Group 1: Report's Core Information - The report is about the lithium carbonate market, with the title "Lithium Carbonate: Wide - range Fluctuations, Pay Attention to Macroeconomic Sentiment Switch" and the date of July 30, 2025 [1] Group 2: Fundamental Tracking Futures Market Data - For the 2509 contract, the closing price was 70,840 yuan, down 2,280 yuan from T - 1; the trading volume was 744,160, down 261,235 from T - 1; the open interest was 300,620, down 77,852 from T - 1 [1] - For the 2511 contract, the closing price was 70,560 yuan, down 860 yuan from T - 1; the trading volume was 314,089, down 13,756 from T - 1; the open interest was 163,120, down 5,616 from T - 1 [1] Basis and Related Price Differences - The basis of spot - 2509 was 2,310 yuan, the basis of spot - 2511 was 2,590 yuan, and the basis of 2509 - 2511 was 280 yuan [1] - The price difference between electric carbon and industrial carbon was 2,150 yuan, and the price difference between spot and CIF was 9,279 yuan [1] Raw Material and Lithium Salt Prices - The price of spodumene concentrate (6%, CIF China) was 777 dollars, down 28 dollars from T - 1; the price of lepidolite (2.0% - 2.5%) was 1,775 yuan, down 30 yuan from T - 1 [1] - The price of battery - grade lithium carbonate was 73,150 yuan, down 750 yuan from T - 1; the price of industrial - grade lithium carbonate was 71,000 yuan, down 700 yuan from T - 1 [1] Other Related Product Prices - The price of lithium iron phosphate (power type) was 33,315 yuan, down 180 yuan from T - 1; the price of ternary material 523 (polycrystalline/consumer type) was 110,250 yuan, unchanged from T - 1 [1] Group 3: Macroeconomic and Industry News - SMM's battery - grade lithium carbonate index price was 73,069 yuan/ton, down 668 yuan/ton from the previous working day; the average price of battery - grade lithium carbonate was 73,150 yuan/ton, down 750 yuan/ton from the previous working day; the average price of industrial - grade lithium carbonate was 71,000 yuan/ton, down 700 yuan/ton from the previous working day [2] - From January to June this year, 23 provincial - level administrative regions in China released 1,121 energy - storage project lists, with a total installed capacity exceeding 198.145GW and an energy - storage capacity of 507.803GWh [3] Group 4: Trend Intensity - The trend intensity of lithium carbonate was 1, indicating a neutral - to - slightly - positive outlook [3]

Core Viewpoint - Recent developments in the energy storage sector highlight significant contracts and projects involving major companies like Fluence and Tesla, indicating a growing trend in battery storage solutions, particularly in Australia [1][4][9]. Group 1: Company Updates - Fluence has secured a contract for a 600MWh battery storage project in New South Wales, Australia, with AMPYR, which includes a 20-year service agreement [4][6]. - Pritchard's subsidiary, Hai Si Da Sodium Star, has signed a procurement contract for a 30MWh sodium-ion battery storage system with South Grid Technology, marking a significant milestone in sodium-ion battery applications [2][3]. - Tesla has completed the installation of 164 Megapack 2XL units for the Tarong battery storage project in Queensland, which has a total capacity of 300MW/600MWh [7][9]. Group 2: Financial Performance - Pritchard anticipates a net profit of 200 to 240 million yuan for the first half of 2025, representing a year-on-year growth of 38.88% to 66.65% [3]. - Tesla deployed 9.6GWh of battery storage products in Q2 2025, contributing to a total storage capacity of approximately 20GWh for the first half of the year [10]. Group 3: Market Trends - The projects undertaken by Fluence and Tesla are part of a broader strategy to enhance energy storage capacity in Australia, with Fluence's project being a critical first step towards AMPYR's goal of delivering 6000MWh by 2030 [6][9]. - The increasing adoption of sodium-ion batteries, as demonstrated by Pritchard's recent contract, suggests a diversification in battery technology within the energy storage market [2].

