1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply - side showed that last week's lithium carbonate production was 22,130 tons, a 2.71% week - on - week increase, higher than the historical average. In October 2025, the production was 92,260 physical tons, and the predicted production for next month is 92,080 physical tons, a 0.19% decrease. The import volume in October 2025 was 23,881 physical tons, and the predicted import volume for next month is 27,000 tons, a 13.06% increase. - On the demand - side, last week, the inventory of sample lithium iron phosphate enterprises was 102,584 tons, a 2.05% week - on - week decrease, and the inventory of sample ternary material enterprises was 19,290 tons, a 0.41% week - on - week increase. It is expected that the demand will strengthen next month, and the inventory may be reduced. - In terms of cost, the daily - average CIF price of 6% concentrate decreased, lower than the historical average. The cost of purchased lithium spodumene concentrate was 88,499 yuan/ton, a 1.30% daily decrease, with a profit of 89 yuan/ton; the cost of purchased lithium mica was 90,365 yuan/ton, a 3.45% daily decrease, with a loss of 4,041 yuan/ton; the production cost on the recycling side was generally higher than that on the ore side, with negative production income and low production enthusiasm; the quarterly cash production cost on the salt - lake side was 31,477 yuan/ton, significantly lower than that on the ore side, with sufficient profit margins and strong production motivation. - The main logic is the emotional fluctuations caused by news under the tight supply - demand balance. The main risk points are the impact of shutdown, production reduction, and maintenance plans, and the start time of industry clearance. [8][9][10][13][14] 3. Summary by Relevant Catalogs 3.1 Daily Viewpoints - **Supply and Demand Analysis**: The production of lithium carbonate showed an upward trend last week, and the predicted changes in production and import volume for next month indicate a complex supply situation. The demand - side inventory of different materials also changed differently, and overall demand is expected to strengthen. - **Cost Analysis**: Different raw material costs showed different trends, with the salt - lake side having obvious cost advantages. - **Market Outlook**: Lithium carbonate 2601 is expected to fluctuate in the range of 93,560 - 97,240. - **Leveraging Factors**: The shutdown and production reduction plans of lithium mica manufacturers and the decrease in the import volume of lithium carbonate from Chile. - **Negative Factors**: The continuous high supply on the ore/salt - lake side with limited decline. [8][9][10][11][12] 3.2 Fundamental/Position Data - **Market Conditions Overview**: The prices of various lithium - related products, including lithium spodumene, lithium mica, lithium carbonate, and lithium hydroxide, showed different changes. The futures closing prices of lithium carbonate also had certain fluctuations, and the basis of the 05 contract indicated that the spot price was at a discount to the futures price. - **Supply - side Data**: The weekly and monthly production, import volume, and production cost of lithium - related products showed different trends. For example, the monthly production of lithium carbonate in October 2025 was 92,260 tons, a 5.73% increase. - **Demand - side Data**: The monthly production, export volume, and battery loading volume of downstream products such as lithium iron phosphate, ternary materials, and lithium batteries showed different degrees of growth. For example, the monthly production of lithium iron phosphate was 331,470 tons, a 6.35% increase. - **Inventory Data**: The overall inventory of lithium carbonate decreased by 1.70% week - on - week, with different trends in the inventory of smelters, downstream enterprises, and other aspects. [15][17] 3.3 Supply - Lithium Ore - **Price and Production**: The price of lithium ore showed a long - term change trend, and the production of lithium spodumene and lithium mica mines in China also changed over time. - **Import and Self - sufficiency Rate**: The monthly import volume of lithium concentrate and the self - sufficiency rate of lithium ore changed in different periods. - **Inventory**: The weekly inventory of port traders and unsold lithium ore showed different trends in different years. [24] 3.4 Supply - Lithium Ore - Supply and Demand Balance Sheet The supply and demand balance of domestic lithium ore showed different situations in different months from 2024 to 2025, with fluctuations in demand, production, import, and export, resulting in different balance results. [26][28] 3.5 Supply - Lithium