Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core View of the Report - The lithium carbonate market is strongly operating. The main contract LC2605.GFE in the futures market closed at 156,060 yuan/ton, up 12,640 yuan/ton from the previous day, showing an upward trend in the past 10 trading days. The spot price of lithium carbonate was 152,120 yuan/ton, up 8.63% from the previous day, also showing an upward trend in the past 10 trading days. The current basis is -3300 points, a negative basis (spot discount), 160 points weaker than the previous day, and the basis has strengthened overall in the past 10 trading days. The registered warehouse receipt volume of lithium carbonate is 25,970 lots, an increase of 610 lots (+2.41%) from the previous day, and the warehouse receipts have increased overall in the past 10 trading days. The reduction of the tax refund rate has led to the front - loading of short - term demand for lithium carbonate [4]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - **Futures Market**: The closing price of the main contract was 156,060 yuan/ton, up 12,640 yuan/ton from the previous day and 26,080 yuan/ton from 5 trading days ago; the settlement price was 155,420 yuan/ton, up 12,240 yuan/ton from the previous day and 28,860 yuan/ton from 5 trading days ago [6]. - **Lithium Ore Prices**: The prices of lithium spodumene and lithium mica from different origins have changed to varying degrees. For example, the price of Australian CIF6 Chinese lithium spodumene concentrate is 2040 - 2150 US dollars/ton, with an increase of 85 - 105 US dollars/ton from the previous day and 470 - 500 US dollars/ton from 5 trading days ago. The average price of lithium mica in the Chinese market has also increased [6]. - **Lithium Salt Prices**: The price of domestic 99.5% electric lithium carbonate was 152,120 yuan/ton, up 12,080 yuan/ton from the previous day and 32,590 yuan/ton from 5 trading days ago; the price of domestic 56.5% lithium hydroxide was 143,030 yuan/ton, up 10,990 yuan/ton from the previous day and 32,140 yuan/ton from 5 trading days ago [6]. - **Downstream Product Prices**: The prices of some downstream products such as ternary precursors, ternary materials, and cobalt acid lithium have changed. For example, the price of the ternary precursor (523) was 106,500 yuan/ton, unchanged from the previous day but up 10,000 yuan/ton from 5 trading days ago [6]. 3.2 Related Charts - **Ore and Lithium Prices**: There are charts showing the price changes of lithium mica, lithium carbonate futures, lithium carbonate, lithium hydroxide, lithium carbonate basis, and the price difference between lithium hydroxide and lithium carbonate [8]. - **Cathode & Ternary Materials**: There are charts presenting the prices of manganese acid lithium, lithium iron phosphate, cobalt acid lithium, ternary precursors, and ternary materials [10][13][15]. - **Other Related Data of Lithium Carbonate Futures**: There are charts showing the changes in the trading volume, open interest, and registered warehouse receipt volume of the main lithium carbonate contract [18][19].

