Report Industry Investment Rating - Not provided Core View of the Report - The domestic lithium carbonate destocking trend continues, and the lithium carbonate spot has not shown obvious looseness. The lithium price has rebounded, and the industry has a willingness to stock up at low prices. However, recent macro disturbances are frequent, the geopolitical war has impacted the non - ferrous sector, funds have shifted to energy and chemical industries, and the lithium carbonate market is driven by sentiment with wide - range price fluctuations. The trend of industry inventory destocking and strong supply - demand has not changed. Future attention should be paid to supply changes, downstream stocking rhythms, and the atmosphere of the commodity market. In the short term, interval operations are recommended. [2] Summary by Relevant Catalogs Market Analysis - On March 16, 2026, the lithium carbonate main contract 2605 opened at 152,460 yuan/ton and closed at 159,620 yuan/ton, with a 1.75% change in the closing price compared to the previous day's settlement price. The trading volume was 231,813 lots, the holding volume was 310,683 lots (the previous trading day's holding volume was 316,964 lots), and the basis was 3,400 yuan/ton. The lithium carbonate warehouse receipts were 36,393 lots, a change of - 10 lots compared to the previous trading day. [1] - According to SMM data, the battery - grade lithium carbonate was quoted at 150,000 - 163,000 yuan/ton, a change of - 2,500 yuan/ton compared to the previous trading day; the industrial - grade lithium carbonate was quoted at 147,000 - 159,000 yuan/ton, a change of - 2,500 yuan/ton compared to the previous trading day. The price of 6% lithium concentrate was 2,210 US dollars/ton, a change of - 35 US dollars/ton compared to the previous day. [1] - According to SMM statistics, the weekly output of domestic lithium carbonate this week was 23,426 tons, a 3.7% increase month - on - month. In February 2026, the domestic lithium carbonate output was 83,090 tons, a 15.1% decrease month - on - month and a 29.7% increase year - on - year. The domestic lithium carbonate output from January to February increased by 43.0% year - on - year. [1] - According to the latest SMM statistics, the spot inventory was 98,959 tons, a decrease of 414 tons month - on - month. Among them, the smelter inventory was 16,292 tons, a decrease of 1,184 tons month - on - month; the downstream inventory was 45,647 tons, an increase of 1,890 tons month - on - month; other inventories were 37,020 tons, a decrease of 1,120 tons month - on - month. The downstream inventory increased, the smelter and other inventories decreased, and the overall destocking pattern was maintained. [1] Strategy - Unilateral: None [2] - Inter - period: None [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - In the short term, lithium carbonate prices may fluctuate under hedging pressure due to increased risk - aversion sentiment of funds and the need for short - term profit - taking, but the fundamentals are supportive as supply and demand both increase and downstream continuous restocking supports prices [3] Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 154,750 yuan, down 500 yuan; SMM industrial - grade lithium carbonate average price is 151,250 yuan, down 500 yuan [1] - For lithium carbonate futures contracts, the closing price of lithium carbonate 2603 is 148,500 yuan, down 3.37%; lithium carbonate 2604 is 160,500 yuan, up 2.45%; lithium carbonate 2605 is 161,060 yuan, up 2.94%; lithium carbonate 2606 is 160,320 yuan, up 2.19%; lithium carbonate 2607 is 160,900 yuan, up 2.97% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) average price is 2170 yuan, up 15 yuan; lithium mica (Li20: 1.5% - 2.0%) is 3455 yuan; lithium mica (Li20: 2.0% - 2.5%) is 5190 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 12,975 yuan, up 150 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 14,150 yuan, up 150 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 54,685 yuan, down 125 yuan; the average price of ternary material 811 (polycrystalline/power type) is 209,500 yuan; ternary material 523 (single - crystal/power type) is 182,050 yuan; ternary material 613 (single - crystal/power type) is 183,750 yuan [2] Price Spreads - The price difference between battery - grade and industrial - grade lithium carbonate (electro - carbon - industrial - carbon) is 3500 yuan; the price difference between electro - carbon and the main contract is - 6310 yuan, down 5400 yuan; the price difference between the near - month and the next - month contract (near - month - continuous one) is - 560 yuan, down 260 yuan; the price difference between the near - month and the second - next - month contract (near - month - continuous two) is 180 yuan, up 420 yuan [2] Inventory - The total inventory (weekly, tons) is 99,373 tons, down 720 tons; the smelter inventory (weekly, tons) is 17,476 tons, down 906 tons; the downstream inventory (weekly, tons) is 43,757 tons, up 3736 tons; other inventory (weekly, tons) is 38,140 tons, down 3550 tons; the registered warehouse receipts (daily, tons) is 36,861 tons, up 531 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 155,468 yuan, and the profit is - 2786 yuan; the cash cost of purchasing lithium mica concentrate externally is 154,659 yuan, and the profit is - 5474 yuan [3] Industry Situation - In January 2026, the new - energy vehicle market ran smoothly, with production and sales of 1.041 million and 0.945 million vehicles respectively, a year - on - year increase of 2.5% and a certain percentage (not fully given in the context). In January, new - energy vehicle exports maintained high - speed growth, with 0.302 million vehicles exported, a year - on - year increase of 100% [3]

