1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The price of the lithium carbonate futures 2511 contract rose 0.93% to 73,920 yuan/ton yesterday. The average price of battery - grade lithium carbonate decreased by 50 yuan/ton to 73,550 yuan/ton, and the average price of industrial - grade lithium carbonate dropped by 50 yuan/ton to 71,300 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) fell by 150 yuan/ton to 73,730 yuan/ton. The warehouse receipt inventory increased by 790 tons to 41,119 tons [3]. - Due to the suspension of raw material supply from Ningde Times' Yichun lithium mine, the joint - venture company Longpan Times of Ningde Times and Longpan Technology stopped production on September 25. It is expected to resume production in November. Longpan Technology is actively expanding procurement sources [3]. - On the supply side, the weekly output increased by 153 tons to 20,516 tons. On the demand side, the weekly output of ternary materials increased by 113 tons to 16,762 tons, and the inventory increased by 351 tons to 17,896 tons; the weekly output of lithium iron phosphate increased by 1,680 tons to 79,823 tons, and the inventory increased by 2,069 tons to 98,286 tons. The weekly inventory decreased by 706 tons to 136,825 tons, mainly due to downstream restocking [3]. - Approaching the National Day, the peak demand season, lithium carbonate destocking, and firm lithium ore prices still support the price. However, the pre - holiday stocking demand may gradually weaken, and there is an expectation of project resumption after the holiday, but there is still some uncertainty. Position management is necessary [3]. 3. Summary According to Relevant Catalogs 3.1 Research View - **Price Changes**: The lithium carbonate futures 2511 contract price increased by 0.93% to 73,920 yuan/ton. Battery - grade lithium carbonate, industrial - grade lithium carbonate, and battery - grade lithium hydroxide prices declined, while the warehouse receipt inventory increased by 790 tons to 41,119 tons [3]. - **News**: Longpan Times stopped production on September 25 due to raw material supply issues and is expected to resume in November. The company is actively seeking new procurement sources [3]. - **Supply and Demand**: Supply increased by 153 tons to 20,516 tons, with different changes in various production methods. Demand for ternary materials and lithium iron phosphate increased in both production and inventory. The overall inventory decreased by 706 tons to 136,825 tons [3]. - **Price Outlook**: Near the National Day, price support exists, but pre - holiday demand may weaken, and post - holiday project resumption has uncertainties [3]. 3.2 Daily Data Monitoring - **Futures and Lithium Ore**: The main and continuous contract closing prices of lithium carbonate futures increased. The price of lithium spodumene concentrate rose by 1 US dollar/ton, while other lithium ore prices remained unchanged [5]. - **Lithium Salts**: The prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, and various types of lithium hydroxide decreased, except for the unchanged price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea). The price of lithium hexafluorophosphate increased by 2,000 yuan/ton [5]. - **Price Spreads**: The price spread between battery - grade and industrial - grade lithium carbonate remained unchanged, while the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 100 yuan/ton [5]. - **Precursors and Cathode Materials**: The prices of ternary precursors and cathode materials mostly increased, while the prices of lithium iron phosphate decreased slightly, and the prices of manganese acid lithium remained unchanged. The price of cobalt acid lithium increased by 16,000 yuan/ton [5]. - **Cells and Batteries**: The price of 523 square ternary cells increased slightly, and the price of cobalt acid lithium cells increased by 0.3 yuan/Ah, while other cell and battery prices remained unchanged [5]. 3.3 Chart Analysis - **Ore Prices**: Charts show the price trends of lithium spodumene concentrate, lithium mica, and other ores from 2024 to 2025 [6][8]. - **Lithium and Lithium Salt Prices**: Charts display the price trends of metallic lithium, battery - grade and industrial - grade lithium carbonate, lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [11][13][15]. - **Price Spreads**: Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other spreads from 2024 to 2025 [18][20][21]. - **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 [25][28][30]. - **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 [32][35]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links from 2025 [39][41]. - **Production Cost**: The chart presents the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [45]. 3.4 Research Team Introduction - Zhan Dapeng, a science master, is the director of the non - ferrous research department at Everbright Futures Research Institute, with rich experience and many honors [47]. - Wang Heng, a finance master from the University of Adelaide, Australia, focuses on aluminum and silicon research [48]. - Zhu Xi, a science master from the University of Warwick, UK, mainly studies lithium and nickel [48].

