1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The supply uncertainty of lithium carbonate persists, and its price volatility has intensified. The current supply - demand of lithium carbonate remains in a tight - balance state. Short - term price volatility may increase due to factors such as the unclear duration of the Zimbabwean export ban, the progress of mine复产 in Jiangxi, uncertain improvement in new energy vehicle terminals, and macro - constraints. In the medium - to - long - term, the price center still has support, and it is expected to fluctuate at a high level [1][2][4] 3. Summary According to Relevant Catalogs Latest Dynamics and Reasons - The main contract of lithium carbonate had an amplitude of over 8% today, and the price dropped significantly to around 160,000 yuan per ton. The supply - demand of lithium carbonate is in a tight - balance state, but supply - related events are frequent, and the news continuously affects the market. There are repeated expectations about whether the Zimbabwean ore export ban will continue. If the export resumes, the supply fluctuations will be marginally reduced, which may suppress market sentiment and prices. The supply - demand changes of rough ore need to be dynamically evaluated and tracked [2] Fundamental Situation - **Supply side**: Domestic production lines have quickly recovered, and production has continued to increase. The import of strong ore and lithium carbonate in the first quarter also maintained good growth, enhancing the overall supply capacity. However, resource fluctuations are frequent. The Zimbabwean ore export ban has lasted for nearly a month, and the recovery time is unclear. If the export restriction continues, the expectation of tight overseas ore supply will be strengthened, and domestic rough ore imports from May to June and later may be affected, supporting prices. If the export resumes in the short term, the impact may be mainly concentrated in May - June, and long - term concerns about supply fluctuations will be marginally alleviated, which may impact market sentiment. Additionally, the progress of mine复产 in Jiangxi still needs verification, and supply - side uncertainties remain [3] - **Demand side**: In March and April, the production schedules of cathodes and batteries remained high, supporting the demand for lithium carbonate. In terms of melting, the performance of energy storage is still optimistic. After a short - term weakening, new energy vehicles have an expected marginal improvement in the peak season, but the overall performance still needs further verification [3] - **Inventory**: The previous inventory continued to decline and recently increased slightly, but the overall level is still relatively low. In the context of frequent supply fluctuations, the supply - demand of lithium carbonate still maintains a tight - balance pattern [3] Summary and Strategy - From March to April, the supply - demand of lithium carbonate maintained a tight - balance. Due to factors such as the unclear duration of the Zimbabwean export ban, the progress of mine复产 in Jiangxi, uncertain improvement in new energy vehicle terminals, and macro - constraints, short - term price volatility may increase. The driving factors need to be observed. As long as the tight - balance of supply - demand is not broken, the medium - to - long - term price center still has support, and it is expected to fluctuate at a high level. In terms of strategy, while paying attention to buying opportunities during price corrections, risk control should be strengthened. Downstream enterprises can purchase at low prices or conduct appropriate hedging to control inventory and price risk exposures [4]

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - The supply - demand situation shows that the supply side has issues like the non - resumption of the Ningde Jianxiawo mine, the suspension of lithium ore exports in Zimbabwe, and uncertainties in Yichun's mining licenses. The cost reduction space of Australian mines is limited. In 2026, January - February lithium concentrate imports had different trends, and February's lithium carbonate imports increased year - on - year. The demand side is in a situation of strong supply and demand, with March's overall production scheduling increasing month - on - month. The inventory is in a state of accumulation this week. It is expected that the subsequent South American lithium salt imports will supplement the supply. With the expected resumption of the Ningde Jianxiawo mine and the expected increase in lithium salt imports, along