Group 1: Business Development and Technology - The company's vehicle display business is rapidly developing due to the promotion of new energy vehicles and the increasing penetration of intelligent cockpits, with Mini-LED technology meeting the demand for new display solutions [2] - The company has established strong partnerships with tier 1 clients such as Continental, Faurecia, and Visteon, as well as end customers like BYD, NIO, and Geely, which has accelerated the growth of its vehicle display business [2] - The company plans to leverage its first-mover advantage in Mini-LED technology to further expand its business [2] Group 2: LIPO Technology Market Outlook - According to Omdia, the shipment of small and medium-sized OLEDs is expected to exceed 1 billion units in 2025, covering devices like smartphones and AR/VR headsets [3] - LIPO technology, recognized for its advantages and already adopted by Apple, is anticipated to see a rapid increase in penetration, creating new market demand [3] - The company has been developing LIPO technology since 2022, and it is now entering mass production, which is expected to positively impact its performance [3] Group 3: Product Applications - The company's display products have successfully been applied in action cameras, with bulk deliveries made to clients such as DJI and GoPro [3] - The company aims to continue expanding its business coverage and deepen cooperation with various clients [3]

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 excessive supply and cautious demand, with continuous inventory accumulation. The operation suggestion is to conduct short - term long trades at low prices with a light position 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 69,000 yuan/ton, down 1,180 yuan; the net position of the top 20 is - 32,740 lots, up 3,517 lots; the position volume of the main contract is 181,414 lots, up 28,365 lots; the spread between near and far - month contracts is - 1,120 yuan/ton, down 140 yuan; the Guangzhou Futures Exchange warehouse receipts are 30,445 lots/ton, up 883 lots [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 70,850 yuan/ton, down 600 yuan; the average price of industrial - grade lithium carbonate is 69,100 yuan/ton, down 550 yuan; the basis of the Li₂CO₃ main contract is 1,850 yuan/ton, up 580 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 790 US dollars/ton, unchanged; the average price of amblygonite is 8,020 yuan/ton, down 80 yuan; the price of lepidolite (2 - 2.5%) is 2,138 yuan/ton, down 62 yuan [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 43,180 tons, up 7,490 tons; the monthly import volume is 12,327.97 tons, down 7,794.24 tons; the monthly export volume is 417.13 tons, up 18.53 tons; the monthly operating rate of lithium carbonate enterprises is 50%, up 8 percentage points; the monthly output of power batteries is 118,300 MWh, up 18,000 MWh; the price of lithium manganate is 30,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 57,500 yuan/ton, unchanged; the price of lithium cobaltate is 225,000 yuan/ton, unchanged; the price of ternary material (811 type) in China is 147,500 yuan/ton, down 2,000 yuan; the price of ternary material (622 power type) in China is 125,000 yuan/ton, down 1,500 yuan [2] 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China is 129,500 yuan/ton, down 1,500 yuan; the monthly operating rate of ternary cathode materials is 48%, up 8 percentage points; the price of lithium iron phosphate is 33,300 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 57%, unchanged; the monthly output of new energy vehicles (CPCA) is 1,277,000 vehicles, up 389,000 vehicles; the monthly sales volume is 1,237,000 vehicles, up 345,000 vehicles; the cumulative sales penetration rate of new energy vehicles (CPCA) is 41.16%, up 0.85 percentage points; the cumulative sales volume and year - on - year increase of new energy vehicles is 3,075,000 vehicles, up 985,000 vehicles; the monthly export volume of new energy vehicles is 158,000 vehicles, up 27,000 vehicles; the cumulative export volume and year - on - year increase of new energy vehicles is 441,000 vehicles, up 134,000 vehicles; the 20 - day average volatility of the underlying is 14.85%, up 0.93 percentage points; the 40 - day average volatility of the underlying is 14.44%, up 0.42 percentage points [2] 3.6 Option Situation - The total subscription position is 72,584 lots, up 4,167 lots; the total put position is 27,451 lots, up 3,525 lots; the total position put - call ratio is 37.82%, up 2.8488 percentage points; the at - the - money IV implied volatility is 0.18%, up 0.0079 percentage points [2] 3.7 Industry News - The secretary - general of the Passenger Car Association, Cui Dongshu, said that automobile exports reached a very high level in 2025, and auto parts also reached a record - high level, with motorcycle exports growing strongly. Lithium - ion battery exports remained stable at about 5 billion US dollars per month [2] - According to Meijin News, Tesla's sales data in Europe tumbled in the first quarter, with declines of over 50% in Germany, Denmark, and Sweden. The market performance of Tesla's electric pickup Cybertruck was sluggish, and the production capacity of the Texas Superfactory was significantly reduced. In the Chinese market, the wholesale sales volume decreased by 21.8% year - on - year [2] - CCTV reported that the market penetration rate of cars with combined driving assistance functions in China is growing rapidly and has entered the stage of large - scale application. It is expected that the market penetration rate of L2 - level this year is expected to exceed 70%. In addition, the penetration rates of intelligent cockpits in new cars in China and globally have climbed to 73% and 58% respectively [2] 3.8 Market Analysis - The main lithium carbonate contract was weak. The position volume increased month - on - month, the spot was at a premium, and the basis strengthened. Macroscopically, the State Council emphasized promoting consumption, expanding domestic demand, and stabilizing foreign trade and foreign investment. Fundamentally, the raw material prices were weak, some lithium salt factories reduced production slightly, the overall supply was expected to be high, the downstream was cautious, and the spot transactions were light. The option market was bullish, and the implied volatility increased slightly. Technically, the 60 - minute MACD had both lines below the 0 - axis and the green bars were expanding [2]