Group 1 - The core viewpoint of the articles indicates that the lithium carbonate futures market is experiencing a strong upward trend, with prices fluctuating between 78,000 and 83,000 yuan/ton in the short term [1][2] - The main contract for lithium carbonate opened at 80,000 yuan/ton, reaching a high of 81,620 yuan and a low of 79,580 yuan, with a daily increase of 2.03% [1] - Market inventory has decreased significantly, with total inventory down by 2,200 tons to 132,700 tons, and downstream inventory reduced by 2,000 tons to 58,000 tons, indicating a recovery in market trading [1] Group 2 - According to Guotou Anxin Futures, the rebound in lithium prices is supported by high operating rates of leading cathode material manufacturers and a decrease in market inventory [1] - Jinrui Futures notes that the fundamental recovery and continuous inventory reduction are driving significant price increases, with expectations for prices to remain strong in the near term [1] - Nanhua Futures highlights that increased supply from salt lake production and potential recovery of "Jianxiawo" could lead to a weaker price trend, while demand from lithium battery material companies is expected to grow, providing support for prices [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the lithium carbonate futures market, including market data changes, supply - demand and inventory in the industrial chain, and provides price trend judgments. It notes that there are both bullish and bearish factors in the market, with supply increasing while demand is strong. The price is expected to maintain a range - bound oscillation in the next one to two weeks, and attention should be paid to inventory changes and downstream acceptance [31][32]. 3. Summary According to Relevant Catalogs 3.1 Daily Market Summary - **Carbonate Lithium Futures Market Data Changes**: On October 16, the price of the main lithium carbonate contract rose 3.05% to 74,940 yuan/ton, and the basis weakened by 2,220 yuan/ton to - 2,040 yuan/ton. The main contract's open interest decreased by 5.61% to 178,000 lots, while trading volume increased by 19.38% to 269,000 lots [1]. - **Supply - Demand and Inventory Changes in the Industrial Chain**: On the supply side, the prices of spodumene and lepidolite concentrates remained stable, and new production capacity was released, with the total lithium carbonate output expected to continue growing in October. On the demand side, the prices of ternary materials and lithium hexafluorophosphate increased, and the cost transfer pressure grew. The retail sales of new energy vehicles from October 1 - 12 showed a slight year - on - year decline but a month - on - month increase. Lithium carbonate inventory decreased for four consecutive weeks, and the spot market trading was inactive [2]. - **Market Summary**: Attention should be paid to whether the new energy market can form a positive influence under the rumor of the establishment of a polysilicon platform company. The supply - side capacity release and the demand - side peak - season stocking offset each other. Although the price increase of ternary materials and energy - storage demand drive the demand for lithium carbonate, the downstream's acceptance of high prices is decreasing, and electrolyte enterprises have not fully transferred the cost pressure [3]. 3.2 Industrial Chain Price Monitoring - On October 16, the price of the main lithium carbonate contract was 74,940 yuan/ton, up 3.05% from the previous day; the basis was - 2,040 yuan/ton, down 1,233.33%. The open interest of the main contract was 177,951 lots, down 5.61%, and the trading volume was 268,890 lots, up 19.38%. The market price of battery - grade lithium carbonate remained unchanged at 72,900 yuan/ton, and the prices of spodumene and lepidolite concentrates also remained unchanged. The price of lithium hexafluorophosphate rose 1.35% to 75,000 yuan/ton, and the price of power ternary materials rose 2.33% to 131,500 yuan/ton [5]. 