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 is available for free to those who share the article on their social media and contact the editor [3] - The distribution map is currently being dispatched in order of registration [4]

Core Viewpoint - The lithium battery industry is undergoing a significant reshuffle, characterized by a reduction in new projects and investments, while major companies continue to expand their production capacity in response to growing market demand [2][22]. Group 1: Industry Trends - In the first half of 2025, the overall number of new projects and investment amounts in the domestic lithium battery industry chain have sharply declined compared to previous years, with only about 20 new projects initiated, reflecting a significant drop in investment [2]. - Despite the contraction in new projects, the production and installation of power batteries in China continue to grow rapidly, supported by increasing demand for energy storage solutions [2]. - Major companies like CATL, Ganfeng Lithium, and others are accelerating project advancements to prepare for market demands in the latter half of the year, with a total planned capacity of 163 GWh and investments exceeding 38 billion yuan [2]. Group 2: Major Company Developments - CATL is constructing a 40 GWh green battery manufacturing base in Dongying, Shandong, as part of a zero-carbon industrial park, with plans to complete it by next year [3]. - The Xiamen base of CATL is also expanding, with a planned investment of 5 billion yuan for a new production line capable of producing 30 GWh of batteries, expected to start trial production in the second quarter of 2026 [3]. - Ganfeng Lithium is advancing its 10 GWh battery production base in Nanchang, with a total investment of approximately 4.07 billion yuan, aiming for completion by the end of 2025 [9]. - The Xiamen New Energy Co., a joint venture between ATL and CATL, is investing 12 billion yuan to build an 18 GWh battery production base, expected to be completed by the end of 2025 [12]. - Zhongxin Innovation is investing 15 billion yuan in a project in Xiamen to establish a 60 GWh battery production base, with trial production anticipated in the second quarter of 2026 [14]. Group 3: Market Opportunities - The battery industry is shifting from rapid expansion to a more rational approach, focusing on advancing existing projects, primarily led by major companies [22]. - There remains significant market potential in niche segments for second and third-tier companies, particularly in areas like household storage, portable storage, and electric two-wheelers, where penetration rates are still low [22].

Core Viewpoint - The article highlights the groundbreaking ceremony of the anode material project by Qinghai Times New Energy Technology Co., Ltd., marking a significant step in the strategic cooperation with CATL and the development of a "trillion-yuan lithium battery industry base" in Qinghai [1]. Summary by Sections Project Overview - The anode material project, with an investment of 500 million yuan, aims to address the local production challenges in the lithium battery supply chain and is expected to be completed by May 2026 [1]. Strategic Importance - This project is a key milestone following the successful establishment of a 15 GWh energy storage battery project last year, indicating a deepening strategic partnership between Xining and CATL [1]. Economic Impact - The project will enhance local production capabilities, significantly improve capacity stability and cost competitiveness, and create 500 quality jobs, transitioning Xining's lithium battery industry from "single-point breakthroughs" to "full-chain collaboration" [1]. Competitive Advantage - By leveraging Qinghai's clean energy advantages and Xining's strategic location, the project aims to transform these into competitive advantages in the global lithium battery industry, thereby boosting the development momentum of Qinghai's new energy sector [1].

