Report Industry Investment Rating - No relevant information provided Core View of the Report - In the short term, supply-demand mismatch may occur and push up prices, but in the long term, the pattern of supply surplus remains unchanged. The increase in overall supply is the main factor suppressing futures prices. The fourth quarter is the traditional peak season for new energy vehicles, and the economy of independent energy storage has emerged after the increase in capacity electricity price and the expansion of the spot price difference, with strong installation demand indicated by the increase in tender volume [3] Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 73,100 yuan, a decrease of 450 yuan; SMM industrial - grade lithium carbonate has an average price of 70,850 yuan, a decrease of 450 yuan [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 829 yuan, a decrease of 10 yuan; lithium mica (Li20:1.5% - 2.0%) has an average price of 1055 yuan, a decrease of 35 yuan; lithium mica (Li20:2.0% - 2.5%) has an average price of 1765 yuan, a decrease of 45 yuan; phospho - lithium - aluminum stone (Li20:6% - 7%) has an average price of 5980 yuan, a decrease of 70 yuan; phospho - lithium - aluminum stone (Li20:7% - 8%) has an average price of 7070 yuan, a decrease of 80 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 33,530 yuan, a decrease of 110 yuan; the average price of ternary material 811 (polycrystalline/power type) is 154,300 yuan, an increase of 1200 yuan; the average price of ternary material 523 (single - crystal/power type) is 125,200 yuan, an increase of 800 yuan; the average price of ternary material 613 (single - crystal/power type) is 131,350 yuan, an increase of 900 yuan [2] Price Differences - The price difference between battery - grade and industrial - grade lithium carbonate is 2250 yuan; the price difference between battery - grade lithium carbonate and the main contract is 820 yuan, an increase of 10 yuan; the price difference between the near - month and the first - continuous contract is - 200 yuan, an increase of 20 yuan; the price difference between the near - month and the second - continuous contract is - 220 yuan, a decrease of 60 yuan [2] Inventory - The total inventory (weekly, tons) is 134,801 tons, a decrease of 2024 tons; the inventory of smelters (weekly, tons) is 34,747 tons, an increase of 1255 tons; the inventory of downstream (weekly, tons) is 59,765 tons, a decrease of 1128 tons; the inventory of others (weekly, tons) is 40,290 tons, a decrease of 2150 tons; the registered warehouse receipts (daily, tons) is 36,718 tons, a decrease of 5951 tons [2] Profit Estimation - The cash cost of外购锂辉石精矿 is 73,403 yuan, and the profit is - 1368 yuan; the cash cost of外购锂云母精矿 is 76,101 yuan, and the profit is - 6050 yuan [3] Industry News - Chinese researchers have solved the problem of interface contact in all - solid - state metal lithium batteries. A research team led by researcher Huang Xuejie from the Institute of Physics, Chinese Academy of Sciences, in collaboration with Huazhong University of Science and Technology and the Ningbo Institute of Materials Technology and Engineering, Chinese Academy of Sciences, has developed an anion regulation technology, which solves the problem of poor contact between the electrolyte and the lithium electrode in all - solid - state metal lithium batteries [3]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - In the short - term, there may be a supply - demand mismatch that could push up prices, but in the long - term, the pattern of supply surplus remains unchanged. The increase in overall supply is the main factor suppressing futures prices. The fourth quarter is the traditional peak season for new energy vehicles, and the independent energy storage economy is emerging due to the increase in capacity electricity prices and the expansion of spot price differences, with strong installation demand indicated by increased tender volumes [3]. 3. Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 73,550 yuan/ton with no change, and SMM industrial - grade lithium carbonate has an average price of 71,300 yuan/ton with no change. The price difference between battery - grade and industrial - grade lithium carbonate is 2,250 yuan/ton [1][2]. - Futures prices of various lithium carbonate contracts are as follows: Li2510 closed at 72,700 yuan/ton with a - 0.47% change; Li2511 at 72,740 yuan/ton with a - 1.3% change; Li2512 at 72,960 yuan/ton with a - 1.11% change; Li2601 at 72,900 yuan/ton with a - 1% change; Li2602 at 72,900 yuan/ton with a - 0.57% change [1]. Lithium Ore - Lithium spodumene concentrate (CIF China) is priced at 839 yuan/ton, down 4 yuan/ton. Lithium mica (Li2O:1.5% - 2.0%) is 1,090 yuan/ton, down 20 yuan/ton; (Li2O:2.0% - 2.5%) is 1,810 yuan/ton, down 25 yuan/ton. Phosphorus - lithium - aluminum stone (Li2O:6% - 7%) is 6,050 yuan/ton, and (Li2O:7% - 8%) is 7,150 yuan/ton, down 40 yuan/ton [1][2]. Cathode Materials - The average price of lithium iron phosphate (power type) is 33,640 yuan/ton. The average price of ternary material 811 (polycrystalline/power type) is 153,100 yuan/ton, up 750 yuan/ton; ternary material 523 (single - crystal/power type) is 124,400 