Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - On July 23, 2025, the 2509 contract of lithium carbonate futures dropped 4.07% to 69,380 yuan/ton. The average price of battery-grade lithium carbonate rose 1,350 yuan/ton to 70,450 yuan/ton, the average price of industrial-grade lithium carbonate rose 1,350 yuan/ton to 68,800 yuan/ton, and the price of battery-grade lithium hydroxide (coarse particles) rose 1,100 yuan/ton to 59,820 yuan/ton. The warehouse receipt inventory increased by 665 tons to 10,754 tons [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 increased by 302 tons to 19,115 tons. Among them, lithium extraction from spodumene increased by 330 tons to 9,324 tons, lithium extraction from lepidolite increased by 25 tons to 5,100 tons, lithium extraction from salt lakes increased by 17 tons to 3,282 tons, and lithium extraction from recycled materials decreased by 70 tons to 1,409 tons. In June 2025, China's lithium carbonate import volume was 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 1,827 tons to 142,620 tons, among which the downstream inventory increased by 506 tons to 41,271 tons, the intermediate link inventory increased by 1,880 tons to 43,310 tons, and the upstream inventory decreased by 559 tons to 58,039 tons [3]. - Yesterday, the positions decreased and the lithium price fell. In the market, the news continued to ferment. The warehouse receipts increased slightly for two consecutive days, but the total inventory level was still low, and the lithium ore price was running strongly. In the short term, the price may still fluctuate strongly. Pay attention to the warehouse receipt inventory and the situation of mines in Jiangxi [3]. Summary by Relevant Catalogs 1. Daily Data Monitoring - The report provides price data of various products in the lithium - battery industry chain on July 23 and 22, 2025, including futures, lithium ore, lithium carbonate, lithium hydroxide, lithium hexafluorophosphate, precursors, cathode materials, cells, and batteries. For example, the closing price of the main futures contract dropped from 72,880 yuan/ton on July 22 to 69,380 yuan/ton on July 23, and the price of lithium hexafluorophosphate rose from 50,750 yuan/ton to 51,000 yuan/ton [5]. 2. Chart Analysis 2.1 Ore Prices - Charts show the price trends of lithium - containing ores such as spodumene concentrate (6%, CIF China), lepidolite (Li2O: 1.5% - 2.0%, 2.0% - 2.5%), and amblygonite (Li2O: 6% - 7%, 7% - 8%) from 2024 to 2025 [6][8]. 2.2 Lithium and Lithium Salt Prices - Charts present the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [9][11][13]. 2.3 Spreads - Charts display the spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, CIF Japan - South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, and the basis from 2024 to 2025 [16][17][18]. 2.4 Precursors & Cathode Materials - Charts show the price trends of ternary precursors (523, 622, 811), ternary materials (523, 622, 811), lithium iron phosphate (power - type, medium - high - end energy storage, low - end energy storage), lithium manganate (power - type, capacity - type), and lithium cobalt oxide from 2024 to 2025 [21][24][27]. 2.5 Lithium Battery Prices - Charts present 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 [29][31]. 2.6 Inventory - Charts show the inventory trends of downstream, smelters, and other links of lithium carbonate from November 2024 to July 2025 [34][36]. 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, lithium iron phosphate pole piece black powder, lithium mica concentrate, and spodumene concentrate from 2024 to 2025 [38][39].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The lithium carbonate futures 2509 contract rose 2.53% to 71,280 yuan/ton yesterday. The average price of battery - grade lithium carbonate increased by 1,350 yuan/ton to 68,000 yuan/ton, the average price of industrial - grade lithium carbonate increased by 1,300 yuan/ton to 66,350 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) rose by 600 yuan/ton to 63,379 yuan/ton. The warehouse receipt inventory decreased by 270 tons to 9,969 tons [3]. - Jiangte Motor's wholly - owned subsidiary, Yichun Yinli New Energy Co., Ltd., will shut down for equipment maintenance on July 25, 2025, with an expected maintenance time of 26 days. Zimbabwe's state - owned mining enterprise Kuvimba Mining House plans to break ground on a concentrator with an annual processing capacity of 600,000 tons of lithium concentrate at its Sandawana mine in the third quarter of this year, with a total investment of $270 million and is expected to be put into