Carbonate - **Production and Capacity**: The weekly and monthly production, capacity, and production capacity utilization rate of lithium carbonate from different sources (lithium spodumene, lithium mica, salt - lake, and recycling materials) showed different trends. - **Import**: The monthly import volume of lithium carbonate from different countries (Chile, Argentina, etc.) and the total import volume changed over time. - **Supply and Demand Balance**: The supply and demand balance of lithium carbonate showed different situations in different months from 2024 to 2025, with fluctuations in demand, production, import, and export, resulting in different balance results. [30][35] 3.6 Supply - Lithium Hydroxide - **Production and Capacity Utilization**: The weekly capacity utilization rate, monthly production, and production capacity of domestic lithium hydroxide from different sources (smelting and causticizing) showed different trends. - **Export**: The export volume of Chinese lithium hydroxide showed different trends in different years. - **Supply and Demand Balance**: The supply and demand balance of lithium hydroxide showed different situations in different months from 2024 to 2025, with fluctuations in demand, production, import, and export, resulting in different balance results. [37][39] 3.7 Lithium Compound Cost and Profit - **Cost and Profit of Different Raw Materials**: The cost and profit of purchasing lithium spodumene concentrate, lithium mica concentrate, and recycling materials for lithium carbonate production showed different trends. - **Processing Cost Composition**: The processing cost composition of lithium mica and lithium spodumene, including energy consumption, auxiliary materials, and miscellaneous expenses, showed different proportions. - **Profit of Different Processes**: The profit of industrial - grade lithium carbonate purification, lithium hydroxide carbonization to lithium carbonate, and other processes showed different trends. [42][44][47] 3.8 Inventory The inventory of lithium carbonate and lithium hydroxide in different periods (weekly and monthly) and from different sources (smelters and downstream enterprises) showed different trends. [49] 3.9 Demand - Lithium Battery - **Price and Cost**: The price and cost of lithium batteries, including power batteries and energy - storage batteries, showed different trends in different years. - **Production and Export**: The monthly production volume, export volume, and monthly cell production of lithium batteries showed different degrees of growth. [52][54] 3.10 Demand - Ternary Precursor - **Price and Cost**: The price and cost of ternary precursors, including different series (5 - series, 6 - series, 8 - series), showed different trends in different years. - **Production and Supply - Demand Balance**: The monthly production volume and supply - demand balance of ternary precursors showed different situations in different months from 2024 to 2025, with fluctuations in demand, production, import, and export, resulting in different balance results. [58][61] 3.11 Demand - Ternary Material - **Price and Cost - Profit**: The price, cost, and profit of ternary materials, including different series (5 - series, 6 - series, 8 - series), showed different trends in different years. - **Production, Inventory, and Trade**: The weekly production capacity utilization rate, weekly inventory, and import - export volume of ternary materials showed different trends. [64][66] 3.12 Demand - Iron Phosphate/Iron Phosphate Lithium - **Price, Cost, and Profit**: The price, cost, and profit of iron phosphate and iron phosphate lithium showed different trends in different years. - **Production and Capacity Utilization**: The monthly production volume, monthly capacity utilization rate, and annual production capacity of iron phosphate and iron phosphate lithium showed different trends. [68][71] 3.13 Demand - New Energy Vehicle - **Production, Sales, and Export**: The production volume, sales volume, and export volume of new energy vehicles showed different degrees of growth in different years. - **Penetration Rate and Zero - Batch Ratio**: The sales penetration rate of new energy vehicles and the zero - batch ratios of hybrid and pure - electric vehicles of the Passenger Car Association showed different trends. [76][80]