3.3 Industry Dynamics and Interpretations - **Spot Market Quotes**: On October 16, the SMM battery - grade lithium carbonate index price was 73,064 yuan/ton, up 27 yuan/ton from the previous day. The price of battery - grade lithium carbonate was 72,400 - 73,600 yuan/ton, and the average price was 73,000 yuan/ton, remaining unchanged. The price of industrial - grade lithium carbonate was 70,150 - 71,350 yuan/ton, and the average price was 70,750 yuan/ton, remaining unchanged. The lithium carbonate futures price fluctuated sharply, and the main contract was in the range of 72,800 - 75,000 yuan/ton. The downstream material factories were cautious, and the overall market trading was inactive. In October, the supply is expected to grow steadily, but the strong demand in the power and energy - storage fields will drive the market into a significant de - stocking stage, forming a stage of tight supply [6]. - **Downstream Consumption**: From October 1 - 12, the retail sales of new energy passenger vehicles nationwide were 367,000 units, a year - on - year decrease of 1% but a month - on - month increase of 1%. The retail penetration rate of new energy passenger vehicles was 53.5%, and the cumulative retail sales this year were 9.236 million units, a year - on - year increase of 23%. The wholesale volume of new energy passenger vehicles from October 1 - 12 was 328,000 units, a year - on - year increase of 1% but a month - on - month decrease of 11%. The wholesale penetration rate of new energy passenger vehicles was 60.2%, and the cumulative wholesale volume this year was 10.775 million units, a year - on - year increase of 31% [7]. - **Industry News**: On October 16, the actual settlement discounts between precursor manufacturers and cathode material enterprises for quarterly orders or large - scale single orders increased significantly. On September 20, the electromechanical equipment of EVE Energy's Hungary base entered the site, marking the project's civil engineering entering a critical stage. The base is expected to be completed in 2026 and will create about 1,000 jobs. On September 25, Tianqi Lithium's 30,000 - ton battery - grade lithium hydroxide project in Zhangjiagang was completed and put into operation [8][9]. 3.4 Industrial Chain Data Charts The report provides multiple data charts, including those on the main lithium carbonate futures and basis, battery - grade and industrial - grade lithium carbonate prices, lithium concentrate prices, lithium hexafluorophosphate and electrolyte prices, ternary precursor prices, ternary material prices, lithium iron phosphate prices, lithium carbonate operating rate, lithium carbonate inventory, and cell selling prices [10][12][14][15][17][18][22][24].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The weak expectation logic may return, and lithium prices will fluctuate downward. Fundamentally, upstream production will remain high due to the lack of supply elasticity. As the peak seasons of "Golden September and Silver October" end, the restocking demand before the terminal peak season may weaken, and the fundamental expectation is marginally bearish. From a market perspective, as Jiangxi lithium mining companies submit review materials, the risk of mica mine shutdown decreases, and the increase in positions and decline in the secondary main contract reflect the market's bet on the cooling expectation of resource disturbances. It is expected that lithium prices will operate weakly with fluctuations [3][33]. 3. Summary by Relevant Catalogs 3.1 Market Review - **Market Performance**: In September, lithium carbonate prices fluctuated within a narrow range. At the beginning of the month, driven by the rumor of the resumption of production at Ningde Times' Zhenxiawo lithium mine, the lithium price broke through the support level with a gap down. As the rumor was falsified, the price corrected upward. The market was uncertain about the continuous production of Jiangxi lithium mines after September 30th, resulting in a significant cooling of the long - short game and stable price trends. Fundamentally, the lithium carbonate market remained weak. The supply elasticity was absent, and weekly production reached new highs. Although spot inventory decreased significantly, the destocking was mainly due to cross - market transfers rather than industrial demand [8]. - **Price Spread**: In September, the electric - industrial price spread rebounded, rising from - 0.08 million yuan/ton at the beginning of the month to 0.11 million yuan/ton at the end. The lithium carbonate - lithium hydroxide price spread was stable, dropping from - 0.38 million yuan/ton at the beginning of the month to - 0.65 million yuan/ton at the end, with no obvious arbitrage opportunities during the reporting period [10]. 