Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The long - term demand for lithium carbonate may exceed expectations, and the price will fluctuate [1] - The industrial and information technology department and other eight departments have issued the "Automobile Industry Steady Growth Work Plan (2025 - 2026)", aiming to further promote automobile consumption [2][3] Summary by Related Catalogs Fundamental Tracking - **Futures Market Data**: For the 2511 contract, the closing price was 72,680 yuan, with a change of 1,520 yuan compared to T - 1; the trading volume was 482,790 lots, with a change of 71,801 lots compared to T - 1; the open interest was 309,446 lots, with a change of 44 lots compared to T - 1. For the 2601 contract, the closing price was 72,880 yuan, with a change of 1,620 yuan compared to T - 1; the trading volume was 104,173 lots, with a change of 34,884 lots compared to T - 1; the open interest was 172,268 lots, with a change of - 212 lots compared to T - 1 [1] - **Basis Data**: The basis of spot - 2511 was - 230 yuan, the basis of spot - 2601 was - 430 yuan, and the basis of 2511 - 2601 was - 200 yuan [1] - **Raw Material Data**: The price of spodumene concentrate (6%, CIF China) was 848 yuan, with a change of 6 yuan compared to T - 1; the price of lepidolite (2.0% - 2.5%) was 1,775 yuan, with no change compared to T - 1 [1] - **Lithium Salt Data**: The price of battery - grade lithium carbonate was 72,450 yuan, with no change compared to T - 1; the price of industrial - grade lithium carbonate was 70,200 yuan, with no change compared to T - 1 [1] Macro and Industry News - The SMM battery - grade lithium carbonate index price was 72,380 yuan/ton, a decrease of 18 yuan/ton compared to the previous working day. The price range of battery - grade lithium carbonate was 7.13 - 7.36 million yuan/ton, with an average price of 7.245 million yuan/ton, unchanged from the previous working day. The price range of industrial - grade lithium carbonate was 6.96 - 7.08 million yuan/ton, with an average price of 7.02 million yuan/ton, unchanged from the previous working day [2] - The eight - department plan aims to promote automobile consumption through measures such as supporting trade - ins, updating new - energy city buses and power batteries, and carrying out pilot reforms in automobile circulation and consumption [3] Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral outlook [3]

Core Insights - The Ministry of Industry and Information Technology and eight other departments have issued the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)", aiming for a total automobile sales volume of approximately 32.3 million units in 2025, representing a year-on-year growth of about 3% [1] - The plan targets 15.5 million units of new energy vehicle sales in 2025, with a year-on-year growth of around 20% [1] - The automotive manufacturing industry's added value is expected to grow by about 6% year-on-year [1] Group 1 - The plan emphasizes the need to boost automobile consumption through policies such as trade-in programs and support for new energy public transport vehicles [1] - It encourages the optimization of purchase restrictions in areas with limits and aims to shift from purchase management to usage management [1] - Measures to facilitate second-hand car sales, including "reverse invoicing" and cross-regional transaction registration, are highlighted to enhance the efficiency of second-hand car circulation [1] Group 2 - The plan also focuses on regulating the competitive order within the automotive industry, ensuring compliance with the government's directives [2] - It includes strengthening cost investigations and price monitoring, as well as supervising product production consistency [2] - The initiative aims to combat misinformation and commercial defamation in the industry, promoting a healthy and orderly market environment [2]

Core Viewpoint - The Ministry of Industry and Information Technology, along with seven other departments, has issued the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)", which emphasizes the need to enhance efforts to promote automobile consumption [1] Group 1: Policy Initiatives - The plan aims to implement the requirements of the "Notice on the Implementation of Large-Scale Equipment Renewal and Consumer Goods Trade-in Policies by 2025" to support vehicle trade-ins, new energy city buses, and battery updates [1] - It promotes tiered consumption and renewal consumption of automobiles [1] Group 2: Market Reforms - The initiative includes pilot reforms in automobile circulation and consumption, expanding the aftermarket to include vehicle modifications, rentals, events, and RV camping [1] - It encourages optimization of purchase restrictions in areas with limits on car purchases, transitioning from purchase management to usage management [1] Group 3: Second-hand Vehicle Market - The plan implements facilitation measures for second-hand vehicle sales, such as "reverse invoicing" and cross-regional transaction registration [1] - It explores the establishment of an online transaction management system and enhances information sharing in the automotive sector to improve the accuracy and authority of second-hand vehicle information query platforms, promoting efficient circulation of second-hand vehicles [1]

Group 1 - The core event is the launch of the "2025 New Energy Vehicle Consumption Season" in Hubei, aimed at stimulating local automotive consumption and enhancing economic activity during the summer [1][2] - The event includes nearly 500 activities and 51 special events, such as the 2025 China Automotive Series Championship and the Xiangyang International Auto Show, promoting a wide range of automotive brands and products [2][3] - The initiative is part of a broader strategy to boost consumption in Hubei, with a focus on new energy vehicles, which saw a 41% year-on-year sales increase and a market penetration rate of 53% [4][5] Group 2 - The event features various promotional activities, including a "car + home service" discount program, and showcases local food and cultural experiences to enhance consumer engagement [4][6] - A total of 1 billion yuan in consumer vouchers will be distributed, including automotive maintenance coupons, to encourage spending in the automotive sector [7][8] - Local government and businesses are collaborating to provide additional incentives for consumers, such as trade-in subsidies for new energy vehicles, further driving the transition to greener automotive options [7][8]

Core Viewpoint - The automotive market is experiencing a surge in consumer interest and sales due to various promotional activities and government subsidies during the "May Day" holiday period, indicating a positive trend in the industry. Group 1: Sales and Promotions - Numerous automotive brands have launched limited-time promotions, including zero down payment, interest-free financing, and significant trade-in subsidies, leading to increased customer footfall in dealerships [1][3][6] - The average daily retail sales in the last two weeks of April are expected to reach 85,300 units, reflecting a year-on-year growth of 17.3% due to pre-holiday demand [3] - Several models have seen price reductions, with some brands offering discounts exceeding 50,000 yuan during the holiday [4][6] Group 2: Consumer Engagement - The "May Day" holiday has seen a notable increase in consumer engagement, with many dealerships reporting full appointment schedules for test drives [1][3] - Car exhibitions across 21 cities during the holiday have attracted large crowds, converting foot traffic into actual sales, as evidenced by significant attendance figures at events [10][12] Group 3: Government and Corporate Incentives - Government and corporate subsidies are playing a crucial role in stimulating automotive consumption, with some models eligible for up to 50,000 yuan in combined subsidies [15] - Local governments are enhancing consumer policies, such as offering 3,000 yuan subsidies for eligible vehicle purchases, which can be combined with other incentives for a maximum of 23,000 yuan [15] Group 4: Market Performance - Several automotive companies reported substantial year-on-year growth in vehicle deliveries for April, with notable increases from new energy vehicle manufacturers [16] - The overall automotive market is showing signs of recovery, supported by the introduction of new models and promotional activities during major auto shows [16]