Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoint The report focuses on lithium carbonate, suggesting to pay attention to the lower support level [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Contract Data**: The 2605 contract's closing price was 143,860, with a change of 1,260 compared to T - 1. The 2607 contract's closing price was 143,100, with a change of 960 compared to T - 1. The 2605 contract's trading volume was 258,276, a decrease of 30,295 from T - 1, and the 2607 contract's trading volume was 30,226, a decrease of 7,978 from T - 1. The 2605 contract's open interest was 276,578, a decrease of 6,167 from T - 1, and the 2607 contract's open interest was 100,896, an increase of 1,752 from T - 1 [3]. - **Warehouse Receipts**: The warehouse receipt volume was 34,318, a decrease of 422 from T - 1 [3]. - **Basis**: The basis between the spot and 2605 contract was 5,140, a decrease of 4,760 from T - 1; between the spot and 2607 contract was 5,900, a decrease of 4,460 from T - 1; between 2605 and 2607 contracts was 760, an increase of 300 from T - 1 [3]. - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 2,057, a decrease of 43 from T - 1; the price of lithium mica (2.0% - 2.5%) was 4,450, a decrease of 175 from T - 1 [3]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 149,000, a decrease of 3,500 from T - 1; the price of industrial - grade lithium carbonate was 146,000, a decrease of 3,500 from T - 1 [3]. - **Downstream Products**: The price of lithium iron phosphate (power type) was 53,290, a decrease of 850 from T - 1; the price of ternary material 523 (polycrystalline/consumer type) was 190,800, a decrease of 1,000 from T - 1 [3]. 3.2 Macro and Industry News - On the evening of March 19, Xiaomi officially announced that its new - generation SU7 received 15,000 locked orders within 34 minutes of its launch. The standard version is priced at 219,900 yuan, the Pro version at 249,900 yuan, and the Max version at 303,900 yuan [4]. - In 2025, China carried out 190 vehicle recalls, involving 6.846 million vehicles, a decrease of 18.5% and 39.1% respectively compared to the previous year. There were 105 new - energy vehicle recalls, involving 2.652 million vehicles, accounting for 38.7% of the total annual recall volume. There were 13 over - the - air (OTA) recalls, involving 1.756 million vehicles, accounting for 25.7% of the total annual recall volume. Recalls influenced by the State Administration for Market Regulation numbered 55, involving 2.934 million vehicles, accounting for 42.9% of the total annual recall volume. By the end of 2025, China had carried out a cumulative 3,265 vehicle recalls, involving 121 million vehicles [5]. 3.3 Trend Intensity The trend intensity of lithium carbonate is 0, with a range of [-2, 2]. -2 represents the most bearish view, and 2 represents the most bullish view [5].

Group 1: Automotive Industry Inventory and Subsidies - As of January 2026, the national passenger car inventory in China stands at 3.57 million units, a decrease of 80,000 units from the previous month, but an increase of 580,000 units compared to January 2025, indicating a high inventory level [1] - The inventory supports a sales period of 70 days, which is higher than 65 days in January 2023 and equal to January 2024, but significantly higher than 48 days in January 2025, suggesting considerable inventory pressure [1] - In Henan Province, a new subsidy policy for vehicle trade-ins has been announced, offering up to 20,000 yuan for scrapping old vehicles and purchasing new energy vehicles, and up to 15,000 yuan for fuel vehicles, with varying percentages based on the vehicle type [1] Group 2: Collaborations and Factory Developments - BMW Group signed a memorandum of understanding with CATL to enhance collaboration in battery supply chains aimed at reducing carbon footprints in electric vehicles [2] - Great Wall Motors plans to establish a second factory in Brazil's Espírito Santo state, with an annual production capacity of 200,000 vehicles, following the opening of its first factory in the region last year [2] Group 3: Vehicle Recalls - Hyundai, Kia, and BMW are voluntarily recalling over 107,158 vehicles in South Korea due to fire risks associated with manufacturing defects across 37 models [4] - BMW is recalling 58,713 vehicles in the U.S. due to potential damage to electrical wiring during air filter replacements, which could lead to short circuits and fire risks [5] Group 4: Innovations in Automotive Technology - Seres Automotive has published a patent for a method and device for identifying motion sickness, utilizing multi-source signal samples to train a model for predicting passenger discomfort [3]

