Report Industry Investment Rating - Not provided in the content Core Viewpoints - On September 18, 2025, the main contract of lithium carbonate futures fluctuated downward. The current market trading was weak, the basis changed from discount to premium, the price of spodumene concentrate increased, and the price of lithium mica remained flat. Both supply and demand were strong, the upstream inventory pressure was not significant, and the resumption of production of spodumene mines was actively progressing, weakening the expectation of supply contraction. It is expected that the price of lithium carbonate will fluctuate at a low level. Attention should be paid to the inflection point of downstream replenishment. The trading strategy suggests shorting on rallies [1]. Summary by Relevant Catalogs Futures Market - On September 18, 2025, the trading volume of lithium carbonate futures was 502,269 (+158,406), and the open interest was 281,411 (-13,213). The closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts all decreased compared to the previous day. The price differences between different contracts and the basis also showed certain changes [1]. Spot Market - The average price of SMM battery - grade lithium carbonate was 570 yuan/ton higher than the closing price of the active lithium carbonate contract. The price of spodumene concentrate (6%, CIF China) was 844 US dollars/ton, and the price of lithium mica remained unchanged. The prices of various lithium - related products such as ternary precursors, ternary materials, and lithium iron phosphate also had different degrees of changes [1]. Supply and Demand - Supply side: Last week, the production of lithium carbonate increased, and the production of lithium carbonate from different raw materials all increased. Demand side: Last week, the production of lithium iron phosphate, ternary materials, and lithium manganate powder increased, and the production of power batteries was basically flat. In September, the production of lithium manganate powder and the production plan of lithium manganate increased. Terminal demand: In August, the year - on - year growth rate of new energy vehicle production and sales slowed down, the 3C shipments were average, and the production plan of energy - storage batteries increased in September [1]. Inventory - On September 18, 2025, the registered warehouse receipts were 39,354 tons (+120), the social inventory decreased, the inventory of smelters and others decreased, and the downstream inventory was tight [1]. Industry News - Bandera now expects to achieve a post - tax net present value of $1.45 billion (previously estimated at $1.31 billion) due to increased reserves and mine design optimization. Saycona Mining's expansion plan for the North American Lithium (NAL) project in Quebec, Canada, will significantly improve project economics by increasing production and reducing costs. The annual average output of spodumene concentrate will increase from 192,000 tons to 315,000 tons, and the unit cost will decrease [1].

Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core View - The current supply and demand are both weak, with little inventory pressure upstream. As the resumption of lithium mines is approaching actively, the expectation of supply contraction is weakening. It is expected that the price of lithium carbonate will fluctuate at a low level, and it is necessary to wait for the downstream restocking point. The trading strategy is to short on rallies [1]. 3. Summary by Relevant Catalog 3.1 Lithium Carbonate Futures Market - **Prices**: On September 17, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures all increased compared to the previous day. For example, the near - month contract closed at 73,500 yuan/ton, up 440 yuan from the previous day [1]. - **Volume and Open Interest**: The trading volume was 343,863 lots (- 156,404), and the open interest was 294,624 lots (- 5,813) [1]. - **Inventory**: The inventory was 39,234 tons, an increase of 410 tons from the previous day [1]. - **Spreads**: The basis of SMM battery - grade lithium carbonate average price minus the closing price of the active lithium carbonate contract was - 490 yuan/ton, a decrease of 160 yuan from the previous day [1]. 