Core Viewpoint - Domestic energy storage demand has exceeded expectations this year, driven by the full market entry of renewable energy, which has widened the peak-valley electricity price difference, along with the introduction of capacity price policies that enhance energy storage IRR [1] Group 1: Energy Storage Demand - The driving force behind energy storage demand is shifting from mandatory renewable energy storage to economic drivers [1] - The overseas market, particularly outside the U.S., continues to experience rapid growth in demand [1] Group 2: Lithium Battery Sector - The increase in energy storage demand has led to a simultaneous rise in both volume and profit across the industry chain [1] - Citic Securities maintains a positive outlook on the energy storage and lithium battery sectors [1] Group 3: Future Expectations - The current key concern is whether the sustainability of energy storage demand can support an upward revision of the 20% growth expectation for 2026 [1] - Attention is drawn to the energy storage bidding in the fourth quarter, the expected battery procurement by the end of November, and the 2026 electric vehicle replacement policy along with lithium battery production plans [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Yesterday, the main contract of lithium carbonate futures dropped 0.79% to 72,880 yuan/ton. The average price of battery - grade lithium carbonate remained at 73,850 yuan/ton, the average price of industrial - grade lithium carbonate remained at 71,600 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) fell 50 yuan/ton to 74,080 yuan/ton. The warehouse receipt inventory increased by 300 tons to 39,749 tons [3]. - On the supply side, the weekly output increased by 400 tons to 20,363 tons. In terms of imports in August 2025, the import volume of spodumene was 619,200 tons, a 17.5% month - on - month decrease; the import volume of lithium carbonate was 21,800 tons, a 57.8% month - on - month and 23.5% year - on - year increase, and the export volume was 369 tons, a 0.7% month - on - month and 57% year - on - year increase. On the demand side, the weekly output of ternary materials and lithium iron phosphate increased, while the weekly inventory of ternary materials decreased and that of lithium iron phosphate increased. On the inventory side, the weekly inventory decreased by 981 tons to 137,531 tons, mainly due to downstream restocking [3]. - As the National Day approaches, with the peak demand season, lithium carbonate destocking, and firm lithium ore prices, the price is still supported. However, the pre - holiday stocking demand may gradually weaken, and there is an expectation of project复产 after the holiday, but there is still some uncertainty, so position management is necessary [3]. 3. Summary According to Relevant Catalogs 3.1 Research Views - Futures, spot, and warehouse receipt data: The main contract of lithium carbonate futures dropped 0.79% to 72,880 yuan/ton. Battery - grade lithium carbonate average price remained stable, industrial - grade lithium carbonate average price remained stable, and battery - grade lithium hydroxide (coarse particles) price decreased. Warehouse receipt inventory increased by 300 tons [3]. - Supply, demand, and inventory data: Supply - side weekly output increased by 400 tons. Import data showed changes in spodumene and lithium carbonate. Demand - side output of ternary materials and lithium iron phosphate increased with different inventory changes. Inventory decreased by 981 tons with downstream restocking [3]. - Price outlook: Near the National Day, price is supported, but pre - holiday demand may weaken, and post - holiday project复产 has uncertainty [3]. 3.2 Daily Data Monitoring - Lithium - battery industry chain product prices: Most products showed price changes, such as the main and continuous contracts of futures, lithium ore, lithium carbonate, and other products. For example, the main contract of futures dropped 780 yuan/ton, and lithium ore prices generally decreased [5]. 3.3 Chart Analysis - Ore prices: Charts show the price trends of spodumene concentrate, lithium mica, and other ores from 2024 to 2025 [8][9] - Lithium and lithium salt prices: Present the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, lithium hydroxide, and hexafluorophosphate from 2024 to 2025 [11][13][15] - Spreads: Show the price difference trends between battery - grade lithium hydroxide and battery - grade lithium carbonate, and other spreads from 2024 to 2025 [19][20][23] - Precursor & cathode materials: Display the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [25][28][31] - Lithium battery prices: Illustrate 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 [34][36] - Inventory: Show the inventory trends of downstream, smelters, and other links from February to September 2025 [39][41] - Production costs: Present the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [43]

Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core Viewpoints - On September 22, 2025, the 2511 contract of lithium carbonate futures fell 0.05% to 73,420 yuan/ton. The average price of battery-grade lithium carbonate rose 350 to 73,850 yuan/ton, the average price of industrial-grade lithium carbonate rose 350 to 71,600 yuan/ton, and battery-grade lithium hydroxide (coarse particles) rose 80 yuan/ton to 74,130 yuan/ton. The warehouse receipt inventory decreased by 575 tons to 38,909 tons [3]. - On the supply side, the weekly output increased by 400 tons to 20,363 tons, with increases in lithium extraction from various raw materials. On the demand side, the weekly output of ternary materials and lithium iron phosphate increased, and their inventory showed different trends. In terms of inventory, the weekly inventory decreased by 981 tons to 137,531 tons, with downstream replenishment as the main factor [3]. - Fundamentally, the weekly output increased slightly, the output of cathode materials increased, and the social inventory of lithium carbonate continued to decline. With the support of lithium ore prices and continuous inventory reduction during the peak season, the downside support for lithium salt prices is strong [3]. Group 3: Summary by Directory 2. Daily Data Monitoring - **Futures**: The closing price of the main contract was 73,420 yuan/ton, down 540 from September 19, and the closing price of the continuous contract was 73,200 yuan/ton, down 560 [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) was 860 US dollars/ton, up 1; the price of lithium mica (Li2O: 1.5%-2.0%) was 1,165 yuan/ton, up 15; the price of lithium mica (Li2O: 2.0%-2.5%) was 1,900 yuan/ton, up 20 [5]. - **Lithium Carbonate and Lithium Hydroxide**: The prices of battery-grade lithium carbonate, industrial-grade lithium carbonate, battery-grade lithium hydroxide (coarse particles), and other products all increased to varying degrees, while the price of battery-grade lithium hydroxide (CIF China, Japan, and South Korea) remained unchanged [5]. - **Lithium Hexafluorophosphate**: The price remained at 57,000 yuan/ton [5]. - **Price Spreads**: The price spread between battery-grade lithium carbonate and industrial-grade lithium carbonate remained unchanged, while the price spread between battery-grade lithium hydroxide and battery-grade lithium carbonate decreased by 270 [5]. - **Precursors and Cathode Materials**: The prices of various ternary precursors and cathode materials, as well as lithium iron phosphate, increased to varying degrees, while the prices of manganese acid lithium and some other products remained unchanged [5]. - **Cells and Batteries**: The prices of some cells and batteries, such as 523 square ternary cells and square lithium iron phosphate cells, increased slightly, while the prices of others remained unchanged [5]. 3. Chart Analysis 3.1 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 lithiophilite (6%-7%) from 2024 to 2025 [6][8]. 3.2 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 [11][13][14]. 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 price spreads from 2024 to 2025 [19]. 3.4 Precursors & 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 [23][26][28]. 3.5 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][33]. 3.6 Inventory - Charts show the weekly inventory trends of downstream, smelters, and other links of lithium carbonate from February to September 2025 [37][39]. 3.7 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 [43].