1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The lithium carbonate market is in a stage of increasing supply and improving demand expectations. It is recommended to conduct light - position oscillating trading and pay attention to controlling risks in trading rhythm [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 158,620 yuan/ton, up 1,420 yuan; the net position of the top 20 is - 123,556 hands, up 6,288 hands; the position of the main contract is 212,931 hands, down 4,985 hands; the spread between near - and far - month contracts is 3,160 yuan/ton, up 2,520 yuan; the Guangzhou Futures Exchange warehouse receipt is 30,111 hands/ton, unchanged [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 161,500 yuan/ton, down 1,500 yuan; the average price of industrial - grade lithium carbonate is 158,000 yuan/ton, down 1,500 yuan; the basis of the Li₂CO₃ main contract is 2,880 yuan/ton, down 2,920 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 2,420 US dollars/ton, unchanged; the average price of amblygonite is 14,675 yuan/ton, down 325 yuan; the price of lithium mica (2 - 2.5%) is 5,150 yuan/ton, down 75 yuan [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 53,520 tons, down 5,950 tons; the monthly import volume is 26,426.79 tons, down 431.27 tons; the monthly export volume is 596.08 tons, up 124.52 tons; the monthly operating rate of lithium carbonate enterprises is 47%, down 5 percentage points; the monthly output of power batteries is 141,600 MWh, down 26,400 MWh; the price of lithium hexafluorophosphate is 106,500 yuan/ton; the price of lithium manganate is 54,500 yuan/ton; the price of lithium cobaltate is 400,750 yuan/ton; the price of ternary material (811 type) in China is 202,500 yuan/ton, down 2,000 yuan; the price of ternary material (622 power type) in China is 182,500 yuan/ton, down 2,000 yuan [2] 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China is 198,500 yuan/ton, down 2,000 yuan; the monthly operating rate of ternary cathode materials is 45%, down 5 percentage points; the price of lithium iron phosphate is 59,300 yuan/ton, down 500 yuan; the monthly operating rate of lithium iron phosphate cathodes is 55%, up 1 percentage point; the monthly output of new energy vehicles is 694,000 vehicles, down 347,000 vehicles; the monthly sales volume is 765,000 vehicles, down 180,000 vehicles; the cumulative sales penetration rate of new energy vehicles is 41.18%, up 0.90 percentage points; the cumulative sales volume is 1,710,000 vehicles, down 125,000 vehicles; the monthly export volume of new energy vehicles is 282,000 vehicles, down 20,000 vehicles; the cumulative export volume is 583,000 vehicles, up 301,000 vehicles [2] 3.6 Industry News - Zimbabwe's cabinet approved a report on economic flagship projects in the Central Province and Masvingo Province and will maintain the ban on raw ore exports to promote value - added processing, beneficiation, industrialization, and manufacturing development [2] - On March 31, 2026, the launch meeting of the National New Energy Vehicle Power Battery Traceability Information Platform was held in Tianjin. Relevant work progress and future plans for the recycling and utilization of new energy vehicle waste power batteries were introduced, and the operation points of the platform were explained [2] - On March 31, the China Actuarial Association and the China Banking and Insurance Information Technology Management Co., Ltd. released information on the claims of new energy vehicle insurance in 2025. In 2025, the insurance industry insured 43.58 million new energy vehicles, an increase of 12.48 million or 40.1% compared with the previous year; the premium income was 190 billion yuan, providing a risk protection amount of 159 trillion yuan; the underwriting loss was 5.6 billion yuan, a reduction of 100 million yuan year - on - year; the comprehensive cost rate decreased by 1.3 percentage points year - on - year [2] - The China Automobile Dealers Association's "China Automobile Dealer Inventory Alert Index Survey" shows that in March 2026, the inventory alert index of Chinese automobile dealers was 57.5%, up 2.9 percentage points year - on - year and 1.3 percentage points month - on - month, above the boom - bust line [2] 3.7 Market Analysis - The main lithium carbonate contract oscillated weakly, with a decline of 2.62% at the close. The position decreased month - on - month, the spot price was at a premium to the futures price, and the basis weakened compared with the previous day [2] - Fundamentally, on the raw material side, the operating rate of lithium salt plants increased, boosting the demand for lithium ore. However, due to tightened overseas mine exports and undetermined resumption time of domestic large mines, the expectation of future supply tightening strengthened, and lithium ore quotes remained firm. On the supply side, the operating rate of smelters increased, and they adopted a strategy of holding prices and惜售, with few spot sales. In terms of imports, the increase in shipments from Chile will supplement the supply after arrival, so the domestic supply is increasing. On the demand side, downstream material factories are taking a cautious wait - and - see attitude, and there is a game between upstream and downstream around lithium prices, with a weak trading sentiment in the spot market. In terms of expectations, due to the good export demand for new energy vehicles and the subsequent intensive release of new models by car companies, the demand expectation may improve from the consumption side [2] - Technically, in the 60 - minute MACD, the double lines are above the 0 axis, and the green bars are expanding [2]