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - Today, the main contract of lithium carbonate was changed from LC2601.GFE to LC2605.GFE, with a closing price of 96,340 yuan/ton. The spot price of lithium carbonate was 92,820 yuan/ton, up 0.94% from the previous day, showing an overall upward trend in the past 10 trading days. The current basis was -4,640 points, a negative basis (spot discount), which was 3,380 points weaker than the previous day, and the basis had been oscillating overall in the past 10 trading days. The registered warehouse receipt volume of lithium carbonate was 27,050 lots, an increase of 435 lots (+1.63%) from the previous day, and the warehouse receipts had been decreasing overall in the past 10 trading days. The resumption of production of lithium mines in Jiangxi had been inconsistent, and the market was skeptical about the actual increase, so the tight supply pattern at the lithium ore end remained unchanged [4]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - **Futures**: The closing price of the main contract was 96,340 yuan/ton, up 940 yuan from the previous day and down 2,960 yuan from the previous week; the settlement price of the main contract was 97,460 yuan/ton, up 4,240 yuan from the previous day and down 700 yuan from the previous week. - **Lithium Spodumene**: The prices of Australian, Brazilian, Zimbabwean, and Malian CIF China lithium spodumene concentrates increased by 70 dollars/ton compared with the previous day, while the prices of South African CIF China lithium spodumene ore remained unchanged. - **Lithium Mica**: The prices of various grades of lithium mica in the Chinese market increased compared with the previous week, but remained unchanged compared with the previous day. - **Lithium Carbonate**: The price of domestic 99.5% electric lithium carbonate was 92,820 yuan/ton, up 860 yuan from the previous day and 3,880 yuan from the previous week. - **Lithium Hydroxide**: The prices of domestic 56.5% lithium hydroxide and Xinjiang's 56.5% monohydrate lithium hydroxide increased by 230 yuan from the previous day, while the prices of other types of lithium hydroxide remained unchanged. - **Ternary Materials and Related Products**: The prices of ternary precursors and ternary materials remained unchanged compared with the previous day and the previous week. - **Downstream Products**: The prices of some downstream products such as electrolyte, lithium iron phosphate, and cobalt acid lithium increased compared with the previous week, while the prices of others remained unchanged [6]. 3.2 Relevant Charts - **Ore and Lithium Prices**: Charts showed the price changes of lithium mica, lithium carbonate futures, lithium hydroxide, lithium carbonate basis, and the price difference between lithium hydroxide and lithium carbonate. - **Cathode & Ternary Materials**: Charts presented the price changes of manganese acid lithium, lithium iron phosphate, cobalt acid lithium, ternary precursors, and ternary materials. - **Other Related Data of Lithium Carbonate Futures**: Charts displayed the changes in the trading volume, open interest, and registered warehouse receipt volume of the main contract of lithium carbonate futures [8][10][16].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - The main contract of lithium carbonate futures (LC2601.GFE) closed at 93,520 yuan/ton, down 1,680 yuan/ton (-1.76%) from the previous day, showing an upward trend in the past 10 trading days. - The spot price of lithium carbonate was 87,420 yuan/ton, up 1.45% from the previous day, also showing an upward trend in the past 10 trading days. - The current basis was -7,180 points, a negative basis (spot discount), weakening by 690 points from the previous day, and the basis has been weakening overall in the past 10 trading days. - The registered warehouse receipts of lithium carbonate were 26,611 lots, down 342 lots (-1.27%) from the previous day, and the warehouse receipts have been decreasing overall in the past 10 trading days. - Social inventory has dropped to a low level. [4] 3. Summary by Directory 3.1 Industry Dynamics - **Futures**: The main contract closing price was 93,520 yuan/ton, down 1,680 yuan/ton from the previous day and up 6,980 yuan/ton from the previous week; the main contract settlement price was 94,600 yuan/ton, up 1,940 yuan/ton from the previous day and up 7,840 yuan/ton from the previous week. - **Lithium Ore**: The prices of lithium spodumene from different origins (Australia, Brazil, Zimbabwe, Mali) showed varying degrees of increase compared to the previous day and week; the prices of lithium mica with different Li2O contents in the Chinese market also increased. - **Lithium Compounds**: The price of domestic 99.5% electric-grade lithium carbonate was 87,420 yuan/ton, up 1,250 yuan/ton from the previous day and up 5,060 yuan/ton from the previous week; the price of domestic 56.5% lithium hydroxide showed an upward trend, while some market prices of battery - grade and industrial - grade lithium hydroxide remained unchanged. - **Downstream Products**: The prices of some ternary materials and precursors remained stable, while the price of some products such as lithium hexafluorophosphate increased. [6] 3.2 Related Charts - **Ore and Lithium Prices**: Charts showed the price changes of lithium mica, lithium carbonate futures, lithium hydroxide, lithium carbonate basis, and the price difference between lithium hydroxide and lithium carbonate. - **Cathode & Ternary Materials**: Charts presented the price changes of manganese - acid lithium, lithium iron phosphate, cobalt - acid lithium, ternary precursors, and ternary materials. - **Lithium Carbonate Futures Other Related Data**: Charts showed the changes in trading volume, open interest, and registered warehouse receipts of lithium carbonate futures. [7][10][16]