Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The market's core focus is on demand changes, with weekly demand essentially stable, providing price support. In the medium - term, due to the ongoing release of energy storage demand, prices are bullish, but there is a callback pressure on prices in the short - term [3] Group 3: Summary According to Related Content Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 94,350 yuan/ton, and the average price of SMM industrial - grade lithium carbonate is 91,900 yuan/ton [1] Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) is 1,190 yuan/ton, up 40 yuan/ton [1] Lithium Mica and Phosphorus Lithium Alum Stone Prices - Lithium mica (Li20: 1.5% - 2.0%) is 1,665 yuan, lithium mica (Li20: 2.0% - 2.5%) is 2,600 yuan, phosphorus lithium alum stone (Li20: 6% - 7%) is 9,125 yuan, and phosphorus lithium alum stone (Li20: 7% - 8%) is 10,525 yuan [2] Cathode Material Prices - The average price of lithium iron phosphate (power type) is 39,485 yuan, up 145 yuan; the average price of ternary material 811 (polycrystalline/power type) is 161,800 yuan, up 100 yuan; the average price of ternary material 523 (single - crystal/power type) is 144,600 yuan, up 200 yuan; the average price of ternary material 613 (single - crystal/power type) is 144,750 yuan, up 100 yuan [2] Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 2,450 yuan/ton, with a change of - 0.1 yuan; the difference between battery - grade lithium carbonate and the main contract is - 2,590 yuan, up 80 yuan; the difference between the near - month and the first - continuous contract is - 140 yuan, down 60 yuan; the difference between the near - month and the second - continuous contract is - 440 yuan, down 300 yuan [2] Inventory - The total inventory (weekly, tons) is 115,968 tons, with a decrease of 2,452 tons; the downstream inventory (weekly, tons) is 41,984 tons, with a decrease of 2,452 tons; the other inventory (weekly, tons) is 49,660 tons, with an increase of 1,780 tons; the registered warehouse receipts (daily, tons) is 8,222 tons, with an increase of 2,781 tons [2] Profit Estimation - The cash cost of externally purchased lithium spodumene concentrate is 95,970 yuan, and the profit is - 2,927 yuan; the cash cost of externally purchased lithium mica concentrate is 94,750 yuan, and the profit is - 4,016 yuan [3] Industry News - This week, lithium carbonate production decreased by 265 tons and inventory decreased by 2,452 tons [3] - The installed capacity of new energy storage in China exceeds 100 million kilowatts, 30 times that at the end of the 13th Five - Year Plan, accounting for over 40% of the global total installed capacity [3] - During this year's peak summer period, the peak call of new energy storage in China exceeded 30 million kilowatts, 1.3 times the full - load power of the Three Gorges Hydropower Station [3] - The market expects that the mining license for Ningde Times' Xiakeng Mine will be issued in mid - January at the latest and possibly in December at the earliest, and its impact on prices will gradually decrease [3]

Group 1: Report Industry Investment Rating - No industry investment rating information provided Group 2: Core View of the Report - The current market mainly focuses on demand changes, with weekly demand remaining stable and prices being supported. In the medium - term, due to the release of energy storage demand, prices tend to rise, but there is downward pressure on prices in the short - term [3] Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 93,750 yuan, up 450 yuan; SMM industrial - grade lithium carbonate has an average price of 91,300 yuan, up 450 yuan [1] Futures Contracts - Lithium carbonate 2512 has a closing price of 94,560 yuan, down 0.32%; lithium carbonate 2601 has a closing price of 94,640 yuan, down 0.36%; lithium carbonate 2602 has a closing price of 94,700 yuan, down 0.5%; lithium carbonate 2603 has a closing price of 94,800 yuan, down 0.59%; lithium carbonate 2604 has a closing price of 96,260 yuan, down 0.84% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has a price of 1,150 yuan, up 24 yuan; lithium mica (Li20: 1.5% - 2.0%) has a price of 1,665 yuan; lithium mica (Li20: 2.0% - 2.5%) has a price of 2,600 yuan, up 10 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) has a price of 9,125 yuan, up 225 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) has