3.2 Lithium - Related Commodity Prices - **Lithium Ore**: The average price of lithium spodumene concentrate (6%, CIF China) was 857 US dollars/ton, up 4 US dollars from the previous day; the average price of lithium mica (Li2O: 1.5% - 2.0%) remained at 1,105 yuan/ton [1]. - **Lithium Compounds**: The average price of battery - grade lithium carbonate (99.5%, domestic) was 73,150 yuan/ton, an increase of 300 yuan from the previous day; the average price of industrial - grade lithium carbonate (99.2%, domestic) was 70,900 yuan/ton, an increase of 300 yuan from the previous day [1]. - **Other Lithium - Related Products**: The prices of various lithium - related products such as ternary precursors, ternary materials, and lithium iron phosphate also showed different degrees of change [1]. 3.3 Market News - Pantera Lithium's shareholders voted overwhelmingly in favor of selling its subsidiary Daytona Lithium Pty Ltd to Energy Exploration Technologies (EnergyX). EnergyX is advancing its Lonestar Lithium project in New Markover, and this acquisition will further expand its resource reserves in the Smackover area, where the lithium resource volume may exceed 4 million tons [1]. 3.4 Supply and Demand Analysis - **Supply**: Last week, the production of lithium carbonate increased, and the production of lithium carbonate from different raw materials all increased. The cost of lithium spodumene concentrate increased, while the price of lithium mica remained flat [1]. - **Demand**: Last week, the production of lithium iron phosphate increased, and the production of ternary materials decreased. In September, the trial production and scheduled production of lithium carbonate increased, and the production of power batteries increased last week. In August, the year - on - year growth rate of new - energy vehicle production slowed down, 3C shipments were average, and the scheduled production of energy - storage batteries increased in September [1]. 3.5 Inventory Situation - The registered warehouse receipts were 39,234 tons (+ 410 tons), the social inventory decreased, the inventories of smelters and other sectors decreased, and the downstream inventory increased [1].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - On September 16, the main contract of lithium carbonate futures opened high and closed low. The spot market had weak trading volume, and the discount even widened. The price of spodumene concentrate increased, while the price of mica also rose. Last week, the production of lithium carbonate increased, and the production of lithium carbonate from different raw materials all rose. In terms of downstream demand, the production of lithium iron phosphate increased, while the production of ternary materials decreased. In September, the planned production of lithium carbonate and lithium manganate increased, and the production of power batteries increased last week. Terminal demand showed that the year - on - year growth rate of new energy vehicle production slowed down in August, and the 3C shipments were average. The planned production of energy storage batteries increased in September. The registered warehouse inventory decreased, and social inventory decreased. Smelters and other sectors reduced inventory, while downstream sectors increased inventory. Currently, both supply and demand are strong, and the upstream inventory pressure is not significant. The expected supply contraction is weakening as the resumption of lithium mines is progressing actively. It is expected that the price of lithium carbonate will fluctuate at a low level. Investors should be vigilant about the downstream restocking point [1]. - The trading strategy suggests short - selling on rallies [1]. 3. Summary by Relevant Catalogs 3.1 Futures Market Data - **Contract Closing Prices**: On September 16, the closing prices of the near - month contract, continuous - one contract, continuous - two contract, and continuous - three contract of lithium carbonate futures were 73060 yuan/ton, 73180 yuan/ton, 73340 yuan/ton, and 73340 yuan/ton respectively, with increases of 540 yuan/ton, 500 yuan/ton, 460 yuan/ton, and 460 yuan/ton compared to the previous day [1]. - **Trading Volume and Open Interest**: The trading volume of the active contract was 500267 hands (+17477), and the open interest was 300437 hands (-9009) [1]. - **Inventory**: The inventory was 38824 tons (-139 tons) [1]. - **Spreads**: The spread between the near - month and continuous - one contracts was - 120 yuan/ton (+40 yuan/ton), the spread between the continuous - one and continuous - two contracts was - 160 yuan/ton (+40 yuan/ton), and the spread between the continuous - two and continuous - three contracts was 0 yuan/ton (unchanged) [1]. - **Basis**: The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was - 330 yuan/ton (-100 yuan/ton) [1]. 