每经AI快讯，有投资者在投资者互动平台提问：1、为何锂电材料板块毛利率还在下降，是电解液毛利 率下降拖累？电解液毛利率对该板块毛利率是支撑还是拖累？2、公司向上游布局锂辉石矿碳酸锂，锂 电产业链整体盈利下行，长产业链布局是否拖累公司电解液盈利，公司对这些产业链布局未来是否会进 一步深化？3、市场上说公司外购锂盐，公司自己有锂盐产能还用不完，为何要外购，外购锂盐的电解 液生产毛利率是否会严重低于锂电池材料板块平均毛利率？ （文章来源：每日经济新闻） 天赐材料（002709.SZ）8月14日在投资者互动平台表示，1）定期报告中锂电材料业务毛利下降主要原 因为原材料价格下降以及行业竞争激烈导致的产品价格下降；2）公司做产业链的延伸布局，目的是在 保证供应链稳定性的同时，拥有更显著的成本优势；3）外购锂盐主要为了保证供应链的稳定性，对电 解液业务盈利影响较小。 ...

Core Viewpoint - The lithium battery industry chain has experienced a significant surge, with various sectors such as PEEK materials and PCB remaining active, while gold, banking, and power sectors have seen declines [1] Group 1: Market Performance - On August 11, the Shanghai Composite Index achieved a "six consecutive days of gains" [1] - Lithium mining stocks collectively surged, driving related new energy vehicle ETFs to rise over 3% [2][3] - The New Energy Vehicle ETF (515030) led the market with a gain of 3.68%, marking the highest increase among all ETFs [3][4] Group 2: ETF Trading Activity - The total trading volume of ETFs on August 11 reached 3170.42 billion yuan, with the Short-term Bond ETF (511360) surpassing 200 billion yuan in trading volume [4] - The Hong Kong Securities ETF (513090) saw a trading volume of 157.78 billion yuan, indicating strong trading activity [5][6] Group 3: Sector Focus - The rare metals ETF (159608) also performed well, with a 3.61% increase, and has seen over 30% growth in the last three months [3][4] - The market is currently favoring technology and Hong Kong-related ETFs, with significant net inflows observed in several ETFs related to the Hong Kong innovation drug sector [8][9] Group 4: Future Market Outlook - The market is expected to maintain a strong trend, driven by a tight supply-demand balance in the lithium sector due to production halts exceeding market expectations [10] - The focus on rare metals is increasing globally, which may further enhance valuations in the long term [10]

Group 1 - The article presents a detailed distribution map of the global lithium battery industry, covering the entire supply chain from raw materials to end applications [3] - The distribution map includes major lithium battery industry hubs in regions such as China, North America, Europe, Japan, and Southeast Asia [3] Group 2 - The distribution map is available for free to those who share the article on their social media and contact the editor [4] - The distribution of the maps is being carried out in order of registration [5]

Group 1 - Lithium mining stocks experienced a collective surge, with Tianqi Lithium and Ganfeng Lithium hitting the daily limit, and Yiwei Lithium rising by 6% [1] - The impact on the market led to a rise of over 3% in related new energy vehicle ETFs [1] - On August 11, all lithium carbonate futures contracts hit the daily limit, indicating strong market demand [2] Group 2 - CATL announced on August 11 that it has suspended mining operations at its Yichun project due to the expiration of its mining license on August 9 [2] - Analysts suggest that this suspension will significantly benefit the supply-demand balance of lithium carbonate, potentially creating a supply gap of several thousand tons in a month [2] - The supply disruption, combined with the traditional inventory replenishment season, is expected to provide substantial short-term rebound potential for lithium prices, which may lead to a recovery in prices and profitability across the lithium battery industry chain [2]

Group 1 - The article presents a detailed distribution map of the global lithium battery industry, covering the entire supply chain from raw materials to end applications [3] - The distribution map highlights four major lithium battery industry clusters located in China, North America, Europe, and East Asia [3] Group 2 - The distribution map is available for free to those who share the article on their social media and contact the editor [4] - The distribution map is being dispatched in order of registration [5]

