Report Industry Investment Rating - No information provided Core View of the Report - The industry is expected to be weak in the short term. Supply increased due to price hikes, while material demand remained stable. The cost of lithium carbonate decreased, creating a negative feedback loop that requires mine-side production cuts to break, but this has not occurred yet [3] Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 60,700 yuan, down 200 yuan; SMM industrial - grade lithium carbonate average price is 59,100 yuan, down 200 yuan [1] - Futures contracts: lithium carbonate 2506 closed at 59,840 yuan, up 1.39%; lithium carbonate 2507 closed at 59,800 yuan, up 1.22%; lithium carbonate 2508 closed at 59,860 yuan, up 0.81%; lithium carbonate 2509 closed at 59,840 yuan, up 0.84%; lithium carbonate 2510 closed at 59,960 yuan, up 1.11% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) average price is 676 yuan, down 1 yuan; lithium mica (Li20: 1.5% - 2.0%) is 297 yuan, down 5 yuan; lithium mica (Li20: 2.0% - 2.5%) is 1200 yuan, down 10 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 5790 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 6765 yuan, down 50 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 30,480 yuan, down 40 yuan; the average price of ternary material 811 (polycrystalline/power type) is 144,870 yuan, down 140 yuan; the average price of ternary material 523 (single - crystal/power type) is 115,005 yuan, down 80 yuan; the average price of ternary material 613 (single - crystal/power type) is 122,205 yuan, down 130 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1600 yuan; the price spread between battery - grade lithium carbonate and the main contract is 900 yuan, down 1140 yuan; the price spread between the near - month and the first - continuous contract is 40 yuan, down 20 yuan; the price spread between the near - month and the second - continuous contract is - 20 yuan, up 240 yuan [2] Inventory - Total inventory (weekly, tons) is 131,571 tons, down 208 tons; smelter inventory (weekly, tons) is 56,235 tons, down 780 tons; downstream inventory (weekly, tons) is 41,616 tons, up 752 tons; other inventory (weekly, tons) is 33,720 tons, down 180 tons; registered warehouse receipts (daily, tons) is 33,457 tons, down 427 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 65,481 yuan, with a profit of - 5626 yuan; the cash cost of purchasing lithium mica concentrate is 65,565 yuan, with a profit of - 7208 yuan [3] Industry News - South Africa launched a critical minerals development strategy, classifying minerals into different levels of criticality, including lithium as a medium - criticality mineral [3]

Report Industry Investment Rating - No information provided Report's Core View - The main contract price of lithium carbonate fell below 60,000 yuan/ton. Fundamentally, weekly supply decreased, demand remained stable, and there were signs of slight destocking. Downstream buyers were reluctant to accept current prices, resulting in low spot trading volumes, and prices continued to decline. Short - term futures prices are expected to be weak [3] Summary by Category Lithium Compounds - SMM battery - grade lithium carbonate average price was 62,500 yuan/ton, down 550 yuan/ton; SMM industrial - grade lithium carbonate average price was 60,900 yuan/ton, down 550 yuan/ton [1] Lithium Futures - The closing prices and their percentage declines of lithium carbonate futures contracts: 2506 was 60,260 yuan/ton, down 1.98%; 2507 was 61,120 yuan/ton, down 2.31%; 2508 was 61,300 yuan/ton, down 2.3%; 2509 was 61,120 yuan/ton, down 2.33%; 2510 was 61,460 yuan/ton, down 2.41% [1] Lithium Ore - Lithium spodumene concentrate (CIF China, Li2O: 5.5% - 6%) was 88 yuan, down 2 yuan; lithium mica (Li2O: 1.5% - 2.0%) was 700 yuan, down 5 yuan; lithium mica (Li2O: 2.0% - 2.5%) was 1260 yuan, down 20 yuan; phospho - lithium - aluminum stone (Li2O: 6% - 7%) was 5975 yuan; phospho - lithium - aluminum stone (Li2O: 7% - 8%) was 6975 yuan, down 75 yuan [1][2] Cathode Materials - The average prices and their declines of cathode materials: lithium iron phosphate (power type) was 30,900 yuan/ton, down 130 yuan/ton; ternary material 811 (polycrystalline/power type) was 145,460 yuan/ton, down 90 yuan/ton; ternary material 523 (single - crystal/power type) was 115,645 yuan/ton, down 100 yuan/ton; ternary material 613 (single - crystal/power type) was 122,755 yuan/ton, down 80 yuan/ton [2] Price Spreads - The current values and changes of price spreads: the spread between battery - grade and industrial - grade lithium carbonate was 1600 yuan/ton, with no change; the spread between battery - grade lithium carbonate and the main contract was 2400 yuan/ton, up 310 yuan; the spread between the near - month and the first - continuous contract was 160 yuan, up 140 yuan; the spread between the near - month and the second - continuous contract was - 860 yuan, up 260 yuan [2] Inventory - The current values and changes of inventory: total inventory (weekly, tons) was 131,779 tons, down 141 tons; smelter inventory (weekly, tons) was 57,015 tons, up 493 tons; downstream inventory (weekly, tons) was 40,864 tons, down 564 tons; other inventory (weekly, tons) was 33,900 tons, down 70 tons; registered warehouse receipts (daily, tons) was 34,979 tons, down 794 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally was 66,310 yuan, with a profit of - 4673 yuan; the cash cost of purchasing lithium mica concentrate externally was 66,952 yuan, with a profit of - 6831 yuan [3] Industry News - South Africa launched a key minerals development strategy. The South African government defined platinum, manganese ore, iron ore, coal, and chromium ore as high - key minerals; copper, cobalt, lithium, graphite, nickel, titanium, phosphate, fluorite, aluminum, uranium, and aluminum as medium - key minerals [3]

