Report Industry Investment Rating No relevant content Core View of the Report The recent decline in the futures price of lithium carbonate is due to the slowdown in the destocking rhythm and frequent macro disturbances. The market is driven by sentiment, and the price fluctuates widely. However, the strong demand for energy storage and the trend of tight balance have not changed, and the inventory of lithium carbonate is at a low level. In the short term, it is recommended to mainly operate within a range and go long on dips [3] Summary of Relevant Catalogs Market Analysis - On March 23, 2026, the main contract 2605 of lithium carbonate opened at 141,500 yuan/ton and closed at 149,040 yuan/ton, with a change of 1.02% compared to the previous day's settlement price. The trading volume was 228,178 lots, and the open interest was 269,477 lots, compared with 276,578 lots in the previous trading day. The current basis is 1,220 yuan/ton. The number of lithium carbonate warehouse receipts was 33,537 lots, a change of -781 lots from the previous trading day [1] - According to SMM data, the price of battery-grade lithium carbonate is 142,000 - 151,000 yuan/ton, a change of -2,500 yuan/ton from the previous trading day. The price of industrial-grade lithium carbonate is 139,000 - 148,000 yuan/ton, a change of -2,500 yuan/ton from the previous trading day. The price of 6% lithium concentrate is $2,040/ton, a change of -$35/ton from the previous day [1] - According to SMM statistics, most lithium salt plants have resumed production, and the overall domestic supply is stable. The export policy of Zimbabwe may restrict the subsequent supply increase. The weekly total output of lithium carbonate is 24,186 tons, including 14,914 tons of lithium carbonate produced from spodumene, 3,197 tons from mica, 3,565 tons from salt lakes, and 3,565 tons from recycling [1] Inventory Analysis - According to the latest SMM statistics, the spot inventory is 98,873 tons, a decrease of 86 tons from the previous week. Among them, the smelter inventory is 16,608 tons, an increase of 316 tons from the previous week; the downstream inventory is 46,105 tons, an increase of 458 tons from the previous week; other inventories are 36,160 tons, a decrease of 860 tons from the previous week. The downstream and smelter inventories increased, and other inventories decreased. This week still maintains a destocking pattern, but the destocking has slowed down [2] Profit Analysis - The price of lithium concentrate fluctuates with the futures price of lithium carbonate. Lithium salt plants purchase more concentrate on a spot basis, and their production enthusiasm is relatively high. Lithium ore traders maintain a firm price for the ore, and the cost support line fluctuates with the ore price. The profit margins of production enterprises with their own mines and salt lakes are still substantial, and the profits of enterprises purchasing ore externally are maintained. The profit margin of the processing link is squeezed. Although the current processing fee has increased slightly compared to before the Spring Festival, the overall profit is still low [2] Strategy - Short - term operation is mainly recommended. In the short term, it is recommended to operate within a range and go long on dips [3] - There are no specific strategies for cross - period, cross - variety, spot - futures, and options [4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The lithium carbonate market has both long and short factors. This week, lithium carbonate production increased by 836 tons and inventory decreased by 414 tons. In March, supply and demand were both strong, with the production of lithium carbonate demand materials and battery cells continuing to grow rapidly, and the sales data of new energy vehicles in March improving year-on-year. However, considering the strong price support sentiment of upstream lithium salt factories and the increasing wait-and-see sentiment of downstream material factories after the price increase, the market lacks continuous upward momentum. It is expected that the lithium carbonate price will maintain a volatile pattern in the short term [2]. Group 3: Market Analysis - On March 12, 2026, the main lithium carbonate contract 2605 opened at 155,300 yuan/ton and closed at 156,980 yuan/ton, with a -1.79% change in the closing price compared to the previous day's settlement