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 [2] - The distribution map highlights four major lithium battery industry clusters located in China, North America, Europe, and Southeast Asia [2] Group 2 - The distribution map measures 1.5 meters by 1 meter, providing a comprehensive visual representation of the lithium battery ecosystem [2] - The article offers a free distribution of the map to readers who share the article on their social media [3]

Investment Rating - The industry investment rating is "Overweight" [9][30]. Core Views - The report highlights strong demand for commercial vehicles and favorable conditions for large-scale energy storage in China, leading to a month-on-month increase in lithium battery production in August [1]. - The report anticipates limited price reduction space in the battery and materials segments due to sustained demand growth and improved capacity utilization rates, particularly in Q3 [1]. - The report recommends several companies, including CATL, Yiwei Lithium Energy, and Xinwangda, as well as companies in the 6F and positive electrode materials sectors [1][5]. Summary by Sections Lithium Battery Production - In August, lithium battery production reached 110.3 GWh, a month-on-month increase of 1.5%, with positive and negative electrode production increasing by 2.6% and 2.3%, respectively [1]. - The demand for electric commercial vehicles and large-scale energy storage is driving this growth, indicating a continued upward trend in the lithium battery industry [1]. New Energy Vehicles - In July 2025, domestic retail sales of new energy vehicles reached 1.01 million units, a year-on-year increase of 15%, with a cumulative sales increase of 29.1% for the first seven months [2]. - The penetration rate of new energy heavy trucks in China reached 14.69%, with sales increasing by 186% year-on-year [2]. Energy Storage - The report notes that the profitability model for large-scale energy storage in China is gradually improving, with a significant increase in bidding scale [4]. - In the first half of 2025, the bidding scale for energy storage reached 176.59 GWh, a year-on-year increase of 180.57% [4]. Recommendations - The report recommends the following companies for investment: - CATL (300750 CH) with a target price of 341.24 and a "Buy" rating [7]. - Yiwei Lithium Energy (300014 CH) with a target price of 49.20 and a "Buy" rating [11]. - Xinwangda (300207 CH) with a target price of 23.18 and a "Buy" rating [12]. - Tianci Materials (002709 CH) with a target price of 22.80 and a "Buy" rating [12]. - Fulian Precision (300432 CH) with a target price of 26.77 and a "Buy" rating [14].

Event Announcement - The 2025 (15th) High-tech Lithium Battery Annual Conference will be held from November 18-20, 2025, at JW Marriott Hotel in Shenzhen [1] Battery Sector - Honeycomb Energy has successfully delivered its short-blade batteries to VinFast in Vietnam, providing core power support for the Limo Green model. The batteries utilize Honeycomb's innovative thermal composite stacking technology, offering higher energy density, safety, power, and long cycle life compared to traditional battery designs [2][3] Company Establishment - Jingmen Yiwei Comprehensive Energy Service Co., Ltd. was officially established on July 23, with a registered capital of 5 million yuan. The company will focus on energy storage technology services, battery leasing, and sales [4][5] IPO Progress - Shenzhen Hailei New Energy Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, focusing on lithium-ion battery research and production, particularly for light vehicle battery swapping and energy storage applications [6][7] Material Development - Zhejiang Qiyuan New Materials Co., Ltd. has received public notice for its project to produce 50 tons of new silicon-carbon anode materials, with an investment of 24.85 million yuan. This project is part of a broader strategy by its parent company, Zhejiang Xin'an Chemical Group, to develop an integrated lithium battery industry chain [8][9] Major Orders - Tian Tie Technology announced a 400 million yuan order for copper-lithium composite strips from Zhuhai Xinjie, with a total order quantity of 100 tons. This order is linked to the production of solid-state batteries [10][11][12] Equipment Development - Yifei Laser's lithium battery laser manufacturing equipment headquarters project has been completed, with a total investment of approximately 500 million yuan. The facility aims to enhance smart equipment manufacturing capabilities and support the development of advanced industries [13][14] International Collaboration - LG Energy Solution and Yahua Group are collaborating to build a lithium refining plant in Morocco, with