with continuous supply disturbances, the lithium carbonate price is expected to continue to fluctuate [4][5][6] 3. Summary by Relevant Catalogs 3.1 Supply - related - **Production**: Last week, the weekly production of lithium carbonate increased by 245 tons to 24,610 tons, and the February production decreased by 17.6% month - on - month. In 2026, from January to February, the total domestic lithium spodumene imports were about 1.39 million tons. In February, China imported 26,427 tons of lithium carbonate, a 2% month - on - month decrease and a 114% year - on - year increase [4] - **Cost**: The CIF price of imported lithium spodumene concentrate was flat week - on - week, and the weekly operating rate of lithium carbonate smelting rose to about 57%. The operating rate of lithium spodumene remained high and stable, with a large elasticity of overall capacity utilization [4] 3.2 Demand - related - **Battery production and sales**: In February, the total production of power and energy - storage batteries in China was 141.6 GWh, a 15.7% month - on - month decrease and a 41.3% year - on - year increase. The total export was 23.9 GWh, a 0.9% month - on - month decrease and a 13.2% year - on - year increase. The sales volume was 113.2 GWh, a 23.9% month - on - month decrease and a 25.7% year - on - year increase. The new energy vehicle purchase tax policy is expected to support the sales growth of the new energy vehicle market in China [5] 3.3 Inventory - related - This week, the lithium carbonate inventory showed an accumulation state. The factory inventory increased by 460 tons, the market inventory increased by 4,294 tons, and the futures inventory decreased by 4,207 tons [5] 3.4 Strategy Suggestion - Considering the supply side, with the non - resumption of the Ningde Jianxiawo mine, the risk of mining licenses in Yichun, and the decrease in February's lithium concentrate imports and lithium carbonate imports month - on - month, it is expected that South American lithium salt imports will supplement the supply. On the demand side, the industry is in a situation of strong supply and demand, with a high expectation of the resumption of the Ningde Jianxiawo mine and a large expected increase in lithium salt imports. With continuous supply disturbances and cost increases, and the expectation of inventory decline, attention should be paid to the progress of Zimbabwe's export ban and the disturbances at the Yichun mining end. It is expected that the lithium carbonate price will continue to fluctuate [6]

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - The lithium carbonate 2605 contract is expected to oscillate in the range of 154,160 - 164,600. The overall situation is a tight supply - demand balance with sentiment fluctuations triggered by news. The supply side is expected to increase in the next month, while the demand side is expected to strengthen, and inventory may be depleted. The cost - side 6% concentrate CIF price has a daily - on - daily increase, lower than the historical average, and the demand - led situation has weakened [10][11][14] 3. Summary According to the Directory 3.1 Daily Viewpoints - **Fundamentals**: Bullish. Last week, lithium carbonate production was 24,186 tons, a 3.24% week - on - week increase, higher than the historical average. The inventory of phosphoric acid iron - lithium sample enterprises was 106,718 tons, a 0.89% week - on - week increase, and the inventory of ternary material sample enterprises was 18,425 tons, a 2.25% week - on - week increase [7] - **Basis**: Bearish. On March 25, the spot price of battery - grade lithium carbonate was 152,500 yuan/ton, and the basis of the 05 contract was - 6,620 yuan/ton, with the spot at a discount to the futures [11] - **Disk**: Neutral. The MA20 is downward, and the price of the 05 contract closed above the MA20 [11] - **Main Position**: Bearish. The main position is net short, and short positions increased [11] - **Expectation**: On the supply side, the lithium carbonate production in February 2026 was 83,090 physical tons, and the predicted production for next month is 106,390 physical tons, a 28.04% month - on - month increase. The import volume in February was 21,800 physical tons, and the predicted import volume for next month is 26,000 physical tons, a 19.27% month - on - month increase. On the demand side, the demand is expected to strengthen next month, and inventory may be depleted. On the cost side, the CIF price of 6% concentrate has a daily - on - week increase, lower than the historical average [11] - **Liberal Factors**: Lithium