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Yesterday, the main contract of lithium carbonate futures dropped 0.74% to 72,880 yuan/ton. The average price of battery - grade lithium carbonate rose 300 yuan/ton to 73,450 yuan/ton, and the average price of industrial - grade lithium carbonate rose 300 yuan/ton to 71,200 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) remained at 74,000 yuan/ton. The warehouse receipt inventory increased 120 tons to 39,354 tons [3]. - On the supply side, the weekly output increased 400 tons to 20,363 tons. The output of lithium extraction from spodumene increased 160 tons to 12,869 tons, from lepidolite increased 130 tons to 2,860 tons, from salt lakes increased 90 tons to 2,745 tons, and from recycling increased 20 tons to 1,889 tons. On the demand side, the weekly output of ternary materials increased 158 tons to 166 tons, and the inventory decreased 16 tons to 17,454 tons; the weekly output of lithium iron phosphate increased 630 tons to 78,143 tons, and the inventory increased 775 tons to 96,217 tons. On the inventory side, the weekly inventory decreased 981 tons to 137,531 tons, with downstream inventory increasing 1,216 tons to 59,495 tons, intermediate link inventory decreasing 440 tons to 43,580 tons, and upstream inventory decreasing 1,757 tons to 34,456 tons [3]. - Under the expectation of project复产, the long - position logic has been weakened. However, from the current fundamentals, inventory destocking has accelerated. Before the actual复产 of the projects, in the context of strong demand and pre - holiday stocking for the National Day, the downstream procurement demand will support the price. The price may fluctuate in the short term, and the actual situation of projects in Jiangxi needs to be continuously monitored [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract was 72,880 yuan/ton, down 760 yuan from the previous day; the closing price of the continuous contract was 72,620 yuan/ton, down 880 yuan [5]. - **Lithium Ore**: The price of spodumene concentrate (6%, CIF China) was 858 US dollars/ton, up 1 US dollar; the price of lepidolite (Li2O: 1.5% - 2.0%) was 1,105 yuan/ton, unchanged; the price of lepidolite (Li2O: 2.0% - 2.5%) was 1,815 yuan/ton, unchanged; the price of amblygonite (Li2O: 6% - 7%) was 6,025 yuan/ton, down 65 yuan; the price of amblygonite (Li2O: 7% - 8%) was 7,125 yuan/ton, down 80 yuan [5]. - **Lithium and Lithium Salts**: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 73,450 yuan/ton, up 300 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 71,200 yuan/ton, up 300 yuan; the price of battery - grade lithium hydroxide (coarse particles/domestic) was 74,000 yuan/ton, unchanged; the price of battery - grade lithium hydroxide (micropowder) was 78,970 yuan/ton, unchanged; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 68,960 yuan/ton, unchanged; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) was 9 US dollars/kg, unchanged; the price of lithium hexafluorophosphate was 56,900 yuan/ton, up 150 yuan [5]. - **Price Spreads**: The price spread between battery - grade and industrial - grade lithium carbonate was 2,250 yuan/ton, unchanged; the price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate was 550 yuan/ton, down 300 yuan; the difference between CIF China, Japan, and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide was - 7,536 yuan/ton, up 67 yuan [5]. - **Precursors and Cathode Materials**: The prices of various ternary precursors and cathode materials generally increased slightly, and the prices of lithium iron phosphate products also increased slightly, while the prices of some products such as manganese - acid lithium and cobalt - acid lithium remained unchanged [5]. - **Lithium Batteries**: The prices of most lithium battery products remained unchanged, with only a few showing slight increases [5]. 3.2 Chart Analysis - **Ore Prices**: There are charts showing the price trends of spodumene concentrate, lepidolite, and amblygonite from 2024 to 2025 [6][7][8][9][10]. - **Lithium and Lithium Salt Prices**: There are charts showing 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 [11][12][13][14][15][16]. - **Price Spreads**: There are charts showing the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant spreads from 2024 to 2025 [18][19]. - **Precursors and Cathode Materials**: There are charts showing the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese - acid lithium, and cobalt - acid lithium from 2024 to 2025 [25][26][28][29][30][31][32]. - **Lithium Battery Prices**: There are charts showing 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 [33][34][35][36]. - **Inventory**: There are charts showing the inventory trends of downstream, smelters, and other links from February 2025 to September 2025 [38][39][40][41]. - **Production Costs**: There is a chart showing 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 [42][43]. 3.3 Research Team Introduction - The research team includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience in non - ferrous and new energy research and have won many awards and recognition [46][47].