Report Industry Investment Rating - No specific investment rating is provided in the report. Core Viewpoint - The report indicates that the trend intensity of lithium carbonate is -1, suggesting a weak - downward trend, and advises to pay attention to the actual progress of production resumption [3]. Summary by Related Content Fundamental Tracking - **Futures Market**: For the 2511 contract, the closing price was 70,720 yuan, down 2,180 yuan from T - 1; the trading volume was 751,480 lots, up 159,805 lots from T - 1; the open interest was 340,814 lots, down 10,526 lots from T - 1. For the 2601 contract, the closing price was 70,800 yuan, down 2,100 yuan from T - 1; the trading volume was 168,470 lots, up 53,958 lots from T - 1; the open interest was 174,101 lots, down 4,445 lots from T - 1. The warehouse receipt volume was 38,101 lots, unchanged from T - 1 [1]. - **Base - related Data**: The basis of spot - 2511 was 2,730 yuan, up 1,030 yuan from T - 1; the basis of spot - 2601 was 2,650 yuan, up 950 yuan from T - 1; the basis of 2511 - 2601 was - 80 yuan, unchanged from T - 1; the difference between electric carbon and industrial carbon was 2,250 yuan, unchanged from T - 1; the difference between spot and CIF was 6,502 yuan, down 768 yuan from T - 1 [1]. - **Raw Materials and Lithium Salts**: The price of spodumene concentrate (6%, CIF China) was 849 yuan, down 30 yuan from T - 1; the price of lithium mica (2.0% - 2.5%) was 1,815 yuan, down 50 yuan from T - 1. The price of battery - grade lithium carbonate was 73,450 yuan, down 1,150 yuan from T - 1; the price of industrial - grade lithium carbonate was 71,200 yuan, down 1,150 yuan from T - 1 [1]. - **Industry Chain - related Data**: The price of lithium iron phosphate (power type) was 33,620 yuan, down 275 yuan from T - 1; the price of lithium iron phosphate (mid - high - end energy storage type) was 32,225 yuan, down 275 yuan from T - 1; the price of lithium iron phosphate (low - end energy storage type) was 29,430 yuan, down 270 yuan from T - 1 [1]. Macro and Industry News - SMM's battery - grade lithium carbonate index price was 73,414 yuan/ton, down 1,175 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 73,450 yuan/ton, down 1,150 yuan/ton from the previous working day; the average price of industrial - grade lithium carbonate was 71,200 yuan/ton, down 1,150 yuan/ton from the previous working day [2]. - Codelco and SQM are about to finalize a landmark cooperation agreement to jointly mine lithium in the Atacama Salt Flat. Supporters believe this will diversify Codelco's revenue sources as it faces financial pressure due to falling copper production and debt surges from over - budget expansion projects [3].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Due to the faster - than - expected news of the resumption of production at Ningde Times' Jianxiawo Mine, the morning trading of lithium carbonate futures opened sharply lower, and the price almost recovered the gains from the supply - side production cut hype in August. Although there is uncertainty about the resumption of production, market sentiment improved slightly. The spot price center shifted downwards, and downstream material factories were actively pricing at low points. In the context of industry overcapacity, the willingness of holders to hold up prices is weak. The impact of the resumption of production at Jianxiawo Mine on the spot market is difficult to be fully absorbed by demand. It is recommended to wait for the risk to land before taking unilateral actions [9]. 3. Summary by Relevant Sections 3.1 Market Review and Operation Suggestions - **Market Performance**: Affected by the news of the resumption of production at Ningde Times' Jianxiawo Mine, the morning trading of lithium carbonate futures opened sharply lower, with the main contract reaching a minimum of 68,600. The price almost recovered the gains from the supply - side production cut hype in August. Although an insider said there was uncertainty about the resumption, the market sentiment improved limitedly, and the main contract barely stood above 70,000 at the end of the session. The spot price center moved down, with electric carbon dropping 1,150 to 73,450. Downstream material factories were actively pricing at low points due to rigid procurement demand during the peak season [9]. - **Raw Material Prices**: Australian ore dropped 45 to 805 US