3.2 Fundamental Analysis - **Resource Disturbance and Cost**: In September, lithium ore prices dropped significantly. The price of imported lithium spodumene concentrate (5.5% - 6%) fell from $881/ton at the beginning of the month to $812/ton at the end, a monthly decline of about 7.83%. The price of technical - grade lithium mica (2.5%) dropped from 1935 yuan/ton to 1760 yuan/ton, a monthly decline of about 9.04%. As Jiangxi lithium mining companies submitted approval materials and some obtained approvals, the market's expectation of mine shutdown decreased, and mica ore prices further declined after the holiday. It is expected that resource disturbance risks will decrease, and the cost center will move down [13]. - **Supply and Production**: In September, the production capacity of lithium carbonate increased. Many domestic and overseas projects were put into production. The total lithium salt production in September was about 95,442 tons, a month - on - month increase of about 3.31%. The operating rate was 50.28%, a slight increase of about 1.97 percentage points from August. There were structural differences in production, with a slight decrease in mica - extracted lithium production and an increase in spodumene and salt - lake - extracted lithium production [15][16]. - **Import and Export**: Affected by the rapid increase in domestic lithium salt supply, the filling effect of imported lithium salt weakened. Chile's lithium salt exports decreased significantly in August, which may lead to a significant decline in imported resources around October. With the gradual production increase of Argentine salt - lake projects, imported resources may show diversification characteristics. In Chile, Codelco may dominate the Atacama salt - lake mining business, and the salt - lake may face more policy controls [19]. - **Downstream Products**: - **Phosphoric Acid Ferrous Lithium**: In September, the production of phosphoric acid ferrous lithium was about 351,400 tons, a month - on - month increase of 6.77%. The operating rate was 71.18%, a significant increase of about 4.58 percentage points from August. Inventory increased. The prices of power - type and energy - storage - type phosphoric acid ferrous lithium decreased. The supply increase was more significant, and the cost center decline dragged down the price [21]. - **Ternary Materials**: In September, the production of ternary materials was about 79,030 tons, a month - on - month increase of 0.95%. The operating rate was about 47.59%, an increase of about 0.45 percentage points from August. Inventory decreased slightly. The prices of 6 - series and 8 - series ternary materials increased slightly. The fundamentals were stable, and the cost pressure was stronger than that of ferrous lithium [22]. - **Batteries**: In August, the production of power batteries was about 139.5 GWh, a month - on - month increase of about 4.41%. Sales were about 98.9 GWh, a decrease of 3 GWh from the previous period. The production - sales ratio was about 70.89%, indicating a large imbalance between production and sales. The loading rate of ferrous lithium batteries was better than that of ternary batteries, and the supply - demand structure of ferrous lithium batteries improved marginally [24][25]. - **Power Terminal**: In August, the production and sales of new energy vehicles increased year - on - year, but the growth rate of monthly production and sales declined rapidly, dragging down the cumulative growth rate. The new energy commercial vehicle market remained hot, with high production and sales growth rates and a production - sales ratio close to 100%. The new energy vehicle market showed significant structural differentiation between passenger cars and commercial vehicles. Overseas, the sales of new energy vehicles in Europe and the United States maintained a growth trend [27][28][29]. - **Inventory Transfer**: As of October 3rd, the total lithium carbonate inventory decreased slightly. Although the market inventory decreased significantly, the factory inventory increased. The decrease in spot inventory was similar to the increase in exchange warehouse receipts, indicating that most of the spot resources flowed to the exchange rather than being consumed by production and sales [30][32]. 3.3 Market Outlook - **Supply**: Due to the lack of supply elasticity, lithium salt production may remain high (neutral to slightly bearish). - **Consumption**: As the "Golden September and Silver October" period ends, the demand intensity shifts from raw material stocking in the middle reaches to the terminal consumption peak season. However, the peak season of the power terminal may be limited in intensity under the control of subsidy funds, which may drag down the resilience of raw material stocking in the middle reaches (neutral to slightly bearish). - **Resources**: Low - cost salt - lake production capacities are being put into operation one after another. Lithium mining companies involved have submitted license renewal materials, and there are no signs of mine shutdown in the market, so the resource disturbance risk decreases (neutral to slightly bearish). Overall, lithium prices are expected to fluctuate downward [33].