operation in early 2027 [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 increased by 302 tons to 19,115 tons. Among them, lithium extraction from spodumene increased by 330 tons to 9,324 tons, lithium extraction from lepidolite increased by 25 tons to 5,100 tons, lithium extraction from salt lakes increased by 17 tons to 3,282 tons, and lithium extraction from recycled materials decreased by 70 tons to 1,409 tons. In June 2025, China's lithium carbonate import volume was 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 1,827 tons to 142,620 tons, among which the downstream inventory increased by 506 tons to 41,271 tons, the intermediate link inventory increased by 1,880 tons to 43,310 tons, and the upstream inventory decreased by 559 tons to 58,039 tons [3]. - The market sentiment continues to improve, the news is constantly fermenting, the warehouse receipts continue to decrease, and the price of lithium ore continues to rise. In the short term, it may still stimulate the price to rise. Attention should be paid to the warehouse receipt inventory [3]. Group 3: Summary by Relevant Catalogs 2. Daily Data Monitoring - Futures: The closing price of the main contract was 71,280 yuan/ton, up 1,320 yuan from July 18; the closing price of the continuous contract was 71,260 yuan/ton, up 1,380 yuan [5]. - Lithium ore: The price of spodumene concentrate (6%, CIF China) was $730/ton, up $19; the price of lepidolite (Li2O: 1.5% - 2.0%) was 990 yuan/ton, up 45 yuan; the price of lepidolite (Li2O: 2.0% - 2.5%) was 1,545 yuan/ton, up 40 yuan; the price of amblygonite (Li2O: 6% - 7%) was 5,175 yuan/ton, up 225 yuan; the price of amblygonite (Li2O: 7% - 8%) was 6,075 yuan/ton, up 250 yuan [5]. - Lithium carbonate: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 68,000 yuan/ton, up 1,350 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 66,350 yuan/ton, up 1,300 yuan [5]. - Lithium hydroxide: The price of battery - grade lithium hydroxide (coarse particles/domestic) was 58,220 yuan/ton, up 600 yuan; the price of battery - grade lithium hydroxide (micropowder) was 63,370 yuan/ton, up 600 yuan; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 52,870 yuan/ton, up 600 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan and South Korea) was $8.05/kg, unchanged [5]. - Lithium hexafluorophosphate: The price was 50,250 yuan/ton, up 750 yuan [5]. - Price differences: The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate was 1,650 yuan/ton, up 50 yuan; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 9,780 yuan/ton, down 750 yuan; CIF China, Japan and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide was - 644.79 yuan/ton, down 581 yuan [5]. - Precursor and cathode materials: The prices of ternary precursor 523 (polycrystalline/power type) and ternary precursor 523 (single - crystal/consumer type) were unchanged at 75,375 yuan/ton and 75,760 yuan/ton respectively; the price of ternary material 523 (polycrystalline/consumer type) was 107,000 yuan/ton, up 300 yuan; the price of ternary material 622 (polycrystalline/consumer type) was 111,210 yuan/ton, up 170 yuan [5]. - Cells and batteries: The prices of 523 square ternary cells, 523 soft - pack ternary cells, 523 cylindrical ternary batteries, square lithium iron phosphate cells, square lithium iron phosphate cells (small power type), and square lithium iron phosphate batteries were unchanged, while the price of cobalt - acid lithium cells was 5.53 yuan/Ah, up 0.01 yuan [5]. 3. Chart Analysis - **3.1 Ore Prices**: The report provides charts of the prices of spodumene concentrate (6%, CIF), lepidolite (1.5% - 2.0%), lepidolite (2.0% - 2.5%), and amblygonite (6% - 7%) from 2024 to 2025 [6][8]. - **3.2 Lithium and Lithium Salt Prices**: Charts of the prices 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 are presented [11][13][15]. - **3.3 Price Differences**: Charts of the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate, the price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China, Japan and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide, and the basis from 2024 to 2025 are shown [18][20]. - **3.4 Precursor & Cathode Materials**: Charts of the prices of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt - acid lithium from 2024 to 2025 are included [22][25][28]. - **3.5 Lithium Battery Prices**: Charts of the prices of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 are provided [31][33]. - **3.6 Inventory**: Charts of downstream inventory, smelter inventory, and other环节 inventory of lithium carbonate from November 2024 to July 2025 are presented [36][38]. - **3.7 Production Cost**: A chart of the production cost of lithium carbonate, including cash production profit from purchasing ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and spodumene concentrate from 2024 to 2025, is shown [40].