Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - Methanol: High imports are materializing, inventory accumulation has begun, and the futures price is undervalued. It's in a period of bearish factor realization. With unstable macro - environment and weak methanol prices in Europe and the US, the unilateral direction is hard to determine. Given the low valuation, it's advisable to consider long - positions at low prices [2]. - Polyethylene: The overall inventory is neutral. The 09 basis is around - 150 in North China and - 100 in East China. Import profit is around - 100 with no further increase. Non - standard HD injection prices are stable, while LD is weakening. Domestic linear production will increase in August. Attention should be paid to LL - HD conversion and new plant commissioning [6]. - Polypropylene: Upstream inventory of Sinopec and PetroChina is increasing, while mid - stream inventory is decreasing. The basis is - 60, and non - standard price spreads are neutral. Export performance is good this year. Supply is expected to increase slightly in June. In an over - capacity context, the 09 contract is under moderate to excessive pressure, which can be mitigated by strong exports or more PDH plant maintenance [6]. - PVC: The basis remains at 09 - 150, and downstream开工 is seasonally weak. Mid - and upstream inventory de - stocking is slowing down. Attention should be paid to new plant commissioning and export sustainability in July - August. Current static inventory contradictions are accumulating slowly, and cost is stabilizing. Focus on exports, coal prices, real - estate sales, terminal orders, and开工 [6]. 3. Summary by Product Methanol - Price Data: From July 23 to July 29, 2025, the power coal futures price remained at 801. The Jiangsu spot price decreased from 2417 to 2395, and the Northwest discounted to the futures price decreased from 2638 to 2625. The import profit remained unchanged, and the main contract basis decreased from - 12 to - 18 [2]. Polyethylene - Price Data: From July 23 to July 29, 2025, Northeast Asian ethylene price remained at 820. The North China LL price remained at 7230, and the main contract futures price increased from 7288 to 7385. The basis decreased from - 120 to - 160 [6]. Polypropylene - Price Data: From July 23 to July 29, 2025, Shandong propylene price decreased from 6300 to 6190. The East China PP price decreased from 7090 to 7055, and the main contract futures price increased from 7096 to 7160. The basis decreased from - 50 to - 90 [6]. PVC - Price Data: From July 23 to July 29, 2025, Northwest calcium carbide price decreased from 2250 to 2200, and Shandong caustic soda price increased from 842 to 862. The calcium carbide - based East China PVC price decreased from 5070 to 5030, and the basis (high - end delivery product) remained at - 80 [6].

Report Industry Investment Rating - The investment view of the asphalt industry is "oscillation", with a short - term trading strategy of "oscillation" for the single - side and an arbitrage strategy of paying attention to the 9 - 12 reverse spread [3]. Core View of the Report - The supply and demand of asphalt both increase, and there is no significant contradiction in its own supply - demand relationship, so it follows the trend of crude oil. The short - term supply - demand contradiction is not prominent, and it will move in line with crude oil [3]. Summary by Relevant Catalogs 1. Main Views and Strategy Overview - **Supply**: The asphalt production plan of local refineries in August 2025 is tentatively set at around 1.26 million tons, a year - on - year increase of 250,000 tons (27%) and a month - on - month increase of 60,000 tons (5%). The total asphalt production of local refineries from January to August 2025 is expected to be about 8.89 million tons, a year - on - year increase of 1.11 million tons (14%). The supply of imported asphalt is expected to shrink, supporting the import price. [3] - **Demand**: The release of demand falls short of expectations. Overall capital issues, the northern flood season, and the southern rainy season suppress demand. The downstream construction in the north is gradually recovering, while there is no obvious improvement in the south. The total shipment volume of 54 domestic asphalt enterprises this week is 415,000 tons, a slight month - on - month increase of 0.2%. [3] - **Inventory**: The factory inventory decreased significantly this week, from 773,000 tons last Thursday to 723,000 tons this Thursday. The social inventory increased slightly, from 1.827 million tons last Thursday to 1.857 million tons this Thursday. [3] - **Cost**: The current crude oil market is in an adjustment period after intense geopolitical fluctuations. In the short term, the market is likely to move sideways with support below and limited upside. In the medium term, it is unfavorable for the bulls. [3] 2. Price - The report presents the mainstream market prices of heavy - traffic asphalt in regions such as East China, South China, North China, and Shandong, as well as the import prices from South Korea and Singapore [5][12]. 3. Spread, Basis, and Delivery Profit - The report shows the trends of asphalt cracking spread, asphalt - coker feedstock spread, and the basis in major regions [17][21]. 