Core Viewpoint - Lithium carbonate continuous main contract experienced a significant decline of 6% in a single day, currently priced at 94,000 yuan per ton [1] Group 1 - The lithium carbonate market is facing downward pressure as indicated by the recent price drop [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The inventory is continuously being depleted, but the pace of depletion is slowing down, and consumption has certain support. Currently, the resumption of production at the mine end is in progress, and it is expected to gradually resume production in the future. Regulatory measures have been strengthened, and attention should be paid to the impact of significant changes in positions. It is necessary to focus on the inflection points of consumption and inventory. If consumption weakens and the mine end resumes production, the inventory may shift from depletion to accumulation, and the market may decline at that time [4]. 3. Summary by Relevant Catalogs Market Analysis - On November 20, 2025, the lithium carbonate main contract 2601 opened at 99,780 yuan/ton and closed at 98,980 yuan/ton, with the closing price changing by 0.84% compared to the previous day's settlement price. The trading volume was 1,595,646 lots, and the open interest was 479,602 lots, compared with 503,132 lots in the previous trading day. According to SMM spot quotes, the current basis is -9,200 yuan/ton (average price of electric carbon - futures). The lithium carbonate warehouse receipts on that day were 26,916 lots, changing by 150 lots compared to the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate was quoted at 87,800 - 94,800 yuan/ton, changing by 2,400 yuan/ton compared to the previous trading day. The price of industrial - grade lithium carbonate was quoted at 87,000 - 90,800 yuan/ton, also changing by 2,400 yuan/ton compared to the previous trading day. The price of 6% lithium concentrate was 1,245 US dollars/ton, changing by 45 US dollars/ton compared to the previous day [1]. - Customs data shows that in October, the import of spodumene decreased by a certain amount month - on - month, reaching 652,000 physical tons, equivalent to approximately 61,000 tons of lithium carbonate equivalent (LCE). Australia, Nigeria, and Zimbabwe together contributed 85.7% of the total imports. Among them, the ore from Australia was 295,000 tons, a 15% month - on - month decrease; the ore from Nigeria was about 110,000 tons, an 8% month - on - month decrease, with a significant increase in the proportion of lithium concentrate; the ore from Zimbabwe was 153,000 tons, a 40.9% month - on - month increase. In addition, the import from South Africa decreased significantly, with an import of nearly 50,000 tons in October, a 54.1% month - on - month decrease [2]. - According to the latest weekly statistical data, the weekly output increased by 585 tons to 22,130 tons. The production using spodumene and mica as raw materials, as well as the production from salt lakes and recycling, all increased slightly. The weekly inventory decreased by 2,052 tons to a total of 118,420 tons. The inventory of smelters and downstream decreased, while the inventory in other links increased. Recently, the consumer side still has good support [2]. Policy Adjustment - Starting from the trading time on November 24, 2025, the transaction fee standard for the lithium carbonate futures LC2601 contract will be adjusted to 0.032% of the transaction amount, and the intraday closing - out fee standard will also be adjusted to 0.032% of the transaction amount. For the lithium carbonate futures LC2602, LC2603, LC2604, and LC2605 contracts, the transaction fee standard will be adjusted to 0.016% of the transaction amount, and the intraday closing - out fee standard will also be adjusted to 0.016% of the transaction amount [3]. - Starting from the trading time on November 24, 2025, non - futures company members or customers are not allowed to open more than 500 lots per day on the lithium carbonate futures LC2601 contract, and not more than 2,000 lots per day on the lithium carbonate futures LC2602, LC2603, LC2604, and LC2605 contracts. Hedging transactions and market - making transactions are not subject to the above - mentioned daily open - position limits. Accounts with actual control relationships are managed as one account [3]. Strategy - Unilateral strategy: Mainly wait and see in the short term. Pay attention to the inflection points of inventory and consumption and the resumption of production at the mine end, and choose the opportunity to sell hedging at high prices [4]. - Option strategy: Sell out - of - the - money call options [4].