an investment of 5.5 billion dirhams [15][16] Supply Contracts - LG Energy Solution has signed a significant contract worth 5.9442 trillion won (approximately 30.9 billion yuan) for lithium iron phosphate (LFP) batteries, which is expected to account for 23.2% of its projected sales for 2024. The contract may involve supplying batteries for Tesla's energy storage systems [17][18][19]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Yesterday, the 2509 contract of lithium carbonate futures dropped 5.9% to 70,840 yuan/ton. The average price of battery - grade lithium carbonate decreased by 750 yuan/ton to 73,150 yuan/ton, and the average price of industrial - grade lithium carbonate fell by 700 yuan/ton to 71,000 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) was 65,420 yuan/ton. The warehouse receipt inventory remained at 12,276 tons [3]. - In terms of supply, the output in July is expected to increase by 3.9% month - on - month to 81,150 tons, and the weekly output decreased by 485 tons to 18,630 tons. 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 increased by 550 tons to 143,170 tons. Among them, the downstream inventory increased by 1,544 tons to 42,815 tons, the intermediate link inventory increased by 1,660 tons to 44,970 tons, and the upstream inventory decreased by 2,654 tons to 55,385 tons [3]. - The core contradiction in the short - term fundamentals lies in the concern about supply disruptions. Currently, there is still no clear announcement, and affected by the overall market, the market volatility is relatively large. Opportunities to short volatility in the future market can be monitored [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 70,840 yuan/ton, down 2,280 yuan from the previous day; the closing price of the continuous contract was 70,460 yuan/ton, down 1,240 yuan [5]. - Lithium ore: The price of lithium spodumene concentrate (6%, CIF China) was 777 US dollars/ton, down 28 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) was 1,140 yuan/ton, down 25 yuan; the price of lithium mica (Li2O: 2.0% - 2.5%) was 1,775 yuan/ton, down 30 yuan; the price of amblygonite (Li2O: 6% - 7%) was 5,600 yuan/ton, down 300 yuan; the price of amblygonite (Li2O: 7% - 8%) was 6,500 yuan/ton, down 350 yuan [5]. - Lithium carbonate: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 73,150 yuan/ton, down 750 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 71,000 yuan/ton, down 700 yuan [5]. - Lithium hydroxide: The price of battery - grade lithium hydroxide (coarse particles/domestic) remained at 65,420 yuan/ton; the price of battery - grade lithium hydroxide (micropowder) remained at 70,570 yuan/ton; the price of industrial - grade lithium hydroxide (coarse particles/domestic) remained at 60,320 yuan/ton; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) remained at 8.28 US dollars/kg [5]. - Lithium hexafluorophosphate: The price of lithium hexafluorophosphate remained at 53,250 yuan/ton [5]. - Price differences: The price difference between battery - grade and industrial - grade lithium carbonate was 2,150 yuan/ton, down 50 yuan; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 7,730 yuan/ton, up 750 yuan; the difference between CIF China, Japan, and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide was - 6,208.89 yuan/ton, up 36 yuan [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 40 yuan/ton to 75,795 yuan/ton, and the price of cobalt acid lithium (60%, 4.35V/domestic) increased by 50 yuan/ton to 220,450 yuan/ton [5]. - Batteries: The price of 523 square ternary battery cells increased by 0.001 yuan/Wh to 0.384 yuan/Wh, and the price of square lithium iron phosphate battery cells increased by 0.002 yuan/Wh to 0.323 yuan/Wh [5]. 3.2 Chart Analysis 3.2.1 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 amblygonite (6% - 7%) from 2024 to 2025 [6][8]. 3.2.2 Lithium and Lithium Salt Prices - Charts present the price trends of metal 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 [9][11][13]. 3.2.3 Price Differences - Charts display the price difference trends between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, CIF China, Japan, and South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, and the basis from 2024 to 2025 [16][17][19]. 3.2.4 Precursors and Cathode Materials - Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [21][24][27]. 3.2.5 Lithium Battery Prices - Charts present the price trends of 523 square ternary battery cells, square lithium iron phosphate battery cells, cobalt acid lithium battery cells, and square lithium iron phosphate batteries from 2024 to 2025 [29][31]. 3.2.6 Inventory - Charts show the inventory trends of downstream, smelters, and other links of lithium carbonate from December 2024 to July 2025 [34][36]. 