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The lithium carbonate futures 2509 contract rose 2.47% to 67,960 yuan/ton yesterday. The average price of battery - grade lithium carbonate remained at 64,950 yuan/ton, the average price of industrial - grade lithium carbonate remained at 63,350 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) remained at 57,420 yuan/ton. The warehouse receipt inventory decreased by 416 tons to 10,239 tons [3]. - Rio Tinto officially announced the suspension of the Mt Cattlin lithium mine in its 25Q2 production report. Zangge Mining's wholly - owned subsidiary, Zangge Potash, received a notice to stop lithium resource development activities on July 16 [3]. - In July, the production is expected to increase by 3.9% month - on - month to 81,150 tons, and the weekly production increased by 690 tons to 18,813 tons. Lithium imports in July are expected to change little compared to the previous month. 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. The weekly inventory increased by 1,827 tons to 142,620 tons [3]. - With the continuous fermentation of news, the continuous reduction of warehouse receipts, the continuous rise of lithium ore prices, and many market news disturbances, the price may still be stimulated to rise in the short term. Attention should be paid to the warehouse receipt inventory [3]. 3. Summary by Related Catalogs 2. Daily Data Monitoring - Futures: The closing price of the main contract was 67,960 yuan/ton, up 1,540 yuan from the previous day; the closing price of the continuous contract was 68,060 yuan/ton, up 1,460 yuan. The price of lithium spodumene concentrate (6%, CIF China) was 693 US dollars/ton, up 8 US dollars [5]. - Lithium ore: The price of lithium mica (Li2O: 1.5% - 2.0%) was 910 yuan/ton, up 20 yuan; the price of lithium mica (Li2O: 2.0% - 2.5%) was 1,465 yuan/ton, up 15 yuan [5]. - Lithium carbonate: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) remained at 64,950 yuan/ton, and the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) remained at 63,350 yuan/ton [5]. - Lithium hydroxide: The price of battery - grade lithium hydroxide (coarse particles/domestic) remained at 57,420 yuan/ton, and the price of battery - grade lithium hydroxide (micropowder) remained at 62,570 yuan/ton [5]. - Other products: The price of lithium hexafluorophosphate was 49,500 yuan/ton, down 400 yuan. Most prices of other products in the lithium - ion battery industry chain remained unchanged [5]. 3. Chart Analysis 3.1 Ore Prices - The report provides charts of the prices of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and lithium aluminum phosphate stone (6% - 7%) over time from 2024 to 2025 [6][8]. 3.2 Lithium and Lithium Salt Prices - Charts show the prices 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 [12][14][16]. 3.3 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, and other related price spreads from 2024 to 2025 [19][20][21]. 3.4 Precursor & Cathode Materials - Charts display the prices of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2025 [23][26][29]. 3.5 Lithium Battery Prices - Charts show the prices of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [32][34]. 3.6 Inventory - Charts illustrate the downstream inventory, smelter inventory, and other环节 inventory of lithium carbonate from November 2024 to July 2025 [37][39]. 3.7 Production Costs - The chart shows the production costs and profits 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 [41][42].

Market Overview - On July 18, the A-share market opened higher with major indices rising: Shanghai Composite Index up 0.34%, Shenzhen Component Index up 0.3%, and ChiNext Index up 0.26% [1] - The non-ferrous metals sector showed strong performance, particularly in rare earth, lithium, and nickel mining concepts, while photovoltaic-related concepts experienced a pullback [1] Lithium Market Dynamics - Lithium carbonate futures saw a significant rebound, with the main contract rising over 15% from its year-to-date low, peaking at a 4.32% increase during the day [2] - The spot price for battery-grade lithium carbonate was reported at 65,000 yuan/ton on July 17, an increase of 8.52% from the late June low of 59,900 yuan/ton [4] Supply Chain and Production Insights - Recent data indicates a substantial decline in lithium salt imports