yuan/ton, up 550 yuan/ton; ternary material 613 (single - crystal/power type) is 130,450 yuan/ton, up 600 yuan/ton [2]. Price Spreads - The price difference between battery - grade and industrial - grade lithium carbonate is 2,250 yuan/ton. The difference between battery - grade lithium carbonate and the main contract product is 810 yuan/ton, up 600 yuan/ton. The difference between the near - month and the first - continuous contract is - 220 yuan/ton, down 60 yuan/ton; between the near - month and the second - continuous contract is - 160 yuan/ton, down 60 yuan/ton [2]. Inventory - The total inventory (weekly, tons) is 134,801 tons, a decrease of 2,024 tons. Smelter inventory (weekly, tons) data is not provided. Downstream inventory (weekly, tons) is 59,765 tons, down 1,128 tons. Other inventory (weekly, tons) is 40,290 tons, down 2,150 tons. Registered warehouse receipts (daily, tons) are 42,669 tons, up 290 tons [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 74,071 yuan/ton, with a profit of - 1,590 yuan/ton. The cash cost of purchasing lithium mica concentrate is 77,139 yuan/ton, with a profit of - 6,648 yuan/ton [3]. Industry News - Chinese researchers have solved the interface contact problem of all - solid - state metal lithium batteries. A research team has developed an anion regulation technology, and the relevant research results were published in the international academic journal "Nature - Sustainable Development" on the 7th [3]

Group 1: Export Control in Lithium Battery Industry - China has announced an upgrade in export controls on lithium batteries, cathode materials, and graphite anode materials, effective from November 8, 2023 [1] - The new regulations require exporters to apply for permits in accordance with the Export Control Law of the People's Republic of China, covering the entire supply chain from raw materials to core technologies [1] Group 2: Advances in Solid-State Lithium Batteries - A research team from the Chinese Academy of Sciences has developed an anion regulation technology that addresses the interface issues between electrolytes and lithium electrodes in all-solid-state lithium batteries [2] - The prototype batteries created using this technology have shown stable performance after hundreds of charge-discharge cycles, surpassing existing battery levels [2] - This new design is simpler to manufacture, uses fewer materials, and offers greater durability, potentially benefiting sectors like humanoid robotics, electric aviation, and electric vehicles [2] Group 3: Strategic Partnership between CATL and Maersk - CATL has signed a memorandum of cooperation with Maersk to enhance global supply chain management and promote low-carbon transformation [4] - Maersk will become CATL's preferred global logistics partner, providing integrated supply chain solutions including sea and air freight, project logistics, and warehousing [4] - The partnership will also focus on the electrification of Maersk's container fleet and port ecosystems, including energy management and battery recycling solutions [4]

Industry News - The People's Bank of China reported that as of the end of September, the country's gold reserves stood at 74.06 million ounces, marking an increase of 40,000 ounces from the previous month, continuing a streak of 11 consecutive months of gold accumulation [9] - The Ministry of Finance and the Ministry of Commerce announced a funding subsidy of 2 billion yuan for each international consumption center city to support the construction of an international consumption environment [10] - Morgan Stanley reported that foreign capital inflow into the Chinese stock market rebounded to 4.6 billion USD in September, the highest monthly inflow since November 2024, driven by passive funds [12] - Goldman Sachs raised its gold price forecast for December 2026 to 4,900 USD per ounce, up from a previous estimate of 4,300 USD, anticipating continued net purchases of gold by central banks [11] - The State Development and Reform Commission allocated 69 billion yuan in special bonds to support the consumption upgrade policy, completing the annual target of 300 billion yuan [6] Company News - BYD announced total sales of 396,270 new energy vehicles in September, a decrease from 419,426 units in the same month last year, while cumulative sales for the year reached 3,260,146 units, reflecting a year-on-year growth of 18.64% [26] - Cambrian Technology disclosed that its private placement price is set at 1,195.02 yuan per share, with a total fundraising amount of 3.985 billion yuan for projects related to large model chip platforms and software platforms [19] - Tesla launched a new version of the Model Y priced at 39,990 USD, approximately 11% cheaper than the previous base model, to counter the impact of the cancellation of electric vehicle subsidies in the US [20] - OpenAI completed a secondary transaction allowing employees to sell shares at a record valuation of 500 billion USD, surpassing SpaceX to become the highest-valued startup globally [21] - Hainan Huatie announced the termination of a 36.9 billion yuan computing power service agreement due to significant changes in market conditions since the contract was signed [22]