3.2.7 Production Costs - The chart shows the production profit trends of lithium carbonate from different raw materials such as purchased ternary pole piece black powder, purchased lithium iron phosphate pole piece black powder, purchased lithium mica concentrate, and purchased lithium spodumene concentrate from 2024 to 2025 [38][39]. 3.3 Research Team and Contact Information - The non - ferrous research team members include Zhan Dapeng, Wang Heng, and Zhu Xi, each with their own educational backgrounds, research directions, and professional qualifications [42][43]. - The company's address is in Shanghai, with a phone number, fax number, customer service hotline, and postal code provided [46].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Yesterday, the 2509 contract of lithium carbonate futures dropped 7.98% to 73,120 yuan/ton. The average price of battery - grade lithium carbonate rose 1,000 yuan/ton to 73,900 yuan/ton, the average price of industrial - grade lithium carbonate rose 1,000 yuan/ton to 71,700 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) rose 2,300 yuan/ton to 65,420 yuan/ton. The warehouse receipt inventory increased 280 tons to 12,276 tons [3]. - On the supply side, the production in July is expected to increase 3.9% month - on - month to 81,150 tons, and the weekly production decreased 485 tons to 18,630 tons. In June 2025, China's lithium carbonate import volume was 17,700 tons, a 16.3% month - on - month decrease. 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 3% month - on - month to about 80,800 tons. On the inventory side, the weekly inventory increased 550 tons to 143,170 tons, with downstream inventory increasing 1,544 tons to 42,815 tons, intermediate link inventory increasing 1,660 tons to 44,970 tons, and upstream inventory decreasing 2,654 tons to 55,385 tons [3]. - The core short - term fundamental contradiction lies in concerns about supply disruptions, but there is still no clear announcement. Affected by the market, market volatility is high, and opportunities to short volatility in the future market can be monitored [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 73,120 yuan/ton, down 7,400 yuan from July 25; the closing price of the continuous contract was 71,700 yuan/ton, down 7,700 yuan [5]. - Lithium ore: The price of lithium spodumene concentrate (6%, CIF China) was 805 US dollars/ton, down 5 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) remained unchanged at 1,165 yuan/ton, while the price of lithium mica (Li2O: 2.0% - 2.5%) rose 15 yuan to 1,805 yuan/ton. The prices of phospho - lithium - aluminum stone (Li2O: 6% - 7%) and (Li2O: 7% - 8%) decreased by 590 yuan and 600 yuan respectively [5]. - Lithium carbonate and lithium hydroxide: The prices of battery - grade and industrial - grade lithium carbonate increased by 1,000 yuan/ton, and the prices of various types of lithium hydroxide also increased, with an increase of 2,300 - 2,350 yuan/ton [5]. - Other products: The price of lithium hexafluorophosphate rose 250 yuan/ton. There were also changes in various price spreads and the prices of ternary precursors, cathode materials, and batteries [5]. 3.2 Chart Analysis 3.2.1 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 2025 [6][8]. 3.2.2 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 [9][11][13]. 3.2.3 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 - South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide, and other spreads from 2024 to 2025, as well as the basis [16][17][19]. 3.2.4 Precursors 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 2025 [21][24][27]. 3.2.5 Lithium Battery Prices - Charts display the price trends of 523 square ternary battery cells, square lithium iron phosphate battery cells, cobalt acid lithium battery cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][32][33]. 3.2.6 Inventory - Charts show the weekly inventory trends of downstream, smelters, and other links of lithium carbonate from December 2024 to July 2025 [35][36][38]. 3.2.7 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,外购磷酸铁锂极片黑粉,外购锂云母精矿, and外购锂辉石精矿 from 2024 to 2025 [39][40]. 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, and has multiple professional titles. He has over a decade of commodity research experience, serves many spot leading enterprises, and has published dozens of professional articles. His team has won many awards [43]. - Wang Heng, a master of finance from the University of Adelaide in Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon [44]. - Zhu Xi, a master of science from the University of Warwick in the UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel [44].