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the cobalt and lithium industries, focusing on market dynamics, price trends, and supply chain issues related to cobalt and lithium production and consumption. Cobalt Industry Insights - **Congo's Cobalt Quota Policy**: The quota policy in the Democratic Republic of Congo (DRC) is likely to be postponed rather than implemented directly due to the new mining minister's short tenure and cobalt prices not meeting expectations. This has led to a 7-month restriction on domestic cobalt raw material imports, expected to continue until Q1 next year, resulting in tight domestic cobalt supply [1][2]. - **Cobalt Inventory**: Domestic cobalt raw material inventory is relatively sufficient at approximately 80,000 tons, but it is concentrated among a few leading companies, making it susceptible to price manipulation. The inventory of cobalt sulfate and cobalt tetroxide is decreasing, indicating strong demand from downstream ternary materials and consumer electronics, which may drive cobalt prices up [1][4]. - **Production Growth**: Domestic production of ternary materials and lithium cobalt oxide has significantly increased, with year-on-year growth of 12% and 44%, respectively. The demand is expected to rise further due to consumer subsidy policies and the traditional peak season [1][5]. - **Price Dynamics**: The price of electric cobalt is expected to stabilize between 250,000 to 300,000 CNY per ton. If the DRC policy is postponed again, cobalt prices may rise above 300,000 CNY, with some companies predicting prices could reach 350,000 to 400,000 CNY [3][7]. - **Market Sentiment**: The steel and hardware sectors have paused pricing, indicating a market sentiment of reluctance to sell and expectations of price increases. The price of electric cobalt has lagged, while cobalt sulfate and cobalt tetroxide prices continue to rise, reflecting differing market dynamics for various cobalt products [6]. Factors Influencing Cobalt Prices - **Key Drivers**: The speed of electric cobalt inventory digestion is a crucial driver for cobalt price increases in the short term. In the medium to long term, the DRC's implementation of a quota system is inevitable, which will support high cobalt prices. However, the quota must align with the growth rate of downstream demand [7]. - **Beneficiary Companies**: Companies such as Huayou Cobalt and Liqin Resources are expected to benefit from rising cobalt prices due to their wet-process nickel production capabilities in Indonesia, which includes abundant associated cobalt resources. Tengyuan Cobalt and Hanrui Cobalt are also noteworthy, as they rely on DRC raw materials but have sufficient inventory to benefit from price increases in the short term [8][9]. Lithium Industry Challenges and Opportunities - **Supply Dependence**: The lithium industry faces challenges due to insufficient anti-involution logic, with China's lithium supply relying heavily on overseas sources. The price of lithium carbonate has fluctuated, with Australian lithium production capacity clearing slowly and South American salt lake production being released at a slow pace [10]. - **Price Trends**: Lithium carbonate prices have risen sharply from below 60,000 CNY to around 90,000 CNY but have since adjusted. Various factors, including high costs and production challenges in Australia and South America, are influencing these price movements [10]. - **Regional Developments**: In Sichuan, lithium project construction is slow, limiting supply growth in the near term. In Jiangxi, the market is affected by the recent suspension of production at a major lithium mine due to permit issues, which may disrupt supply and impact lithium prices [11][12]. Future Price Predictions - **Lithium Price Outlook**: Future lithium prices are expected to stabilize between 70,000 to 90,000 CNY, with 70,000 CNY seen as a potential bottom price. The market is unlikely to see prices drop significantly below this range due to the balance of supply and demand dynamics [16][17]. Recommended Stocks - **Investment Opportunities**: Key lithium stocks to watch include Zhongmin Resources, Yongxing Materials, Tianqi Lithium, and Ganfeng Lithium. Zhongmin Resources, in particular, has undergone a detailed fundamental review and held a recent conference call for investors to gain insights [18].