1. Report Industry Investment Rating - The investment rating for lithium carbonate is "Volatile" [4] 2. Core Viewpoints of the Report - Short - term speculative sentiment has cooled down, causing the market to decline significantly. Future price trends may gradually return to fundamental logic. The demand side shows positive growth in production schedules in August, and the supply side still has uncertainties due to the unresolved Jiangxi mining license issue. The market has support from both fundamentals and downstream buying. It is not recommended to enter short positions too early. Instead, it is advisable to try long positions at low prices with a light position and use spot market transactions to determine the entry timing. Also, it is suggested to take profit on the 9 - 11 reverse spread [2][12][13] 3. Summary by Relevant Catalogs 3.1.盘面高位回落，下游买盘涌出 - Last week (07/28 - 08/01), lithium salt prices dropped from high levels. LC2508 and LC2509 closing prices decreased by 13.7% and 14.4% respectively. SMM battery - grade and industrial - grade lithium carbonate spot average prices fell by 2.1%. Battery - grade lithium hydroxide prices continued to rise, with the average prices of coarse - grained and micronized types increasing by 4.0% and 3.7% respectively. The price difference between electric and industrial lithium carbonate narrowed slightly, and the price discount of battery - grade lithium hydroxide to battery - grade lithium carbonate also narrowed. Due to the previous influx of long - position funds and slow warehouse receipt generation, the delivery risk of LC2509 increased. After the Guangzhou Futures Exchange issued two position - limit announcements, LC2509 significantly reduced its positions by 270,000 lots to 210,000 lots, and the delivery risk is expected to decline [1][10][11] 3.2.周内行业要闻回顾 - Jiangte Motor's actual controller changed to Wang Xin and Zhu Jun after a series of equity transfers and agreements, and the company's stock resumed trading on July 29, 2025 [14] - Liontown's Kathleen Valley lithium project had strong second - quarter operating results, with a net operating cash flow of 23 million Australian dollars, revenue of 96 million Australian dollars, and sales of 97,330 metric tons of concentrate at an average grade of 5.2%. The underground production is increasing as planned [14] - De'a Lithium Industry's 30,000 - ton lithium salt project was successfully put into production on July 31, laying a foundation for full - scale production [15] - IGO's Greenbushes project has a 2026 guidance target of 1.5 - 1.65 million tons of spodumene with a cash cost of 310 - 360 US dollars per ton. The Kwinana lithium hydroxide refinery's annual output did not meet the target, and it is expected to be further impaired by 70 - 90 million Australian dollars [15] - PLS's 2025 fiscal - year lithium spodumene concentrate production reached 754,600 tons, a 4% year - on - year increase, exceeding the guidance target. However, due to falling lithium prices, the annual revenue decreased by 39% to 769 million Australian dollars. The company plans to increase production to 820,000 - 870,000 tons in 2026 [15][16] 3.3.产业链重点高频数据监测 3.3.1.资源端：锂精矿现货报价回落 - Lithium concentrate spot quotes declined, with the lithium spodumene concentrate spot average price (6%, CIF China) dropping from 810 US dollars per ton to 755 US dollars per ton, a 6.8% decrease [11] 3.3.2.锂盐：盘面高位回落 - Lithium salt prices dropped from high levels. Battery - grade and industrial - grade lithium carbonate spot average prices decreased by 2.1%, and LC2508 and LC2509 closing prices decreased by 13.7% and 14.4% respectively. Battery - grade lithium hydroxide prices continued to rise [1][10][11] 3.3.3.下游中间品：报价略回升 - The prices of downstream intermediate products such as some lithium - related materials showed a slight increase. For example, the prices of some ternary materials increased slightly, with the 523, 622, and 811 types rising by 0.6%, 1.1%, and 0.6% respectively [11] 3.3.4.终端：6月中国新能源车延续去库 - In June, China's new - energy vehicle market continued the inventory reduction trend, with relevant data on production, sales, and penetration rate showing certain trends [36]