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 includes major lithium battery industry clusters in regions such as China, North America, Europe, Japan, and Southeast Asia [2] Group 2 - The distribution map is available for free to those who share the article on their social media and contact the editor [3] - The distribution map is being dispatched in order of registration [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On July 24, 2025, the lithium carbonate futures 2509 contract rose 7.21% to 76,680 yuan/ton. The average price of battery - grade lithium carbonate increased by 100 yuan/ton to 70,550 yuan/ton, the average price of industrial - grade lithium carbonate increased by 100 yuan/ton to 68,900 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) rose 700 yuan/ton to 60,520 yuan/ton. The warehouse receipt inventory increased by 665 tons to 10,754 tons [3]. - On July 23, 2025, Argentina's economy minister announced that the RIGI evaluation committee rejected Ganfeng's application for the Mariana salt lake project. In June 2025, the Port of Port Hedland in Australia shipped 92,740 tons of spodumene concentrate to China, a month - on - month decrease of 17.62% and a year - on - year decrease of 52.54%. It also shipped 17,200 tons to Indonesia and 14,500 tons to South Korea [3]. - In terms of supply, the production in July is expected to increase 3.9% month - on - month to 81,150 tons, and the weekly production decreased by 485 tons to 18,630 tons. In June 2025, China's lithium carbonate imports were 17,700 tons, a month - on - month decrease of 16.3% and a year - on - year decrease of 9.6%. In terms of demand, 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 [3]. - The price increased with increasing positions yesterday, and the news continued to ferment. Fundamentally, the supply and demand in July are in a tight balance, and the lithium ore price remains relatively strong, providing marginal support for the lithium price. However, the short - term core contradiction still focuses on the low warehouse receipt inventory and concerns about mine exploitation. Currently, the continuous small - scale return of warehouse receipt inventory may ease the situation, and investors are advised to be cautious about chasing high prices [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was N/A, and the previous day was 69,380 yuan/ton; the closing price of the continuous contract was N/A, and the previous day was 69,320 yuan/ton. The price of spodumene concentrate (6%, CIF China) increased by 14 dollars/ton to 764 dollars/ton [5]. - Lithium ore: The prices of various types of lithium mica and phospho - lithium - aluminum stone all increased to varying degrees. For example, the price of lithium mica (Li2O: 1.5% - 2.0%) increased by 40 yuan/ton to 1,080 yuan/ton [5]. - Lithium carbonate and lithium hydroxide: The prices of battery - grade and industrial - grade lithium carbonate, as well as different types of lithium hydroxide, all increased. For example, the price of battery - grade lithium carbonate (99.5% battery - grade/ domestic) increased by 100 yuan/ton to 70,550 yuan/ton [5]. - Other products: The price of hexafluorophosphate lithium increased by 500 yuan/ton to 51,500 yuan/ton. The prices of some ternary precursors and cathode materials also increased slightly [5]. 3.2 Chart Analysis - Ore prices: Charts show the price trends of lithium ore such as spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone from 2024 to 2025 [6][7][8]. - Lithium and lithium salt prices: Charts display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, lithium hydroxide, and hexafluorophosphate lithium from 2024 to 2025 [9][10][11]. - Spreads: Charts present the spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, etc., from 2024 to 2025 [16][17][19]. - 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 [21][22][24]. - 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 [30][31][32]. - Inventory: Charts show the inventory trends of downstream, smelters, and other links from November 2024 to July 2025 [35][36][37]. - Production cost: The chart shows the production profit trends of lithium carbonate from different raw materials such as purchased ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and spodumene concentrate from 2024 to 2025 [39][40]