dollars per ton, and lithium mica ore dropped 50 to 1,815 yuan per ton. The profit of salt factories improved, with the production loss of salt factories purchasing lithium mica narrowing to 7,321 yuan per ton and that of salt factories purchasing lithium spodumene narrowing to 1,507 yuan per ton [9]. - **Operation Suggestions**: In the context of industry overcapacity, the willingness of holders to hold up prices is weak. The impact of the resumption of production at Jianxiawo Mine on the spot market is difficult to be fully absorbed by demand. It is necessary to continue to pay attention to the implementation of the resumption of production at Jianxiawo Mine, and it is recommended to wait for the risk to land before taking unilateral actions [9]. 3.2 Industry News - **Galan Lithium's Project Progress**: Australian Galan Lithium announced that the first - phase construction of its Hombre Muerto West (HMW) lithium salt project in Argentina has made significant progress. The design of Pool 4 has been completed, which will support an operation of 4,000 tons per year of lithium carbonate equivalent. The construction of a nanofiltration plant in Sydney is in progress. The project has a mid - term goal of achieving an annual output of 21,000 tons of LCE in 2026, 40,000 tons in 2028, and potentially increasing to 60,000 tons in 2030 [12]. - **Ningde Times' Mine Resumption**: On September 10, it was learned that Ningde Times' subsidiary Yichun Times New Energy Mining Co., Ltd. held a "Jianxiawo Lithium Mine Resumption Work Meeting" on September 9 to discuss the resumption of production at the Jianxiawo Lithium Mine. The goal is to complete the resumption of production by November this year, but it is uncertain whether this goal can be achieved, and it may be adjusted according to the actual progress. Investors are advised to view market news rationally [12][13].

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 2025年9月10日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，上周碳酸锂产量为19419吨，环比增长2.04%,高于历史同期平均水平。 需求端来看，上周磷酸铁锂样本企业库存为94756吨，环比增加0.28%,上周三元材料样本企业库存 为17644吨，环比减少1.05%。 供给端，2025年8月碳酸锂产量为85240实物吨，预测下月产量为86730实物吨，环比增加 1.75%,2025年8月碳酸锂进口量为17000实物吨，预测下月进口量为19500实物吨，环比增加 14.71%。需求端，预计下月需求有所强化，库存或将有所去化。成本端，6%精矿CIF价格日度环比 有所增长，低于历史同期平均水平，需求持续走强 ...

Report Industry Investment Rating - Unilateral: Cautiously bearish [4] - Inter - period: None [4] - Cross - variety: None [4] - Spot - futures: None [4] - Options: Buy put options [4] Core Viewpoints - The futures market of lithium carbonate may decline due to the news of mine restart and weak overall commodity sentiment. The price will gradually return to the fundamentals if the previously shut - down mines resume production [2][3]. Summary by Related Content Market Analysis - On September 9, 2025, the main contract 2511 of lithium carbonate opened at 74,740 yuan/ton and closed at 72,900 yuan/ton, a - 2.62% change from the previous settlement price. The trading volume was 591,675 lots, and the open interest was 351,340 lots (364,137 lots the previous day). The current basis was - 300 yuan/ton, and the number of lithium carbonate warehouse receipts was 38,101 lots, a change of 650 lots from the previous day [2]. - According to SMM data, the price of battery - grade lithium carbonate was 73,700 - 75,500 yuan/ton, and industrial - grade lithium carbonate was 71,750 - 72,950 yuan/ton, both unchanged from the previous day. The price of 6% lithium concentrate was 850 US dollars/ton, also unchanged. The market is in the peak demand season with downstream rigid demand, but procurement activities slowed slightly this week as the futures price rebounded. The supply side shows a structural differentiation, with lithium carbonate produced from spodumene accounting for over 60% and that from lepidolite dropping to 15%. In September, supply and demand are both increasing, but demand is growing faster, and overall supply is expected to be tight [3]. Strategy - The futures market declined significantly after oscillation, affected by weak commodity sentiment and the possible approval of Jiangxi manufacturers. The short - term spot supply - demand pattern is good, with reduced inventory and production. If the previously shut - down mines resume production, the price will return to fundamentals, and the futures market may decline. Attention should be paid to mine operation, and participants should manage risks [3].