Group 1: Industry News - Insurance institutions have paid disaster compensation of 520 million yuan to nine provinces and regions due to heavy rainfall [2] - The total box office for the summer season (June to August) has exceeded 6.6 billion yuan, with a single-day box office reaching over 370 million yuan, setting a new record for single-day box office during the summer season [4] Group 2: Company News - Hikvision announced that most of its product lines have integrated AI technology, providing a wide range of AI hardware products across various industries, with hundreds of large model products launched by mid-2023 [5] - Kunlun Wanwei has launched and open-sourced a new inference large model, Skywork MindLink, which adapts to task difficulty and significantly reduces inference costs while enhancing readability and effectiveness [5] - Zhiyuan Robotics has completed a new round of strategic financing, with investments from LG Electronics and Mirae Asset Group, marking LG's first investment in the field of embodied intelligence [5] Group 3: Market Regulation - The State Administration for Market Regulation has implemented guidelines to standardize the charging behaviors of online trading platforms, including commissions, membership fees, and service fees [2]

Group 1 - The battery ETF managed by Jiashi has a turnover rate of 1.67% and a transaction volume of 4.9343 million yuan as of July 31. The average daily transaction volume over the past month is 9.6408 million yuan [2] - The net value of the battery ETF has increased by 21.52% over the past year, with the highest monthly return since inception being 31.11% and the longest consecutive monthly increase being 3 months [2] - The valuation of the index tracked by the ETF is at a historical low, with a latest price-to-book ratio (PB) of 2.94, significantly lower than 80.38% of the time over the past five years, indicating strong valuation attractiveness [2] Group 2 - Since 2023, the capital expenditure in the lithium battery industry chain has been in a continuous decline for seven consecutive quarters, but is expected to turn positive in Q1 2025, indicating a potential recovery in the industry [3] - The Chinese government is focusing on regulating "involution" competition, which may lead to industry consolidation and value reconstruction within the supply chain [3] - Chinese companies are enhancing their competitiveness in the global market, with leading positions in both power and energy storage battery shipments, and are accelerating overseas capacity construction [3] Group 3 - As of July 31, the top ten weighted stocks in the CSI Battery Theme Index include Yangguang Electric, Ningde Times, Sanhua Intelligent Control, and others, collectively accounting for 51.66% of the index [3] - The performance of individual stocks shows mixed results, with Yangguang Electric increasing by 3.51% while Ningde Times decreased by 0.42% [5] - Investors without stock accounts can access battery industry investment opportunities through the Jiashi Battery ETF linked fund (016567) [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The 2509 contract of lithium carbonate futures dropped 4.66% to 6,8280 yuan/ton. The average price of battery - grade lithium carbonate decreased by 950 yuan/ton to 72,000 yuan/ton, and the average price of industrial - grade lithium carbonate fell by 950 yuan/ton to 69,900 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) rose by 200 yuan/ton to 65,670 yuan/ton. The warehouse receipts were concentrated for cancellation, and the inventory decreased by 7,586 tons to 5,545 tons [3]. - Recently, Australian mining companies have successively disclosed their financial reports, with many companies showing a month - on - month increase in production and sales. Overseas lithium ore supply remains stable and abundant. At the performance interpretation meeting of CATL's semi - annual report, the company's management stated that its lithium ore project is operating normally, and the application materials for the renewal of the mining right have been submitted to provincial and municipal authorities a month ago, and the enterprise is relatively optimistic [3]. - On the supply side, the weekly output decreased by 1,362 tons to 17,268 tons, with a significant decline in lithium extraction from mica. In June 2025, China's lithium carbonate import volume was 17,700 tons, a month - on - month decrease of 16.3%. On the demand side, the production schedule in July increased slightly month - on - month, and the consumption of lithium carbonate by the two major main materials increased by 3% month - on - month to about 80,800 tons. In terms of inventory, the weekly inventory decreased by 1,444 tons to 141,726 tons, with an increase in downstream inventory and a decrease in upstream and other links [3]. - There is a game between market sentiment and fundamentals. With low warehouse receipt inventory and high market volatility, opportunities to short volatility in the future market can be considered, and attention should be paid to position management [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract dropped from 70,600 yuan/ton to 68,280 yuan/ton, a decrease of 2,320 yuan/ton; the closing price of the continuous contract decreased from 70,260 yuan/ton to 68,000 yuan/ton, a decrease of 2,260 yuan/ton [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) decreased from 776 US dollars/ton to 766 US dollars/ton, a decrease of 10 US dollars/ton; the price of lithium mica (Li2O: 1.5% - 2.0%) decreased from 1,140 yuan/ton to 1,120 yuan/ton, a decrease of 20 yuan/ton; the price of lithium mica (Li2O: 2.0% - 2.5%) decreased from 1,775 yuan/ton to 1,750 yuan/ton, a decrease of 25 yuan/ton; the price of petalite (Li2O: 6% - 7%) decreased from 5,675 yuan/ton to 5,325 yuan/ton, a decrease of 350 yuan/ton; the price of petalite (Li2O: 7% - 8%) decreased from 6,625 yuan/ton to 6,250 yuan/ton, a decrease of 375 yuan/ton [5]. - **Lithium Carbonate**: The average price of battery - grade lithium carbonate decreased by 950 yuan/ton to 72,000 yuan/ton, and the average price of industrial - grade lithium carbonate decreased by 950 yuan/ton to 69,900 yuan/ton [3][5]. - **Lithium Hydroxide**: The price of battery - grade lithium hydroxide (coarse particles) rose by 200 yuan/ton to 65,670 yuan/ton; the price of battery - grade lithium hydroxide (micropowder) rose by 200 yuan/ton to 70,820 yuan/ton; the price of industrial - grade lithium hydroxide (coarse particles) rose by 200 yuan/ton to 60,570 yuan/ton; the price of battery - grade lithium hydroxide (CIF China, Japan and South Korea) remained unchanged at 8.28 US dollars/kg [5]. - **Lithium Hexafluorophosphate**: The price remained unchanged at 53,250 yuan/ton [5]. - **Price Spreads**: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged at 2,100 yuan/ton; the price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate increased from - 7,480 yuan/ton to - 6,330 yuan/ton, an increase of 1,150 yuan/ton; the difference between CIF China, Japan and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide decreased from - 6,316.85 yuan/ton to - 6,472.97 yuan/ton, a decrease of 156 yuan/ton [5]. - **Precursors and Cathode Materials**: The prices of some ternary precursors and cathode materials changed slightly. For example, the price of ternary precursor 523 (polycrystalline/power type) increased by 70 yuan/ton to 75,865 yuan/ton [5]. - **Cells and Batteries**: The prices of most cells and batteries remained stable, with only a few showing minor increases, such as the 523 square ternary cell price increasing by 0.001 yuan/Wh to 0.384 yuan/Wh [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%), petalite (6% - 7%) from 2024 to 2025 [6][8]. - **Lithium and Lithium Salt Prices**: Charts display the price trends of metallic lithium, average price of battery - grade lithium carbonate, average price of industrial - grade lithium carbonate, etc. from 2024 to 2025 [9][10]. - **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, etc. from 2024 to 2025 [16][17]. - **Precursors and Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, cobalt acid lithium from 2024 to 2025 [21][22]. - **Lithium Battery Prices**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, square lithium iron phosphate batteries from 2024 to 2025 [30][31]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links from December 2024 to July 2025 [34][35]. - **Production Costs**: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [38][39].