Market Analysis - On February 26, 2026, the main contract 2605 of lithium carbonate opened at 187,000 yuan/ton and closed at 173,660 yuan/ton, with a 3.47% change in the closing price compared to the previous trading day's settlement price. The trading volume was 402,461 lots, and the open interest was 375,204 lots, down from 377,037 lots in the previous trading day. The current basis is -3,540 yuan/ton (average price of electric carbon - futures). The lithium carbonate warehouse receipts were 38,451 lots, a change of -74 lots from the previous trading day [1]. Spot Market - According to SMM data, the price of battery - grade lithium carbonate is quoted at 168,000 - 178,000 yuan/ton, a change of 11,250 yuan/ton from the previous trading day. The price of industrial - grade lithium carbonate is quoted at 165,000 - 174,000 yuan/ton, also a change of 11,250 yuan/ton from the previous trading day. The price of 6% lithium concentrate is 2,390 US dollars/ton, a change of 140 US dollars/ton from the previous day [2]. - In December 2025, China's total imports of lithium carbonate were about 24,000 tons, a month - on - month increase of 8.77% and a year - on - year decrease of 14.43%. The import volume of spodumene in December 2025 was about 766,000 tons, a month - on - month increase of 5% and a year - on - year increase of 19% [2]. - In December 2025, the import volume from Australia was 310,000 tons, a year - on - year decrease of 5% and a month - on - month decrease of 27%, accounting for 40%. The import volume from Zimbabwe was 132,000 tons, a year - on - year increase of 39% and a month - on - month increase of 20%, accounting for 17%. The import volume from Nigeria was 80,000 tons, a year - on - year increase of 59% and a month - on - month decrease of 13%, accounting for 10%. The import volume from South Africa was 109,000 tons, a year - on - year increase of 13% and a month - on - month increase of about 109,000 tons [2]. - The spot inventory is 100,093 tons, a month - on - month decrease of 2,839 tons. Among them, the smelter inventory is 18,382 tons, a month - on - month increase of 1,462 tons; the downstream inventory is 40,021 tons, a month - on - month decrease of 4,471 tons; other inventories are 41,690 tons, a month - on - month increase of 170 tons. The downstream inventory decreased, while the smelter and other inventories increased. The overall destocking pattern was maintained in February, and the downstream destocking accelerated [2]. Event Impact - The rise of lithium carbonate yesterday was mainly affected by the fermentation of the Zimbabwe lithium mine event. On February 25, the Zimbabwean Ministry of Mines announced an immediate halt to all exports of raw ore and lithium concentrate, and the duration of the export suspension is uncertain. Zimbabwe accounts for about 10% of the global lithium carbonate supply. In 2025, it exported about 1.2 million tons of lithium ore to China, equivalent to about 150,000 tons of lithium carbonate. The impact of this event mainly depends on the duration of the ban. After the rectification, legal mines are still expected to resume exports. Considering the processing time of lithium concentrate and sea - freight transportation time, the impact on supply is expected to lag by about 3 months. Currently, the event's impact is mainly reflected in sentiment, and its impact on supply and demand remains to be observed [3]. Strategy - The current price is oscillating at a high level, mainly dominated by supply - side interference news, but the overall inventory is continuously being destocked, and the fundamentals support an upward trend. For unilateral trading, conduct short - term range operations, pay attention to inventory - end disturbances, and choose the opportunity to go long at low prices [4].

Group 1 - The benchmark price of battery-grade lithium carbonate is 145,000.00 CNY per ton as of February 23, showing a decrease of 3.33% compared to the beginning of the month when it was 150,000.00 CNY per ton [1] - The daily price change is 0.00%, indicating stability in the market on that day [3] - The price range over the past year has been between a minimum of 59,900.00 CNY and a maximum of 172,000.00 CNY, with a median price of 115,950.00 CNY [3] Group 2 - The average price over the past year is reported at 85,674.61 CNY, suggesting a significant fluctuation in the market [3] - The warning indicators suggest that prices have been excessively high for one and two years [3]

Core Insights - The benchmark price for industrial-grade lithium carbonate is reported at 117,033.33 CNY per ton as of January 2, remaining stable since the beginning of the month [1]. Price Summary - Current price: 117,033.33 CNY per ton [3] - Daily change: 0.00% [3] - Price position over the past year: High [3] - Minimum price over the year: 58,166.67 CNY [3] - Maximum price over the year: 120,033.33 CNY [3] - Median price: 89,100 CNY [3] - Price deviation from peak: -3,000 CNY [3] - Price deviation from trough: 58,866.66 CNY [3] - Average price over the year: 74,144.13 CNY [3] - Warning indicators: 1-year and 2-year price surges [3]