price. The trading volume was 219,828 lots, and the open interest was 325,382 lots, compared to 330,436 lots in the previous trading day. According to SMM spot quotes, the current basis is 1,620 yuan/ton (average price of electric carbon - futures). The lithium carbonate warehouse receipts were 36,455 lots, a change of -284 lots from the previous trading day [1]. - According to SMM data, the price of battery-grade lithium carbonate was quoted at 154,000 - 162,000 yuan/ton, a change of -1,000 yuan/ton from the previous trading day, and the price of industrial-grade lithium carbonate was quoted at 150,000 - 159,000 yuan/ton, a change of -1,250 yuan/ton from the previous trading day. The price of 6% lithium concentrate was 2,230 US dollars/ton, a change of -10 US dollars/ton from the previous day [1]. - According to the latest SMM statistics, the spot inventory was 98,959 tons, a month-on-month decrease of 414 tons. Among them, the smelter inventory was 16,292 tons, a month-on-month decrease of 1,184 tons; the downstream inventory was 45,647 tons, a month-on-month increase of 1,890 tons; other inventories were 37,020 tons, a month-on-month decrease of 1,120 tons. The downstream inventory increased, while the smelter and other inventories decreased, and the overall inventory continued to decline [1]. Group 4: Strategy - The production of lithium carbonate demand materials and battery cells continues to grow rapidly, leading to continuous inventory reduction, but the terminal demand for new energy vehicles and energy storage still needs to be verified. The current market is greatly affected by market sentiment, and short-term interval operations are recommended. - Unilateral: Short-term wait-and-see is recommended. - Inter-period: None. - Cross-variety: None. - Spot-futures: None. - Options: None [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The lithium carbonate market has both long and short factors, and the market sentiment has a significant impact on the futures price. In the short term, the lithium carbonate price is expected to maintain a volatile pattern. The demand for lithium carbonate materials and cell production continues to grow rapidly, leading to continuous inventory reduction. However, the terminal demand for new energy vehicles and energy storage still needs to be verified. It is recommended to mainly adopt interval operations in the short term [2][3]. 3. Summary by Relevant Catalogs Market Analysis - **Futures Market**: On March 11, 2026, the main contract 2605 of lithium carbonate opened at 164,500 yuan/ton and closed at 155,040 yuan/ton, with a -5.14% change compared to the previous day's settlement price. The trading volume was 267,346 lots, and the open interest was 330,436 lots, a decrease of 2,081 lots from the previous trading day. The current basis is -980 yuan/ton, and the lithium carbonate warehouse receipts are 36,739 lots, a decrease of 280 lots from the previous trading day [1]. - **Spot Market**: According to SMM data, the price of battery - grade lithium carbonate is 154,000 - 164,000 yuan/ton, an increase of 500 yuan/ton from the previous trading day. The price of industrial - grade lithium carbonate is 151,000 - 160,500 yuan/ton, also an increase of 500 yuan/ton from the previous trading day. The price of 6% lithium concentrate is 2,240 US dollars/ton, with no change from the previous day [1]. - **Inventory**: The spot inventory is 99,373 tons, a decrease of 720 tons compared to the previous period. Among them, the smelter inventory is 17,476 tons, a decrease of 906 tons; the downstream inventory is 43,757 tons, an increase of 3,736 tons; other inventories are 38,140 tons, a decrease of 3,550 tons. The overall inventory is still in a destocking pattern [1]. Consumption End According to Baichuan data, the production of lithium iron phosphate increased by 16.47% month - on - month, ternary materials increased by 21.45% month - on - month, lithium cobalt oxide increased by 39.53% month - on - month, lithium manganate increased by 6.05% month - on - month, and lithium hexafluorophosphate increased by 10.44% month - on - month [2]. Strategy - **Unilateral**: Mainly wait and see in the short term [4]. - **Inter - period**: No strategy provided [4]. - **Inter - variety**: No strategy provided [4]. - **Spot - futures**: No strategy provided [5]. - **Options**: No strategy provided [5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Short - term lithium carbonate prices are likely to fluctuate widely in the range of 140,000 - 170,000 yuan/ton, and the risk of a price correction is rising. There is a possibility of testing the support level of 140,000 - 150,000 yuan/ton. The export tax - rebate bonus before April still supports demand to some extent, but from late January to February, there will be an overlap of upstream maintenance and the traditional downstream off - season, and demand may weaken marginally [4] 3. Summary by Related Catalogs Market Analysis - On January 22, 2026, the lithium carbonate main contract 2605 opened at 165,000 yuan/ton and closed at 168,780 yuan/ton, with a 2.55% change in the closing price compared to the previous day's settlement price. The trading volume was 464,397 lots, and the open interest was 436,686 lots (427,928 lots the previous day). The current basis was - 4,780 yuan/ton (average price of electric carbon - futures). The number of lithium carbonate warehouse receipts was 28,886 lots, a change of 230 lots from the previous trading day [1] Spot Market - According to SMM data, the price of battery - grade lithium carbonate was quoted at 161,000 - 168,000 yuan/ton, a change of 6,000 yuan/ton from the previous trading day; the price of industrial - grade lithium carbonate was quoted at 158,000 - 164,000 yuan/ton, also a change of 6,000 yuan/ton. The price of 6% lithium concentrate was 2,210 US dollars/ton, a change of 90 US dollars/ton from the previous day [2] Import Data - Customs data shows that in December, the import volume of spodumene increased by 8.09% month - on - month to 788,500 physical tons. From the source countries, the import from Canada increased significantly to 33,500 tons; the import from Zimbabwe was 132,200 tons, a 19.85% month - on - month increase; the import from Mali in December was 77,000 tons, a 5.24% month - on - month increase; affected by the high import volume in November, the import of lithium concentrate from Australia in December decreased by 27.18% month - on - month to 309,500 tons; the import from Nigeria also decreased slightly to 80,000 tons, a 13.12% month - on - month decrease. The total import volume of lithium ore in 2025 was 7.7506 million tons, with the import volume of lithium concentrate increasing by 9% year - on - year [2] Inventory Data - According to SMM statistics, the spot inventory was 108,896 tons, a decrease of 783 tons month - on - month. Among them, the smelter inventory was 19,834 tons, an increase of 107 tons month - on - month; the downstream inventory was 37,592 tons, an increase of 1,940 tons month - on - month; other inventories were 51,470 tons, a decrease of 2,830 tons month - on - month [3] Strategy - Unilateral: Short - term range operation, pay attention to the inflection points of consumption and inventory, and sell hedging on rallies when the opportunity arises - Inter - period: None - Options: None - Cross - variety: None - Spot - futures: None [4]

Report Summary 1. Report Industry Investment Rating - The report does not provide an industry investment rating [1][2][3] 2. Core View - The lithium carbonate industry is experiencing a slight reduction in inventory and is in a state of volatile operation [1][2] 3. Summary by Relevant Catalog 3.1 Fundamental Tracking - **Futures Market Data**: For the 2509 contract, the closing price was 85,140 yuan, the trading volume was 62,069 lots, and the open interest was 98,063 lots. For the 2511 contract, the closing price was 85,300 yuan, the trading volume was 1,060,127 lots, and the open interest was 389,177 lots [1] - **Spot - Futures Basis**: The basis of spot - 2509 was - 3,140 yuan, and the basis of spot - 2511 was - 3,300 yuan [1] - **Raw Material Prices**: The price of lithium spodumene concentrate (6%, CIF China) was 937 US dollars, and the price of lithium mica (2.0% - 2.5%) was 2,075 yuan [1] - **Lithium Salt Product Prices**: The price of battery - grade lithium carbonate was 82,000 yuan, and the price of industrial - grade lithium carbonate was 79,750 yuan [1] - **Downstream Product Prices**: The price of lithium iron phosphate (power type) was 35,390 yuan, and the price of ternary material 523 (polycrystalline/consumer type) was 113,530 yuan [1] 3.2 Macro and Industry News - **Price Information**: The SMM battery - grade lithium carbonate index price was 82,047 yuan/ton, with an increase of 1,101 yuan/ton compared to the previous trading day. The average price of battery - grade lithium carbonate was 82,000 yuan/ton, up 1,000 yuan/ton, and the average price of industrial - grade lithium carbonate was 79,750 yuan/ton, up 950 yuan/ton [2] - **Production and Inventory**: The weekly production of lithium carbonate was 19,980 tons, an increase of 424 tons compared to the previous week, and the weekly inventory was 142,256 tons, a decrease of 162 tons [2] 3.3 Trend Intensity - The trend intensity of lithium carbonate was 0, indicating a neutral view [3]