Group 1 - Nissan is recalling over 300,000 Rogue SUVs due to potential electronic throttle gear failure and engine malfunction risks, which may increase the likelihood of accidents [2][5] - The recall involves 318,781 vehicles equipped with the 1.5-liter three-cylinder VC-Turbo engine from the 2024-2025 model years, where the electronic throttle assembly gears may break [2][5] - Additionally, 323,917 units of the 2023-2025 Rogue may experience engine failure, leading to loss of driving power, with bearing failure potentially causing engine block damage and increasing fire risk due to high-temperature oil leaks [3][5] Group 2 - The solution involves dealers reprogramming the vehicle's software and inspecting or replacing necessary parts [3][5] - The National Highway Traffic Safety Administration (NHTSA) will oversee the reprogramming of the Engine Control Module (ECM) software, reading diagnostic trouble codes, and conducting road tests on affected vehicles [3][5]

Group 1 - BMW has announced a large-scale global recall involving up to 575,000 vehicles due to a defect in the engine starter mechanism, affecting 16 core models produced between July 2020 and July 2022 [1] - The defect is attributed to a design issue with the starter motor's magnetic switch, which can lead to difficulties in starting the engine, electrical short circuits, and potential fire hazards [1] - BMW plans to address the issue by offering free replacements for the starter motor, with some vehicles also requiring battery replacements [1] Group 2 - This recall is not an isolated incident, as BMW has previously recalled over 300,000 vehicles in September 2025 due to insufficient waterproofing of starter motors, which posed risks of short circuits and fires [2] - BMW's global market performance shows significant regional disparities, with European sales increasing by 7.3% to 1.0164 million units in 2025, while Asian sales, particularly in China, have declined for two consecutive years [3] - In 2025, BMW's sales in Asia fell by 9.3% to 871,000 units, with China alone experiencing a 12.5% drop, leading to a loss of market share in the luxury car segment [3]

Group 1 - BMW has announced a large-scale global recall involving up to 575,000 vehicles due to a defect in the engine starter mechanism, affecting 16 core models produced between July 2020 and July 2022 [1] - The defect is attributed to a design issue with the starter motor's magnetic switch, which can lead to difficulties in starting the engine, electrical short circuits, and potential fire hazards [1] - BMW plans to address the issue by offering free replacements for the starter motors, with some vehicles also requiring battery replacements [1] Group 2 - This recall is not an isolated incident, as BMW has previously initiated multiple recalls due to core component defects, particularly in safety-critical systems [2] - In September 2025, BMW recalled over 300,000 vehicles due to insufficient waterproofing of starter motors, which could lead to short circuits and fire risks [2] Group 3 - BMW's global market performance shows significant divergence, with total deliveries of 2.4637 million vehicles in 2025, a slight increase of 0.5% year-on-year [3] - The European market has been a key growth driver, with sales reaching 1.0164 million units, a 7.3% increase, and a notable 28.2% rise in electric vehicle sales [3] - In contrast, the Asian market, particularly China, has experienced a decline, with total sales of 871,000 units in 2025, a drop of 9.3%, and a 12.5% decrease in the Chinese market alone [3]

Core Viewpoint - Stellantis (Shanghai) Automotive Co., Ltd. has filed a recall plan with the State Administration for Market Regulation due to safety concerns regarding certain imported Giulia vehicles produced between May 8, 2024, and September 12, 2025, totaling 91 units [1] Group 1: Recall Details - The recall number is S2026M0018V, and it affects specific vehicles due to a manufacturing issue where the headlight control unit wiring harness was not secured, potentially leading to interference with the wheel arch liner [1] - Under certain conditions, this interference could cause contact between the wheel arch liner and the tire, resulting in wiring damage and failure of the low beam headlights, posing a safety risk [1] Group 2: Remedial Actions - Stellantis (Shanghai) Automotive Co., Ltd. will conduct free inspections of the wiring harness for affected vehicles, and if damage is found, repairs will be provided at no cost [1] - If the wheel arch liner is damaged, it will be replaced free of charge to eliminate safety hazards [1] Group 3: Customer Notification - The company will notify affected users via phone and other means, and customers can contact the Alfa Romeo consultation hotline at 400-996-6099 for more information regarding the recall [1] - Additional information can be accessed through the State Administration for Market Regulation's recall center website and their WeChat public account [1]

