1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The lithium carbonate market is in a stage of sufficient supply and acceptable demand. It is recommended to conduct short - term long trades at low prices and pay attention to trading rhythm to control risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 155,320 yuan/ton, a decrease of 4,300 yuan; the net position of the top 20 is - 108,591 lots, an increase of 52 lots; the position of the main contract is 308,842 lots, a decrease of 1,841 lots; the spread between near - and far - month contracts is 600 yuan/ton, an increase of 640 yuan; the warehouse receipts of GZFE are 36,465 lots, an increase of 72 lots [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 158,000 yuan/ton, an increase of 1,500 yuan; the average price of industrial - grade lithium carbonate is 154,500 yuan/ton, an increase of 1,500 yuan; the basis of the Li₂CO₃ main contract is 2,680 yuan/ton, an increase of 5,800 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 2,505 US dollars/ton, unchanged; the average price of amblygonite is 13,825 yuan/ton, unchanged; the price of lithium mica (2 - 2.5%) is 7,213 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 53,520 tons, a decrease of 5,950 tons; the monthly import volume is 23,988.66 tons, an increase of 1,933.47 tons; the monthly export volume is 911.90 tons, an increase of 152.66 tons; the monthly operating rate of lithium carbonate enterprises is 47%, a decrease of 5 percentage points [2] 3.5 Downstream and Application Situation - The monthly output of power batteries is 141,600 MWh, a decrease of 26,400 MWh. The prices of manganese - acid lithium, hexafluorophosphate, cobalt - acid lithium, and various ternary materials remain unchanged. The monthly operating rate of ternary cathode materials is 45%, a decrease of 5 percentage points; the monthly operating rate of lithium iron phosphate cathode is 55%, an increase of 1 percentage point. The monthly production of new energy vehicles is 694,000, a decrease of 347,000; the monthly sales are 765,000, a decrease of 180,000; the cumulative sales penetration rate is 41.18%, an increase of 0.90 percentage points; the cumulative sales are 1,710,000, a decrease of 125,000; the monthly export volume is 282,000, a decrease of 20,000; the cumulative export volume is 583,000, an increase of 301,000 [2] 3.6 Option Situation - The 20 - day average volatility of the underlying is 74.08%, an increase of 0.65 percentage points; the 40 - day average volatility is 96.17%, a decrease of 2.03 percentage points. The total holding of call options is 121,646 lots, an increase of 3,643 lots; the total holding of put options is 108,067 lots, an increase of 4,284 lots. The put - call ratio of total positions is 88.84%, an increase of 0.8878 percentage points; the implied volatility of at - the - money IV is 0.69%, a decrease of 0.0061 percentage points [2] 3.7 Industry News - Academician Ouyang Minggao said that 2026 will start a new round of high - quality development cycle led by innovation, and there will be seven technological development directions in the new energy vehicle industry in the next five years. When the penetration rate of new energy vehicles exceeds 50%, it will enter the late mass market [2] - China and the US held economic and trade consultations in Paris, France, reaching some new consensuses and agreeing to study the establishment of a cooperation mechanism to promote bilateral trade and investment. China will take necessary measures to safeguard its legitimate rights and interests [2] - Premier Li Qiang presided over the 11th plenary meeting of the State Council, deploying the implementation of key work in 2026, including promoting the construction of a unified national market, expanding and improving the service industry, developing new - generation intelligent manufacturing, etc. [2] 3.8 Market Analysis - The main contract of lithium carbonate opened high and declined, with a 0.39% increase at the close. The position decreased month - on - month, the spot price was at a premium to the futures price, and the basis strengthened compared with the previous day [2] - On the fundamental side, the price of lithium ore fluctuates with the high - level shock of lithium carbonate price. The smelters' production resumption is basically completed, and the supply is generally sufficient. The downstream demand is cautious, and the overall inventory of the industry is slightly reduced [2] - In terms of options, the put - call ratio of positions is 88.84%, an increase of 0.8878% month - on - month. The option market sentiment is bullish, and the implied volatility slightly decreases [2] - Technically, the 60 - minute MACD has both lines below the 0 - axis, and the red bar is converging [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The fundamentals of lithium carbonate may be in a stage of sufficient supply and acceptable demand. It is recommended to conduct short - term long trades on dips 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 was 159,620 yuan/ton, up 7,540 yuan; the net position of the top 20 was - 108,643 lots, down 5,488 lots; the position volume of the main contract was 310,683 lots, down 6,281 lots; the spread between near - and far - month contracts was - 40 yuan/ton, down 4,600 yuan; the warehouse receipts of GZFE were 36,393 lots/ton, down 10 lots [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate was 156,500 yuan/ton, down 2,500 yuan; the average price of industrial - grade lithium carbonate was 153,000 yuan/ton, down 2,500 yuan; the basis of the Li₂CO₃ main contract was - 3,120 yuan/ton, down 10,040 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) was 2,505 US dollars/ton, unchanged; the average price of amblygonite was 13,825 yuan/ton, down 175 yuan; the price of lithium mica (2 - 2.5%) was 7,213 yuan/ton, down 75 yuan [2] 3.4 Industry Situation - The monthly output of lithium carbonate was 53,520 tons, down 5,950 tons; the monthly import volume was 23,988.66 tons, up 1,933.47 tons; the monthly export volume was 911.90 tons, up 152.66 tons; the monthly operating rate of lithium carbonate enterprises was 47%, down 5 percentage points; the monthly output of power batteries was 141,600 MWh, down 26,400 MWh; the price of lithium manganate was 51,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate was 111,000 yuan/ton, unchanged; the price of lithium cobaltate was 400,500 yuan/ton, unchanged; the price of ternary