Report Summary 1. Investment Rating The report does not provide an investment rating for the industry. 2. Core Viewpoints - **Last Week's Review**: Lithium prices opened significantly higher at the beginning of the week due to the expected expiration of the safety production license of a large lithium mine in Jiangxi. However, the high prices lacked policy and fundamental support, and bulls were conservative. Later in the week, a large salt factory announced复产, causing bulls to exit and prices to decline. Overall, lithium prices fluctuated greatly last week, driven by upstream events, and the fundamental logic did not apply [4]. - **Future Outlook**: As market sentiment cools, lithium prices may decline. High lithium prices have led to increased production and复产 by upstream lithium salt factories, and the weekly high - frequency supply is at a recent high. The supply disruption expectation may be gradually disproven. Technically, the sharp decline in lithium prices on Friday further confirms the cooling market sentiment. On the demand side, energy storage performance slightly exceeded expectations in August, while the power terminal weakened as expected. Policy continues to correct the market. Without new disturbances, lithium prices may decline [4][14]. 3. Summary by Directory Market Data - **Price Changes**: From August 15 to August 22, 2025, the prices of imported lithium ore (1.3% - 2.2%), imported lithium concentrate (5.5% - 6%), and domestic lithium concentrate (5.5% - 6%) increased by 5.92%, 10.43%, and 10.43% respectively. The battery - grade lithium carbonate spot price decreased by 9.14%, while the industrial - grade lithium carbonate spot price increased by 4.90%. The prices of other related materials also had minor changes [6]. - **Inventory Changes**: As of August 22, 2025, the total lithium carbonate inventory was 106,055 tons, a decrease of 2,181 tons from the previous period. Factory inventory decreased by 1,590 tons, market inventory decreased by 591 tons, and exchange inventory increased by 1,505 tons [6][13]. Market Analysis and Outlook - **Last Week's Market Analysis** - **Regulatory and Delivery**: As of August 22, 2025, the warehouse receipt scale of the Guangzhou Futures Exchange was 24,990 tons, with a matching transaction price of 73,480 yuan/ton. The open interest of the main contract 2511 was 362,200 lots [8]. - **Supply Side**: As of August 22, the weekly production of lithium carbonate was 20,438 tons, an increase of 345 tons from the previous period. A large salt factory in Jiangxi announced复产, but the actual production in August was expected to be limited. High - frequency production was at a high level, and some smelters entered the market for high - level hedging. Supply intensity depends on price, and market sentiment cooling may not significantly reduce supply [8]. - **Lithium Salt Import**: In July, the import volume of lithium carbonate was about 13,800 tons, a month - on - month decrease of 21.8% and a year - on - year decrease of 42.7%. Imports from Chile and Argentina decreased [9]. - **Lithium Ore Import**: In July, the total import of lithium ore was about 750,700 tons, a month - on - month increase of 30.3%. Imports from Australia increased significantly, while imports from Zimbabwe decreased [10]. - **Demand Side** - **Positive Materials**: As of August 22, the production of lithium iron phosphate and ternary materials increased slightly, and their prices also rose. Energy storage orders in August improved, but the supply - driven force of the fundamentals for positive material prices was limited [11]. - **New Energy Vehicles**: From August 1 - 17, the retail sales of new energy passenger vehicles were 502,000, a year - on - year increase of 9% and a month - on - month increase of 12%. However, the sales growth rate slowed down in the first and middle of August. The new - replacement subsidy policy needs further observation, and demand is expected to be stable but weak [12]. - **This Week's Outlook**: Market sentiment is cooling, and lithium prices may decline. High lithium prices have stimulated production and复产 by upstream factories, and supply has reached a high level. The supply disruption expectation may be disproven. Technically, market sentiment is cooling. On the demand side, energy storage is better, while the power terminal is weak. In the absence of new disturbances, lithium prices may decline [14]. Industry News - **Dazhong Mining**: The application for a mining license for a lithium mine in Hunan is in progress at the Ministry of Natural Resources [15]. - **Yichang Bangpu**: A 450,000 - ton lithium iron phosphate production capacity is about to be put into operation [15]. - **Jiangte Motor**: Yichun Yinli will resume production soon [15]. - **Chuanneng Power**: The Lijiagou lithium mine is in the production - ramping - up stage [15].