3.2 Spot Market Data - **Lithium Ore Prices**: The average price of lithium spodumene concentrate (6%, CIF China) was 853 US dollars/ton (+5 US dollars/ton), the average price of lithium mica (Li2O:1.5% - 2.0%) was 1075 yuan/ton (-82.5 yuan/ton), the average price of lithium mica (Li2O:2.0% - 2.5%) was 1815 yuan/ton (+40 yuan/ton), the average price of amblygonite (Li2O:6% - 7%) was 6090 yuan/ton (+115 yuan/ton), and the average price of amblygonite (Li2O:7% - 8%) was 7065 yuan/ton (-135 yuan/ton) [1]. - **Lithium Compound Prices**: The average price of battery - grade lithium carbonate (99.5%/domestic) was 72850 yuan/ton (+400 yuan/ton), the average price of industrial - grade lithium carbonate (99.2%/domestic) was 70600 yuan/ton (+400 yuan/ton), the average price of battery - grade lithium hydroxide (56.5% CIF China, Japan, and South Korea) was 9.3 US dollars/kg (unchanged), the average price of battery - grade lithium hydroxide (56.5% coarse - grained/domestic) was 74050 yuan/ton (-100 yuan/ton), and the average price of battery - grade lithium hydroxide (56.5% micronized/domestic) was 79020 yuan/ton (-100 yuan/ton) [1]. - **Other Lithium - Related Product Prices**: The average price of lithium hexafluorophosphate (99.95%/domestic) was 56650 yuan/ton (+150 yuan/ton), the average price of ternary precursor 523 (polycrystalline/consumer - type) was 81250 yuan/ton (+600 yuan/ton), the average price of ternary precursor 523 (single - crystal/power - type) was 79125 yuan/ton (+300 yuan/ton), the average price of ternary precursor 622 (polycrystalline/consumer - type) was 74675 yuan/ton (+225 yuan/ton), the average price of ternary precursor 811 (polycrystalline/power - type) was 93800 yuan/ton (+300 yuan/ton), the average price of ternary material 523 (single - crystal/power - type) was 119650 yuan/ton (+200 yuan/ton), the average price of ternary material 523 (polycrystalline/consumer - type) was 114375 yuan/ton (+200 yuan/ton), the average price of ternary material 622 (polycrystalline/consumer - type) was 118325 yuan/ton (+200 yuan/ton), the average price of ternary material 811 (polycrystalline/power - type) was 146650 yuan/ton (+750 yuan/ton), the average price of lithium iron phosphate (power - type) was 33470 yuan/ton (+95 yuan/ton), the average price of lithium iron phosphate (mid - to - high - end energy - storage type) was 32075 yuan/ton (+95 yuan/ton), the average price of lithium iron phosphate (low - end energy - storage type) was 29300 yuan/ton (+100 yuan/ton), and the average price of lithium cobalt oxide (60%, 4.35V/domestic) was 231500 yuan/ton (+750 yuan/ton) [1]. - **Cobalt - Related Product Prices**: The average price of electrolytic cobalt (≥99.8%/imported) was 273000 yuan/ton (unchanged), the average price of cobalt sulfate (≥20.5%/domestic) was 57400 yuan/ton (+725 yuan/ton), and the average price of tricobalt tetroxide (≥72.8%/domestic) was 226500 yuan/ton (+1500 yuan/ton) [1]. 3.3 Inventory Data - **SMM Lithium Carbonate Inventory**: The inventory of smelters was 36213 tons (-3262 tons), the inventory of downstream sectors was 58279 tons (+3072 tons), the inventory of other sectors was 44020 tons (-1390 tons), and the total inventory was 138512 tons (-1580 tons) [1]. 3.4 Company News - On September 16, Salt Lake Co., Ltd. (000792.SZ) stated on the investor interaction platform that the original annual production capacity of 30,000 tons of lithium carbonate in Lanke Lithium Industry was upgraded through technological innovation, and the current capacity has been increased to 40,000 tons per year. The company will continue to benchmark against the industry's advanced level to further improve resource extraction and utilization efficiency and promote high - quality industrial development [1].

本文来源：鑫椤锂电 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 据 ICC鑫椤锂电数据库统计， 2025年8月份国内碳酸锂总需求量达到10.2万吨，环比增长7.49%，再创历史新高。 虽然目前碳酸锂库存仍在14万吨之上，但近半年来可用天数持续下降，价格弹性随之增强。 从具体需求看， 磷酸铁锂对碳酸锂需求环比增幅达到 8%，储能方面拉动明显，2026年储能需求增幅保守估计 40%-50%；三元材料受下游补库带动，8月份对碳酸锂需求环比增幅高达12%；钴酸锂随着3C数码进入"金 九银十"旺季，对碳酸锂需求环比增幅也达到7%左右，有迹象表面，数码采用锰酸锂的情况也在逐渐增多。 不过，从当前市场氛围来看，近期仓单增长较快，虚实盘比基本又回到了低位，如果没有一些爆炸性的消息（比如 9.30后几个锂云母矿是否停产）， 短期行情向上突破的阻力较大。 本文作者：钱先生/13621911373 会议详情： END 而且，空头可炒作的也并不少，比如9月紫金（3Q）、盐湖股份两大盐湖项目开始投产爬坡、江西减产可能不及预期， 国内碳酸锂产量大概率将同步增长。 总体来看， 在国庆节之前， ...