2025 年 11 月 19 日 品 研 究 碳酸锂：短期或有回调 | | 邵婉嫕 投资咨询从业资格号：Z0015722 | shaowanyi@gtht.com | | --- | --- | --- | | | 刘鸿儒（联系人） 期货从业资格号：F03124172 | liuhongru@gtht.com | | 【基本面跟踪】 | | | 碳酸锂基本面数据 | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2601合约（收盘价） | 93,520 | -1,680 | 6,980 | 14,960 | 17,740 | 16,580 | | | | 2601合约（成交量） | 1,487,724 | 120,805 | 585,234 | 511,746 | 1,184,122 | 1,362,496 | | | | 2601合约（持仓量） | 484,357 | -78,597 | -42,136 | 26,983 | 212,499 | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply side of lithium carbonate showed that last week's production was 21,545 tons, a 0.05% week - on - week increase, higher than the historical average. The demand side indicated that the inventory of lithium iron phosphate sample enterprises decreased by 0.92% week - on - week to 104,738 tons, and the inventory of ternary material sample enterprises decreased by 1.74% week - on - week to 19,211 tons. - In terms of cost, the cost of purchased spodumene concentrate was 85,482 yuan/ton, a 1.35% daily increase, resulting in a loss of 543 yuan/ton; the cost of purchased lepidolite was 89,096 yuan/ton, a 1.98% daily increase, with a loss of 6,327 yuan/ton. The production cost of the recycling end was close to that of the ore end, with average production scheduling enthusiasm. The quarterly cash production cost of the salt lake end was 31,477 yuan/ton, significantly lower than the ore end, with sufficient profit margins and strong production scheduling motivation. - Overall, the fundamentals were neutral, the basis was bearish, the inventory situation was neutral, the disk was bullish, the main position was bearish, and the market of lithium carbonate 2601 fluctuated greatly, suggesting cautious operation [8][9]. 3. Summaries According to the Directory 3.1 Daily Views - **Supply and Demand**: Last week, lithium carbonate production increased slightly week - on - week, and downstream inventory decreased. In October 2025, production was 92,260 tons, and the predicted production for next month was 92,080 tons, a 0.19% decrease. The import volume in October was 22,000 tons, and the predicted import volume for next month was 27,000 tons, a 22.73% increase. Demand is expected to strengthen next month, and inventory may be reduced [8][9]. - **Cost**: The cost of purchased spodumene and lepidolite increased, resulting in losses. The cost of the salt lake end was low, with sufficient profit margins [9]. - **Market Indicators**: The basis was negative, indicating that the spot price was at a discount to the futures price. The overall inventory decreased, and the disk showed a bullish trend, while the main position was net short with a reduction in short positions [9]. - **Leveraging Factors**: Positive factors included the production cut plan of lepidolite manufacturers and the decrease in the volume of lithium carbonate imported from Chile. Negative factors were the continuous high supply at the ore/salt lake end with limited decline [10][11]. - **Main Logic**: Under the tight balance of supply and demand, the market was affected by sentiment fluctuations caused by news [12]. 3.2 Fundamental/Position Data - **Market Overview**: The prices of upstream lithium minerals, lithium salts, cathode materials, and lithium batteries showed different degrees of changes. For example, the price of spodumene (6%) increased by 1.79% to $1,024/ton, and the price of battery - grade lithium carbonate increased by 1.17% to 86,150 yuan/ton [15]. - **Supply - Side Data**: The weekly operating rate of lithium carbonate remained unchanged at 75.34%. The daily production cost of spodumene increased by 1.35% to 85,482 yuan/ton, and the monthly production cost decreased by 0.83% to 20,410 yuan/ton. The monthly production of lithium iron phosphate and lithium iron phosphate increased by 6.35% and 10.54% respectively [18]. - **Demand - Side Data**: The monthly operating rate and production of lithium iron phosphate and lithium iron phosphate increased. The monthly export of lithium iron phosphate increased by 54.57%. The weekly inventory of lithium iron phosphate decreased by 0.93% to 104,738 tons [18]. - **Inventory Data**: The inventory of smelters decreased by 7.96% to 28,270 tons, the downstream inventory decreased by 6.22% to 48,772 tons, other inventory increased by 5.34% to 43,430 tons, and the total inventory decreased by 2.80% to 120,472 tons [9]. - **Supply - Demand Balance Tables**: The supply - demand balance tables of lithium ore, lithium carbonate, and lithium hydroxide showed different supply - demand situations in different months. For example, the supply - demand balance of lithium carbonate in October 2025 was - 13,025 tons [27][34][38].

Group 1 - The main contract for lithium carbonate futures hit the daily limit, increasing by 9% to reach 95,200 yuan/ton [1] - The opening price for the lithium carbonate main contract was 87,700 yuan, with a highest price of 95,200 yuan and a lowest price of 87,700 yuan [2] - The trading volume for the day was 1.317 million contracts, with an increase in open interest of 56,850 contracts [2]

碳酸锂期货主力合约涨超7%，现报93580元/吨。 ...