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - On July 23, 2025, the 2509 contract of lithium carbonate futures dropped 4.07% to 69,380 yuan/ton. The average price of battery-grade lithium carbonate rose 1,350 yuan/ton to 70,450 yuan/ton, the average price of industrial-grade lithium carbonate rose 1,350 yuan/ton to 68,800 yuan/ton, and the price of battery-grade lithium hydroxide (coarse particles) rose 1,100 yuan/ton to 59,820 yuan/ton. The warehouse receipt inventory increased by 665 tons to 10,754 tons [3]. - In terms of supply, the production in July is expected to increase 3.9% month-on-month to 81,150 tons, and the weekly production increased by 302 tons to 19,115 tons. Among them, lithium extraction from spodumene increased by 330 tons to 9,324 tons, lithium extraction from lepidolite increased by 25 tons to 5,100 tons, lithium extraction from salt lakes increased by 17 tons to 3,282 tons, and lithium extraction from recycled materials decreased by 70 tons to 1,409 tons. In June 2025, China's lithium carbonate import volume was 17,700 tons, a month-on-month decrease of 16.3% and a year-on-year decrease of 9.6%. In terms of demand, 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 1,827 tons to 142,620 tons, among which the downstream inventory increased by 506 tons to 41,271 tons, the intermediate link inventory increased by 1,880 tons to 43,310 tons, and the upstream inventory decreased by 559 tons to 58,039 tons [3]. - Yesterday, the positions decreased and the lithium price fell. In the market, the news continued to ferment. The warehouse receipts increased slightly for two consecutive days, but the total inventory level was still low, and the lithium ore price was running strongly. In the short term, the price may still fluctuate strongly. Pay attention to the warehouse receipt inventory and the situation of mines in Jiangxi [3]. Summary by Relevant Catalogs 1. Daily Data Monitoring - The report provides price data of various products in the lithium - battery industry chain on July 23 and 22, 2025, including futures, lithium ore, lithium carbonate, lithium hydroxide, lithium hexafluorophosphate, precursors, cathode materials, cells, and batteries. For example, the closing price of the main futures contract dropped from 72,880 yuan/ton on July 22 to 69,380 yuan/ton on July 23, and the price of lithium hexafluorophosphate rose from 50,750 yuan/ton to 51,000 yuan/ton [5]. 2. Chart Analysis 2.1 Ore Prices - Charts show the price trends of lithium - containing ores such as spodumene concentrate (6%, CIF China), lepidolite (Li2O: 1.5% - 2.0%, 2.0% - 2.5%), and amblygonite (Li2O: 6% - 7%, 7% - 8%) from 2024 to 2025 [6][8]. 2.2 Lithium and Lithium Salt Prices - Charts present the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [9][11][13]. 2.3 Spreads - Charts display the spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, CIF Japan - South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, and the basis from 2024 to 2025 [16][17][18]. 2.4 Precursors & Cathode Materials - Charts show the price trends of ternary precursors (523, 622, 811), ternary materials (523, 622, 811), lithium iron phosphate (power - type, medium - high - end energy storage, low - end energy storage), lithium manganate (power - type, capacity - type), and lithium cobalt oxide from 2024 to 2025 [21][24][27]. 2.5 Lithium Battery Prices - Charts present 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 [29][31]. 2.6 Inventory - Charts show the inventory trends of downstream, smelters, and other links of lithium carbonate from November 2024 to July 2025 [34][36]. 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, lithium iron phosphate pole piece black powder, lithium mica concentrate, and spodumene concentrate from 2024 to 2025 [38][39].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The lithium carbonate futures 2509 contract rose 2.53% to 71,280 yuan/ton yesterday. The average price of battery - grade lithium carbonate increased by 1,350 yuan/ton to 68,000 yuan/ton, the average price of industrial - grade lithium carbonate increased by 1,300 yuan/ton to 66,350 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) rose by 600 yuan/ton to 63,379 yuan/ton. The warehouse receipt inventory decreased by 270 tons to 9,969 tons [3]. - Jiangte Motor's wholly - owned subsidiary, Yichun Yinli New Energy Co., Ltd., will shut down for equipment maintenance on July 25, 2025, with an expected maintenance time of 26 days. Zimbabwe's state - owned mining enterprise Kuvimba Mining House plans to break ground on a concentrator with an annual processing capacity of 600,000 tons of lithium concentrate at its Sandawana mine in the third quarter of this year, with a total investment of $270 million and is expected to be put into operation in early 2027 [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 increased by 302 tons to 19,115 tons. Among them, lithium extraction from spodumene increased by 330 tons to 9,324 tons, lithium extraction from lepidolite increased by 25 tons to 5,100 tons, lithium extraction from salt lakes increased by 17 tons to 3,282 tons, and lithium extraction from recycled materials decreased by 70 tons to 1,409 tons. In June 2025, China's lithium carbonate import volume was 17,700 tons, a month - on - month decrease of 16.3% and a year - on - year decrease of 9.6%. In terms of demand, 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 1,827 tons to 142,620 tons, among which the downstream inventory increased by 506 tons to 41,271 tons, the intermediate link inventory increased by 1,880 tons to 43,310 tons, and