Group 1 - The benchmark price of battery-grade lithium carbonate is 119,400.00 CNY per ton as of January 2, remaining stable since the beginning of the month [1] - The daily price change is 0.00%, indicating no fluctuation in the price on that day [3] - The price is currently at a high position for the year, with a minimum value of 59,900.00 CNY and a maximum value of 122,066.67 CNY recorded [3] Group 2 - The median price for lithium carbonate is 90,983.34 CNY, while the average price stands at 75,996.01 CNY [3] - There is a top price deviation of -2,666.67 CNY and a bottom price deviation of 59,500 CNY, indicating the range of price fluctuations [3] - The warning indicates that there has been an excessive increase in prices over the past year and the past two years [3]

Group 1: Report Industry Investment Rating - The report suggests a mid - term bullish stance on the lithium carbonate industry [3] Group 2: Report's Core View - Terminal demand (energy storage + new energy vehicles) is in the peak season, material production is basically flat, the social inventory transfer chain is smooth. The environmental assessment of the Shixiawo mine is in progress, and the supply pressure is alleviated. Demand provides mid - term support for lithium carbonate prices [3] Group 3: Summary of Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 97,650 with a rise of 100; SMM industrial - grade lithium carbonate has an average price of 95,050 with a rise of 100 [1] Lithium Futures Contracts - The closing price of lithium carbonate 2601 is 109,720 with a daily gain of 3.92%; lithium carbonate 2602 is 109,740 with a 3.94% gain; lithium carbonate 2603 is 109,940 with a 3.66% gain; lithium carbonate 2604 is 111,180 with a 3.52% gain; lithium carbonate 2605 is 111,400 with a 3.86% gain [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 1,318 with a drop of 8; lithium mica (Li20: 1.5% - 2.0%) is 1,825, lithium mica (Li20: 2.0% - 2.5%) is 2,835 with a rise of 10; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 10,425, phospho - lithium - aluminum stone (Li20: 7% - 8%) is 11,800 [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 40,285 with a rise of 25; ternary material 811 (polycrystalline/power type) is 163,400 with a rise of 100; ternary material 613 (single - crystal/power type) is 146,300 with a rise of 100 [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2,600 with no change; the spread between battery - grade lithium carbonate and the main contract is - 13,750 with a decrease of 5,140; the spread between the near - month and the first - continuous contract is - 20 with an increase of 120; the spread between the near - month and the second - continuous contract is - 220 with an increase of 120 [2] Inventory - The total weekly inventory is 110,425 tons with a decrease of 1,044 tons, including 18,090 tons in smelters (a decrease of 1,071 tons), 41,485 tons in downstream (a decrease of 1,253 tons), and 50,850 tons in others (an increase of 1,280 tons). The daily registered warehouse receipts are 15,511 tons with a decrease of 17,447 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 103,940 with a profit of - 7,653; the cash cost of purchasing lithium mica concentrate is 100,023 with a profit of - 6,161 [3]

Core Viewpoint - Huang Shilin, the third-largest shareholder of CATL, is cashing out again, with a planned transfer of shares that will exceed 17.1 billion yuan, indicating a significant liquidity event for the company [1][2] Group 1: Share Transfer Details - CATL announced a share transfer price of 376.12 yuan per share, with a total of 45.6324 million shares to be transferred, fully subscribed by 16 institutional investors [1] - The share transfer is a non-public transfer, and the acquired shares cannot be transferred for six months post-acquisition [1] - The effective subscription amount for the transfer was 146.5 million shares, resulting in a subscription multiple of 3.2 times [1] Group 2: Market Reaction and Valuation - Following the announcement, CATL's stock price fell by 3.3%, closing at 390.78 yuan [1] - Market participants noted that the transfer price was not significantly discounted, indicating that CATL remains a high-quality asset [1] Group 3: Historical Context and Future Considerations - This is not the first time Huang Shilin has reduced his stake; he previously sold shares between January and June 2022, with prices fluctuating between 180 yuan and 330 yuan [2] - Approximately 77.5 million shares from CATL's H-share IPO cornerstone investors will be unlocked on November 20, 2025, with a market value exceeding 40 billion HKD [2] - Industry risks include the potential restoration of the new energy vehicle purchase tax in 2026 and rising lithium carbonate prices, which have surged by 63% compared to six months ago [2]

Core Insights - The price of battery-grade lithium carbonate remains stable, with an average price reported at 73,250 yuan per ton as of October 9 [1] Group 1 - The data was released by Shanghai Steel Union, indicating no change in price compared to the previous day [1]

Group 1 - The core point of the article is that the price of battery-grade lithium carbonate remains stable, with an average price reported at 71,500 yuan per ton as of September 12 [1] Group 2 - The data was released by Shanghai Steel Union, indicating no change in price compared to the previous day [1] - The stability in lithium carbonate prices may reflect current market conditions and demand dynamics in the battery materials sector [1]