material (811 type) in China was 202,000 yuan/ton, unchanged; the price of ternary material (622 power type) in China was 181,500 yuan/ton, unchanged [2] 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China was 196,500 yuan/ton, unchanged; the monthly operating rate of ternary cathode materials was 45%, down 5 percentage points; the price of lithium iron phosphate was 52,400 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes was 55%, up 1 percentage point; the monthly output of new energy vehicles (CAAM) was 694,000 vehicles, down 347,000 vehicles; the monthly sales volume of new energy vehicles (CAAM) was 765,000 vehicles, down 180,000 vehicles; the cumulative sales penetration rate of new energy vehicles (CAAM) was 41.18%, up 0.90 percentage points; the cumulative sales volume of new energy vehicles was 1,710,000 vehicles, down 125,000 vehicles; the monthly export volume of new energy vehicles was 282,000 vehicles, down 20,000 vehicles; the cumulative export volume of new energy vehicles was 583,000 vehicles, up 301,000 vehicles; the 20 - day average volatility of the underlying was 73.43%, up 1.45 percentage points; the 40 - day average volatility of the underlying was 98.20%, up 0.66 percentage points [2] 3.6 Option Situation - The total call position was 118,003 lots, up 5,038 lots; the total put position was 103,783 lots, up 2,868 lots; the put - call ratio of total positions was 87.95%, down 1.3835 percentage points; the implied volatility of at - the - money IV was 0.69%, up 0.0091 percentage points [2] 3.7 Industry News - Academician Ouyang Minggao said that 2026 will start a new round of high - quality development cycle led by innovation, and there will be seven technological development directions in the new energy vehicle industry in the next five years. When the penetration rate of new energy vehicles exceeds 50%, the market will enter the late mass market [2] - Cui Dongshu said that the average retail price of passenger cars rose from 165,000 yuan in 2021 to 184,000 yuan in 2024, dropped to 170,000 yuan in 2025, and rose to 180,000 yuan in February 2026 [2] - The central bank announced that in the first two months of this year, RMB loans increased by 5.61 trillion yuan, and the increment of social financing scale was 9.6 trillion yuan, an increase of 316.2 billion yuan year - on - year. At the end of February, M2 increased by 9% year - on - year, and the stock of social financing scale increased by 8.2% year - on - year. The average interest rate of newly issued corporate loans and personal housing loans in February was about 3.1% [2] - The Ministry of Finance and other three departments will carry out the pilot application for making up for the short - board of county - level charging and swapping facilities in 2026, planning to support 59 joint pilot counties across the country [2] 3.8 Market Analysis - The main contract of lithium carbonate rebounded slightly, with a 1.75% increase at the close. The position volume decreased month - on - month, the spot price was at a discount to the futures price, and the basis weakened compared with the previous day [2] - On the fundamentals, the price of lithium ore fluctuated with the high - level shock of lithium carbonate price. The supply was generally sufficient, and the demand was cautious, with a slight reduction in overall inventory. The demand had resilience but its sustainability needed further observation [2] - In the option market, the put - call ratio of positions was 87.95%, down 1.3835% month - on - month. The market sentiment was bullish, and the implied volatility increased slightly [2] - Technically, on the 60 - minute MACD, the two lines were below the 0 axis, and the green bars converged [2]

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views - **Nickel**: The resonance of smelting inventory accumulation and macro - sentiment, with the shortage of the ore end supporting the downside [2][4] - **Stainless Steel**: Fundamental and macro factors exert pressure, while the actual cost provides support [2][4] - **Lithium Carbonate**: Attention should be paid to market sentiment changes [2][12] - **Industrial Silicon**: It is in a range - bound pattern [2][17] - **Polysilicon**: Demand continues to weaken [2][18] 3. Summary by Related Catalogs Nickel and Stainless Steel - **Fundamental Data**: The closing price of the Shanghai Nickel main contract was 136,930, down 1,170 from T - 1; the closing price of the stainless - steel main contract was 14,190, down 95 from T - 1. Other data such as trading volume, prices of related products in the industrial chain also showed different changes [4] - **Macro and Industry News**: The Indonesian Nickel Miners Association (APNI) said the government will revise the benchmark price formula for nickel ore products in early 2026, treating cobalt as an independent commodity. The Solway Investment Group plans to restart its nickel mine in Guatemala. The approved nickel ore production quota in Indonesia is between 260 million and 270 million tons. There were also incidents like a landslide in an Indonesian industrial park and the suspension of operations due to fuel supply limitations in Cuba [4][5][8] - **Trend Intensity**: The trend intensity of nickel and stainless steel is 0 [11] Lithium Carbonate - **Fundamental Data**: The closing price of the 2605 contract was 152,080, down 4,900 from T - 1. Other data including trading volume, positions, and prices of related lithium - salt products in the industrial chain had corresponding changes [14] - **Macro and Industry News**: The "Aksu Shaya County Fuman Block Photovoltaic Green Electricity Direct - connection Project" of Tarim Oilfield was approved. Academician Ouyang Minggao said that 2026 will start a new high - quality development cycle for new - energy vehicles [15][16] - **Trend Intensity**: The trend intensity of lithium carbonate is 0 [16] Industrial Silicon and Polysilicon - **Fundamental Data**: The closing price of Si2605 was 8,675, up 30 from T - 1; the closing price of PS2605 was 42,040, down 720 from T - 1. There were also changes in trading volume, positions, basis, prices, profits, and inventory data [18] - **Macro and Industry News**: The State Power Investment Corporation held a mobilization meeting for energy consumption - side industries such as green electricity direct - connection and zero - carbon parks [18] - **Trend Intensity**: The trend intensity of industrial silicon and polysilicon is - 1 [20]