Core Viewpoint - The article discusses the rapid development of the new energy vehicle (NEV) industry in China and the upcoming large-scale retirement of power batteries, emphasizing the need for a comprehensive management system for battery recycling and utilization. Group 1: Policy Implementation - The Ministry of Industry and Information Technology and five other departments released interim measures for the recycling and comprehensive utilization of used power batteries, effective from April 1, 2023, aiming for full lifecycle management [1] - The measures establish a "vehicle-battery integrated scrapping" system, requiring scrapping enterprises to legally recover and dismantle NEVs, preventing the issue of batteries being removed before scrapping [3] Group 2: Recycling and Utilization Guidelines - The measures prohibit any organization or individual from using waste power batteries for electric bicycles or other prohibited areas, urging consumers to avoid purchasing non-compliant battery products [4] - Consumers are advised to hand over scrapped vehicles and batteries to authorized scrapping enterprises to ensure proper disposal [4] Group 3: Digital Management - A digital identity management system for power batteries will be established, providing each battery pack with a unique digital ID to monitor its lifecycle from production to recycling [5] - The measures outline information reporting requirements for various stakeholders in the battery lifecycle, ensuring traceability and compliance [6] Group 4: Data Security and Protection - The measures emphasize the need for data security and protection, mandating that information platforms adhere to relevant laws and establish management systems to safeguard data [7] Group 5: Comprehensive Utilization Standards - The measures set clear conditions for enterprises engaged in the comprehensive utilization of waste power batteries, ensuring compliance with environmental and safety regulations [8] - The concept of "cascade utilization" is no longer adopted due to varying quality standards among products in the market [8] Group 6: Producer Responsibility - Battery and NEV manufacturers are required to assume extended producer responsibility for battery recycling, while other related enterprises must also fulfill their responsibilities in the recycling process [9]

Core Viewpoint - The Chinese government has introduced a temporary management measure for the recycling and comprehensive utilization of used power batteries from new energy vehicles, aiming to strengthen the supervision and management of the entire recycling chain [1][4]. Group 1: Industry Growth and Challenges - The new energy vehicle industry in China is experiencing rapid growth, with production and sales reaching 16.626 million and 16.49 million units respectively last year, marking year-on-year increases of 29% and 28.2% [1]. - As the number of new energy vehicles increases, the volume of retired power batteries is also rising, with projections indicating that by 2030, the annual production of waste power batteries will exceed 1 million tons [2]. Group 2: Regulatory Framework - The new management measure outlines that the comprehensive utilization of waste power batteries includes activities such as disassembly, crushing, sorting, and smelting for resource recovery [2]. - The measure emphasizes a "full-channel, full-chain, and full-lifecycle" management approach, which includes source management, responsibility clarification across all stages, and the establishment of a national information platform for tracking battery flows [3]. Group 3: Implementation and Future Steps - The Ministry of Industry and Information Technology (MIIT) states that the new measure provides a legal basis for regulating the behavior of all parties involved in battery recycling and utilization [4]. - Future efforts will focus on promoting the implementation of the measure and fostering a conducive environment for the standardized development of the industry [4].

Core Viewpoint - The rapid development of the new energy vehicle (NEV) industry in China has led to the large-scale retirement of power batteries, prompting significant attention to the recycling and comprehensive utilization of used batteries. The recently released "Interim Measures for the Management of Recycling and Comprehensive Utilization of Used Power Batteries for New Energy Vehicles" aims to establish a standardized, safe, and efficient recycling system for these batteries [3][4]. Group 1: Industry Development - The production and sales of NEVs in China reached 16.626 million and 16.49 million units in 2025, respectively, marking year-on-year growth of 29% and 28.2%, with NEVs accounting for 47.9% of total new car sales [4]. - It is estimated that by 2030, the annual generation of used power batteries in China will exceed 1 million tons, indicating the urgency for a robust recycling framework [4]. Group 2: Regulatory Framework - The new management measures emphasize a "full-channel, full-chain, and full-lifecycle" approach to battery recycling, which includes regulations for battery production, vehicle scrapping, battery swapping operations, and maintenance [5]. - The measures introduce a "vehicle-battery integrated scrapping" system, mandating that scrapped NEVs must include their power batteries; otherwise, they will be considered incomplete vehicles [5]. Group 3: Comprehensive Utilization - The management measures set new requirements for the comprehensive utilization of used batteries, defining the scope and operational conditions for enterprises involved in this sector [7]. - The concept of "cascade utilization" has been replaced with stricter guidelines, prohibiting the use of used batteries in electric bicycles and other areas where their use is legally restricted [7][22]. Group 4: Standardization and Information Management - A national standardization technical committee for battery recycling is being established to unify management and enhance the standardization of battery recycling processes across various industries [8]. - Companies are required to report information related to the lifecycle of used batteries, including production, sales, maintenance, and recycling, to ensure transparency and compliance with the new regulations [22][23]. Group 5: Legal Responsibilities and Penalties - The measures outline specific legal responsibilities for producers and enterprises involved in battery recycling, including penalties for non-compliance with recycling and utilization standards [26][27]. - Violations such as failing to provide necessary technical information or using banned substances in battery design can result in fines and other legal actions [26][29].