Report Summary 1. Report Industry Investment Rating - The report does not explicitly provide an industry investment rating. 2. Core View of the Report - The report focuses on the lithium carbonate market, indicating that both supply and demand are increasing, and the market is in a weakly oscillating state. The trend strength of lithium carbonate is -1, suggesting a relatively bearish outlook [1][3]. 3. Summary by Relevant Catalog 3.1 Fundamental Tracking - **Futures Contracts**: For the 2509 contract, the closing price was 73,880 yuan, with a change of 880 yuan compared to T - 1. The trading volume was 50, and the open interest was 3,467. For the 2511 contract, the closing price was 74,260 yuan, the trading volume was 802,006, and the open interest was 364,002 [1]. - **Warehouse Receipts**: The warehouse receipt volume was 36,631 hands, an increase of 1,683 hands compared to T - 1 [1]. - **Basis**: The basis of spot - 2509 was 870 yuan, and spot - 2511 was 490 yuan. The basis of 2509 - 2511 was -380 yuan [1]. - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 871 yuan, and the price of lepidolite (2.0% - 2.5%) was 1,865 yuan [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 74,750 yuan, and industrial - grade lithium carbonate was 72,500 yuan. The price of battery - grade lithium hydroxide (micropowder) was 80,520 yuan [1]. - **Industry Chain Related Data**: The price of lithium iron phosphate (power type) was 33,930 yuan, and the price of ternary materials 523 (polycrystalline/consumer type) was 113,450 yuan [1]. 3.2 Macro and Industry News - The SMM battery - grade lithium carbonate index price was 74,655 yuan/ton, a decrease of 214 yuan/ton compared to the previous working day. Kodal Minerals obtained approval from the Malian government to export 125,000 tons of spodumene concentrate from the Bougouni lithium project [2]. 3.3 Trend Strength - The trend strength of lithium carbonate is -1, with the value ranging from -2 to 2, indicating a relatively bearish view [3].

Report Industry Investment Rating - No explicit industry investment rating is provided in the report. Report's Core View - On September 4, the main contract of lithium carbonate futures rebounded after hitting a low. The spot market had fair trading volume, and the basis premium decreased. The cost side saw an increase in the price of spodumene concentrate and a decrease in the price of lepidolite. The supply side witnessed a rise in lithium carbonate production last week, with a slight increase in the production of lithium carbonate from different raw materials. In terms of downstream demand, the production of lithium iron phosphate increased last week, while the production of ternary materials decreased. In September, the scheduled production of lithium cobalt oxide and lithium manganate increased. The production of power batteries increased last week. In terms of terminal demand, the year - on - year growth rate of new energy vehicle production slowed down in August, the 3C shipments were average, and the scheduled production of energy storage batteries increased in September. In terms of inventory, the registered warehouse receipts were 34,948 (+830) tons, and the social inventory decreased. Considering all factors, with good profits, high lithium carbonate production, rising downstream demand, and decreasing social inventory, the short - term supply and demand both strengthened. The impact from the Jiangxi mine end has been eliminated, and the short - term fundamentals have not changed much. The market is still easily affected by news. It is expected that the lithium carbonate price will fluctuate widely, and it is not advisable to be overly bearish. Operationally, it is recommended to conduct short - term range trading, appropriately buy options to protect positions, and take appropriate profit - taking on the previously bought straddle options. [1] Summary According to Related Information Market Data - **Futures Prices**: On September 4, 2025, the closing price of the near - month contract was 73,000 yuan/ton, that of the consecutive - one contract was 73,340 yuan/ton, the consecutive - two contract was 73,580 yuan/ton, and the consecutive - three contract was 77,700 yuan/ton. - **Trading Volume and Open Interest**: The trading volume of lithium carbonate futures was 712,151 (+269,351) lots, and the open interest was 353,674 (+7,626) lots. - **Inventory**: The registered warehouse receipts were 34,948 (+830) tons. - **Spreads**: The spread between the near - month and consecutive - one contracts was - 340 yuan/ton, the spread between the consecutive - one and consecutive - two contracts was - 140 yuan/ton, and the spread between the consecutive - two and consecutive - three contracts was 440 yuan/ton. The basis was 1,580 yuan/ton. - **Spot Prices**: The average price of SMM battery - grade lithium carbonate was 75,000 yuan/ton, and the price of spodumene concentrate (6%, CIF China) was 874 US dollars/ton. [1] Industry News - **Salt Lake Mining Rights**: Salt Lake Co., Ltd. (000792) responded during a research reception that the current mining rights compliance inspection is a new trend of stricter industry supervision, reflecting the strict control of the regulatory authorities over the compliance of lithium resource development and utilization activities. The company's mining business is fully compliant, and its production and operation are running stably. - **Ioneer's Project**: Ioneer reduced the leaching time and increased the