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 [2] - The distribution map highlights four major lithium battery industry clusters located in China, North America, Europe, and Southeast Asia [2] Group 2 - The distribution map is available for free to those who share the article on their social media and contact the editor [3] - The distribution map is currently being dispatched in order of registration [4]

Core Viewpoint - The lithium battery industry is undergoing a significant reshuffle, characterized by a reduction in new projects and investments, while major companies continue to expand their production capacity in response to growing market demand [2][22]. Group 1: Industry Trends - In the first half of 2025, the overall number of new projects and investment amounts in the domestic lithium battery industry chain have sharply declined compared to previous years, with only about 20 new projects initiated, reflecting a significant drop in investment [2]. - Despite the contraction in new projects, the production and installation of power batteries in China continue to grow rapidly, supported by increasing demand for energy storage solutions [2]. - Major companies like CATL, Ganfeng Lithium, and others are accelerating project advancements to prepare for market demands in the latter half of the year, with a total planned capacity of 163 GWh and investments exceeding 38 billion yuan [2]. Group 2: Major Company Developments - CATL is constructing a 40 GWh green battery manufacturing base in Dongying, Shandong, as part of a zero-carbon industrial park, with plans to complete it by next year [3]. - The Xiamen base of CATL is also expanding, with a planned investment of 5 billion yuan for a new production line capable of producing 30 GWh of batteries, expected to start trial production in the second quarter of 2026 [3]. - Ganfeng Lithium is advancing its 10 GWh battery production base in Nanchang, with a total investment of approximately 4.07 billion yuan, aiming for completion by the end of 2025 [9]. - The Xiamen New Energy Co., a joint venture between ATL and CATL, is investing 12 billion yuan to build an 18 GWh battery production base, expected to be completed by the end of 2025 [12]. - Zhongxin Innovation is investing 15 billion yuan in a project in Xiamen to establish a 60 GWh battery production base, with trial production anticipated in the second quarter of 2026 [14]. Group 3: Market Opportunities - The battery industry is shifting from rapid expansion to a more rational approach, focusing on advancing existing projects, primarily led by major companies [22]. - There remains significant market potential in niche segments for second and third-tier companies, particularly in areas like household storage, portable storage, and electric two-wheelers, where penetration rates are still low [22].

Core Viewpoint - The article highlights the groundbreaking ceremony of the anode material project by Qinghai Times New Energy Technology Co., Ltd., marking a significant step in the strategic cooperation with CATL and the development of a "trillion-yuan lithium battery industry base" in Qinghai [1]. Summary by Sections Project Overview - The anode material project, with an investment of 500 million yuan, aims to address the local production challenges in the lithium battery supply chain and is expected to be completed by May 2026 [1]. Strategic Importance - This project is a key milestone following the successful establishment of a 15 GWh energy storage battery project last year, indicating a deepening strategic partnership between Xining and CATL [1]. Economic Impact - The project will enhance local production capabilities, significantly improve capacity stability and cost competitiveness, and create 500 quality jobs, transitioning Xining's lithium battery industry from "single-point breakthroughs" to "full-chain collaboration" [1]. Competitive Advantage - By leveraging Qinghai's clean energy advantages and Xining's strategic location, the project aims to transform these into competitive advantages in the global lithium battery industry, thereby boosting the development momentum of Qinghai's new energy sector [1].

