Core Points - The European Commission has proposed to delay the implementation of the due diligence obligations for battery supply chains from August 18, 2025, to August 18, 2027, to provide companies and regulators more time to adapt to challenges such as supply chain adjustments and certification mechanisms [1][2] - The delay is primarily due to issues related to supply chains, certification, and regulatory coordination, influenced by geopolitical factors affecting the procurement of raw materials like cobalt, natural graphite, lithium, and nickel [2] - The postponement is seen as a short-term relief for battery companies, allowing them to improve supply chain management and participate in the development of certification systems, while also presenting long-term opportunities for sustainable supply chain construction and green technology innovation [3] Industry Insights - The delay in the implementation of the EU battery law is expected to provide a buffer period for battery companies, enabling them to enhance their supply chain management and engage in the certification system's development [3] - Chinese battery companies have shown strong performance in the European market, securing significant energy storage contracts, indicating robust market competitiveness [4] - Despite the delay, the European Commission emphasizes that the standards for carbon footprint and recycling remain unchanged, and companies must continue to focus on compliance and sustainability to maintain competitiveness in the market [5][6] Recommendations - Experts suggest establishing a comprehensive carbon accounting system and improving the database for battery material emission factors to ensure the integrity and transparency of carbon footprint data [7] - Companies are encouraged to actively participate in the formulation of domestic and international carbon footprint accounting standards to align with global standards and facilitate mutual recognition [7] - A complete supply chain traceability system should be constructed to ensure that the lifecycle information of each battery product is verifiable and accessible [7]

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View - The supply pressure of lithium carbonate is relatively strong, and it is expected to operate under pressure [1]. - The postponement of the EU's battery supply chain due - diligence investigation and the submission of carbon footprint reports is good news for Chinese lithium - battery exports to the EU [3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Market**: For the 2507 contract, the closing price was 60,100 yuan, down 860 yuan compared to T - 1; the trading volume was 261,982 lots, down 32,588 lots; the open interest was 326,472 lots, up 7,966 lots. For the 2509 contract, the closing price was 61,300 yuan, down 1,000 yuan; the trading volume was 47,243 lots, down 2,410 lots; the open interest was 104,452 lots, up 2,243 lots [1]. - **Spot Market**: The spot - 2507 basis was 2,400 yuan, up 310 yuan; the spot - 2509 basis was 1,200 yuan, up 450 yuan. The price of battery - grade lithium carbonate was 62,500 yuan, down 550 yuan; the price of industrial - grade lithium carbonate was 60,900 yuan, down 550 yuan [1]. - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 688 dollars, down 2 dollars; the price of lepidolite (2.0% - 2.5%) was 1,260 yuan, down 20 yuan [1]. 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 62,888 yuan/ton, down 559 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate was 62,500 yuan/ton, down 550 yuan/ton; the average price of industrial - grade lithium carbonate was 60,900 yuan/ton, down 550 yuan/ton [2]. - The EU's planned battery supply chain due - diligence investigation in August this year is postponed by two years, and the submission of carbon footprint reports originally planned for February this year is also postponed. China's lithium - battery exports to the EU get a buffer period. In the first four months of 2025, five EU countries accounted for nearly 30% of China's lithium - battery export value [3]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral trend [3].