plant output. The economic viability of its Rhyolite Ridge project in Nevada has been substantially improved. The updated mine plan shows that the unlevered net present value of the mine increased by 38% to $1.89 billion, and the unlevered internal rate of return rose to 16.8%. From the third to the twenty - fifth year, the annual production of lithium carbonate equivalent increased by 20% to 255,000 tons, and the production of lithium carbonate increased by 9% to 126,700 tons. The estimated all - sustaining cash cost of lithium carbonate equivalent is $5,626/ton, and the ore throughput increased by 25% from 2.4 million tons per year to 3 million tons per year. - **Kodal Minerals' Project**: Kodal Minerals obtained an export license for the spodumene concentrate produced from its Bougouni lithium project in southern Mali. The initial export volume is 125,000 tons, but the final administrative steps in the export process need to be completed. [1]

Report Industry Investment Rating - Unilateral: Cautiously bullish [5] - Inter - delivery spread: None [5] - Cross - variety: None [5] - Spot - futures: None [5] - Options: None [5] Core Viewpoints - The futures market is still operating weakly, but the spot supply - demand pattern is good with decreasing inventory and production. Lithium carbonate production from mica has decreased, but lithium carbonate production from spodumene has made up for it. There is uncertainty in the subsequent approval of other mines. The consumption side provides support, and lithium carbonate is expected to be supported under the influence of mine - end disturbances, but the market fluctuates greatly [3]. Market Analysis - On September 1, 2025, the lithium carbonate main contract 2511 opened at 77,000 yuan/ton and closed at 75,560 yuan/ton, a - 2.73% change from the previous day's settlement price. The trading volume was 540,295 lots, and the open interest was 339,133 lots (346,605 lots the previous day). The current basis is 2,530 yuan/ton. The number of lithium carbonate warehouse receipts was 31,197 lots, a change of 1,310 lots from the previous day [1]. - According to SMM data, the price of battery - grade lithium carbonate is 76,500 - 80,200 yuan/ton, a - 1,300 yuan/ton change from the previous day; the price of industrial - grade lithium carbonate is 75,350 - 76,750 yuan/ton, also a - 1,300 yuan/ton change. The price of 6% lithium concentrate is 880 US dollars/ton, a - 15 US dollars/ton change from the previous day [1]. - The weekly production decreased by 108 tons to 19,030 tons. The production from lithium spodumene increased slightly, while the production from mica decreased slightly. The weekly inventory decreased by 407 tons to 141,366 tons. Downstream inventory continued to increase, intermediate inventory increased slightly, and smelter inventory decreased [2]. Strategy - Pay attention to the mine - end operation situation. Although the lithium carbonate market is expected to be supported, the market fluctuates greatly, and participants need to manage risks [3].

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The supply - demand mismatch leads to a situation of strong supply and weak demand, and the downward trend is difficult to change [10]. - In the short - term, there are both positive and negative factors. Positive factors include manufacturers' production cut plans, a decline in the volume of lithium carbonate imported from Chile, and a decrease in the import volume of lithium spodumene. Negative factors include continuous high supply at the ore/salt lake end with limited decline, and insufficient willingness of the power battery end to take delivery [8][9]. - It is expected that the demand will strengthen next month, inventory may be reduced, and the cost - dominated situation will weaken. The 2511 contract of lithium carbonate will fluctuate in the range of 73,980 - 77,140 [6]. 3. Summary According to the Directory 3.1 Daily Viewpoints - **Fundamentals**: Last week, the lithium carbonate production was 19,030 tons, a week - on - week decrease of 0.56%, higher than the historical average. The inventory of sample enterprises of lithium iron phosphate and ternary materials increased week - on - week. The cost of purchased lithium spodumene concentrate increased day - on - day, while the cost of purchased lithium mica decreased. The cost of the recycling end is close to that of the ore end, with average production enthusiasm, and the cost of the salt lake end is significantly lower with sufficient profit margins [7]. - **Basis**: On September 1st, the spot price of battery - grade lithium carbonate was 78,350 yuan/ton, and the basis of the 11 - contract was 2,790 yuan/ton, with the spot at a premium to the futures [7]. - **Inventory**: The smelter inventory decreased week - on - week, while the downstream and other inventories increased. The overall inventory decreased slightly week - on - week but was higher than the historical average [7]. - **Market**: The MA20 is upward, and the price of the 11 - contract closed below the MA20 [7]. - **Main Position**: The main position is net short, and the short position decreased [7]. - **Expectation**: In July 2025, the lithium carbonate production was 81,530 physical tons, and the predicted production for next month is 84,200 physical tons, a month - on - month increase of 3.27%. The import volume is expected to increase by 33.62% month - on - month. The demand is expected to strengthen next month, and the inventory may be reduced. The 2511 contract of lithium carbonate will fluctuate in the range of 73,980 - 77,140 [6]. 