Group 1: Report Industry Investment Rating - No industry investment rating information is provided in the report. Group 2: Core Views - For lead, on the previous trading day, the average price of SMM1 lead ingots decreased by 0.15% compared to the previous day, and the closing price of the main Shanghai lead contract dropped by 0.58%. With no expected increase in lead concentrate imports, processing fees are likely to rise. The operation of primary lead is stable with a slight increase, while the operation of secondary lead is at a relatively low level due to rising scrap lead - acid battery prices and limited raw materials. The demand is gradually shifting from the off - season to the peak season, and the drag on lead prices may slow down. However, due to the inventory accumulation risk, the upward momentum of lead prices is limited [1]. - For zinc, on the previous trading day, the average price of SMM1 zinc ingots decreased by 0.94% compared to the previous day, and the main Shanghai zinc contract closed down 1.07%. Refineries have sufficient raw material reserves, zinc concentrate processing fees are rising, and the output is showing an increasing trend. The demand is weak, and most downstream enterprises only replenish inventory as needed. Recently, zinc prices have rebounded due to positive macro - sentiment and supply - side disturbances, but the rebound space is limited, and attention should be paid to short - selling opportunities after the elimination of favorable factors [1]. Group 3: Summary by Related Catalogs 1. Price and Market Data Lead - SMM1 lead ingot average price: 16,925.00 yuan/ton, - 0.15% [1] - Shanghai lead futures - spot price (main contract closing price): 17,100.00 yuan/ton, - 0.58% [1] - Shanghai lead basis: - 175.00 yuan/ton, + 75.00 [1] - LME 3 - month lead futures closing price (electronic trading): 2,039.00 US dollars/ton, - 0.12% [1] - Shanghai - London lead price ratio: 8.39, - 0.46% [1] Zinc - SMM1 zinc ingot average price: 22,210.00 yuan/ton, - 0.94% [1] - Shanghai zinc futures - spot price (main contract closing price): 22,255.00 yuan/ton, - 1.07% [1] - Shanghai zinc basis: - 45.00 yuan/ton, + 30.00 [1] - LME 3 - month zinc futures closing price (electronic trading): 2,713.50 US dollars/ton, - 1.00% [1] - Shanghai - London zinc price ratio: 8.20, - 0.06% [1] 2. Inventory Data Lead - LME inventory: 270,075.00 tons, 0.00% [1] - Shanghai lead warehouse receipt inventory: 46,389.00 tons, + 0.22% [1] Zinc - LME inventory: 114,900.00 tons, 0.00% [1] - Shanghai zinc warehouse receipt inventory: 6,824.00 tons, - 3.57% [1] 3. Trading Volume and Open Interest Data Lead - Futures active contract trading volume: 31,387.00 lots, - 2.89% [1] - Futures active contract open interest: 51,411.00 lots, + 0.01% [1] - Trading volume - open interest ratio: 0.61, - 2.90% [1] Zinc - Futures active contract trading volume: 178,683.00 lots, + 11.04% [1] - Futures active contract open interest: 134,433.00 lots, - 4.10% [1] - Trading volume - open interest ratio: 1.33, + 15.79% [1] 4. Industry News Lead - Shanghai Municipal Commission of Commerce and other eight departments issued the "Implementation Rules for the Replacement Subsidy of Electric Bicycles in Shanghai in 2025". From July 1 to December 31, 2025, individual consumers who trade in old electric bicycles (including batteries) for new ones will receive a one - time 500 - yuan subsidy, and an additional 100 - yuan subsidy for those who trade in for lead - acid battery electric bicycles [1] - Nandu Power signed a 1.4GWh energy storage system supply contract for a large - scale new - energy photovoltaic project in India [1] Zinc - In April 2025, Peru's zinc concentrate production was 137,600 metal tons, a year - on - year increase of 15.3%, and the total production from January to April was 458,300 metal tons, a year - on - year increase of 11.7% [1] - A mine in southwest China's zinc ore tender price in July was 3,770 yuan/metal ton, a month - on - month increase of 170 yuan/metal ton [1] - Nexa's Cajamarquilla smelter resumed full - scale operation with normal capacity utilization after a three - day shutdown [1]