4. Supply - **Scheduled Production Expectation**: It shows the monthly scheduled production and actual production of asphalt in China from 2025 - 01 to 2025 - 08, as well as the production in different regions in recent years [25]. - **Capacity Utilization**: It presents the capacity utilization rates of heavy - traffic asphalt in China and different regions from 2019 to 2025, and the weekly and monthly maintenance loss volumes of asphalt in China from 2018 to 2025 [34][40]. 5. Cost and Profit - It shows the production gross profit of asphalt in Shandong from 2021 to 2025, and the price, premium, and port inventory of diluted asphalt [43][46]. 6. Inventory - **Factory Inventory**: It shows the factory inventory and inventory rate of asphalt in China and different regions from 2019 to 2025 [51][54]. - **Social Inventory**: It shows the social inventory of asphalt in China and different regions from 2022 to 2025 [57]. 7. Demand - **Shipment Volume**: It shows the shipment volumes of asphalt in China and different regions from 2022 to 2025 [60]. - **Downstream Operating Rate**: It shows the operating rates of road - modified asphalt, modified asphalt, building asphalt, waterproofing membranes, and modified asphalt in different regions in recent years [62][66][69].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - **Industrial Silicon**: Due to the unexpected resumption of polysilicon production, the supply - demand of industrial silicon has marginally improved, but the industrial hedging pressure is strong after the market rebound. It is expected to maintain a volatile and slightly stronger trend, and attention should be paid to the supply - side policies [54]. - **Polysilicon**: The policy expectation is gradually taking shape, which is contrary to the fundamental oversupply contradiction. The market is in a situation of strong expectation and weak reality, with large fluctuations, and cautious operation is required [55]. 3. Summary by Relevant Catalogs 3.1 Industrial Silicon, Polysilicon Overview and Strategy Recommendation - **Industrial Silicon Weekly Review (7.21 - 7.25)**: The prices of 553, 99 and 421 industrial silicon showed different trends. The prices of raw materials such as silicon coal and petroleum coke were relatively stable. The production in various regions increased to varying degrees, and the inventory and demand also changed [8][10]. - **Polysilicon Weekly Review (7.21 - 7.25)**: The price of N - type polysilicon material increased slightly, the production increased, and the inventory decreased slightly. The downstream demand was still under pressure [10]. 3.2 Industrial Silicon Supply - **Price/Spread/Cost/Profit**: The prices of different grades of industrial silicon fluctuated, and the cost and profit of different regions also varied. For example, the cost of Yunnan, Sichuan and Xinjiang was different, and the profit was mostly negative [8][10]. - **Industrial Silicon Supply**: The production in various regions such as Xinjiang, Yunnan, Sichuan and Inner Mongolia showed different trends of increase or decrease. The production capacity utilization rate also changed accordingly [8][10]. - **Industrial Silicon Inventory/Supply - Demand Difference**: The total inventory decreased slightly, the social inventory decreased, and the factory inventory increased. The supply - demand difference also changed with the change of supply and demand [10]. 3.3 Industrial Silicon Demand - **Polysilicon Demand**: The demand for polysilicon was affected by factors such as the production of silicon wafers and the price of polysilicon. The production of polysilicon increased, and the demand was expected to increase [10][20]. - **Organic Silicon Demand**: The price of organic silicon DMC increased, the production was affected by the shutdown of a factory, and the demand was relatively stable [10]. - **Other Demands**: The demand for aluminum alloy increased slightly, and the export increased significantly, but the overseas orders were not many [10]. 3.4 Balance Sheets - **Industrial Silicon Supply Balance Sheet**: Under the neutral assumption, the production of industrial silicon in different months and regions was estimated, and the production capacity utilization rate and other data were provided [12]. - **Industrial Silicon Demand Balance Sheet**: The demand for industrial silicon in different months and fields was estimated, including organic silicon, polysilicon, aluminum alloy and export, and the supply - demand difference and inventory were calculated [20]. - **Polysilicon Supply Balance Sheet**: The supply of polysilicon in different months was estimated, including production, import and export, and the production capacity utilization rate was also provided [27]. - **Polysilicon Demand Balance Sheet**: The demand for polysilicon was estimated from aspects such as silicon wafer production and consumption coefficient, and the supply - demand difference and inventory were calculated [35]. 3.5 Cost Curve - The cost curves of polysilicon under different scenarios (considering and not considering waste heat power generation) were provided, showing the cost echelons of different enterprises [51][52]. 3.6 Trading Logic - **Industrial Silicon**: The main trading logic is affected by factors such as polysilicon production resumption, industrial hedging pressure and supply - side policies [54]. - **Polysilicon**: The main trading logic is affected by policy expectations, the contradiction between supply and demand, and the actual implementation of measures [55].