3.2 Lithium Carbonate Market Overview - **Price and Basis**: The prices of lithium carbonate and related products showed different degrees of decline. The basis and futures closing prices also had corresponding changes [13][16]. - **Supply - side Data**: The weekly and monthly operating rates, production, and import volume of lithium carbonate and related products had different trends, with some increasing and some decreasing [16]. - **Demand - side Data**: The demand - side data such as the production and inventory of lithium - iron phosphate and ternary materials also showed corresponding changes [16]. 3.3 Supply - Lithium Ore - **Price and Production**: The price of lithium ore and the production of lithium spodumene and lithium mica mines showed different trends over time [23]. - **Import Volume**: The monthly import volume of lithium concentrate showed an overall upward trend, with significant increases in imports from Australia [23]. - **Self - sufficiency Rate**: The self - sufficiency rate of lithium ore had different trends for lithium spodumene, lithium ore, and lithium mica [23]. - **Supply - demand Balance**: The supply - demand balance of domestic lithium ore showed different situations in different months, with some months in short supply and some in surplus [26]. 3.4 Supply - Lithium Carbonate - **Operating Rate and Production**: The weekly and monthly operating rates and production of lithium carbonate from different raw materials (lithium spodumene, lithium mica, salt lake, and recycled materials) showed different trends [29]. - **Import Volume**: The monthly import volume of lithium carbonate from different countries (Chile, Argentina, etc.) also had corresponding changes [29]. - **Supply - demand Balance**: The supply - demand balance of lithium carbonate showed different situations in different months, with some months in short supply and some in surplus [35]. 3.5 Supply - Lithium Hydroxide - **Capacity Utilization and Production**: The weekly capacity utilization and monthly production of lithium hydroxide from different sources (causticization and smelting) showed different trends [37][38][40]. - **Supply - demand Balance**: The supply - demand balance of lithium hydroxide showed different situations in different months, with some months in short supply and some in surplus [44]. 3.6 Lithium Compound Cost and Profit - **Cost and Profit of Lithium Spodumene and Lithium Mica**: The cost and profit of purchasing lithium spodumene concentrate and lithium mica concentrate for production showed different trends over time [47]. - **Processing Cost Composition**: The processing cost composition of lithium spodumene and lithium mica included energy consumption, auxiliary materials, and miscellaneous items, and showed different trends [47]. - **Other Cost and Profit**: The cost and profit of recycling production of lithium carbonate, industrial - grade lithium carbonate purification, and lithium hydroxide carbonization also had corresponding changes [49][52]. 3.7 Inventory - **Lithium Carbonate and Lithium Hydroxide Inventory**: The inventory of lithium carbonate and lithium hydroxide in smelters and downstream showed different trends over time [54]. 3.8 Demand - Lithium Battery - **Battery Price and Production**: The price, production, and shipment volume of lithium batteries showed different trends over time [58][60]. - **Battery Cost**: The cost of lithium battery cells also had corresponding changes [58]. 3.9 Demand - Ternary Precursor - **Price and Cost**: The price and cost of ternary precursors showed different trends over time, and the profit of external raw material procurement also changed [63]. - **Capacity Utilization and Production**: The capacity utilization and monthly production of ternary precursors showed different trends [63]. - **Supply - demand Balance**: The supply - demand balance of ternary precursors showed different situations in different months, with some months in short supply and some in surplus [66]. 3.10 Demand - Ternary Material - **Price and Cost - profit**: The price, cost, and profit of ternary materials showed different trends over time [69]. - **Operating Rate and Production**: The weekly operating rate and production of ternary materials showed different trends [69]. - **Inventory and Trade Volume**: The inventory, import, and export volume of ternary materials also had corresponding changes [71]. 3.11 Demand - Iron Phosphate/Iron Phosphate Lithium - **Price and Cost - profit**: The price, cost, and profit of iron phosphate and iron phosphate lithium showed different trends over time [73]. - **Operating Rate and Production**: The monthly operating rate and production of iron phosphate and iron phosphate lithium showed different trends [73][76]. - **Inventory and Export Volume**: The inventory and export volume of iron phosphate lithium also had corresponding changes [76][78]. 3.12 Demand - New Energy Vehicles - **Production, Sales, and Export**: The production, sales, and export volume of new energy vehicles showed different trends over time [81]. - **Sales Penetration Rate**: The sales penetration rate of new energy vehicles also had corresponding changes [82]. - **Retail - wholesale Ratio and Inventory Index**: The retail - wholesale ratio of hybrid and pure - electric new energy vehicles and the inventory warning and inventory indexes of dealers showed different trends [85].