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint - The long - term logic has been weakened due to the expected resumption of projects. However, from the current fundamental perspective, inventory depletion is accelerating. Before the actual resumption of projects, with strong demand and pre - holiday stockpiling for the National Day, downstream procurement demand will support prices. The price of lithium carbonate may fluctuate in the short term, and the actual situation of projects in Jiangxi needs further attention [3]. 3. Summary by Directory 3.1 Research Viewpoint - **Price Changes**: On September 17, 2025, the main contract of lithium carbonate futures rose 0.03% to 73,640 yuan/ton. The average price of battery - grade lithium carbonate increased by 300 yuan/ton to 73,150 yuan/ton, and the average price of industrial - grade lithium carbonate also rose by 300 yuan/ton to 70,900 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) dropped 50 yuan/ton to 74,000 yuan/ton. The warehouse receipt inventory increased by 410 tons to 39,234 tons [3]. - **Supply and Demand**: Weekly production increased by 544 tons to 19,963 tons. Among them, lithium extraction from spodumene increased by 300 tons to 12,709 tons, from lepidolite by 130 tons to 2,730 tons, from salt lakes by 62 tons to 2,655 tons, and from recycling by 52 tons to 1,869 tons. Weekly production of ternary materials decreased by 22 tons to 16,491 tons, and the inventory decreased by 115 tons to 17,529 tons. Weekly production of lithium iron phosphate increased by 980 tons to 77,513 tons, and the inventory increased by 686 tons to 95,442 tons [3]. - **Inventory**: Weekly inventory decreased by 1,580 tons to 138,512 tons. Downstream inventory increased by 3,072 tons to 58,279 tons, intermediate - link inventory decreased by 1,390 tons to 44,020 tons, and upstream inventory decreased by 3,262 tons to 36,213 tons [3]. 3.2 Daily Data Monitoring - **Futures and Spot Prices**: The closing price of the main contract of lithium carbonate futures was 73,640 yuan/ton, up 460 yuan from the previous day. The closing price of the continuous contract was 73,500 yuan/ton, up 440 yuan. The price of spodumene concentrate (6%, CIF China) was 857 US dollars/ton, up 4 US dollars. The prices of some lithium ores and lithium salts also had corresponding changes [5]. - **Price Spreads**: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained at 2,250 yuan/ton. The price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 350 yuan to 850 yuan [5]. 3.3 Chart Analysis - **Ore Prices**: Charts show the price trends of spodumene concentrate, lepidolite, and other ores from 2024 to 2025 [7][8][9]. - **Lithium and Lithium Salt Prices**: The price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, lithium hydroxide, and lithium hexafluorophosphate are presented from 2024 to 2025 [11][13][15]. - **Price Spreads**: The price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant spreads are shown from 2024 to 2025 [18][19]. - **Precursor and Cathode Materials**: The price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese - acid lithium, and cobalt - acid lithium are presented from 2024 to 2025 [25][28][31]. - **Lithium Battery Prices**: The price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries are shown from 2024 to 2025 [34][36]. - **Inventory**: The inventory trends of downstream, smelters, and other links from January to September 2025 are presented [39][41]. - **Production Costs**: The production profit trends of lithium carbonate from different raw materials such as ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and spodumene concentrate are shown from 2024 to 2025 [44]. 3.4 Research Team Introduction - Zhan Dapeng, a science master, is the director of the non - ferrous research department at Everbright Futures Research Institute, a senior precious metals researcher, a gold intermediate investment analyst, an excellent metals analyst of the Shanghai Futures Exchange, and the best industrial futures analyst of Futures Daily and Securities Times. He has over a decade of commodity research experience [47]. - Wang Heng, a finance master from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon [48]. - Zhu Xi, a science master from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel [48]. 