Report Summary 1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core View of the Report The report indicates that the price of lithium carbonate is in a high - level oscillation with potential upward pressure [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: For the 2511 contract, the closing price was 86,400 yuan, with a change of 1,480 yuan compared to T - 1. The trading volume was 360, down 189 from T - 1, and the open interest was 411, down 173 from T - 1. For the 2601 contract, the closing price was 87,840 yuan, up 1,260 yuan from T - 1. The trading volume was 1,106,011, down 39,318 from T - 1, and the open interest was 536,514, up 7,548 from T - 1 [1]. - **Warehouse Receipts**: The warehouse receipt volume was 27,508 hands, down 779 from T - 1 [1]. - **Basis**: The basis of spot - 2511 was - 2,050 yuan, down 430 yuan from T - 1; spot - 2601 was - 3,490 yuan, down 210 yuan from T - 1; 2511 - 2601 was - 1,440 yuan, up 220 yuan from T - 1 [1]. - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 1,001 yuan, up 17 yuan from T - 1; lithium mica (2.0% - 2.5%) was 2,280 yuan, up 35 yuan from T - 1 [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 84,350 yuan, up 1,050 yuan from T - 1; industrial - grade lithium carbonate was 82,000 yuan, up 900 yuan from T - 1 [1]. - **Related Products in the Industrial Chain**: The price of lithium iron phosphate (power - type) was 36,960 yuan, up 355 yuan from T - 1; ternary material 523 (polycrystalline/consumer - type) was 154,325 yuan, up 1,000 yuan from T - 1 [1]. 3.2 Macro and Industry News - **Price Information**: The SMM battery - grade lithium carbonate index price was 84,472 yuan/ton, up 1,244 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 84,350 yuan/ton, up 1,050 yuan/ton from the previous working day; industrial - grade lithium carbonate was 82,000 yuan/ton, up 900 yuan/ton from the previous working day [2]. - **Production and Inventory**: This week, the lithium carbonate output was 21,545 tons, an increase of 11 tons from last week. The industry inventory was 120,472 tons, a reduction of 3,481 tons from last week [2]. - **Power Battery Loading**: In October, the domestic power battery loading volume was 84.1 GWh, a month - on - month increase of 10.7% and a year - on - year increase of 42.1%. Among them, the loading volume of ternary batteries was 16.5 GWh, accounting for 19.7% of the total loading volume, with a month - on - month increase of 19.8% and a year - on - year increase of 35.8%; the loading volume of lithium iron phosphate batteries was 67.5 GWh, accounting for 80.3% of the total loading volume, with a month - on - month increase of 8.6% and a year - on - year increase of 43.7% [3]. 3.3 Trend Intensity The trend intensity of lithium carbonate is 0, indicating a neutral trend, with the value ranging from - 2 (most bearish) to 2 (most bullish) [3]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The current inventory of lithium carbonate is continuously decreasing, and consumption has certain support. The resumption of production at the mine end is in progress, and it is expected to gradually resume production in the future. Attention should be paid to the inflection points of consumption and inventory. If consumption weakens and the mine end resumes production, the inventory may change from destocking to inventory accumulation, and the market may decline at that time [4]. 3. Summary by Relevant Catalogs Market Analysis - On November 13, 2025, the main contract 2601 of lithium carbonate opened at 86,500 yuan/ton and closed at 87,840 yuan/ton, with a change of 1.39% compared to the previous day's settlement price. The trading volume was 1,106,011 lots, and the open interest was 536,514 lots. The previous day's open interest was 528,966 lots. The current basis was -3,370 yuan/ton. The lithium carbonate warehouse receipts were 27,508 lots, a change of -779 lots compared to the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 82,100 - 86,600 yuan/ton, a change of 1,050 yuan/ton compared to the previous trading day. The price of industrial - grade lithium carbonate was 81,500 - 82,500 yuan/ton, a change of 900 yuan/ton compared to the previous trading day. The price of 6% lithium concentrate was 1,050 US dollars/ton, a change of 30 US dollars/ton compared to the previous day [2]. - The overall operating rate of lithium salt plants remains high, with the operating rates of both the spodumene end and the salt lake end maintained above 60%. It is expected that the domestic lithium carbonate production in November can maintain the production level of October, with a roughly flat month - on - month change [2]. - In the demand aspect, both commercial and passenger new - energy vehicles in the power market are growing rapidly, and the energy storage market has strong supply and demand, with supply remaining tight [2]. - As of November 13, 17 mainstream automobile brands have launched a purchase tax support plan [2]. - According to the latest weekly data, the weekly production increased by 11 tons to 21,545 tons. The total inventory decreased by 3,481 tons to 120,472 tons. The consumption end has strong support recently [3]. Strategy - Unilateral: Mainly adopt a wait - and - see attitude in the short term. Pay attention to the inflection points of inventory and consumption and the resumption of production at the mine end, and choose the opportunity to sell hedging at high prices [4]. - Option: Sell out - of - the - money call options [5].