due to seasonal production cuts in Argentina and Chile, affecting shipment volumes [6] - Cangge Mining announced a halt in operations due to regulatory compliance issues, which is expected to impact lithium production [6] - Forecasts suggest that the lithium battery supply chain is at a historical low, with expectations for recovery in profitability and revenue growth in 2025 [6] Industry Outlook - Research from Zhongyuan Securities indicates that lithium battery demand will continue to grow, with a slowdown in price declines expected in 2024, leading to a recovery in industry profitability [6] - Guolian Minsheng Securities anticipates a peak in domestic lithium battery equipment upgrades around 2026-2027, following a previous expansion phase in 2020-2021 [7] Stock Performance - On July 18, lithium mining stocks collectively rose, with notable gains from Shengxin Lithium Energy and Jinyuan Co., both hitting the daily limit, and Tianshi Lithium and Zhongkuang Resources increasing over 3% [8] - A total of 14 lithium mining stocks have released half-year performance forecasts, with a 50% positive outlook in terms of profit growth or reduced losses [9][10] Institutional Interest - Several lithium mining stocks have attracted significant institutional attention, with Cangge Mining, Keda Manufacturing, and Yahua Group leading in the number of institutional research visits [10]

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Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - On July 14, 2025, the 2509 contract of lithium carbonate futures rose 3.71% to 66,480 yuan/ton. The average price of battery-grade lithium carbonate increased by 900 yuan/ton to 64,650 yuan/ton, and the average price of industrial-grade lithium carbonate also rose 900 yuan/ton to 63,050 yuan/ton. The price of battery-grade lithium hydroxide (coarse particles) remained at 57,420 yuan/ton. The warehouse receipt inventory decreased by 399 tons to 11,204 tons [3]. - Affected by the news from Yichun Natural Resources Bureau, market sentiment was influenced. In July, the production of lithium carbonate is expected to increase by 3.9% month-on-month to 81,150 tons, and the weekly production increased by 690 tons to 18,813 tons. The increase is mainly from lithium extraction from spodumene, followed by lithium extraction from mica. The exports of lithium salts from Chile were basically flat from May to June, and the overall imports of lithium carbonate in July are expected to change little month-on-month. 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. The weekly inventory increased by 2,446 tons to 140,793 tons, with a significant increase in the intermediate links [3]. - The news hype affects market sentiment, the warehouse receipts remain at a low level, the transaction price of lithium ore has increased, lithium salt plants have announced shutdowns for maintenance and technological transformation, and there are many disturbances in the market news, which stimulate the price to rise in the short term. However, hedging pressure will follow. As of now, there are no signs of production cuts at the mine end, and the social inventory of lithium ore and lithium salt is relatively high. Attention can still be paid to short-selling opportunities after the sentiment turns. If the warehouse receipt inventory remains at a low level, it may hinder the smooth decline of the price, and the price may show a wide - range oscillation pattern [3] Summary by Relevant Catalogs 1. Daily Data Monitoring - Futures: The closing price of the main contract was 66,480 yuan/ton, up 2,200 yuan; the closing price of the continuous contract was 66,200 yuan/ton, up 3,280 yuan [5]. - Lithium Ore: The price of spodumene concentrate (6%, CIF China) was 682 US dollars/ton, up 8 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) was 890 yuan/ton, up 60 yuan; the price of lithium mica (Li2O: 2.0% - 2.5%) was 1,450 yuan/ton, up 45 yuan; the price of amblygonite (Li2O: 6% - 7%) was 4,650 yuan/ton, up 85 yuan; the price of amblygonite (Li2O: 7% - 8%) was 5,500 yuan/ton, up 100 yuan [5]. - Lithium Carbonate: The price of battery-grade lithium carbonate (99.5% battery - grade/domestic) was 64,650 yuan/ton, up 900 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 63,050 yuan/ton, up 900 yuan [5]. - Lithium Hydroxide: The price of battery - grade lithium hydroxide (coarse particles/domestic) remained at 57,420 yuan/ton; the price of battery - grade lithium hydroxide (micropowder) remained at 62,570 yuan/ton; the price of industrial - grade lithium hydroxide (coarse particles/domestic) remained at 