Report Overview - Report Title: Methanol Polyolefin Morning Report - Release Date: July 25, 2025 - Research Team: Energy and Chemicals Team of the Research Center 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - Methanol: High imports are materializing, inventory accumulation is starting, and the futures price is undervalued. It's in a period of bearish factors realization. With macro - instability and weak methanol prices in Europe and the US, the unilateral direction is hard to determine, but a long - position strategy at low prices is preferred [3]. - Plastic: For polyethylene, overall inventory is neutral. The 09 basis is around 0 in North China and +120 in East China. Import profit is around - 400 with no further increase for now. Attention should be paid to LL - HD conversion and new device commissioning [8]. - PP: Polypropylene inventory in upstream and mid - stream is decreasing. The basis is +100, and non - standard price difference is neutral. Import profit is around - 500, and export is good. In the context of over - capacity, the 09 contract may face moderate to excessive supply pressure, which can be alleviated by strong exports or more PDH device maintenance [8]. - PVC: The basis is maintained at 09 - 150, and the factory - pickup basis is - 450. Downstream开工 is seasonally weakening. Attention should be paid to commissioning, export sustainability, coal prices, etc. [11]. 3. Summary by Related Catalogs Methanol - **Price Data**: From July 18 to July 24, the price of动力煤期货 remained at 801. The price of江苏现货 increased by 51 to 2468, and the price of华南现货 increased by 43 to 2448. The主力基差 decreased by 8 to - 20, and the盘面MTO profit remained unchanged at - 1237 [2]. Plastic Polyethylene - **Price Data**: From July 18 to July 24, the price of东北亚乙烯 remained at 820. The price of华北LL increased by 50 to 7230, and the price of华东LL decreased by 10 to 7315. The主力期货 price increased by 97 to 7385 [8]. Polypropylene - **Price Data**: From July 18 to July 24, the price of山东丙烯 decreased by 50 to 6250. The price of华东PP increased by 10 to 7100, and the主力期货 price increased by 85 to 7181 [8]. PVC - **Price Data**: From July 18 to July 24, the price of西北电石 remained at 2250, and the price of山东烧碱 remained at 842. The price of电石法 - 华东 decreased by 10 to 5060, and the基差 (高端交割品) increased by 10 to - 80 [10][11].

Summary of Beverage Industry Conference Call Industry Overview - The beverage market is experiencing overall growth, with major brands like Nongfu Spring and Huazhu showing significant sales increases. Nongfu Spring's overall growth is close to 20%, with its Dongfang Shuye brand growing over 20% and accounting for more than one-third of total sales [2][9]. - The dairy product industry is facing substantial inventory pressure, currently at one and a half months, with a decline in sales starting from March [1][5]. Key Points by Company Nongfu Spring - Dongfang Shuye's sales are strong, but overall terminal sales are sluggish, with inventory nearing 40 days [1][2]. - The green water product line accounts for about 30% of sales, with promotional efforts slowing down [9]. - Price adjustments have been made for bulk products, increasing from 9.9 yuan to 11.9 yuan [10]. Huazhu (怡宝) - Focused on high-end channels such as gas stations and schools, reducing traditional channel investments [2][4]. - A collective market action in May is expected to temporarily boost sales [11]. - The no-sugar tea segment has seen over 20% growth, although profit margins are declining due to increased competition [15]. Wahaha - Currently facing challenges with team stability and a weak foundation, despite achieving an 80% distribution rate [8]. - The company has reduced market investments, impacting overall growth [8]. Dongpeng Special Drink - Initiated a 100-day promotional campaign, with significant growth in Guangdong, particularly in Shenzhen (over 18%) and other cities exceeding 20% [1][6]. - Juice tea has a 90% market penetration but has recently seen a slowdown in sales, with promotional winning rates reduced to 30% [18]. Master Kong (康师傅) - Unified pricing for small bottled iced tea at three yuan to stimulate sales [7]. - The company is actively recruiting talent to address team structure issues, maintaining inventory at about one month [7]. Yili - The company has faced sales difficulties in March and April, with inventory pressures increasing to over 40 days [19]. - Despite a strong start in January and February, Yili's constant milk segment is expected to see no positive growth until next year [19][21]. - Low-temperature milk continues to perform well, maintaining growth since the pandemic [20]. Mengniu - Underwent organizational restructuring, including layoffs, to improve internal efficiency [23]. - The company is still experiencing a decline in constant milk sales, although there are signs of improvement [23][26]. Industry Trends - The beverage industry is shifting towards more precise promotional strategies, focusing on high-return channels rather than low-end markets [4][10]. - The dairy sector is more complex in terms of inventory management and sales dynamics compared to the beverage sector, with significant pressure on sales and inventory management [21]. - Low-temperature milk has shown a recovery trend, with double-digit growth rates expected in 2025 due to a low base from previous years [22][29]. Additional Insights - The competitive landscape is intensifying, with brands competing on price and brand recognition, particularly in the no-sugar tea segment [15]. - The restructuring and talent management strategies within companies like Mengniu and Yili are aimed at enhancing operational efficiency and market responsiveness [23][43]. - The overall market dynamics indicate a need for companies to adapt to changing consumer preferences and competitive pressures, particularly in the context of post-pandemic recovery [27].

