Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The lithium carbonate market remains in a situation of weak supply and light demand, with industrial inventories slightly accumulating and remaining at a high level. The main contract of lithium carbonate showed a weak weekly oscillation, with a weekly decline of 0.83% and an amplitude of 3.81%, closing at 59,940 yuan/ton [5]. - The macro - environment aims to enhance the resilience and safety of the industrial chain. On the raw material side, overseas mines are holding firm on prices and reducing shipping willingness, while smelters have weak purchasing sentiment due to sufficient inventories. The supply is expected to be high in the short - term and then gradually decline, and the demand is weak due to the off - season [5]. 3. Summary by Directory 3.1. Weekly Highlights - **Market Review**: The main contract of lithium carbonate showed a weak weekly oscillation, with a weekly decline of 0.83% and an amplitude of 3.81%, closing at 59,940 yuan/ton [5]. - **Market Outlook**: The supply is expected to be high in the short - term and then gradually decline. The demand is weak due to the off - season, and the inventories are at a high level [5]. - **Strategy Recommendation**: Adopt a light - position oscillating strategy, selling short on rallies, and pay attention to trading rhythm and risk control [5]. 3.2. Futures and Spot Market - **Futures Market**: As of June 13, 2025, the closing price of the main contract of lithium carbonate was 59,940 yuan/ton, a week - on - week decrease of 500 yuan/ton. The near - far month spread was 40 yuan/ton, a week - on - week increase of 140 yuan/ton [10]. - **Spot Market**: As of June 13, 2025, the average price of battery - grade lithium carbonate was 60,650 yuan/ton, a week - on - week increase of 450 yuan/ton. The basis of the main contract was 710 yuan/ton, a week - on - week increase of 950 yuan/ton [17]. 3.3. Upstream Market - **Lithium Spodumene**: As of June 13, 2025, the average price of lithium spodumene concentrate (6% - 6.5%) was 697 US dollars/ton, a week - on - week decrease of 15 US dollars/ton [21]. - **Lithium Mica and Lithium Aluminum Phosphate**: As of June 13, 2025, the average price of lithium aluminum phosphate was 6,595 yuan/ton, a week - on - week increase of 55 yuan/ton. The average price of lithium mica (Li₂O: 2.0% - 3%) was 1,576 yuan/ton, a week - on - week increase of 21 yuan/ton [26]. 3.4. Industry Situation - **Supply Side**: As of April 2025, the monthly import volume of lithium carbonate was 28,335.89 tons, a month - on - month increase of 10,210.4 tons (56.33%) and a year - on - year increase of 33.63%. The monthly export volume was 734.289 tons, a month - on - month increase of 514.26 tons (233.72%) and a year - on - year increase of 112.99%. The monthly output was 47,900 tons, a month - on - month increase of 4,720 tons (10.93%) and a year - on - year increase of 2.68%. The monthly operating rate was 43%, a month - on - month decrease of 5% and a year - on - year decrease of 32% [31]. - **Demand Side** - **Intermediate Products**: As of June 13, 2025, the average price of lithium hexafluorophosphate remained flat week - on - week. The monthly output of electrolyte in April 2025 was 160,900 tons, a month - on - month increase of 4,000 tons (2.55%) and a year - on - year increase of 34.96%. The average price of lithium iron phosphate (power type) remained flat week - on - week. The monthly output of lithium iron phosphate cathode materials in April 2025 was 196,600 tons, a month - on - month increase of 18,000 tons (10.08%) and a year - on - year increase of 19.73%. The monthly operating rate was 47%, a month - on - month decrease of 10% and a year - on - year decrease of 8%. Some prices of ternary materials weakened, and the monthly output in April 2025 was 62,500 tons, a month - on - month increase of 8,450 tons (15.63%) and a year - on - year increase of 15.53%. The monthly operating rate was 53%, a month - on - month increase of 5% and a year - on - year decrease of 4%. The average price of lithium manganate remained flat week - on - week, and the monthly output in April 2025 was 10,500 tons, a month - on - month increase of 830 tons (8.58%) and a year - on - year increase of 46.65%. The average price of lithium cobaltate was 215,000 yuan/ton, a week - on - week decrease of 5,000 yuan/ton. The monthly output in April 2025 was 11,800 tons, a month - on - month increase of 4,630 tons (64.57%) and a year - on - year increase of 66.2% [34][37][42][47][50]. - **Application End**: As of May 2025, the penetration rate of new energy vehicles was 43.99%, a month - on - month increase of 1.25% and a year - on - year increase of 10.11%. The monthly output was 1,270,000 vehicles, a month - on - month increase of 1.52%, and the sales volume was 1,307,000 vehicles, a month - on - month increase of 6.61%. The cumulative export volume was 855,000 vehicles, a year - on - year increase of 64.74% [52][58]. 3.5. Options Market - The implied volatility of at - the - money lithium carbonate options is below the 50th percentile, and there is a possibility of increased volatility in the future. It is recommended to construct a long straddle option strategy to bet on increased volatility [61].

Group 1 - The meeting emphasized the importance of focusing economic development on the real economy, aiming to consolidate and enhance traditional industries [1] - There is a call for the widespread application of digital and green technologies, accelerating the transformation of production, management, and marketing models, as well as process reengineering [1] - The integration of modern service industries with advanced manufacturing is encouraged to revitalize traditional advantageous industries [1] Group 2 - The meeting advocates for the orderly development of strategic emerging industries and future industries [1] - It highlights the need for in-depth implementation of industrial renewal actions to foster the growth of startup companies, leading enterprises, and unicorn companies [1]