1. Report Industry Investment Rating - No investment rating information is provided in the report 2. Core Viewpoints - The main contract of lithium rose today mainly due to the reversal after a long - term decline, and there is no obvious improvement in fundamentals. Fundamentally, both supply and demand decreased on a weekly basis. Downstream has a low willingness to accept current prices. The price of the mining end continues to decline, breaking through the 62,000 yuan/ton mark, and market sentiment is sluggish. It is expected that the futures price will be weak in the short term [3] 3. Summary According to Relevant Catalogs Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 63,050 yuan with no change, and the average price of SMM industrial - grade lithium carbonate is 61,450 yuan with no change [1] Futures Contract Prices - The closing price of lithium carbonate 2506 is 62,160 yuan with a 1.57% increase; lithium carbonate 2507 is 62,140 yuan with a 1.67% increase; lithium carbonate 2508 is 63,200 yuan with a 1.61% increase; lithium carbonate 2509 is 63,320 yuan with a 1.47% increase; lithium carbonate 2510 is 63,580 yuan with a 1.57% increase [1] Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) is 690 yuan with no change. The price of lithium mica (Li20: 1.5% - 2.0%) is 705 yuan, lithium mica (Li20: 2.0% - 2.5%) is 1280 yuan, phosphorus lithium aluminum stone (Li20: 6% - 7%) is 6025 yuan, and phosphorus lithium aluminum stone (Li20: 7% - 8%) is 7050 yuan [1][2] Cathode Material Prices - The average price of lithium iron phosphate (power type) is 31,030 yuan. The average price of ternary material 811 (polycrystalline/power type) is 145,610 yuan with a 60 - yuan decrease; ternary material 523 (single - crystal/power type) is 115,745 yuan with a 20 - yuan decrease; ternary material 613 (single - crystal/power type) is 122,885 yuan with a 60 - yuan decrease [2] Price Spreads - The spread between battery - grade and industrial - grade lithium carbonate is 1600 yuan with no change; the spread between battery - grade lithium carbonate and the main contract is 910 yuan with a 1040 - yuan decrease; the spread between the near - month and the first - continuous contract is 20 yuan with a 60 - yuan decrease; the spread between the near - month and the second - continuous contract is - 1040 yuan with a 20 - yuan increase [2] Inventory - The total inventory (weekly, tons) is 131,779 tons with a 141 - ton decrease; the smelter inventory (weekly, tons) is 57,015 tons with a 493 - ton increase; the downstream inventory (weekly, tons) is 40,864 tons with a 564 - ton decrease; other inventory (weekly, tons) is 33,900 tons with a 70 - ton decrease; the registered warehouse receipts (daily, tons) is 35,863 tons with a 530 - ton decrease [2] Profit Estimation - The cash cost of externally purchased lithium spodumene concentrate is 66,482 yuan, and the profit is - 4301 yuan. The cash cost of externally purchased lithium mica concentrate is 67,414 yuan, and the profit is - 6754 yuan [3] Industry News - South Africa launched a key mineral development strategy. The South African government's strategy identifies minerals such as platinum, manganese ore, iron ore, coal, chromium, and rare earths as medium - to - high - critical minerals; and minerals such as copper, cobalt, lithium, graphite, nickel, titanium, phosphate, fluorite, aluminum, uranium, and aluminum as medium - critical minerals [3]

Core Insights - South Africa's government has officially approved the "Critical Minerals and Metals Strategy" and is seeking public input on the "Mineral Resources Development Bill (MRDB) 2025," marking a significant step towards enhancing policy and regulatory certainty in the global minerals market [1][2] Group 1: Strategic Framework - The strategy evaluates the "criticality" of minerals based on eight indicators, including export potential, employment generation, supply risk, sales performance, and substitutability, focusing on 21 minerals [1] - The strategy identifies platinum, manganese, iron ore, coal, and chrome as high-criticality minerals, while gold, vanadium, palladium, rhodium, and rare earths are classified as medium-high criticality [1] - Medium criticality minerals include copper, cobalt, lithium, graphite, nickel, titanium, phosphates, fluorite, zircon, uranium, and aluminum [1] Group 2: Implementation and Governance - The list of critical minerals will be continuously reviewed and updated based on market conditions, exploration progress, technological advancements, substitutability, recycling, and geopolitical factors [1] - The strategy will be advanced through six pillars: geological exploration, localization and value chain extension, R&D investment and skills development, infrastructure and energy security, financial tools and support, and coordinated policy and regulation [1] - The MRDB aims to streamline licensing processes, align with environmental and water resource regulations, and introduce a licensing system for small-scale and artisanal mining to enhance governance and combat illegal mining [2]