51,970 yuan/ton; the price of battery - grade lithium hydroxide (CIF China, Japan and South Korea) remained at 8 US dollars/kg [5]. - Lithium Hexafluorophosphate: The price of lithium hexafluorophosphate remained at 50,550 yuan/ton [5]. - Price Spreads: The price spread between battery - grade and industrial - grade lithium carbonate remained at 1,600 yuan/ton; the price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 900 yuan to - 7,230 yuan; the difference between CIF China, Japan and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide increased by 13 yuan to - 227.2 yuan [5]. - Precursors & Cathode Materials: The price of ternary precursor 523 (polycrystalline/power type) remained at 75,405 yuan/ton; the price of ternary precursor 523 (single - crystal/consumer type) remained at 75,860 yuan/ton; the price of ternary precursor 622 (polycrystalline/consumer type) remained at 71,470 yuan/ton; the price of ternary precursor 811 (polycrystalline/power type) remained at 89,795 yuan/ton; the price of ternary material 523 (polycrystalline/consumer type) increased by 200 yuan to 106,360 yuan/ton; the price of ternary material 523 (single - crystal/power type) increased by 100 yuan to 115,255 yuan/ton; the price of ternary material 622 (polycrystalline/consumer type) remained at 111,070 yuan/ton; the price of ternary material 811 (power type) remained at 142,880 yuan/ton; the price of lithium iron phosphate (power type) increased by 220 yuan to 31,275 yuan/ton; the price of lithium iron phosphate (mid - to high - end energy storage) increased by 215 yuan to 29,845 yuan/ton; the price of lithium iron phosphate (low - end energy storage) increased by 210 yuan to 27,590 yuan/ton; the price of lithium manganate (power type) remained at 32,250 yuan/ton; the price of lithium manganate (capacity type) increased by 250 yuan to 29,250 yuan/ton; the price of cobalt acid lithium (60%, 4.35V/domestic) remained at 220,400 yuan/ton [5]. - Cells & Batteries: The price of 523 square ternary cells remained at 0.383 yuan/Wh; the price of 523 soft - pack ternary cells remained at 0.4 yuan/Wh; the price of 523 cylindrical ternary batteries increased by 0.01 yuan to 4.31 yuan/piece; the price of square lithium iron phosphate cells remained at 0.321 yuan/Wh; the price of square lithium iron phosphate cells (small power type) remained at 0.33 yuan/Wh; the price of cobalt acid lithium cells increased by 0.01 yuan to 5.52 yuan/Ah; the price of square lithium iron phosphate batteries increased by 0.001 yuan to 0.3 yuan/Wh [5] 2. Chart Analysis - Ore Prices: Charts show the price trends of 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] - 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 [12][14][16] - Price Spreads: Charts present the price spreads 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, battery - grade lithium carbonate (CIF Asia) and domestic battery - grade lithium carbonate, and the basis from 2024 to 2025 [19][20][21] - Precursors & 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 [23][26][29] - 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 [32][34] - Inventory: Charts show the inventory trends of downstream, smelters, and other links of lithium carbonate from November 2024 to July 2025 [37][39] - 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 (Li: 5.5% - 6.5%),外购磷酸铁锂极片黑粉 (Li: 3.2% - 4.2%),外购锂云母精矿 (Li₂O: 2.5%), and外购锂辉石精矿 (Li₂O: 6%) from 2024 to 2025 [41][42]

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 8, 2025, the 2509 contract of lithium carbonate futures rose 0.69% to 63,880 yuan/ton. The average price of battery - grade lithium carbonate increased by 350 yuan/ton to 62,900 yuan/ton, and the average price of industrial - grade lithium carbonate increased by 350 yuan/ton to 61,300 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) decreased by 50 yuan/ton to 57,470 yuan/ton. The warehouse receipt inventory decreased by 2,900 tons to 12,655 tons [3]. - In July, the production is expected to increase by 3.9% month - on - month to 81,150 tons. However, due to the maintenance and technological transformation of some upstream enterprises, the weekly production has slowed down, and the expected production may be adjusted downward. In terms of imports, the exports of lithium salts from Chile were basically flat from May to June, and the overall import of lithium carbonate in July is expected to change little month - on - month. In 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 the inventory side, the weekly inventory continued to accumulate, and the current inventory of lithium salts + lithium ore