Financial Data and Key Metrics Changes - The company reported net income of $194 million or $1.92 per diluted share, up from $1.86 a year ago [22] - Adjusted net income was $204 million or $2.20 per diluted share, up from $1.97 a year ago [22] - Home closings revenue increased 2% to approximately $2 billion, with an average closing price of $589,000, slightly ahead of prior guidance [22][24] - The adjusted home closings gross margin was 23%, in line with prior guidance, while the home closings gross margin was 22.3% [25][24] Business Line Data and Key Metrics Changes - The company delivered 3,340 homes, with 65% of closings coming from spec homes, up from 58% in the prior quarter [22][24] - The share of spec sales increased to a new high of 71%, including 50% in the Esplanade segment [12] - The second quarter orders consisted of 33% entry-level, 50% move-up, and 17% resort lifestyle homes [12] Market Data and Key Metrics Changes - The overall cancellation rate was 14.6% of gross orders, up from 9.4% a year ago, reflecting changes in consumer confidence [26] - The average credit score for buyers using Taylor Morrison home funding was 751, with a down payment of 22% and household income of $188,000 [29] - The company controlled 85,051 homebuilding lots, representing 6.4 years of supply [16] Company Strategy and Development Direction - The company emphasizes a balanced portfolio of to-be-built and spec homes, primarily in attractive core submarkets [11] - The strategy includes prioritizing capital efficiency and returns over volume in a competitive marketplace [14] - The company plans to continue expanding its Esplanade brand, which has shown resilience in sales [14] Management's Comments on Operating Environment and Future Outlook - Management noted that the sales environment has been softer than normal due to various economic factors, but they expect a more patient growth trajectory [7][14] - The company believes that the need for affordable new construction remains intact across its markets [14] - Management expressed confidence in their ability to generate mid to high teen returns on equity throughout the cycle [15] Other Important Information - The company has invested approximately $612 million in homebuilding land during the quarter, with a total anticipated investment of around $2.4 billion for the year [17] - The company ended the quarter with liquidity of approximately $1.1 billion, including $130 million of unrestricted cash [29] - The company repurchased 1.7 million shares for $100 million during the quarter, with a remaining repurchase authorization of $675 million [30] Q&A Session Summary Question: Spec mix in the quarter - Management indicated that the increase in spec sales was driven by consumer preferences for inventory homes due to the current incentive environment [34][38] Question: Gross margin expectations - Management expects Q3 gross margin to be around 22%, with Q4 expected to be approximately 22% as well [44][45] Question: $3 billion facility with Kennedy Lewis - The facility is intended to provide balance sheet relief and greater optionality for asset disposition, with both current and prospective assets being considered [50][54] Question: Growth expectations for 2026 - Management has not provided specific guidance for 2026 but expects growth in the coming years, contingent on market conditions [60][62] Question: Cancellation rates - Management noted that cancellations were primarily due to buyers unable to sell their existing homes, but overall rates remain below industry averages [96][98]

