Report Industry Investment Rating - Not provided Core Viewpoints - The downstream raw material inventory in the lithium industry is at a high level, with sufficient warehouse receipt inventory. In the short term, downstream demand is mainly for rigid procurement, and the willingness to stock up has not increased. The social inventory continues to accumulate, resulting in a supply surplus situation [3] Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 66,650 yuan/ton, a decrease of 450 yuan/ton [1] - SMM industrial - grade lithium carbonate has an average price of 65,000 yuan/ton, a decrease of 400 yuan/ton [1] Lithium Futures Contracts - The closing price of lithium carbonate 2505 is 64,120 yuan/ton, with a decline of 2.55% [1] - The closing price of lithium carbonate 2506 is 64,200 yuan/ton, with a decline of 1.92% [1] - The closing price of lithium carbonate 2507 is 64,160 yuan/ton, with a decline of 1.99% [1] - The closing price of lithium carbonate 2508 is 65,320 yuan/ton, with a decline of 1.77% [1] - The closing price of lithium carbonate 2509 is 65,520 yuan/ton, with a decline of 1.86% [1] Lithium Ore - The average price of lithium spodumene concentrate (CIF China) is 750 yuan/ton, a decrease of 17 yuan/ton [1] - The average price of lithium mica (Li20: 1.5% - 2.0%) is 840 yuan/ton, a decrease of 25 yuan/ton [2] - The average price of lithium mica (Li20: 2.0% - 2.5%) is 1470 yuan/ton, a decrease of 30 yuan/ton [2] - The average price of phospho - lithium - aluminum stone (Li20: 6% - 7%) is 6500 yuan/ton [2] - The average price of phospho - lithium - aluminum stone (Li20: 7% - 8%) is 7600 yuan/ton, a decrease of 50 yuan/ton [2] Cathode Materials - The average price of lithium iron phosphate (power type) is 31,875 yuan/ton, a decrease of 105 yuan/ton [2] - The average price of ternary material 811 (polycrystalline/power type) is 146,420 yuan/ton, a decrease of 30 yuan/ton [2] - The average price of ternary material 523 (single - crystal/power type) is 116,885 yuan/ton, a decrease of 130 yuan/ton [2] - The average price of ternary material 613 (single - crystal/power type) is 123,665 yuan/ton, a decrease of 50 yuan/ton [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 1650 yuan/ton, a decrease of 50 yuan/ton [2] - The difference between battery - grade lithium carbonate and the main contract is 2490 yuan/ton, an increase of 650 yuan/ton [2] - The difference between the near - month and the first - continuous contract is 40 yuan/ton, an increase of 20 yuan/ton [2] - The difference between the near - month and the second - continuous contract is - 1120 yuan/ton [2] Inventory - The total inventory (weekly, tons) is 132,033 tons, an increase of 169 tons [2] - The smelter inventory (weekly, tons) is 51,033 tons, a decrease of 1367 tons [2] - The downstream inventory (weekly, tons) is 45,169 tons, an increase of 2346 tons [2] - The other inventory (weekly, tons) is 35,831 tons, a decrease of 810 tons [2] - The registered warehouse receipt inventory (daily, tons) is 36,244 tons, an increase of 1008 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 70,422 yuan/ton, and the profit is - 4684 yuan/ton [3] - The cash cost of purchasing lithium mica concentrate externally is 71,805 yuan/ton, and the profit is - 7653 yuan/ton [3] Downstream Sales - According to the comprehensive estimate of Passenger Federation data, the wholesale sales volume of new - energy passenger vehicle manufacturers in China in April was 1.14 million, with a year - on - year increase of 42% and a month - on - month increase of 1%. The cumulative sales volume from January to April this year is estimated [3]

Market Performance - On May 7, 2025, A-shares saw collective gains with the Shanghai Composite Index rising by 0.8% to 3342.67 points, the Sci-Tech 50 Index increasing by 0.36% to 1030.19 points, the Shenzhen Component Index up by 0.22% to 10104.13 points, and the ChiNext Index gaining 0.51% to 1996.51 points [1] - Hong Kong stocks opened higher but narrowed gains, with the Hang Seng Index closing up 0.13% at 22691.88 points and a total turnover of HKD 2400.5 million; the Hang Seng China Enterprises Index fell by 0.23% to 8242.25 points, and the Hang Seng Tech Index dropped by 0.75% to 5200.04 points [1] - U.S. stocks also experienced gains, with the Dow Jones Industrial Average rising by 284.97 points (0.70%) to 41113.97 points, the Nasdaq up by 48.50 points (0.27%) to 17738.16 points, and the S&P 500 increasing by 24.37 points (0.43%) to 5631.28 points [1] New Stock Offerings - Two new stocks are available for subscription today: - Taili Technology, with a subscription price of CNY 17.05 per share and a price-to-earnings ratio of 21.55, focuses on new material research and vacuum technology applications, offering a range of home storage products and related functional materials [3] - Weigao Blood Purification, priced at CNY 26.5 per share with a price-to-earnings ratio of 24.82, specializes in the research, production, and sales of medical products for blood purification, including hemodialysis devices and peritoneal dialysis solutions, making it one of the most comprehensive manufacturers in this field in China [3] Regulatory Developments - The China Securities Regulatory Commission (CSRC) has issued a new action plan aimed at promoting high-quality development in the public fund industry, emphasizing the need for improved salary management linked to fund performance [4][5] - Fund managers whose products underperform the benchmark by more than 10 percentage points over three years will see a significant reduction in their performance-based compensation, while those who exceed benchmarks may receive reasonable increases [5] - The action plan includes 25 measures designed to shift the focus of the industry from scale to returns, addressing market and social concerns and aiming for a turning point in high-quality development [5] Industry Insights - According to preliminary data from the China Passenger Car Association, the wholesale sales of new energy passenger vehicles in April 2025 are estimated at 1.14 million units, representing a year-on-year increase of 42% and a month-on-month increase of 1% [6] - Cumulatively, from January to April 2025, the total wholesale volume reached 4 million units, also reflecting a year-on-year growth of 42% [6]

Group 1 - A-share market has a more solid foundation for long-term stable operation due to a series of continuously strengthened policies [16] - The recent emphasis on stabilizing and activating the capital market by the State Council Information Office further supports this outlook [16] - The role of central financial institutions in promoting long-term capital inflow into the market is expected to enhance market resilience [16] Group 2 - The People's Bank of China is implementing a moderately loose monetary policy to support economic recovery and high-quality development [4] - The China Securities Regulatory Commission has issued a plan to promote the high-quality development of public funds, including reducing investor costs and reforming performance evaluation mechanisms [4][5] - The Guangdong provincial government has launched a special action plan to boost consumption, which includes encouraging listed companies to implement employee stock ownership plans [6] Group 3 - The U.S. Federal Reserve has maintained its interest rate target range, reflecting increased uncertainty in the economic outlook [7] - The Fed's concerns about rising unemployment and inflation risks indicate a cautious approach to future monetary policy adjustments [7] - The ongoing trade tensions and tariff discussions between the U.S. and China continue to create economic uncertainty [5][8]