Group 1 - The domestic futures market for non-ferrous metals showed a downward trend, with lithium carbonate futures main contract closing at 87,540.0 yuan/ton, down 1.79% [1] - In the spot market, prices for various lithium-related materials increased, including a rise of 1,900 yuan to 84,600 yuan for electric carbon and 500 yuan for ternary materials [1] - Weekly lithium production increased by 424 tons to 19,980 tons, with lithium spodumene production rising by 477 tons to 11,659 tons, while lithium mica production decreased by 510 tons to 3,900 tons [1] Group 2 - Market sentiment improved due to the upcoming expiration of a safety production license for a large mica mine in Jiangxi, leading to cautious upward movement in lithium prices [2] - The domestic demand for lithium is showing signs of recovery as downstream purchasing attitudes shift in response to the strong trend of lithium carbonate [1][2] - Short-term lithium prices may experience upward movement driven by market sentiment, but the extent of the increase is expected to be limited due to regulatory factors and local oversight [2]

Report Summary 1. Core View - The lithium carbonate futures rose and then fell, with all related varieties closing down. Although there were many rumors, they did not become the market consensus. The spot price increased, with electric carbon rising by 3,000 to 81,000. Most enterprises remained on the sidelines, but due to the rigid demand of some downstream enterprises and the reluctance of upstream and traders to sell, the spot transaction price of lithium carbonate continued to rise significantly. The price of Australian ore rose to 970, and the price of lithium mica rose to 2,030. The salt plants using purchased lithium spodumene turned profitable by 825, and the production loss of salt plants using purchased lithium mica narrowed to 4,848. The enthusiasm of salt plants to start production was high. In the short term, as the impact of sentiment gradually decreases, the trading focus will return to the fundamentals, and the short - term upward trend of lithium prices will slow down [11]. 2. Section Summaries 2.1行情回顾与操作建议 - The lithium carbonate futures showed a pattern of rising and then falling, and related varieties closed down. The spot price of lithium carbonate increased, with electric carbon rising by 3,000 to 81,000. Market sentiment was mainly one of waiting and seeing, but due to demand and supply - side factors, the transaction price of spot lithium carbonate rose. The prices of Australian ore and lithium mica increased, and the profitability of salt plants improved. In the short term, the upward trend of lithium prices will slow down [11]. 2.2行业要闻 - The China Non - Ferrous Metals Industry Association Lithium Industry Branch issued an initiative on the healthy development of the lithium industry, advocating fair competition, rational layout of new production capacity, and stable market supply through long - term cooperation agreements. It also called for increased R & D investment and innovation. The second - phase project of Anhui Xingchuan New Energy's high - power battery was launched, which will improve the new energy vehicle industry chain in Hefei High - tech Zone [14].

Core Viewpoint - The lithium carbonate futures market has seen a significant surge, with all contracts hitting the daily limit, indicating strong market sentiment and potential supply constraints due to mining disruptions [1][3]. Group 1: Market Performance - On August 11, lithium carbonate futures reached a price of 81,000 yuan/ton, marking an 8% increase and the highest level in nearly three months [1]. - The A-share lithium mining sector experienced a corresponding rally, with companies like Jiangte Electric and Tianqi Lithium hitting the daily limit, while Ganfeng Lithium rose over 8% [1]. Group 2: Supply Disruptions - CATL's Jiangxiawo mining area ceased operations on August 9, with no immediate plans for resumption, which is expected to tighten domestic lithium resource supply [3]. - The Jiangxiawo mining area is one of the largest lithium mica mines in the Yichun region, with a recoverable resource of 77,492 million tons and an estimated service life of over 25 years based on an annual production capacity of 30 million tons [3]. - The suspension of operations is projected to impact domestic lithium carbonate production by approximately 6,000 tons per month, accounting for about 8.5% of the national monthly output [3]. Group 3: Market Sentiment and Future Outlook - Market sentiment is currently driven by speculation, with the potential for price volatility in the futures market [4]. - Analysts suggest that if the mining disruptions persist, the supply-demand balance could improve significantly, leading to further increases in lithium prices [4]. - Despite the positive sentiment, downstream companies remain cautious, and there has not been a notable increase in inventory stocking behavior [4].