the upstream inventory decreased by 559 tons to 58,039 tons [3]. - The market sentiment continues to improve, the news is constantly fermenting, the warehouse receipts continue to decrease, and the price of lithium ore continues to rise. In the short term, it may still stimulate the price to rise. Attention should be paid to the warehouse receipt inventory [3]. Group 3: Summary by Relevant Catalogs 2. Daily Data Monitoring - Futures: The closing price of the main contract was 71,280 yuan/ton, up 1,320 yuan from July 18; the closing price of the continuous contract was 71,260 yuan/ton, up 1,380 yuan [5]. - Lithium ore: The price of spodumene concentrate (6%, CIF China) was $730/ton, up $19; the price of lepidolite (Li2O: 1.5% - 2.0%) was 990 yuan/ton, up 45 yuan; the price of lepidolite (Li2O: 2.0% - 2.5%) was 1,545 yuan/ton, up 40 yuan; the price of amblygonite (Li2O: 6% - 7%) was 5,175 yuan/ton, up 225 yuan; the price of amblygonite (Li2O: 7% - 8%) was 6,075 yuan/ton, up 250 yuan [5]. - Lithium carbonate: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 68,000 yuan/ton, up 1,350 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 66,350 yuan/ton, up 1,300 yuan [5]. - Lithium hydroxide: The price of battery - grade lithium hydroxide (coarse particles/domestic) was 58,220 yuan/ton, up 600 yuan; the price of battery - grade lithium hydroxide (micropowder) was 63,370 yuan/ton, up 600 yuan; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 52,870 yuan/ton, up 600 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan and South Korea) was $8.05/kg, unchanged [5]. - Lithium hexafluorophosphate: The price was 50,250 yuan/ton, up 750 yuan [5]. - Price differences: The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate was 1,650 yuan/ton, up 50 yuan; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 9,780 yuan/ton, down 750 yuan; CIF China, Japan and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide was - 644.79 yuan/ton, down 581 yuan [5]. - Precursor and cathode materials: The prices of ternary precursor 523 (polycrystalline/power type) and ternary precursor 523 (single - crystal/consumer type) were unchanged at 75,375 yuan/ton and 75,760 yuan/ton respectively; the price of ternary material 523 (polycrystalline/consumer type) was 107,000 yuan/ton, up 300 yuan; the price of ternary material 622 (polycrystalline/consumer type) was 111,210 yuan/ton, up 170 yuan [5]. - Cells and batteries: The prices of 523 square ternary cells, 523 soft - pack ternary cells, 523 cylindrical ternary batteries, square lithium iron phosphate cells, square lithium iron phosphate cells (small power type), and square lithium iron phosphate batteries were unchanged, while the price of cobalt - acid lithium cells was 5.53 yuan/Ah, up 0.01 yuan [5]. 3. Chart Analysis - **3.1 Ore Prices**: The report provides charts of the prices of spodumene concentrate (6%, CIF), lepidolite (1.5% - 2.0%), lepidolite (2.0% - 2.5%), and amblygonite (6% - 7%) from 2024 to 2025 [6][8]. - **3.2 Lithium and Lithium Salt Prices**: Charts of the prices 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 are presented [11][13][15]. - **3.3 Price Differences**: Charts of the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate, the price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China, Japan and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide, and the basis from 2024 to 2025 are shown [18][20]. - **3.4 Precursor & Cathode Materials**: Charts of the prices of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt - acid lithium from 2024 to 2025 are included [22][25][28]. - **3.5 Lithium Battery Prices**: Charts of the prices of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 are provided [31][33]. - **3.6 Inventory**: Charts of downstream inventory, smelter inventory, and other环节 inventory of lithium carbonate from November 2024 to July 2025 are presented [36][38]. - **3.7 Production Cost**: A chart of the production cost of lithium carbonate, including cash production profit from purchasing ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and spodumene concentrate from 2024 to 2025, is shown [40].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The lithium carbonate futures 2509 contract rose 2.47% to 67,960 yuan/ton yesterday. The average price of battery - grade lithium carbonate remained at 64,950 yuan/ton, the average price of industrial - grade lithium carbonate remained at 63,350 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) remained at 57,420 yuan/ton. The warehouse receipt inventory decreased by 416 tons to 10,239 tons [3]. - Rio Tinto officially announced the suspension of the Mt Cattlin lithium mine in its 25Q2 production report. Zangge Mining's wholly - owned subsidiary, Zangge Potash, received a notice to stop lithium resource development activities on July 16 [3]. - In July, the production is expected to increase by 3.9% month - on - month to 81,150 tons, and the weekly production increased by 690 tons to 18,813 tons. Lithium imports in July are expected to change little compared to the previous month. 