1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints of the Report - Yesterday, the lithium carbonate futures contract 2605 rose 2.04% to 137,230 yuan/ton. The average price of battery - grade lithium carbonate increased by 500 yuan/ton to 136,000 yuan/ton, the average price of industrial - grade lithium carbonate rose by 500 yuan/ton to 132,500 yuan/ton, and the battery - grade lithium hydroxide (coarse particles) increased by 750 yuan/ton to 133,750 yuan/ton. The warehouse receipt inventory increased by 940 tons to 35,537 tons [3]. - On the supply side, the weekly output decreased by 825 tons to 20,744 tons. The production schedule of battery - grade lithium carbonate in February decreased by 17.6% month - on - month to 58,835 tons, and that of industrial - grade lithium carbonate decreased by 12.7% month - on - month to 23,095 tons. On the demand side, the production schedule of ternary materials in February decreased by 14.6% month - on - month to 69,250 tons, and that of lithium iron phosphate decreased by 10.7% month - on - month to 354,000 tons. On the inventory side, the weekly social inventory of lithium carbonate decreased by 2,019 tons to 105,463 tons, with downstream inventory increasing by 3,058 tons to 43,657 tons, other links decreasing by 4,430 tons to 43,450 tons, and upstream inventory decreasing by 647 tons to 18,356 tons [3]. - Previously, the spot trading volume increased, mainly from downstream. The downstream's Spring Festival stocking is basically over, and there has been some strategic stocking. If the price runs strongly in the short term, actual purchases may turn cold, which will drag down the price. The January shipment data from Chile increased significantly month - on - month, but it was due to early shipments because of the Spring Festival, and the volume is unsustainable. The significant supply pressure on China may be reflected after the Spring Festival. At the same time, domestic production will gradually resume in March. The key will be whether there is an unexpected increase in demand. If it is only the same as in December last year, the inventory reduction of over 6,000 tons in February will turn into a tight - balance or slight inventory accumulation in March. However, the continuous decline in post - festival inventory levels may become a significant bullish support, and the short - term price may fluctuate widely [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - In the futures market, the closing price of the main contract was 137,340 yuan/ton on February 10, 2026, up 340 yuan from the previous day; the closing price of the continuous contract was 135,880 yuan/ton, down 460 yuan. The price of lithium spodumene concentrate (6%, CIF China) was 1,900 US dollars/ton, up 3 US dollars [5]. - Among lithium ores, the prices of lithium mica (Li₂O: 1.5% - 2.0%), lithium mica (Li₂O: 2.0% - 2.5%), phospho - lithium - aluminum stone (Li₂O: 6% - 7%), and phospho - lithium - aluminum stone (Li₂O: 7% - 8%) remained unchanged [5]. - In the lithium carbonate market, the price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 136,000 yuan/ton, up 500 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 132,500 yuan/ton, up 500 yuan. In the lithium hydroxide market, the price of battery - grade lithium hydroxide (coarse particles/domestic) was 133,750 yuan/ton, up 750 yuan; the price of battery - grade lithium hydroxide (micropowder) was 140,250 yuan/ton, up 750 yuan; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 123,200 yuan/ton, up 700 yuan. The price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) remained unchanged at 17.25 US dollars/kg. The price of lithium hexafluorophosphate remained unchanged at 125,000 yuan/ton [5]. - Regarding price differences, the price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged at 3,500 yuan/ton. The price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased by 250 yuan to - 2,250 yuan/ton. The difference between CIF China, Japan, and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide decreased by 862 yuan to - 13,934.95 yuan/ton [5]. - In the precursor and cathode material market, among ternary precursors, the prices of ternary precursor 523 (polycrystalline/power type), ternary precursor 523 (single - crystal/consumer type), ternary precursor 622 (polycrystalline/consumer type), and ternary precursor 811 (polycrystalline/power type) remained unchanged. Among ternary materials, the price of ternary material 523 (polycrystalline/consumer type) was 182,500 yuan/ton, up 200 yuan; the price of ternary material 523 (single - crystal/power type) was 174,000 yuan/ton, up 200 yuan; the price of ternary material 622 (polycrystalline/consumer type) was 177,450 yuan/ton, up 200 yuan; the price of ternary material 811 (power type) was 199,450 yuan/ton, up 250 yuan. The prices of lithium iron phosphate (power type), lithium iron phosphate (mid - to - high - end energy storage), and lithium iron phosphate (low - end energy storage) increased by 120 yuan/ton. The prices of lithium manganate (power type) and lithium manganate (capacity type) remained unchanged. The price of cobalt acid lithium (60%, 4.35V/domestic) remained unchanged at 407,000 yuan/ton [5]. - In the battery market, the prices of 523 square ternary cells (yuan/Wh), 523 soft - pack ternary cells (yuan/Wh), and square lithium iron phosphate cells (yuan/Wh) remained unchanged. The price of 523 cylindrical ternary batteries was 6.25 yuan/piece, up 0.1 yuan. The price of square lithium iron phosphate batteries was 0.318 yuan/Wh, up 0.003 yuan [5]. 3.2 Chart Analysis - **Ore Prices**: Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and phospho - lithium - aluminum stone (6% - 7%) from 2024 to 2026 [6][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 2026 [12][14][18]. - **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, and South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, battery - grade lithium carbonate (CIF Asia) and domestic battery - grade lithium carbonate, and the basis from 2024 to 2026 [20][22][25]. - **Precursor and Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2026 [27][29][31]. - **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 2026 [33][36]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links from June 2025 to February 2026 [38][41]. - **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 February 2026 [42][43].