3.5 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 - Customer service hotline: 400 - 700 - 7979 - Zip code: 200127 [51][52]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report [1][2][3] 2. Core Viewpoints - The main contract of lithium carbonate futures rose 1.3% to 73,180 yuan/ton. The average price of battery - grade lithium carbonate increased by 400 yuan/ton to 72,850 yuan/ton, and the average price of industrial - grade lithium carbonate also rose 400 yuan/ton to 70,600 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) dropped 100 yuan/ton to 74,050 yuan/ton. The warehouse receipt inventory decreased by 139 tons to 38,824 tons [3] - On the supply side, the weekly output increased by 544 tons to 19,963 tons. On the demand side, the weekly output of ternary materials decreased by 22 tons to 16,491 tons, and the weekly inventory decreased by 115 tons to 17,529 tons. The weekly output of lithium iron phosphate increased by 980 tons to 77,513 tons, and the weekly inventory increased by 686 tons to 95,442 tons. In terms of inventory, the weekly inventory decreased by 1,580 tons to 138,512 tons [3] - Although the long - position logic is weakened under the expectation of project复产, currently, the inventory depletion is accelerating. Before the actual复产 of the project, in the context of strong demand and pre - holiday stocking for the National Day, the downstream procurement demand will support the price. Attention should be paid to the actual situation of projects in Jiangxi [3] 3. Summary by Directory 2. Daily Data Monitoring - **Futures**: The closing price of the main contract was 73,180 yuan/ton, up 500 yuan from the previous day; the closing price of the continuous contract was 73,060 yuan/ton, up 540 yuan [5] - **Lithium Ore**: The price of lithium ore such as lithium spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone all increased to varying degrees [5] - **Lithium Carbonate and Lithium Hydroxide**: The price of battery - grade and industrial - grade lithium carbonate increased by 400 yuan/ton, while the price of battery - grade and industrial - grade lithium hydroxide decreased by 100 yuan/ton [5] - **Other Products**: The price of lithium hexafluorophosphate increased by 150 yuan/ton, and the prices of some ternary precursors, cathode materials, and other products also changed [5] 3. Chart Analysis - **3.1 Ore Prices**: Charts show the price trends of lithium spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone from 2024 to 2025 [6][7][8] - **3.2 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 [10][11][12] - **3.3 Spreads**: Charts display the spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant spreads from 2024 to 2025 [17][18][20] - **3.4 Precursor & 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 [24][25][27] - **3.5 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 [33][34][35] - **3.6 Inventory**: Charts show the weekly inventory trends of downstream, smelters, and other links of lithium carbonate in 2025 [38][39][40] - **3.7 Production Costs**: Charts display 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 [42][43][44]

Core Viewpoint - The recent developments in the new energy vehicle (NEV) sector, particularly in solid-state batteries and supportive policies, are driving significant market optimism and stock price increases among key players in the lithium battery supply chain [1][2][3]. Group 1: Market Trends - The new energy vehicle leading ETF (159637) saw an increase of over 2% in market price, with major stocks like Jingsheng Electronics and Yinlun Co. rising by 10% [1]. - Key players such as CATL and BYD also experienced notable stock price increases, with CATL and Shangtai Technology rising over 7% and BYD increasing by 3.9% [1]. - The market is currently focused on solid-state batteries, with two significant positive developments in the lithium battery supply chain: a 180GW energy storage target and the implementation of a "60-day payment term" for car manufacturers [1]. Group 2: Energy Storage Developments - The National Development and Reform Commission and the National Energy Administration issued a plan aiming for a new energy storage capacity of over 180GW by 2027, requiring an addition of over 85GW in the next two and a half years [2]. - The plan also includes the establishment of a capacity pricing mechanism, recognizing the value of energy storage as a backup power source, which is expected to improve the commercial viability of storage projects and enhance investment returns [2]. Group 3: Supply Chain Improvements - The "60-day payment term" initiative aims to address long-standing payment issues in the supply chain, with 17 major car manufacturers, including BYD and NIO, committing