Core Viewpoint - The current lithium carbonate market lacks strong driving factors influencing price fluctuations, with both demand and supply dynamics playing critical roles [1] Supply and Demand Analysis - Demand for lithium carbonate remains strong, with a greater inventory reduction this week compared to last week, providing price support [1] - Supply side uncertainties in Jiangxi have not been fully resolved, contributing to price stability [1] - The production of lithium from spodumene continues to increase, indicating a more sustained supply than previously expected [1] Market Sentiment and Future Outlook - There are concerns that the current market demand may have peaked, leading to doubts about the sustainability of future demand, which could negatively impact prices [1] - The news regarding the potential resumption of production by Ningde has not yet been finalized but conveys a positive sentiment to the market, which could also act as a bearish influence on prices [1]

二 〇 二 四 年 度 2025 年 9 月 14 日 碳酸锂：产量已超枧下窝停产前水平，偏弱判 报告导读： 本周价格走势：价格先抑后扬 受枧下窝复工预期影响，碳酸锂期货价格先抑后扬。2511 合约收于 71160 元/吨，周环比下跌 3100 元/吨，2601 合约收于 71260 元/吨，周环比下跌 3060 元/吨，现货周环比下跌 2300 元/吨为 72450 元/ 吨。SMM 期现基差（2511 合约）上涨 800 元/吨至+1290 元/吨，富宝贸易商升贴水报价-270 元/吨，周 环比上涨 40 元/吨。2511-2601 合约价差-100 元/吨，环比下跌 40 元/吨。 供需基本面：产量已超枧下窝停产前水平 原料：发运量减少，到港增加。Hedland 港口于 9 月 12 日启动年度维护疏浚工厂，预计持续 3-4 周 时间。上周澳矿发运量数量创新高 15.7-20.7 万吨水平，本周发运为 0 吨。9 月所有国家澳矿到货已知 38.8 万吨，到中国 36.4 万吨，环比增加约 10 万吨。 供应：周度产量 19963 吨，周环比增长 544 吨，产量已经恢复至枧下窝停产前的水平，并高于 7 ...

Report Industry Investment Rating - No information provided Core View of the Report - On September 10, the main contract of lithium carbonate futures fluctuated at a low level. The spot market had active low - price point pricing, and the basis premium expanded. Considering factors such as cost, supply, demand, and inventory, with short - term supply and demand both strong and the weakening expectation of supply contraction due to the active resumption of lithium mines, the price of lithium carbonate is expected to decline with fluctuations. It is recommended to go short on rallies [1]. Summary by Related Catalogs Futures Market - On September 10, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures decreased compared to the previous day, with the near - month contract closing at 70,300 yuan/ton, down 2,520 yuan. The trading volume was 751,480 lots (+159,805), and the open interest was 340,814 lots (-10,526) [1]. Spot Market - The average prices of various lithium - related products such as lithium carbonate, lithium hydroxide, and ternary precursors showed different degrees of change on September 10. For example, the average price of battery - grade lithium carbonate (99.5%/domestic) was 73,450 yuan/ton, down 1,150 yuan [1]. Inventory - The registered warehouse receipts were 38,101 tons. The social inventory decreased, the smelter inventory decreased, while the downstream and other inventories increased. The total SMM lithium carbonate inventory decreased by 1,044 tons compared to the previous week [1]. Industry News - Australia's Galan Lithium company's Hombre Muerto West (HMW) project in Argentina made significant progress in the first - phase construction, with the design of the 4th pond completed. The project has a phased development plan, aiming for an annual production of 21,000 tons of LCE in 2026, 40,000 tons in 2028, and potentially 60,000 tons in 2030 [1]. - In August, Brazilian lithium spodumene exports decreased by more than one - third year - on - year and nearly 43% month - on - month. The suspension of shipments by the largest producer, Sigma Lithium, was a major factor [1].