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - After the market sentiment subsided, lithium prices fell from their highs. The market's focus is on the uncertainty of whether the Jianxiaowo mine will shut down. After the concentrated destocking of warehouse receipts, there is a certain amount of re - inflow, but the current total remains low. In the long term, attention should be paid to the further cost - reduction and production - increase actions of overseas mines [4] - On the supply side, the weekly production continued to slow down, with a weekly decrease of 1,362 tons to 17,268 tons. However, with the price rebound, it is expected that the supply in August will still increase slightly by 3% to 84,200 tons. On the demand side, the lithium consumption of the two major cathode materials in August is expected to increase by 8% month - on - month to 86,000 tons of LCE. In terms of inventory, the social inventory saw its first destocking since the end of May last week, but there is still about 142,000 tons [4] 3. Summary by Relevant Catalogs 3.1 Research Views - Yesterday, the 2509 contract of lithium carbonate futures fell 2.65% to 67,680 yuan/ton. In terms of spot prices, the average price of battery - grade lithium carbonate decreased by 150 yuan/ton to 71,200 yuan/ton, the average price of industrial - grade lithium carbonate decreased by 150 yuan/ton to 69,100 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) decreased by 80 yuan/ton to 65,540 yuan/ton. In terms of warehouse receipts, there was a concentrated cancellation of warehouse receipts yesterday, and the inventory increased by 1,840 tons to 14,443 tons [4] - In terms of news, on August 5th, according to Cailian Press, the Australian Resources Minister said that Australia is considering setting a price floor to support key mineral projects; Xinyu High - tech Ecological Environment Bureau released the "Pre - approval Publicity of the Annual Expansion Project of 30,000 Tons of High - Purity Lithium Salt in Zhongkuang Resources (002738) (Jiangxi) Lithium Industry Co., Ltd."; Core's restart research shows that it can reduce costs and increase production, and it also terminated the off - take agreement with Yahua [4] 3.2 Daily Data Monitoring - In the futures market, the closing price of the main contract decreased by 1,080 yuan/ton to 67,840 yuan/ton, and the closing price of the continuous contract decreased by 1,900 yuan/ton to 67,300 yuan/ton. Among lithium ores, the price of lithium mica (Li2O: 2.0% - 2.5%) remained unchanged at 1,710 yuan/ton, while the price of phosphorus - lithium - aluminum ore (Li2O: 6% - 7%) decreased by 75 yuan/ton to 5,275 yuan/ton [5][6] - For lithium salts, the price of battery - grade lithium carbonate decreased by 150 yuan/ton to 71,200 yuan/ton, and the price of industrial - grade lithium carbonate decreased by 150 yuan/ton to 69,100 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) decreased by 80 yuan/ton to 65,540 yuan/ton [6] - In terms of price differences, the price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged at 2,100 yuan/ton, while the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased by 70 yuan/ton to - 5,660 yuan/ton [6] 3.3 Chart Analysis - **Ore Prices**: Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and phosphorus - lithium - aluminum ore (6% - 7%) from 2024 to 2025 [7][9] - **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 [10][14] - **Price Differences**: Charts present the price differences 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, etc., from 2024 to 2025 [17][18] - **Precursors & Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobalt oxide from 2024 to 2025 [21][26] - **Lithium Battery Prices**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobalt oxide cells, and square lithium iron phosphate batteries from 2024 to 2025 [28][31] - **Inventory**: Charts show the inventory trends of downstream, smelters, and other sectors from December 12, 2024, to July 31, 2025 [33][36] - **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 (Li: 5.5% - 6.5%),外购磷酸铁锂极片黑粉 (Li: 3.2% - 4.2%),外购锂云母精矿 (Li₂O: 2.5%), and外购锂辉石精矿 (Li₂O: 6%) from 2024 to 2025 [37][38] 3.4 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, a gold intermediate investment analyst, an excellent metal analyst of the Shanghai Futures Exchange, and the best industrial futures analyst of Futures Daily & Securities Times. He has more than a decade of commodity research experience, serves many leading spot