Core Viewpoint - The Ministry of Industry and Information Technology, along with several other government departments, has issued a temporary management measure for the recycling and comprehensive utilization of used power batteries from new energy vehicles, which will take effect on April 1, 2026 [1]. Group 1: General Provisions - The purpose of the measure is to strengthen the management of used power battery recycling and comprehensive utilization, promote resource recycling, and protect the environment [2]. - The Ministry of Industry and Information Technology is responsible for formulating policies related to the management of used power battery recycling and comprehensive utilization [2][3]. - A national information platform for tracking new energy vehicle power batteries will be established to monitor the entire lifecycle of these batteries [2]. Group 2: Production and Coding of Power Batteries - New energy vehicle power batteries produced or imported for sale in China must prioritize standardized and easily disassembled designs, using non-toxic or low-toxicity materials [4]. - Power battery enterprises are required to code their batteries according to national standards and ensure that the coding is unique, accurate, and durable [5][6]. Group 3: Recycling of Used Power Batteries - Power battery enterprises must take responsibility for recycling the batteries they produce or import, including establishing service points for battery collection [7][8]. - New energy vehicle manufacturers are also required to set up recycling service points and inform users about the recycling process when batteries reach the end of their recommended lifespan [7][8]. Group 4: Comprehensive Utilization of Used Power Batteries - The comprehensive utilization of used power batteries must comply with legal and environmental standards, and companies must obtain necessary approvals before engaging in such activities [10]. - Both power battery enterprises and new energy vehicle manufacturers must ensure that collected used batteries are sent to legally established comprehensive utilization enterprises [11]. Group 5: Information Management - Relevant enterprises must report specific information regarding new energy vehicle power batteries to the information platform within designated timeframes [14][15]. - The information platform will facilitate the tracking of battery disassembly and other technical information [16]. Group 6: Supervision and Management - Government departments are tasked with strengthening supervision and inspection of used battery recycling and utilization activities, with the authority to conduct on-site checks [17][18]. - Any violations of the regulations may result in penalties, including fines and orders for correction [19][20]. Group 7: Legal Responsibilities - Violations of the regulations regarding the design and use of toxic materials in power batteries will lead to penalties from market supervision departments [19]. - Companies failing to fulfill their recycling responsibilities may face fines and other legal consequences [21][22]. Group 8: Implementation and Transition - The new measures will come into effect on April 1, 2026, and previous regulations will be repealed [25].

Core Viewpoint - The "Interim Measures for the Management of Recycling and Comprehensive Utilization of Waste Power Batteries for New Energy Vehicles" outlines the responsibilities and obligations of power battery companies, new energy vehicle manufacturers, and other related enterprises in the recycling and utilization of waste power batteries [1][2]. Group 1: Responsibilities of Battery and Vehicle Manufacturers - Power battery companies and new energy vehicle manufacturers are required to enhance product ecological design and assume a "bottom-line" responsibility for recycling [1]. - Battery manufacturers must prioritize ecological design and comply with the "Automotive Power Battery Coding Rules" (GB/T 34014), providing necessary disassembly technical information [2]. - New energy vehicle manufacturers must ensure that battery components are easy to maintain and disassemble, and must publicly disclose automotive maintenance technical information [2]. Group 2: Recycling Obligations - Battery manufacturers must establish recycling service points that match their sales volume in the provincial administrative regions and disclose relevant recycling information [2]. - New energy vehicle manufacturers are also required to set up recycling service points in the city-level administrative regions where they sell vehicles, taking responsibility for the recycling and proper transfer of the batteries installed in their vehicles [2]. Group 3: Responsibilities of Other Related Enterprises - Other related enterprises, such as battery swapping service providers, vehicle maintenance companies, and scrapped vehicle recycling and dismantling enterprises, must ensure that the waste power batteries they handle are transferred to comprehensive utilization enterprises or designated recycling service points [2]. - The comprehensive utilization of waste power batteries must comply with laws, regulations, and mandatory standards related to resource utilization, environmental protection, and safety production [2]. Group 4: Penalties for Non-compliance - The "Management Measures" specify administrative penalties for non-compliance, including orders for correction, warnings, and fines for failing to deliver waste power batteries, not fulfilling recycling responsibilities, and violating coding and information reporting requirements [3].