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. The weekly inventory increased by 1,827 tons to 142,620 tons [3]. - With the continuous fermentation of news, the continuous reduction of warehouse receipts, the continuous rise of lithium ore prices, and many market news disturbances, the price may still be stimulated to rise in the short term. Attention should be paid to the warehouse receipt inventory [3]. 3. Summary by Related Catalogs 2. Daily Data Monitoring - Futures: The closing price of the main contract was 67,960 yuan/ton, up 1,540 yuan from the previous day; the closing price of the continuous contract was 68,060 yuan/ton, up 1,460 yuan. The price of lithium spodumene concentrate (6%, CIF China) was 693 US dollars/ton, up 8 US dollars [5]. - Lithium ore: The price of lithium mica (Li2O: 1.5% - 2.0%) was 910 yuan/ton, up 20 yuan; the price of lithium mica (Li2O: 2.0% - 2.5%) was 1,465 yuan/ton, up 15 yuan [5]. - Lithium carbonate: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) remained at 64,950 yuan/ton, and the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) remained at 63,350 yuan/ton [5]. - Lithium hydroxide: The price of battery - grade lithium hydroxide (coarse particles/domestic) remained at 57,420 yuan/ton, and the price of battery - grade lithium hydroxide (micropowder) remained at 62,570 yuan/ton [5]. - Other products: The price of lithium hexafluorophosphate was 49,500 yuan/ton, down 400 yuan. Most prices of other products in the lithium - ion battery industry chain remained unchanged [5]. 3. Chart Analysis 3.1 Ore Prices - The report provides charts of the prices of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and lithium aluminum phosphate stone (6% - 7%) over time from 2024 to 2025 [6][8]. 3.2 Lithium and Lithium Salt Prices - Charts show the prices 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 [12][14][16]. 3.3 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, and other related price spreads from 2024 to 2025 [19][20][21]. 3.4 Precursor & Cathode Materials - Charts display the prices of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2025 [23][26][29]. 3.5 Lithium Battery Prices - Charts show the prices of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [32][34]. 3.6 Inventory - Charts illustrate the downstream inventory, smelter inventory, and other环节 inventory of lithium carbonate from November 2024 to July 2025 [37][39]. 3.7 Production Costs - The chart shows the production costs and profits 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 [41][42].

Market Overview - On July 18, the A-share market opened higher with major indices rising: Shanghai Composite Index up 0.34%, Shenzhen Component Index up 0.3%, and ChiNext Index up 0.26% [1] - The non-ferrous metals sector showed strong performance, particularly in rare earth, lithium, and nickel mining concepts, while photovoltaic-related concepts experienced a pullback [1] Lithium Market Dynamics - Lithium carbonate futures saw a significant rebound, with the main contract rising over 15% from its year-to-date low, peaking at a 4.32% increase during the day [2] - The spot price for battery-grade lithium carbonate was reported at 65,000 yuan/ton on July 17, an increase of 8.52% from the late June low of 59,900 yuan/ton [4] Supply Chain and Production Insights - Recent data indicates a substantial decline in lithium salt imports due to seasonal production cuts in Argentina and Chile, affecting shipment volumes [6] - Cangge Mining announced a halt in operations due to regulatory compliance issues, which is expected to impact lithium production [6] - Forecasts suggest that the lithium battery supply chain is at a historical low, with expectations for recovery in profitability and revenue growth in 2025 [6] Industry Outlook - Research from Zhongyuan Securities indicates that lithium battery demand will continue to grow, with a slowdown in price declines expected in 2024, leading to a recovery in industry profitability [6] - Guolian Minsheng Securities anticipates a peak in domestic lithium battery equipment upgrades around 2026-2027, following a previous expansion phase in 2020-2021 [7] Stock Performance - On July 18, lithium mining stocks collectively rose, with notable gains from Shengxin Lithium Energy and Jinyuan Co., both hitting the daily limit, and Tianshi Lithium and Zhongkuang Resources increasing over 3% [8] - A total of 14 lithium mining stocks have released half-year performance forecasts, with a 50% positive outlook in terms of profit growth or reduced losses [9][10] Institutional Interest - Several lithium mining stocks have attracted significant institutional attention, with Cangge Mining, Keda Manufacturing, and Yahua Group leading in the number of institutional research visits [10]

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