enterprises, and has published dozens of professional articles in public newspapers and magazines [41] - Wang Heng, a master of finance from the University of Adelaide in Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon research [42] - Zhu Xi, a science master from the University of Warwick in the UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel research [42]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core View of the Report - On August 4, 2025, the 2509 contract of lithium carbonate futures rose 0.09% to 68,920 yuan/ton. The average price of battery - grade lithium carbonate remained at 71,350 yuan/ton, and the average price of industrial - grade lithium carbonate remained at 69,250 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) dropped 50 yuan/ton to 65,620 yuan/ton. Warehouse receipts were concentrated for cancellation, and inventory increased 5,998 tons to 12,603 tons [3]. - The supply - demand balance in August may further narrow. Weekly production continued to slow down, with a week - on - week decrease of 1,362 tons to 17,268 tons. However, with the price rebound, it is expected that the supply in August will still increase slightly by 3% to 84,200 tons. The lithium consumption of two major cathode materials in August is expected to increase 8% month - on - month to 86,000 tons of LCE. Social inventory has seen its first destocking since the end of May, but there is still about 142,000 tons [3]. - After the market sentiment subsided, lithium prices have fallen from their highs. The market focus is on the uncertainty of whether Jiaxiaowo will stop production. After the concentrated destocking of warehouse receipt inventory, there is a certain re - inflow, but the current total remains low. In the long term, attention should be paid to the further cost - reduction and production - increase actions of overseas mines [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract was 68,920 yuan/ton, unchanged from the previous day; the closing price of the continuous contract was 69,200 yuan/ton, up 700 yuan [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) was 760 US dollars/ton, up 5 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) remained at 1,085 yuan/ton; the price of lithium mica (Li2O: 2.0% - 2.5%) remained at 1,710 yuan/ton; the price of amblygonite (Li2O: 6% - 7%) was 5,350 yuan/ton, up 75 yuan; the price of amblygonite (Li2O: 7% - 8%) was 6,280 yuan/ton, up 85 yuan [5]. - **Lithium Carbonate**: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) remained at 71,350 yuan/ton; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) remained at 69,250 yuan/ton [5]. - **Lithium Hydroxide**: The price of battery - grade lithium hydroxide (coarse particles/domestic) dropped 50 yuan/ton to 65,620 yuan/ton; the price of battery - grade lithium hydroxide (micropowder) dropped 50 yuan/ton to 70,770 yuan/ton; the price of industrial - grade lithium hydroxide (coarse particles/domestic) dropped 50 yuan/ton to 60,520 yuan/ton; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) was 8.2 US dollars/kg, down 0.03 US dollars [5]. - **Lithium Hexafluorophosphate**: The price of lithium hexafluorophosphate remained at 52,750 yuan/ton [5]. - **Price Spreads**: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained at 2,100 yuan/ton; the price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 5,730 yuan/ton, down 50 yuan; CIF China, Japan, and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide was - 7,076.1 yuan/ton, down 247 yuan [5]. - **Precursors & Cathode Materials**: The prices of various ternary precursors and cathode materials showed small increases, while the prices of lithium iron phosphate and lithium manganate remained unchanged, and the price of cobalt acid lithium remained unchanged [5]. - **Cells & Batteries**: The prices of various cells and batteries remained unchanged [5]. 3.2 Chart Analysis - **Ore Prices**: Charts show the price trends of lithium spodumene concentrate, lithium mica, and amblygonite from 2024 to 2025 [6][8]. - **Lithium and Lithium Salt Prices**: Charts display the price trends of metallic lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [9][11][13]. - **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, and South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, and other price spreads from 2024 to 2025 [16][17][19]. - **Precursors & 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]. - **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][32][33]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other sectors from December 12, 2024, to July 31, 2025 [34][35][37]. - **Production Costs**: Charts present the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [38][39]