Core Viewpoint - FAW-Volkswagen Automotive Co., Ltd. has filed a recall plan with the State Administration for Market Regulation, recalling a total of 206,012 units of the domestic Audi Q2L produced between August 2, 2018, and January 19, 2025, due to potential safety hazards related to the C-pillar cover assembly [1][2] Group 1 - The recall, numbered S2026M0020V, will begin on February 6, 2026, and will occur in batches [1] - The issue arises from the structural adhesive used in the C-pillar cover, which may undergo hydrolysis aging under prolonged high temperature and humidity, leading to a decrease in bonding strength [1] - In extreme cases, the outer panel of the C-pillar cover may detach while driving, posing a danger to other road users [1] Group 2 - FAW-Volkswagen will authorize dealers to replace the improved C-pillar cover assembly for free to eliminate safety risks [1] - Vehicles that have already had the improved parts replaced will not require further changes under this recall [1] - The company will notify vehicle owners through registered mail and SMS, and authorized dealers will proactively contact users to arrange free recall repairs [2]

Core Viewpoint - BMW Group announced a global recall of multiple vehicle models due to potential issues with the starter motor's electromagnetic switch, which may lead to starting difficulties, short circuit risks, and in extreme cases, fire hazards [1] Group 1: Recall Details - The recall affects various BMW models, including the 2 Series Coupe, multiple versions of the 3 Series, 4 Series, 5 Series, 6 Series Gran Turismo, 7 Series, as well as the X4, X5, X6, and Z4 [1] - The issue is linked to starter relays produced between July 2020 and July 2022, but the exact production timeframe for affected vehicles cannot be precisely defined due to differences in vehicle production and transportation cycles [1] - Vehicles that had the problematic starter motor replaced during maintenance may also be affected by this recall [1] Group 2: Historical Context - This is not the first large-scale recall for BMW due to starter motor issues; a previous recall occurred in the fall of 2025, involving hundreds of thousands of vehicles due to potential water ingress leading to corrosion and fire risks [1]

Core Viewpoint - BMW Group announced a global recall of several hundred thousand vehicles due to potential safety hazards related to the engine starting device [3][4]. Group 1 - The recall affects vehicles produced between July 2020 and July 2022 that are equipped with the relevant starting device, including those that had the device added during repairs [3]. - Reports indicate that the affected vehicles may experience excessive starting attempts, increased wear on the starter solenoid, and potential short circuits leading to localized overheating of the starter, which could even result in vehicle fires while in operation [3]. - The number of vehicles involved in this recall could be as high as 575,000 according to a reputable German automotive publication [4]. Group 2 - In September 2025, BMW Group previously announced a recall of over 330,000 vehicles due to short circuit risks associated with the starter and related components [5].

Core Points - BMW Group announced a global recall of multiple vehicle series due to potential issues with the starter motor's electromagnetic switch, which may lead to difficulties in starting the vehicle and risks of short circuits [1] - The recall affects various models produced between July 2020 and July 2022, including the 2 Series Coupe, multiple versions of the 3 Series, 4 Series, 5 Series, 6 Series Gran Turismo, 7 Series, as well as the X4, X5, X6, and Z4 [1] - BMW advised owners not to leave their vehicles unattended while the engine is running due to potential fire hazards in extreme cases [1] Summary by Category Recall Details - The recall is initiated due to abnormal wear of the starter motor's electromagnetic switch, which can cause starting difficulties and may lead to overheating [1] - Affected vehicles include models produced from July 2020 to July 2022, with some vehicles potentially impacted if they had the problematic starter motor replaced during maintenance [1] Safety Concerns - There is a risk of short circuits and localized overheating of the starter motor, which could pose a fire hazard while driving [1] - BMW has recommended that vehicle owners take precautions by not leaving their engines running unattended [1]