5,545 tons [3]. - Recently, Australian mining companies have successively disclosed their financial reports, with many companies showing a month - on - month increase in production and sales. Overseas lithium ore supply remains stable and abundant. At the performance interpretation meeting of CATL's semi - annual report, the company's management stated that its lithium ore project is operating normally, and the application materials for the renewal of the mining right have been submitted to provincial and municipal authorities a month ago, and the enterprise is relatively optimistic [3]. - On the supply side, the weekly output decreased by 1,362 tons to 17,268 tons, with a significant decline in lithium extraction from mica. In June 2025, China's lithium carbonate import volume was 17,700 tons, a month - on - month decrease of 16.3%. On the demand side, the production schedule in July increased slightly month - on - month, and the consumption of lithium carbonate by the two major main materials increased by 3% month - on - month to about 80,800 tons. In terms of inventory, the weekly inventory decreased by 1,444 tons to 141,726 tons, with an increase in downstream inventory and a decrease in upstream and other links [3]. - There is a game between market sentiment and fundamentals. With low warehouse receipt inventory and high market volatility, opportunities to short volatility in the future market can be considered, and attention should be paid to position management [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract dropped from 70,600 yuan/ton to 68,280 yuan/ton, a decrease of 2,320 yuan/ton; the closing price of the continuous contract decreased from 70,260 yuan/ton to 68,000 yuan/ton, a decrease of 2,260 yuan/ton [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) decreased from 776 US dollars/ton to 766 US dollars/ton, a decrease of 10 US dollars/ton; the price of lithium mica (Li2O: 1.5% - 2.0%) decreased from 1,140 yuan/ton to 1,120 yuan/ton, a decrease of 20 yuan/ton; the price of lithium mica (Li2O: 2.0% - 2.5%) decreased from 1,775 yuan/ton to 1,750 yuan/ton, a decrease of 25 yuan/ton; the price of petalite (Li2O: 6% - 7%) decreased from 5,675 yuan/ton to 5,325 yuan/ton, a decrease of 350 yuan/ton; the price of petalite (Li2O: 7% - 8%) decreased from 6,625 yuan/ton to 6,250 yuan/ton, a decrease of 375 yuan/ton [5]. - **Lithium Carbonate**: The average price of battery - grade lithium carbonate decreased by 950 yuan/ton to 72,000 yuan/ton, and the average price of industrial - grade lithium carbonate decreased by 950 yuan/ton to 69,900 yuan/ton [3][5]. - **Lithium Hydroxide**: The price of battery - grade lithium hydroxide (coarse particles) rose by 200 yuan/ton to 65,670 yuan/ton; the price of battery - grade lithium hydroxide (micropowder) rose by 200 yuan/ton to 70,820 yuan/ton; the price of industrial - grade lithium hydroxide (coarse particles) rose by 200 yuan/ton to 60,570 yuan/ton; the price of battery - grade lithium hydroxide (CIF China, Japan and South Korea) remained unchanged at 8.28 US dollars/kg [5]. - **Lithium Hexafluorophosphate**: The price remained unchanged at 53,250 yuan/ton [5]. - **Price Spreads**: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged at 2,100 yuan/ton; the price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate increased from - 7,480 yuan/ton to - 6,330 yuan/ton, an increase of 1,150 yuan/ton; the difference between CIF China, Japan and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide decreased from - 6,316.85 yuan/ton to - 6,472.97 yuan/ton, a decrease of 156 yuan/ton [5]. - **Precursors and Cathode Materials**: The prices of some ternary precursors and cathode materials changed slightly. For example, the price of ternary precursor 523 (polycrystalline/power type) increased by 70 yuan/ton to 75,865 yuan/ton [5]. - **Cells and Batteries**: The prices of most cells and batteries remained stable, with only a few showing minor increases, such as the 523 square ternary cell price increasing by 0.001 yuan/Wh to 0.384 yuan/Wh [5]. 3.2 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%), petalite (6% - 7%) from 2024 to 2025 [6][8]. - **Lithium and Lithium Salt Prices**: Charts display the price trends of metallic lithium, average price of battery - grade lithium carbonate, average price of industrial - grade lithium carbonate, etc. from 2024 to 2025 [9][10]. - **Price Spreads**: Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc. from 2024 to 2025 [16][17]. - **Precursors and Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, cobalt acid lithium from 2024 to 2025 [21][22]. - **Lithium Battery Prices**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, square lithium iron phosphate batteries from 2024 to 2025 [30][31]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links from December 2024 to July 2025 [34][35]. - **Production Costs**: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [38][39].