Core Viewpoint - The Ministry of Industry and Information Technology of China introduced the "Interim Measures for the Recycling and Comprehensive Utilization of Waste Power Batteries from New Energy Vehicles," highlighting significant growth in battery recycling and utilization by 2025 [1] Group 1: Policy Announcement - The Ministry of Industry and Information Technology held a press conference on January 16 to discuss the new regulations regarding the recycling of waste power batteries from new energy vehicles [1] - The new measures aim to enhance the management and utilization of waste batteries, promoting sustainable practices in the industry [1] Group 2: Industry Projections - By 2025, the comprehensive utilization of waste power batteries in China is expected to exceed 400,000 tons, representing a year-on-year growth of 32.9% [1] - Major enterprises are achieving international advanced levels in the recovery rates of metals such as lithium, cobalt, and nickel from these batteries [1]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) of China introduced interim measures for the recycling and comprehensive utilization of used power batteries from new energy vehicles, highlighting significant growth in battery recycling by 2025 [1] Group 1: Policy Announcement - MIIT held a press conference to discuss the interim measures for the recycling and comprehensive utilization of used power batteries [1] - The measures aim to enhance the management and efficiency of battery recycling in the new energy vehicle sector [1] Group 2: Industry Projections - By 2025, the comprehensive utilization of used power batteries in China is expected to exceed 400,000 tons, representing a year-on-year growth of 32.9% [1] - Major enterprises are achieving metal recovery rates for lithium, cobalt, and nickel that are at the forefront of international standards [1]

Core Viewpoint - The article discusses the new interim measures for the recycling and comprehensive utilization of used power batteries from new energy vehicles, which will take effect on April 1, 2026. The measures emphasize a "full-channel, full-chain, and full-lifecycle" approach to manage the recycling process effectively [1][2]. Group 1: Full-Channel Management - The measures regulate all aspects of battery management, including production, vehicle scrapping, battery swapping operations, and maintenance, with a focus on the "vehicle-battery integrated scrapping" system to prevent the misdirection of used batteries [1][2]. Group 2: Full-Chain Responsibilities - Responsibilities and obligations are clearly defined for all parties involved in the battery lifecycle, including production, sales, maintenance, replacement, disassembly, recycling, and comprehensive utilization [2]. Group 3: Full-Lifecycle Information Management - A national information platform for tracing used power batteries will be established, along with a digital identity management system for these batteries. This system will link battery codes to information across all lifecycle stages, enabling monitoring and traceability [2][12]. Group 4: Industry Growth and Future Projections - The new energy vehicle industry in China has seen rapid growth, with production and sales expected to exceed 16 million units each by 2025, reflecting a nearly 30% year-on-year increase. The volume of used batteries is projected to surpass 1 million tons by 2030 as these batteries reach their end-of-life [2].

Core Viewpoint - The article discusses the implementation of the "Interim Measures for the Recycling and Comprehensive Utilization of Waste Power Batteries from New Energy Vehicles," which aims to establish a legal framework for the management of waste power batteries, ensuring a standardized, safe, and efficient recycling system [1][3]. Group 1: Regulatory Framework - The new measures are a significant step in enhancing the management of waste power battery recycling and utilization, following the "Action Plan for Improving the Recycling and Utilization System of Power Batteries for New Energy Vehicles" issued by the State Council [2][3]. - The measures emphasize a "full-channel, full-chain, and full-lifecycle" management approach, which includes regulations for battery production, vehicle scrapping, and recycling operations [3]. Group 2: Industry Growth and Challenges - The rapid growth of the new energy vehicle industry in China is highlighted, with production and sales reaching 1.6626 million and 1.649 million units respectively in 2025, marking year-on-year increases of 29% and 28.2% [2]. - As the capacity of used batteries declines, the volume of waste batteries is expected to exceed 1 million tons by 2030, necessitating effective recycling measures to protect the environment and ensure public safety [2]. Group 3: Implementation and Responsibilities - The measures outline specific responsibilities for various stakeholders, including battery manufacturers and vehicle producers, to establish recycling service points and provide necessary information for battery disposal [12][15]. - A national information platform for tracking the lifecycle of power batteries will be established to enhance monitoring and compliance [4][18]. Group 4: Penalties and Compliance - The measures set forth administrative penalties for non-compliance, including fines and corrective actions for entities that fail to adhere to recycling responsibilities or provide accurate information [24][26]. - The regulatory framework aims to ensure that all parties involved in the battery lifecycle are held accountable for their roles in recycling and utilization [20][24].