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 [2] - The distribution map includes major lithium battery industry clusters in regions such as China, North America, Europe, Japan, and Southeast Asia [2] Group 2 - The distribution map is available for free to those who share the article on their social media and contact the editor [3] - The distribution map is being dispatched in order of registration [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On July 24, 2025, the lithium carbonate futures 2509 contract rose 7.21% to 76,680 yuan/ton. The average price of battery - grade lithium carbonate increased by 100 yuan/ton to 70,550 yuan/ton, the average price of industrial - grade lithium carbonate increased by 100 yuan/ton to 68,900 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) rose 700 yuan/ton to 60,520 yuan/ton. The warehouse receipt inventory increased by 665 tons to 10,754 tons [3]. - On July 23, 2025, Argentina's economy minister announced that the RIGI evaluation committee rejected Ganfeng's application for the Mariana salt lake project. In June 2025, the Port of Port Hedland in Australia shipped 92,740 tons of spodumene concentrate to China, a month - on - month decrease of 17.62% and a year - on - year decrease of 52.54%. It also shipped 17,200 tons to Indonesia and 14,500 tons to South Korea [3]. - In terms of supply, the production in July is expected to increase 3.9% month - on - month to 81,150 tons, and the weekly production decreased by 485 tons to 18,630 tons. In June 2025, China's lithium carbonate imports were 17,700 tons, a month - on - month decrease of 16.3% and a year - on - year decrease of 9.6%. In terms of demand, 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 increased by 550 tons to 143,170 tons [3]. - The price increased with increasing positions yesterday, and the news continued to ferment. Fundamentally, the supply and demand in July are in a tight balance, and the lithium ore price remains relatively strong, providing marginal support for the lithium price. However, the short - term core contradiction still focuses on the low warehouse receipt inventory and concerns about mine exploitation. Currently, the continuous small - scale return of warehouse receipt inventory may ease the situation, and investors are advised to be cautious about chasing high prices [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was N/A, and the previous day was 69,380 yuan/ton; the closing price of the continuous contract was N/A, and the previous day was 69,320 yuan/ton. The price of spodumene concentrate (6%, CIF China) increased by 14 dollars/ton to 764 dollars/ton [5]. - Lithium ore: The prices of various types of lithium mica and phospho - lithium - aluminum stone all increased to varying degrees. For example, the price of lithium mica (Li2O: 1.5% - 2.0%) increased by 40 yuan/ton to 1,080 yuan/ton [5]. - Lithium carbonate and lithium hydroxide: The prices of battery - grade and industrial - grade lithium carbonate, as well as different types of lithium hydroxide, all increased. For example, the price of battery - grade lithium carbonate (99.5% battery - grade/ domestic) increased by 100 yuan/ton to 70,550 yuan/ton [5]. - Other products: The price of hexafluorophosphate lithium increased by 500 yuan/ton to 51,500 yuan/ton. The prices of some ternary precursors and cathode materials also increased slightly [5]. 3.2 Chart Analysis - Ore prices: Charts show the price trends of lithium ore such as spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone from 2024 to 2025 [6][7][8]. - Lithium and lithium salt prices: Charts display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, lithium hydroxide, and hexafluorophosphate lithium from 2024 to 2025 [9][10][11]. - Spreads: Charts present the spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, etc., from 2024 to 2025 [16][17][19]. - Precursor & cathode materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate from 2024 to 2025 [21][22][24]. - 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][31][32]. - Inventory: Charts show the inventory trends of downstream, smelters, and other links from November 2024 to July 2025 [35][36][37]. - Production cost: The chart shows the production profit trends of lithium carbonate from different raw materials such as purchased ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and spodumene concentrate from 2024 to 2025 [39][40]