Group 1: Investment Rating - The report does not provide an industry investment rating Group 2: Core View - The "trade - in" part of lithium carbonate has been suspended, and the weak oscillation continues. The trend strength of lithium carbonate is -1, indicating a weak bearish outlook [1][3] Group 3: Summary by Directory 1. Fundamental Tracking - **2509 Contract**: The closing price was 75,540 yuan, down 1,460 yuan from T - 1; the trading volume was 2,426 lots, down 8,111 lots from T - 1; the open interest was 11,332 lots, down 5,803 lots from T - 1 [1] - **2511 Contract**: The closing price was 75,560 yuan, down 1,620 yuan from T - 1; the trading volume was 540,295 lots, up 50,237 lots from T - 1; the open interest was 339,133 lots, down 7,472 lots from T - 1 [1] - **Warehouse Receipts**: The number of warehouse receipts was 31,197 lots, up 1,310 lots from T - 1 [1] - **Basis**: The basis of spot - 2509 was 2,810 yuan, up 160 yuan from T - 1; the basis of spot - 2511 was 2,790 yuan, up 320 yuan from T - 1; the basis of 2509 - 2511 was - 20 yuan, up 160 yuan from T - 1 [1] - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 898 US dollars, up 4 US dollars from T - 1; the price of lepidolite (2.0% - 2.5%) was 1,950 yuan, down 25 yuan from T - 1 [1] - **Lithium Salts**: The price of battery - grade lithium carbonate was 78,350 yuan, down 1,300 yuan from T - 1; the price of industrial - grade lithium carbonate was 76,050 yuan, down 1,300 yuan from T - 1 [1] - **Consumer Products**: The price of ternary material 523 (polycrystalline/consumer - type) was 113,900 yuan, down 200 yuan from T - 1; the price of ternary material 622 (polycrystalline/consumer - type) was 117,950 yuan, unchanged from T - 1 [1] 2. Macro and Industry News - SMM's battery - grade lithium carbonate index price was 78,256 yuan/ton, down 1,372 yuan/ton from the previous working day; the average price of battery - grade lithium carbonate was 78,350 yuan/ton, down 1,300 yuan/ton from the previous working day; the average price of industrial - grade lithium carbonate was 76,050 yuan/ton, down 1,300 yuan/ton from the previous working day [2] - The automobile "trade - in" subsidy policy in Guangzhou has been suspended since August 30, 2025. Consumers who obtained the new car's "Motor Vehicle Sales Unified Invoice" and the used car's "Second - hand Car Sales Unified Invoice" before August 29, 2025 (inclusive) can submit subsidy applications after the system upgrade of the "Sui Che Gou" WeChat mini - program [3]

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 2025年9月1日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 供给端来看，上周碳酸锂产量为19030吨，环比减少0.56%,高于历史同期平均水平 需求端来看，上周磷酸铁锂样本企业库存为94493吨，环比增加0.91%,上周三元材 料样本企业库存为17832吨，环比增加1.22%。 3、库存: 冶炼厂库存为43336吨，环比减少7.49%,低于历史同期平均水平；下游库存为 52800吨，环比增加2.51%,高于历史同期平均水平；其他库存为45000吨，环比增 加4.19%,高于历史同期平均水平；总体库存为141136吨，环比减少0.28%,高于历 史同期平均水平。 中性。 4、盘面: 盘面:MA20向上，11合约期价收于MA20 ...