1. Report Industry Investment Rating - There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - The supply - demand imbalance in the lithium carbonate market persists, with supply outstripping demand due to capacity mismatches, making it difficult to reverse the downward trend [13]. - The lithium carbonate 2601 contract is expected to fluctuate in the range of 86,540 - 89,140 yuan/ton [10]. 3. Summary by Relevant Catalogs 3.1 Daily Views - Supply: Last week, lithium carbonate production was 21,545 tons, a 0.05% week - on - week increase, higher than the historical average [8]. - Demand: The inventory of sample enterprises of lithium iron phosphate and ternary materials increased last week, with the former rising 0.70% to 105,719 tons and the latter 3.51% to 19,553 tons [8]. - Cost: The cost of purchased lithium spodumene concentrate and lithium mica increased, resulting in losses in production. The cost of the salt - lake end is significantly lower than that of the ore end, with sufficient profit margins and strong production motivation [9]. - Fundamentals: Neutral; Basis: On November 13, the spot price of battery - grade lithium carbonate was 84,350 yuan/ton, with a 01 - contract basis of - 3,490 yuan/ton, indicating a spot discount to futures, which is bearish; Inventory: The overall inventory decreased by 2.80% to 120,472 tons, with the smelter inventory decreasing by 7.96% to 28,270 tons and the downstream inventory decreasing by 6.22% to 48,772 tons, which is neutral [9]. - Market Outlook: Bullish factors include manufacturers' production reduction plans, a decline in lithium carbonate imports from Chile, and a decrease in lithium spodumene imports; bearish factors are the continuous high supply at the ore/salt - lake end with limited decline and weak acceptance willingness at the power battery end [11][12]. 3.2 Market Overview - The prices of most lithium - related products increased. For example, the price of 6% lithium spodumene increased by 1.73% to 1,001 US dollars/ton, and the price of battery - grade lithium carbonate increased by 1.26% to 84,350 yuan/ton [15]. 3.3 Supply - Side Data - Lithium Ore: The price of lithium ore increased, and the production of lithium spodumene and lithium mica showed different trends. The monthly import volume of lithium concentrate increased by 10.61% to 571,500 tons, and the import volume from Australia increased significantly [17]. - Lithium Carbonate: The weekly and monthly production of lithium carbonate increased, with the monthly production reaching 92,260 tons, a 5.73% increase. The weekly production of lithium carbonate from different sources (lithium spodumene, lithium mica, salt - lake, and recycled materials) showed different trends [17]. - Lithium Hydroxide: The monthly production of lithium hydroxide increased to 29,220 tons, a 6.37% increase. The monthly net export volume also increased by 13.60% to 5,053.18 tons [17]. 3.4 Demand - Side Data - Lithium Battery: The monthly production, shipment, and installation volume of lithium batteries increased. For example, the monthly production of power batteries increased by 21.60% to 76,000 GWh, and the installation volume of lithium iron phosphate batteries and ternary batteries also increased [17]. - Ternary Precursor: The monthly production of ternary precursors increased, and the price showed different trends. The 523 - type and 622 - type products had price increases [59]. - Ternary Material: The price of ternary materials increased, and the weekly and monthly production and inventory showed different trends [65]. - Lithium Iron Phosphate: The price of lithium iron phosphate and lithium iron phosphate increased, and the monthly production and export volume also increased [69]. - New Energy Vehicles: The production and sales volume of new energy vehicles increased, with the production volume reaching 1,772,000 vehicles, a 9.59% increase, and the sales volume reaching 1.604 million vehicles, a 14.98% increase [17]. 3.5 Inventory Data - Lithium Carbonate: The overall inventory decreased, with the smelter inventory decreasing and the downstream inventory also decreasing [9]. - Lithium Hydroxide: The monthly inventory of lithium hydroxide showed different trends for different sources [50]. - Ternary Precursor: The monthly inventory of ternary precursors showed different trends [59]. - Ternary Material: The weekly inventory of ternary materials showed different trends [67]. - Lithium Iron Phosphate: The weekly inventory of lithium iron phosphate showed different trends [74].