Core Viewpoint - The article highlights the launch of the 2026 Global Lithium Battery Industry Chain Distribution Map, building on the success of the 2025 version, which has become a significant product in the industry, providing a comprehensive overview of the lithium battery supply chain from raw materials to end applications [8]. Distribution Map Content - The distribution map measures 1.5 meters by 1 meter and intricately depicts the entire ecosystem of the global lithium battery industry, covering raw materials, four main materials, battery manufacturing, and end applications [3]. - It includes major lithium battery industry clusters in China, North America, Europe, Japan, South Korea, and Southeast Asia [3]. Distribution Map Acquisition - To receive the distribution map for free, individuals are required to share the article on their social media and contact the editor [4]. Distribution Map Delivery Details - The distribution maps are being dispatched in order of registration [5]. 2026 Distribution Map Promotion - The 2026 Global Lithium Battery Industry Chain Distribution Map is now open for sponsorship, with limited seats available for brand exposure [8]. - Sponsorship options include naming sponsorship, where the company logo is displayed alongside the organizer's logo, and brand sponsorship, which allows for the display of the company's name, main products, and contact information [8].

Group 1 - The core viewpoint of the articles highlights the active adjustment of stock ratings by brokerages in response to the performance forecasts and reports of A-share companies for 2025, indicating a positive market sentiment and potential investment opportunities [1][2] - As of February 9, 2023, brokerages have upgraded ratings for 25 stocks, with 3 receiving a "strongly recommended" rating, including Huai Bei Mining and China Duty Free Group [1] - A total of 713 stocks have been given a "buy" rating by brokerages, with notable sectors being electronics, power equipment, machinery, and automotive [1][2] Group 2 - The performance of listed companies is a significant reference for brokerage ratings, with analysts noting substantial growth in revenue for companies like DiKe Co. and Baiwei Storage, leading to "strongly recommended" ratings [3] - Brokerages are focusing on sectors with strong growth potential, such as technology (including domestic chips and semiconductor equipment), high-demand industries (like energy storage and lithium battery supply chains), and sectors benefiting from policy support (like commercial aerospace and nuclear power) [3] - The distribution of the 713 stocks with "buy" ratings includes 163 in the electronics sector, 124 in power equipment, and 112 each in machinery and automotive sectors, indicating a diverse interest across industries [2]

Group 1 - Maxell, a Japanese electronics and materials company, announced the sale of its lithium-ion battery subsidiary, Wuxi Maxell Energy Co., Ltd., to Zhejiang Xinghuan Holdings, a wholly-owned subsidiary of Xinghe Energy, for approximately 48.96 million yuan, with the transaction expected to be completed within the month [1] - The sale is part of Maxell's proactive adjustment of its global business strategy, as the company has decided to cease its square lithium battery business by 2025 and plans to dissolve and liquidate the Wuxi subsidiary responsible for this product [1] - Maxell, established in 1960, was a significant player in the mobile device market with its square lithium batteries, but has seen a decline in sales and profits due to the consumer electronics market's shift towards pouch batteries [1] Group 2 - LG Energy Solution announced an agreement with Hanwha Solutions' U.S. subsidiary to supply batteries for its energy storage system project, with plans for local production to avoid tariff uncertainties [2] - The agreement includes the supply of 5 GWh of batteries, with delivery scheduled between 2028 and 2030 [2] - Guoxuan High-Tech plans to raise up to 5 billion yuan by issuing no more than 272 million A-shares to no more than 35 specific investors, with the net proceeds intended for three major battery projects and to supplement working capital [2]

宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 碳酸锂 姓名：龙奥明 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 碳酸锂 | 日报 2026 年 2 月 6 日 碳酸锂日报 专业研究·创造价值 碳酸锂震荡企稳 摘要 【期货市场】主力合约 LC2605.GFE 收盘价 132920 元/吨，较前日 上涨 140 元/吨，近 10 个交易日整体呈现下降走势。 【现货市场】碳酸锂现货价格为 134440 元/吨，较前日下跌 6.56%，近 10 个交易日整体呈现下降走势。 【基差分析】当前基差为 2140 点，正基差（现货升水），较前日 走弱 5020 点，近 10 个交易日基差整体走弱。 【仓单情况】碳酸锂注册仓单量为 3 ...

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Group 1 - Tianqi Lithium Industries, Inc. announced plans to issue new H-shares and convertible bonds, aiming to raise approximately HKD 58.61 billion, with a net amount of about HKD 58.29 billion to support its strategic development in the lithium sector [1] - The company plans to issue 65.05 million new H-shares at a price of HKD 45.05 per share and issue convertible bonds with a total principal amount of RMB 2.6 billion, maturing on February 9, 2027, with an initial conversion price of HKD 49.56 per share [1] - The proceeds from the issuance will be used for capital expenditures related to project development, acquisitions of quality lithium assets, and to supplement working capital and general corporate purposes [1] Group 2 - Tianqi Lithium's lithium salt production capacity has been strengthened with the successful internal testing of battery-grade lithium hydroxide from its Jiangsu Zhangjiagang project, and the first batch of chemical-grade lithium concentrate from its Australian project [2] - The company is expected to complete its pilot project for lithium sulfide production by the second half of 2026, which will support the industrialization of core materials for next-generation solid-state batteries [2] - Market analysts believe that the financing will accelerate resource and capacity expansion for Tianqi Lithium, enhancing its industry consolidation capabilities and providing resources for acquiring quality assets during a low cycle in the industry [2]

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤固态电池 资讯~ 2025年全球锂电产业链分布图 I C C S I N O 分布图内容 分布图快递详情 分布图尺寸：1.5米X1米 从覆盖行业角度，本分布图细致入微地描绘了全球锂电产业从原材料、四大主材、电池制造到终端 应用的全链条生态。从覆盖地域角度，本分布图包含中国、北美、欧洲、日韩东南亚四大锂电产业 主要聚集区。 分布图领取资格 转发本文到朋友圈 ，添加小编免费领取， 13248122922 （微信同）。 正在按照登记顺序，依次派发中...... 分布图领取 ▼ 好评如潮，再启新程——2026全球锂电产业链分布图招商盛大开启 2025年，ICC鑫椤资讯推出的 《全球锂电产业链分布图》 成为了行业现象级产品。从正负极材料到电 解液隔膜，从动力电池到储能终端，这张涵盖中国、北美、欧洲、日韩东南亚四大产业聚集区的全景图 谱，在CIBF展会现场引发领取热潮，在行业峰会上被频频驻足围观，更收获了众多客户的高度赞誉： "一张图看清全球格局，企业布局一目了然" ——某头部电池企业战略部负责人 "产业链上下游对应关系非常清晰，是商务拓展的必 ...

碳酸锂日报 碳酸锂日报（2026 年 2 月 4 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 三、图表分析 1. 昨日碳酸锂期货 2605 涨 4.63%至 148100 元/吨。现货价格方面，电池级碳酸锂平均价下跌 2000 元/ 吨至 153500 元/吨，工业级碳酸锂平均价下跌 2000 元/吨至 150000 元/吨，电池级氢氧化锂（粗颗 粒）下跌 2500 元/吨至 149500 元/吨。仓单方面，昨日仓单库存增加 843 吨至 33084 吨。 2. 供给端，周度产量环比减少 648 吨至 21569 吨，其中锂辉石提锂环比减少 670 吨至 13244 吨，锂云 母产量环比减少 50 吨至 2832 吨，盐湖提锂环比增加 90 吨至 3205 吨，回收料提锂环比减少 18 吨 至 2288 吨；根据 SMM，2 月电池级碳酸锂排产环比下降 17.6%至 58835 吨，工业级碳酸锂环比下降 12.7%至 23095 吨。需求端，周度三元材料产量环比减少 203 吨至 18053 吨，库存环比减少 177 吨至 18691 吨；周度磷酸铁 ...

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