Group 1 - A-shares opened lower with the Shanghai Composite Index down 0.14%, Shenzhen Component down 0.08%, and ChiNext down 0.19% [1] - Sectors such as China Shipbuilding, fiberglass, and copper foil/copper-clad laminate saw significant declines [1] Group 2 - Everbright Securities noted a weakening "import rush" effect in Q2, with U.S. imports declining at an annualized rate of -30.3%, impacting net exports and contributing to the positive GDP growth [2] - Consumer confidence in the U.S. remains low, with personal consumption growth at 1.4%, the second-lowest since 2024, and private investment down to an annualized rate of -15.6% [2] - Everbright Securities predicts a high probability of the Federal Reserve restarting interest rate cuts in the second half of the year [2] Group 3 - Huatai Securities expects the lithium battery supply chain's capacity utilization to continue improving, driven by strong sales of new energy vehicles in China and Europe [3] - The profitability model for energy storage is gradually improving, supported by local policies, and demand is expected to remain strong [3] - Supply-side constraints are easing, with significant slowdowns in new capacity releases in battery and material sectors, leading to improved profitability [3] Group 4 - Galaxy Securities remains optimistic about the equity market, focusing on technology, consumer sectors, and "anti-involution" areas [4] - July's PMI indicates resilience in China's economy, with production maintaining expansion despite seasonal impacts [4] - The central political bureau's meeting emphasized consolidating economic recovery and fostering new pillar industries without relying on debt-driven growth [4]

Group 1 - The article presents a detailed distribution map of the global lithium battery industry, covering the entire supply chain from raw materials to end applications [2] - The distribution map highlights four major lithium battery industry clusters located in China, North America, Europe, and Southeast Asia [2] Group 2 - The distribution map measures 1.5 meters by 1 meter, providing a comprehensive visual representation of the lithium battery ecosystem [2] - The article offers a free distribution of the map to readers who share the article on their social media [3]

Investment Rating - The industry investment rating is "Overweight" [9][30]. Core Views - The report highlights strong demand for commercial vehicles and favorable conditions for large-scale energy storage in China, leading to a month-on-month increase in lithium battery production in August [1]. - The report anticipates limited price reduction space in the battery and materials segments due to sustained demand growth and improved capacity utilization rates, particularly in Q3 [1]. - The report recommends several companies, including CATL, Yiwei Lithium Energy, and Xinwangda, as well as companies in the 6F and positive electrode materials sectors [1][5]. Summary by Sections Lithium Battery Production - In August, lithium battery production reached 110.3 GWh, a month-on-month increase of 1.5%, with positive and negative electrode production increasing by 2.6% and 2.3%, respectively [1]. - The demand for electric commercial vehicles and large-scale energy storage is driving this growth, indicating a continued upward trend in the lithium battery industry [1]. New Energy Vehicles - In July 2025, domestic retail sales of new energy vehicles reached 1.01 million units, a year-on-year increase of 15%, with a cumulative sales increase of 29.1% for the first seven months [2]. - The penetration rate of new energy heavy trucks in China reached 14.69%, with sales increasing by 186% year-on-year [2]. Energy Storage - The report notes that the profitability model for large-scale energy storage in China is gradually improving, with a significant increase in bidding scale [4]. - In the first half of 2025, the bidding scale for energy storage reached 176.59 GWh, a year-on-year increase of 180.57% [4]. Recommendations - The report recommends the following companies for investment: - CATL (300750 CH) with a target price of 341.24 and a "Buy" rating [7]. - Yiwei Lithium Energy (300014 CH) with a target price of 49.20 and a "Buy" rating [11]. - Xinwangda (300207 CH) with a target price of 23.18 and a "Buy" rating [12]. - Tianci Materials (002709 CH) with a target price of 22.80 and a "Buy" rating [12]. - Fulian Precision (300432 CH) with a target price of 26.77 and a "Buy" rating [14].