| 品种 | 核心观点 | 主要逻辑及价格区间 | | --- | --- | --- | | | | 强现实与弱预期继续博弈，油价反弹偏空。从供需基本面看，当前呈现旺 | | 原油 | 反弹偏空 | 季强现实，全球原油库存处于低位，但随着 OPEC+逐渐扩产，油价供给 | | | | 过剩压力逐渐上升，油价下行压力较大，重点关注供给端 OPEC 实际增产 | | | | 量与美国产量。策略：轻仓试空并购买看涨期权保护。SC【510-530】 | | | | 成本端企稳，下游开工率提高，短线偏震荡，前期空单可止盈。成本端油 | | LPG | | 价企稳，美国丙烷处于消费淡季，供给相对充足；下游燃烧需求处于淡季， | | | 空单止盈 | 化工需求回升，PDH 开工率上升；供给和库存中性偏空，国内商品量小幅 | | | | 下降，港口库存累库。策略：短线震荡，空单可止盈。PG【4050-4150】 | | | | 市场情绪好转，基本面暂无新利空出现，盘面在 7200 附近呈现一定支撑 | | | | 力度。供需偏弱，社会库存连续 3 周累库，月差、基差边际走弱。进口贸 | | L | 空头盘整 | 易商接盘态 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Methanol**: High imports are being realized, inventory accumulation has begun, and the futures price is undervalued. It is currently in a period of negative factors being realized. With unstable macro - environment and weak methanol prices in Europe and the US, the unilateral direction is hard to determine. Given the low valuation, it is advisable to consider buying at low prices [1]. - **Plastic (Polyethylene)**: The overall inventory of polyethylene is neutral. The 09 basis is around 0 in North China and +120 in East China. Import profits are around - 400 with no further increase for now. The domestic linear production has increased month - on - month in June. Attention should be paid to the LL - HD conversion and new device commissioning [2]. - **PP (Polypropylene)**: The upstream and middle - stream inventories of polypropylene are decreasing. The basis is +100, non - standard price differences are neutral, and import profit is around - 500. Exports have been good this year. The supply in June is expected to increase slightly month - on - month. The 09 contract is expected to face moderate to excessive supply pressure, which can be alleviated if exports continue to grow or PDH device maintenance increases [2]. - **PVC**: The basis remains at 09 - 150, and the downstream start - up rate is seasonally weak. The inventory reduction of the middle and upstream has slowed down. Attention should be paid to production commissioning and export sustainability from July to August. The current static inventory contradiction is accumulating slowly, costs are stable, and the downstream performance is mediocre [2]. 3. Summary by Product Methanol - **Price Data**: From July 11 to July 17, 2025, the power coal futures price remained at 801. The daily changes of other prices were generally small, with the most significant being a 3 - unit increase in Jiangsu spot price and a 5 - unit decrease in South China spot price. The daily change of the盘面MTO profit was - 11 [1]. Plastic (Polyethylene) - **Price Data**: From July 11 to July 17, 2025, the Northeast Asia ethylene price remained at 820. The most significant daily change was a 25 - unit decrease in the East China LD price. The import profit remained at - 177 on July 17, and the daily change of the main futures price was 1 [2]. PP (Polypropylene) - **Price Data**: From July 11 to July 17, 2025, the Northeast Asia propylene price remained at 740. The most significant daily changes were a 20 - unit decrease in Shandong propylene price and a 10 - unit decrease in East China PP price. The export profit remained at 4, and the daily change of the main futures price was 7 [2]. PVC - **Price Data**: From July 11 to July 17, 2025, the prices of Northwest calcium carbide and Shandong caustic soda remained unchanged. There were no significant daily changes in other prices, and all daily changes were 0 [2].