Group 1 - A-shares opened lower with the Shanghai Composite Index down 0.14%, Shenzhen Component down 0.08%, and ChiNext down 0.19% [1] - Sectors such as China Shipbuilding, fiberglass, and copper foil/copper-clad laminate saw significant declines [1] Group 2 - Everbright Securities noted a weakening "import rush" effect in Q2, with U.S. imports declining at an annualized rate of -30.3%, impacting net exports and contributing to the positive GDP growth [2] - Consumer confidence in the U.S. remains low, with personal consumption growth at 1.4%, the second-lowest since 2024, and private investment down to an annualized rate of -15.6% [2] - Everbright Securities predicts a high probability of the Federal Reserve restarting interest rate cuts in the second half of the year [2] Group 3 - Huatai Securities expects the lithium battery supply chain's capacity utilization to continue improving, driven by strong sales of new energy vehicles in China and Europe [3] - The profitability model for energy storage is gradually improving, supported by local policies, and demand is expected to remain strong [3] - Supply-side constraints are easing, with significant slowdowns in new capacity releases in battery and material sectors, leading to improved profitability [3] Group 4 - Galaxy Securities remains optimistic about the equity market, focusing on technology, consumer sectors, and "anti-involution" areas [4] - July's PMI indicates resilience in China's economy, with production maintaining expansion despite seasonal impacts [4] - The central political bureau's meeting emphasized consolidating economic recovery and fostering new pillar industries without relying on debt-driven growth [4]