Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The subsidy for independent new - type energy storage power stations in Inner Mongolia will decline in 2026, and the installed capacity of energy storage in October 2025 decreased significantly. Meanwhile, the production of Australian mines increased, which may affect the supply - demand relationship of lithium carbonate [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market**: For the 2511 contract, the closing price was 84,620 yuan, the trading volume was 252 lots, and the open interest was 1,138 lots. For the 2601 contract, the closing price was 86,540 yuan, the trading volume was 902,490 lots, and the open interest was 526,493 lots. The warehouse receipt volume was 28,099 lots [1] - **Raw Materials and Lithium Salts**: The price of spodumene concentrate (6%, CIF China) was 975 yuan, lithium mica (2.0% - 2.5%) was 2,220 yuan. The price of battery - grade lithium carbonate was 82,300 yuan, and industrial - grade lithium carbonate was 80,100 yuan [1] - **Downstream Products**: The price of lithium iron phosphate (power - type) was 36,360 yuan, and the price of ternary materials such as 523 (polycrystalline/consumer - type) was 152,325 yuan [1] 3.2 Macro and Industry News - The SMM battery - grade lithium carbonate index price was 82,339 yuan/ton, with an increase of 1,475 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate was 8.23 million yuan/ton, and that of industrial - grade lithium carbonate was 8.01 million yuan/ton, both increasing by 1,550 yuan/ton [2] - In 2026, the compensation standard for the power discharge of independent new - type energy storage power stations in Inner Mongolia to the public power grid will be 0.28 yuan/kWh, a 20% decrease compared to 2025. In October 2025, the newly installed capacity of domestic new - type energy storage projects was 1.70GW/3.52GWh, with a year - on - year decrease of 35%/49% and a month - on - month decrease of 51%/66% [3] 3.3 Trend Intensity - The trend intensity of lithium carbonate is - 1, indicating a relatively bearish view [3]

Core Viewpoint - The domestic energy storage installation in August showed a steady recovery, with year-on-year and month-on-month growth of 58% and 63% respectively, indicating a positive trend in the industry [1] Group 1: Energy Storage and Lithium Industry - In the first eight months of the year, cumulative installations increased by 36% year-on-year [1] - The U.S. market experienced a 47% year-on-year increase in grid-connected capacity in August, although it saw a month-on-month decline of 28% due to adjustments in the ITC Act [1] - Lithium battery production in October is expected to grow by 3% to 9% month-on-month, with battery, anode, and electrolyte segments showing year-on-year growth rates exceeding 40% [1] - Prices for lithium carbonate and lithium hydroxide saw a monthly increase of 20%, while prices for battery cells and electrolytes also rose; however, iron-lithium material prices slightly decreased due to supply chain adjustments [1] Group 2: Solid-State Battery Technology - Solid-state battery technology is entering a critical window, with plans for mass production of composite current collectors starting in the second half of 2025 [1] - Accelerated layout of pilot lines for all-solid-state batteries is expected, with demonstration vehicle production anticipated between 2026 and 2027 [1] Group 3: Industry Trends and ETF - The industry inventory cycle has entered a replenishment phase, with improvements in supply-demand dynamics in certain segments [1] - New technological breakthroughs are contributing to a diversified increase in the industry's prosperity [1] - The Mechanical ETF (516960) tracks a specialized mechanical index (000812), focusing on high-quality listed companies in the mechanical equipment sector, reflecting the overall performance and development trends of related securities [1]