Core Viewpoint - The sodium-ion battery industry is gaining momentum as lithium carbonate prices continue to rise, creating new opportunities for sodium batteries in various applications [4][5]. Group 1: Sodium Battery Market Overview - The sodium-ion battery and materials market will be reviewed for the first half of 2025, focusing on its growth and potential [5]. - The downstream application markets for sodium batteries include energy storage, power, small power, and start-stop systems [3][5]. Group 2: Lithium Carbonate Price Impact - The ongoing fluctuations in lithium carbonate prices are influencing the future outlook and predictions for the sodium battery industry [3][5].

Summary of Conference Call Records Industry Overview - The conference call discusses the lithium, cobalt, and rare earth sectors, highlighting current market conditions and future expectations for these industries. Key Points on Lithium Market - The lithium carbonate market is experiencing short-term supply-demand tightness, with battery cell production increasing by 5% month-on-month in July and August, leading to an expected production of approximately 70,000 tons in August against a demand of 96,000 tons per month. Current visible inventory can only sustain demand for about one and a half months [1][3] - Short-term lithium carbonate prices may surge to 100,000 yuan per ton, while long-term prices are expected to fluctuate between 90,000 and 100,000 yuan per ton, with a potential low of 60,000 yuan per ton depending on the resumption of overseas mining operations [1][3] Key Points on Cobalt Market - The cobalt industry is significantly impacted by the Democratic Republic of Congo's (DRC) ban, leading to a noticeable contraction in supply. The DRC government aims to raise the cobalt price center through a quota system, with a potential reduction of over 70,000 tons in supply by 2026, maintaining a tight market balance [1][4] - The current spot price of electrolytic cobalt has risen from 160,000 yuan to 260,000 yuan, with futures prices reaching 280,000 yuan. There is an anticipated further increase of 15%-20% in prices, indicating a high safety margin for both stock and commodity sectors until prices reach 300,000 yuan [1][5] Key Points on Rare Earth Market - The rare earth sector is influenced by the Trump administration's tariff policies, leading to increased capital inflow, although the fundamental supply-demand dynamics remain largely unchanged. The market is driven more by sentiment and policy expectations than by significant fundamental changes [1][6] - Inventory levels in the rare earth industry have improved since early July but remain at mid-to-low levels. The price of neodymium oxide has increased from 440,000 yuan to 530,000 yuan, with futures prices reaching 540,000 yuan. It is expected that prices will not face significant pressure before reaching 600,000 yuan [1][7] - The market anticipates a decline in the growth rate of new energy vehicles in the second half of the year, but recent data from July and August shows good order conditions, indicating no immediate pressure on demand [2][9] Investment Recommendations - Companies to watch in the cobalt sector include Luoyang Muyu, Huayou Cobalt, Tengyuan Resources, and Liqin Resources, which possess cobalt mines or inventories and are expected to benefit from rising cobalt prices [1][5] - In the rare earth sector, recommended companies include Shenghe Resources and Northern Rare Earth for light rare earth smelting, and for magnetic material companies, Jinli Permanent Magnet, Ningbo Yunsheng, Zhenghai Magnetic Materials, Zhongke Sanhuan, and Chengdu Galaxy Magnetics are highlighted. These companies are expected to benefit from price increases and future orders in robotics, enhancing their performance and valuation [2][10]