9月4日，国内期货市场碳酸锂主力合约2511止跌回暖，下午收盘报涨1.05%，收于73420元/吨。不过当 日，该主力合约最低跌至71120元/吨，较半月前的90100元/吨高点已跌去约20%。 碳酸锂主力合约止跌回暖，是否意味着市场已经见底？ "由单一事件驱动的溢价往往难以持续，特别是在当前碳酸锂高位库存的背景下，价格缺乏长期支 撑。"卓创资讯富宝碳酸锂分析师苏津仪认为，近期碳酸锂价格的走势，与去年9月停产后市场冲高回落 的特征相似。事件发生时市场情绪会推升价格，但价格也随着对事件影响的再评估而回落。 8月11日，宁德时代回应江西宜春枧下窝矿区采矿暂停开采，该消息一度引起了锂矿市场价格冲高。 她提及，前期碳酸锂的价格冲高还包含了市场对矿山项目供应中断风险的预期。目前矿山项目的具体情 况尚未明确，而锂盐生产企业的套保操作也在一定程度上抑制了价格上行空间，同时带来了潜在的供应 增量预期，这些因素共同导致了近期价格的回落。 据卓创资讯数据，供应方面，截至8月28日当周，碳酸锂企业（一次原料，下同）周度产能利用率 48.44%，碳酸锂企业周度产量1.52万吨，环比前一期下降1.3%。部分云母企业降低负荷，消化原料库 ...

Group 1 - The main contract for lithium carbonate in the domestic futures market has shown signs of recovery, closing up 1.05% at 73,420 yuan/ton after hitting a low of 71,120 yuan/ton, which is approximately a 20% drop from the high of 90,100 yuan/ton two weeks ago [1][2] - The current market prices for high-quality lithium carbonate range from 75,500 to 76,500 yuan/ton, while battery-grade lithium carbonate is priced between 74,000 and 76,500 yuan/ton, and industrial-grade lithium carbonate is between 73,500 and 75,000 yuan/ton, indicating stability compared to the previous working day [1] - Analysts suggest that the recent price movements are influenced by high inventory levels and the market's reassessment of supply disruptions, with a noted decrease in production capacity utilization among lithium carbonate producers [2][4] Group 2 - The demand for lithium carbonate is expected to improve as the traditional peak season approaches, although supply-side disruptions remain a concern [3] - Recent developments regarding mining permits in Jiangxi province are critical, with a deadline for submission of reports by September 30, which may impact future mining operations [3][4] - The overall supply of lithium carbonate has not yet reached a turning point, as production from spodumene sources is compensating for recent supply disruptions [4]

Summary of Yahua Group Conference Call Company Overview - Yahua Group is a leading player in the domestic civil explosives industry with an industrial explosive production capacity exceeding 260,000 tons and a market share of over 53% in Sichuan [2][4] - The company is actively expanding into markets in Tibet and Yunnan, with the Yaxia Hydropower Station project expected to significantly enhance long-term performance [2][4] Core Business and Development - The core businesses of Yahua Group include civil blasting and lithium mining [4] - The company has lithium mining rights with a capacity corresponding to approximately 25,000 tons of lithium carbonate equivalent from the Lijiagou lithium mine and 350,000 tons/year from the Kamativi mine in Zimbabwe, with major benefits expected from the Kamativi mine in the next two years [2][21] - Yahua Group has a significant capacity in lithium hydroxide production, having already produced 100,000 tons and planning to increase by another 70,000 tons, aiming for a total of 170,000 tons [2][22] Market Dynamics - The lithium carbonate price has bottomed out but may test lower levels again in 2026; however, the long-term outlook suggests a potential price increase due to supply constraints and demand growth [2][19] - The civil explosives industry is under strict regulation, with limited new capacity and increasing demand from mining operations, providing support for the civil blasting business [2][15] Financial Performance - The civil blasting business has shown stable profitability, with a year-on-year growth of 12.21% in 2023, contributing nearly 90% to gross profit [8] - The lithium business has faced challenges due to cyclical price declines, but as prices stabilize and recover, the contribution from lithium is expected to increase significantly [8][24] Cost Management - Yahua Group manages raw material costs in the civil blasting business through local procurement and framework agreements, maintaining lower gross margins compared to industry averages [3][12] Customer Base and Stability - The company’s downstream customers are primarily located in Europe, the United States, Japan, and South Korea, including major firms like Tesla, Panasonic, LG, and CATL, which ensures revenue stability through long-term contracts [2][23] Future Outlook - The company is well-positioned for growth in the next three years, with both civil blasting and new energy sectors showing potential for improvement and significant growth through mergers, acquisitions, and cost reduction strategies [24][25]