a price of 10,525 yuan, up 275 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 39,340 yuan, up 110 yuan; the average price of ternary material 811 (polycrystalline/power type) is 161,700 yuan; the average price of ternary material 523 (single - crystal/power type) is 144,400 yuan, up 100 yuan; the average price of ternary material 613 (single - crystal/power type) is 144,650 yuan, up 100 yuan [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 2,450 yuan; the difference between battery - grade lithium carbonate and the main contract is - 2,670 yuan, down 150 yuan; the difference between the near - month and the first - continuous contract is - 80 yuan, down 40 yuan; the difference between the near - month and the second - continuous contract is - 140 yuan, up 20 yuan [2] Inventory - The total inventory (weekly, tons) is 115,968 tons, down 2,452 tons; the inventory of smelters (weekly, tons) is 24,324 tons, down 1,780 tons; the inventory of downstream (weekly, tons) is 41,984 tons, down 2,452 tons; the inventory of others (weekly, tons) is 49,660 tons, up 1,780 tons; the registered warehouse receipts (daily, tons) is 5,441 tons, down 21,340 tons [2] Profit Estimation - The cash cost of externally purchased lithium spodumene concentrate is 93,461 yuan, with a profit of - 1,012 yuan; the cash cost of externally purchased lithium mica concentrate is 94,750 yuan, with a profit of - 4,604 yuan [3] Industry News - This week, lithium carbonate production decreased by 265 tons and inventory decreased by 2,452 tons; the national new - type energy storage installed capacity exceeds 100 million kilowatts, 30 times that at the end of the "13th Five - Year Plan", accounting for over 40% of the global total installed capacity [3] Market Expectation - The market expects that the permit for Ningde Times' Xiawo Mine will be issued in mid - January at the latest, and possibly in December at the earliest, and the subsequent impact on the ore price will gradually decrease [3]

Core Insights - The Southern Power Grid Company reported a significant increase in the operational frequency of pumped storage power stations in the southern region, with over 24,000 starts in the first half of the year, marking a year-on-year growth of over 20% and setting a historical record [1][3] Group 1: Pumped Storage Operations - The seven pumped storage power stations in the southern region have a total of 34 units with a capacity of 10.28 million kilowatts, providing over 20 million kilowatts of regulation capacity, which has increased the power system's peak shaving and valley filling capability by nearly 10% [1] - In the first half of the year, these pumped storage stations collectively adjusted 12.11 billion kilowatt-hours of electricity, equivalent to the half-year electricity demand of over 11 million residential users [1] - The number of unit starts reached 24,827, reflecting a year-on-year increase of 24.1% [1] Group 2: Adaptation to Renewable Energy - The increasing penetration of renewable energy in the power system has raised the demand for more precise and flexible responses from pumped storage units, as renewable generation is characterized by randomness and intermittency [3] - The centralized control platform in Guangzhou manages 31 pumped storage units in the Guangdong-Hong Kong-Macao Greater Bay Area, with a control capacity of 2.4 million kilowatts per operator, which is 2 to 3 times that of traditional models [3] - The operational scenarios of pumped storage stations are evolving to adapt to local energy structure adjustments, such as the Qiongzhong pumped storage station in Hainan, which now operates in a mode that stores excess solar energy during the day and generates power at night [3] Group 3: Intelligent Operations - During the peak summer demand period, the pumped storage units are utilizing intelligent operation and maintenance strategies to enhance performance [4] - An AI data analysis platform has been implemented to monitor over 400,000 operational data points from the units, using more than 9,000 algorithms to diagnose the health status of the machines [4] - Since June, all 34 units have maintained a safe and reliable operational status, with a maximum daily adjustment capacity reaching 101 million kilowatt-hours, and a significant increase in operational frequency compared to the same period last year [4]