Event Announcement - The 2025 (15th) High-tech Lithium Battery Annual Conference will be held from November 18-20, 2025, at JW Marriott Hotel in Shenzhen [1] Battery Sector - Honeycomb Energy has successfully delivered its short-blade batteries to VinFast in Vietnam, providing core power support for the Limo Green model. The batteries utilize Honeycomb's innovative thermal composite stacking technology, offering higher energy density, safety, power, and long cycle life compared to traditional battery designs [2][3] Company Establishment - Jingmen Yiwei Comprehensive Energy Service Co., Ltd. was officially established on July 23, with a registered capital of 5 million yuan. The company will focus on energy storage technology services, battery leasing, and sales [4][5] IPO Progress - Shenzhen Hailei New Energy Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, focusing on lithium-ion battery research and production, particularly for light vehicle battery swapping and energy storage applications [6][7] Material Development - Zhejiang Qiyuan New Materials Co., Ltd. has received public notice for its project to produce 50 tons of new silicon-carbon anode materials, with an investment of 24.85 million yuan. This project is part of a broader strategy by its parent company, Zhejiang Xin'an Chemical Group, to develop an integrated lithium battery industry chain [8][9] Major Orders - Tian Tie Technology announced a 400 million yuan order for copper-lithium composite strips from Zhuhai Xinjie, with a total order quantity of 100 tons. This order is linked to the production of solid-state batteries [10][11][12] Equipment Development - Yifei Laser's lithium battery laser manufacturing equipment headquarters project has been completed, with a total investment of approximately 500 million yuan. The facility aims to enhance smart equipment manufacturing capabilities and support the development of advanced industries [13][14] International Collaboration - LG Energy Solution and Yahua Group are collaborating to build a lithium refining plant in Morocco, with an investment of 5.5 billion dirhams [15][16] Supply Contracts - LG Energy Solution has signed a significant contract worth 5.9442 trillion won (approximately 30.9 billion yuan) for lithium iron phosphate (LFP) batteries, which is expected to account for 23.2% of its projected sales for 2024. The contract may involve supplying batteries for Tesla's energy storage systems [17][18][19]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Yesterday, the 2509 contract of lithium carbonate futures dropped 5.9% to 70,840 yuan/ton. The average price of battery - grade lithium carbonate decreased by 750 yuan/ton to 73,150 yuan/ton, and the average price of industrial - grade lithium carbonate fell by 700 yuan/ton to 71,000 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) was 65,420 yuan/ton. The warehouse receipt inventory remained at 12,276 tons [3]. - In terms of supply, the output in July is expected to increase by 3.9% month - on - month to 81,150 tons, and the weekly output decreased by 485 tons to 18,630 tons. In June 2025, China's lithium carbonate import volume was 17,700 tons, a month - on - month decrease of 16.3%. On the demand side, the production schedule in July increased slightly month - on - month, and the consumption of lithium carbonate by the two major main materials increased by 3% month - on - month to about 80,800 tons. In terms of inventory, the weekly inventory increased by 550 tons to 143,170 tons. Among them, the downstream inventory increased by 1,544 tons to 42,815 tons, the intermediate link inventory increased by 1,660 tons to 44,970 tons, and the upstream inventory decreased by 2,654 tons to 55,385 tons [3]. - The core contradiction in the short - term fundamentals lies in the concern about supply disruptions. Currently, there is still no clear announcement, and affected by the overall market, the market volatility is relatively large. Opportunities to short volatility in the future market can be monitored [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 70,840 yuan/ton, down 2,280 yuan from the previous day; the closing price of the continuous contract was 70,460 yuan/ton, down 1,240 yuan [5]. - Lithium ore: The price of lithium spodumene concentrate (6%, CIF China) was 777 US dollars/ton, down 28 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) was 1,140 yuan/ton, down 25 yuan; the price of lithium mica (Li2O: 2.0% - 2.5%) was 1,775 yuan/ton, down 30 yuan; the price of amblygonite (Li2O: 6% - 7%) was 5,600 yuan/ton, down 300 yuan; the price of amblygonite (Li2O: 7% - 8%) was 6,500 yuan/ton, down 350 yuan [5]. - Lithium carbonate: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 73,150 yuan/ton, down 750 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 71,000 yuan/ton, down 700 yuan [5]. - Lithium hydroxide: The price of battery - grade lithium hydroxide (coarse particles/domestic) remained at 65,420 yuan/ton; the price of battery - grade lithium hydroxide (micropowder) remained at 70,570 yuan/ton; the price of industrial - grade lithium hydroxide (coarse particles/domestic) remained at 60,320 yuan/ton; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) remained at 8.28 US dollars/kg [5]. - Lithium hexafluorophosphate: The price of lithium hexafluorophosphate remained at 53,250 yuan/ton [5]. - Price differences: The price difference between battery - grade and industrial - grade lithium carbonate was 2,150 yuan/ton, down 50 yuan; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 7,730 yuan/ton, up 750 yuan; the difference between CIF China, Japan, and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide was - 6,208.89 yuan/ton, up 36 yuan [5]. - Precursors and cathode materials: The prices of some ternary precursors and cathode materials changed slightly. For example, the price of ternary precursor 523 (polycrystalline/power type) increased by 40 yuan/ton to 75,795 yuan/ton, and the price of cobalt acid lithium (60%, 4.35V/domestic) increased by 50 yuan/ton to 220,450 yuan/ton [5]. - Batteries: The price of 523 square ternary battery cells increased by 0.001 yuan/Wh to 0.384 yuan/Wh, and the price of square lithium iron phosphate battery cells increased by 0.002 yuan/Wh to 0.323 yuan/Wh [5]. 