甲醇聚烯烃早报 研究中心能化团队 2025/07/17 | | | 江苏现货 华南现货 | 鲁南折盘 | 西南折盘面 | 河北折盘 | 西北折盘 | CFR中国 | CFR东南 | | 进口利润 主力基差 | 盘面MTO | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 货 | | | 面 | | 面 | 面 | | 亚 | | | 利润 | | 801 | 2380 | 2430 | 2458 | 2540 | 2435 | 2573 | 277 | 335 | 6 | -5 | -1182 | | 801 | 2373 | 2403 | 2450 | 2540 | 2435 | 2590 | 273 | 333 | 21 | -10 | -1141 | | 801 | 2385 | 2405 | 2460 | 2530 | 2435 | 2575 | 275 | 333 | 6 | -15 | -1221 | 4 2025/07/1 5 801 2390 2395 2455 2475 2435 257 ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The lithium mining, lithium salt, and battery cell markets are under significant inventory pressure, and the de - stocking process is slow. The medium - to - long - term supply - demand imbalance has not been substantially alleviated [3]. - There are two short - term logics in the market. In the price decline cycle, there is a negative feedback loop of "lithium salt price drop - mining price loosening - lithium salt price drop again". When the futures rebound, a "futures rise - capacity release - increased ore consumption - mining price increase" chain is formed, but it will return to the oversupply fundamentals under weak demand [3]. - The futures market in the second half of the year is expected to be divided into two stages: the futures price will oscillate upward at the beginning of the third quarter due to improved macro - sentiment, supply disturbances, and better - than - expected off - season performance; it will oscillate downward in the fourth quarter due to the end of technical upgrades and increased production [3]. - Strategy suggestions: Pay attention to the long - short spread trading opportunity between LC2509 and LC2511; look for opportunities to short LC2511 at high prices [3]. 3. Summary by Directory Futures Data - **Price Range Forecast**: The price of the lithium carbonate futures main contract is expected to oscillate between 63,000 - 70,000 yuan/ton, with a current 20 - day rolling volatility of 21.5% and a historical percentile of 28.1% over three years [2]. - **Contract Price and Volume Changes**: The closing price of the lithium carbonate main contract is 67,960 yuan/ton, up 1,540 yuan (2.32%) from the previous day and 3,780 yuan (5.89%) from the previous week. The trading volume is 826,939 lots, up 348,825 lots (72.96%) from the previous day and 428,917 lots (107.76%) from the previous week. The open interest is 363,676 lots, up 23,058 lots (6.77%) from the previous day and 39,993 lots (12.36%) from the previous week [10]. - **Month - spread Changes**: The LC08 - 11 month - spread is 880 yuan/ton, up 120 yuan (15.79%) from the previous day and 280 yuan (46.67%) from the previous week; the LC09 - 11 month - spread is 780 yuan/ton, up 200 yuan (34%) from the previous day and 520 yuan (200%) from the previous week; the LC11 - 12 month - spread is - 320 yuan/ton, down 80 yuan (33%) from the previous day and unchanged from the previous week [13]. Spot Data - **Lithium Ore Prices**: The average price of lithium mica (Li2O: 2 - 2.5%) is 1,465 yuan/ton, up 15 yuan (1.03%) from the previous day and 60 yuan (4.27%) from the previous week. The average price of lithium spodumene (Li2O: 6%, Brazilian CIF) is 702.5 US dollars/ton, up 7.5 US dollars (1.08%) from the previous day and 32.5 US dollars (4.85%) from the previous week [18]. - **Carbon/Hydrogen Lithium Prices**: The average price of industrial - grade lithium carbonate is 63,350 yuan/ton, unchanged from the previous day and up 1,300 yuan (2.10%) from the previous week. The average price of battery - grade lithium carbonate is 64,950 yuan/ton, unchanged from the previous day and up 1,300 yuan (2.04%) from the previous week [21]. - **Lithium Industry Chain Spot Spreads**: The battery - grade lithium carbonate - industrial - grade lithium carbonate spread is 1,600 yuan/ton, unchanged from the previous day and the previous week; the battery - grade lithium hydroxide - battery - grade lithium carbonate spread is - 2,380 yuan/ton, unchanged from the previous day and down 1,300 yuan (120.37%) from the previous week [23]. - **Downstream Product Prices**: The average price of power - type lithium iron phosphate is 31,345 yuan/ton, unchanged from the previous day. The average price of low - end energy - storage type lithium iron phosphate is 27,660 yuan/ton, unchanged from the previous day [25]. Basis and Warehouse Receipt Data - **Lithium Carbonate Basis**: The basis quotes of different lithium carbonate brands for the LC2507 contract range from - 400 to 500 yuan/ton, with most remaining unchanged [29]. - **Lithium Carbonate Warehouse Receipts**: The total number of warehouse receipts is 10,239 lots, a decrease of 416 lots from the previous day. Some warehouses such as Wugang Wuxi, Jiuling Lithium Industry (Yichun Fengxin), and Jiuling Lithium Industry (Yichun Yifeng) have seen a decrease in warehouse receipts [34]. Cost and Profit The report shows the production profit trends of lithium carbonate from purchased lithium spodumene concentrate (Li₂O: 6%) and lithium mica concentrate (Li₂O: 2.5%), as well as the theoretical delivery profit and import profit trends of lithium carbonate, but no specific numerical analysis is provided [32].