is high, about 380,000 tons of LCE according to Steel Union data [3]. - Currently, the overall market sentiment has warmed up, the warehouse receipts are at a low level, the transaction price of lithium ore has increased, lithium salt plants have announced production suspension for maintenance and technological transformation, and there are many disturbances in the market news. In the short term, the market may still run strongly. However, in the future, hedging pressure will also follow. As of now, there are no signs of production suspension or reduction at the mine end, and the social inventory of lithium ore and lithium salts is high. Opportunities for short - selling after the sentiment turns can still be observed. If the warehouse receipt inventory remains at a low level, it may hinder the smooth price correction, and the price may show a wide - range shock pattern [3]. 3. Summary According to the Directory 3.1 Daily Data Monitoring - The prices of some lithium ores increased. For example, the price of lithium spodumene concentrate (6%, CIF China) increased by 4 dollars/ton to 658 dollars/ton, and the price of lithium mica (Li2O: 1.5% - 2.0%) increased by 25 yuan/ton to 800 yuan/ton [5]. - Among lithium salts, the prices of battery - grade and industrial - grade lithium carbonate increased by 350 yuan/ton, while the prices of various types of lithium hydroxide mostly decreased by 50 yuan/ton, and the price of lithium hexafluorophosphate remained unchanged [5]. - In terms of price differences, the price difference between battery - grade and industrial - grade lithium carbonate remained unchanged at 1,600 yuan/ton, while the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 400 yuan/ton to - 5,430 yuan/ton [5]. - The prices of some cathode materials and precursors changed slightly. For example, the prices of some ternary precursors remained unchanged, while the prices of some ternary materials and lithium iron phosphate increased slightly, and the price of cobalt acid lithium remained unchanged [5]. - The prices of lithium batteries remained stable, with no change in the prices of various types of lithium battery cells and batteries [5]. 3.2 Chart Analysis 3.2.1 Ore Prices - The report presents charts of the prices of lithium spodumene concentrate (6%, CIF), lithium mica with different Li2O contents over time from 2024 to 2025 [6][7][8] 3.2.2 Lithium and Lithium Salt Prices - Charts show the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [12][13][14] 3.2.3 Price Differences - Charts display the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant price differences from 2024 to 2025, as well as the basis [19][20][21] 3.2.4 Precursors and Cathode Materials - Charts show the price trends of ternary precursors and ternary materials from 2024 to 2025, as well as the prices of lithium iron phosphate, manganese acid lithium, and cobalt acid lithium [23][24][26] 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 [31][32][33] 3.2.6 Inventory - Charts show the weekly inventory trends of downstream, smelters, and other links of lithium carbonate from November 2024 to July 2025 [36][37][38] 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, lithium iron phosphate pole piece black powder, lithium mica concentrate, and lithium spodumene concentrate from 2024 to 2025 [40][41] 3.3 Research Team Introduction - The research team includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience in non - ferrous and new energy research, and have obtained relevant professional qualifications and honors [44][45][46]

请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 碳酸锂日报 碳酸锂日报（2025 年 7 月 4 日） 一、研究观点 点 评 1. 昨日碳酸锂期货 2509 合约涨 0.91%至 64080 元/吨。现货价格方面，电池级碳酸锂平均价上涨 450 元/吨至 62100 元/吨，工业级碳酸锂平均价上涨 450 元/吨至 60500 元/吨，电池级氢氧化锂（粗颗 粒）下跌 50 元/吨至 57620 元/吨。仓单方面，昨日仓单库存减少 300 吨至 22880 吨。 2. 供应端，周度碳酸锂产量环比减少 644 吨至 18123 吨，其中锂辉石减少 483 吨，锂云母减少 457 吨； 据 SMM 显示 7 月碳酸锂产量环比增加 3.9%至 8.1 万吨，但近日上游减产消息扰动，后续或将下调 产量预期。需求端，据第三方排产数据来看，7 月预计磷酸铁锂产量环比增长 3%，三元材料产量环 比增长 1.3%。库存端，周度库存环比增加 1510 吨至 138347 吨，其中下游减少 138 吨至 40497 吨， 中间环节增加 1790 吨至 38960 吨，上游减少 142 吨至 58890 ...

碳酸锂日报 碳酸锂日报（2025 年 7 月 1 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2509 合约跌 0.77%至 62260 元/吨。现货价格方面，电池级碳酸锂平均价上涨 150 元/吨至 61300 元/吨，工业级碳酸锂平均价上涨 150 元/吨至 59700 元/吨，电池级氢氧化锂（粗颗 粒）下跌 150 元/吨至 57820 元/吨。仓单方面，昨日仓单库存增加 630 吨至 22628 吨。 2. 供应端，周度碳酸锂产量环比增加 305 吨至 18767 吨，其中云母增量相对明显，6 月碳酸锂产量环 比增加超 9%。需求端，周度库存周转天数均有增加，磷酸铁锂相对增加明显，据富宝样本企业排 产，三元材料环比有所增加，磷酸铁锂环比小幅下降。库存端，周度库存环比增加 1936 吨至 136837 吨，其中下游增加 269 吨至 40635 吨，中间环节增加 1260 吨至 37170 吨，上游增加 407 吨至 59032 吨。 3. 上周锂矿成交价格小幅上涨，锂盐厂宣布停产检修及技改，叠加市场消息面扰动较多，但当前 ...