3.2 Chart Analysis 3.2.1 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 [6][8]. 3.2.2 Lithium and Lithium Salt Prices - Charts present the price trends of metal 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][13]. 3.2.3 Price Differences - Charts display 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 and domestic battery - grade lithium hydroxide, and the basis from 2024 to 2025 [16][17][19]. 3.2.4 Precursors and Cathode Materials - Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [21][24][27]. 3.2.5 Lithium Battery Prices - Charts present the price trends of 523 square ternary battery cells, square lithium iron phosphate battery cells, cobalt acid lithium battery cells, and square lithium iron phosphate batteries from 2024 to 2025 [29][31]. 3.2.6 Inventory - Charts show the inventory trends of downstream, smelters, and other links of lithium carbonate from December 2024 to July 2025 [34][36]. 3.2.7 Production Costs - The chart shows the production profit trends of lithium carbonate from different raw materials such as purchased ternary pole piece black powder, purchased lithium iron phosphate pole piece black powder, purchased lithium mica concentrate, and purchased lithium spodumene concentrate from 2024 to 2025 [38][39]. 3.3 Research Team and Contact Information - The non - ferrous research team members include Zhan Dapeng, Wang Heng, and Zhu Xi, each with their own educational backgrounds, research directions, and professional qualifications [42][43]. - The company's address is in Shanghai, with a phone number, fax number, customer service hotline, and postal code provided [46].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Yesterday, the 2509 contract of lithium carbonate futures dropped 7.98% to 73,120 yuan/ton. The average price of battery - grade lithium carbonate rose 1,000 yuan/ton to 73,900 yuan/ton, the average price of industrial - grade lithium carbonate rose 1,000 yuan/ton to 71,700 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) rose 2,300 yuan/ton to 65,420 yuan/ton. The warehouse receipt inventory increased 280 tons to 12,276 tons [3]. - On the supply side, the production in July is expected to increase 3.9% month - on - month to 81,150 tons, and the weekly production decreased 485 tons to 18,630 tons. In June 2025, China's lithium carbonate import volume was 17,700 tons, a 16.3% month - on - month decrease. On the demand side, the production schedule in July increased slightly month - on - month, and the consumption of lithium carbonate by the two major main materials increased 3% month - on - month to about 80,800 tons. On the inventory side, the weekly inventory increased 550 tons to 143,170 tons, with downstream inventory increasing 1,544 tons to 42,815 tons, intermediate link inventory increasing 1,660 tons to 44,970 tons, and upstream inventory decreasing 2,654 tons to 55,385 tons [3]. - The core short - term fundamental contradiction lies in concerns about supply disruptions, but there is still no clear announcement. Affected by the market, market volatility is high, and opportunities to short volatility in the future market can be monitored [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 73,120 yuan/ton, down 7,400 yuan from July 25; the closing price of the continuous contract was 71,700 yuan/ton, down 7,700 yuan [5]. - Lithium ore: The price of lithium spodumene concentrate (6%, CIF China) was 805 US dollars/ton, down 5 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) remained unchanged at 1,165 yuan/ton, while the price of lithium mica (Li2O: 2.0% - 2.5%) rose 15 yuan to 1,805 yuan/ton. The prices of phospho - lithium - aluminum stone (Li2O: 6% - 7%) and (Li2O: 7% - 8%) decreased by 590 yuan and 600 yuan respectively [5]. - Lithium carbonate and lithium hydroxide: The prices of battery - grade and industrial - grade lithium carbonate increased by 1,000 yuan/ton, and the prices of various types of lithium hydroxide also increased, with an increase of 2,300 - 2,350 yuan/ton [5]. - Other products: The price of lithium hexafluorophosphate rose 250 yuan/ton. There were also changes in various price spreads and the prices of ternary precursors, cathode materials, and batteries [5]. 3.2 Chart Analysis 3.2.1 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 phospho - lithium - aluminum stone (6% - 7%) from 2024 to 2025 [6][8]. 3.2.2 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][13]. 3.2.3 Price Spreads - Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China - Japan - South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide, and other spreads from 2024 to 2025, as well as the basis [16][17][19]. 3.2.4 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 [21][24][27]. 3.2.5 Lithium Battery Prices - Charts display the price trends of 523 square ternary battery cells, square lithium iron phosphate battery cells, cobalt acid lithium battery cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][32][33]. 3.2.6 Inventory - Charts show the weekly inventory trends of downstream, smelters, and other links of lithium carbonate from December 2024 to July 2025 [35][36][38]. 3.2.7 Production Costs - The 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,外购锂云母精矿, and外购锂辉石精矿 from 2024 to 2025 [39][40]. 4. Research Team Introduction - Zhan Dapeng, a science master, is the director of non - ferrous research at Everbright Futures Research Institute, a senior precious metals researcher, and has multiple professional titles. He has over a decade of commodity research experience, serves many spot leading enterprises, and has published dozens of professional articles. His team has won many awards [43]. - Wang Heng, a master of finance from the University of Adelaide in Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon [44]. - Zhu Xi, a master of science from the University of Warwick in the UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel [44].