to implement this payment structure [3]. - The demand for power batteries is expected to rise as production schedules increase during the peak season, with CATL's production forecast for the year reaching 750GWh, exceeding market expectations [3]. - As of September 12, 2025, the valuation of the new energy vehicle sector stands at 28.6 times, indicating a potential recovery space of 45% from the average since 2020, suggesting significant upside potential [3]. Group 4: ETF Overview - The new energy vehicle leading ETF (159637) tracks the CSI New Energy Vehicle Index, comprising 50 leading stocks in the NEV supply chain, ensuring no style drift [4]. - The top ten constituent stocks include CATL, Huichuan Technology, BYD, and others, making it an efficient investment tool for tracking the NEV sector [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 21.32 billion yuan for the first half of 2025, representing a year-on-year increase of 6.16%. However, the net profit attributable to shareholders decreased by 15.20% to 733 million yuan, and the net profit excluding non-recurring items fell by 14.77% to 653 million yuan [2][4]. - In Q2 2025, the company achieved a revenue of 10.54 billion yuan, which is a decrease of 2.40% year-on-year and a decrease of 2.34% quarter-on-quarter. The net profit attributable to shareholders was 425 million yuan, down 12.32% year-on-year but up 38.24% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - The company’s revenue for the first half of 2025 was 213.23 billion yuan, with a year-on-year growth of 6.16%. The net profit attributable to shareholders was 7.33 billion yuan, down 15.20% year-on-year, and the net profit excluding non-recurring items was 6.53 billion yuan, down 14.77% year-on-year [2][4]. - In Q2 2025, the revenue was 105.35 billion yuan, showing a year-on-year decline of 2.40% and a quarter-on-quarter decline of 2.34%. The net profit attributable to shareholders was 4.25 billion yuan, down 12.32% year-on-year but up 38.24% quarter-on-quarter [2][4]. Business Segments - The company saw positive growth in the shipment of nickel, cobalt, phosphorus, and sodium products in the first half of 2025, with total sales exceeding 188,000 tons, a year-on-year increase of 33.91%. The company maintained a leading market share in its core products [10]. - The revenue from ternary precursor materials was 74.91 billion yuan, with a gross margin of 18.05%, reflecting a 15.2% decline in revenue primarily due to decreased sales volume. The four oxide cobalt business generated 14.52 billion yuan in revenue, with a gross margin of 25.88%, marking a year-on-year increase of 30.21% [10]. - The company’s revenue from the new energy metal segment was 6.70 billion yuan, with a gross margin of 7.44%, benefiting from a vertical integration strategy [10]. Future Outlook - The company is actively expanding its overseas production capacity, with projects progressing in an orderly manner, which is expected to support shipment volumes in 2025. The company is also deepening its supply chain layout, which is anticipated to enhance the self-sufficiency of intermediate products and optimize production cost structures [10]. - With the gradual release of price elasticity for nickel, the company is expected to see significant support for its performance growth, further strengthening its cost competitiveness in the industry [10].

Core Viewpoint - The article emphasizes the comprehensive depiction of the global lithium battery industry chain, highlighting its significance in various sectors and regions, particularly focusing on the distribution of resources and manufacturing capabilities. Group 1: Distribution Map Content - The distribution map measures 1.5 meters by 1 meter and intricately illustrates the entire lithium battery industry chain, from raw materials and four main materials to battery manufacturing and end applications [3] - It covers major lithium battery industry hubs, including China, North America, Europe, Japan, South Korea, and Southeast Asia [3] Group 2: Distribution Map Acquisition - To receive the distribution map for free, individuals must share the article on their social media and contact the editor [4] - The distribution of the maps is being conducted in order of registration [5] Group 3: Conference Information - The conference hosted by Xinluo Information is scheduled for November 12-13, 2025, with registration on the 12th [9] - The event will take place in Shanghai, China, and inquiries can be made via the provided contact number [9]