mica manufacturers' plans to stop or reduce production, and the month - on - month decline in the amount of lithium carbonate imported from Chile [12] - **Bearish Factors**: The supply from the ore/salt lake end remains at a high level, and the decline is limited [13] - **Main Logic**: Tight supply - demand balance with sentiment fluctuations triggered by news [14] 3.2 Fundamental/Position Data - **Supply - side Data**: The weekly production of lithium carbonate last week was 24,186 tons, a 3.24% week - on - week increase. The monthly production in February 2026 was 83,090 tons, a 15.13% month - on - month decrease. The monthly import volume of lithium carbonate in February was 26,426.79 tons, a 1.61% month - on - month decrease [7][20] - **Demand - side Data**: The weekly inventory of phosphoric acid iron - lithium sample enterprises last week was 106,718 tons, a 0.89% week - on - week increase, and the weekly inventory of ternary material sample enterprises was 18,425 tons, a 2.25% week - on - week increase. The monthly production of phosphoric acid iron was 300,250 tons, a 7.67% month - on - month decrease; the monthly production of phosphoric acid iron - lithium was 348,200 tons, a 12.20% month - on - month decrease [7][20] - **Inventory Data**: The smelter inventory was 16,608 tons, a 1.94% week - on - week increase, lower than the historical average; the downstream inventory was 46,105 tons, a 1.00% week - on - week increase, higher than the historical average; other inventories were 36,160 tons, a 2.32% week - on - week decrease, lower than the historical average; the total inventory was 98,873 tons, a 0.08% week - on - week decrease, lower than the historical average [8] 3.3 Supply - Lithium Ore - **Price Trend**: The price of 6% lithium ore (CIF) is presented in a long - term data chart, showing historical price trends [27] - **Production and Import**: The production of Chinese sample lithium - spodumene mines and the total domestic lithium - mica production are presented in a long - term data chart, showing historical production trends. The monthly import volume of lithium concentrate is also presented, including imports from Australia and other countries [27] - **Self - sufficiency Rate**: The self - sufficiency rates of lithium - spodumene, lithium ore, and lithium - mica are presented in a long - term data chart, showing historical self - sufficiency rate trends [27] - **Inventory**: The weekly inventory of port traders and unsold lithium ore is presented in a long - term data chart, showing historical inventory trends [27] - **Supply - Demand Balance**: The monthly supply - demand balance of domestic lithium ore from February 2025 to February 2026 is presented, including demand, production, import, export, and balance data [29] 3.4 Supply - Lithium Carbonate - **Production and Capacity**: The weekly production and capacity utilization rates of lithium carbonate from different sources (lithium - spodumene, lithium - mica, salt lake, and recycled materials) are presented in long - term data charts, showing historical trends. The monthly production of lithium carbonate by grade (battery - grade and industrial - grade) and by raw material (lithium - spodumene, lithium - mica, salt lake, and recycled materials) is also presented [32] - **Import**: The monthly import volume of lithium carbonate from different countries (Chile, Argentina, etc.) is presented in a long - term data chart, showing historical import trends [32] - **Supply - Demand Balance**: The monthly supply - demand balance of lithium carbonate from February 2025 to February 2026 is presented, including demand, production, import, export, and balance data [37] 3.5 Supply - Lithium Hydroxide - **Capacity Utilization and Production**: The weekly capacity utilization rate of domestic lithium hydroxide and the monthly production by source (causticization and smelting) are presented in long - term data charts, showing historical trends [40] - **Export**: The monthly export volume of Chinese lithium hydroxide from 2020 to 2026 is presented in a long - term data chart, showing historical export trends [40] - **Supply - Demand Balance**: The monthly supply - demand balance of lithium hydroxide from February 2025 to February 2026 is presented, including demand, production, import, export, and balance data [43] 3.6 Lithium Compound Cost and Profit - **Cost and Profit of Lithium Ore**: The production cost and profit of外购锂辉石精矿 (Li₂O:6%) and外购锂云母精矿 (Li₂O:2.5%) are presented in long - term data charts, showing historical cost - profit trends. The processing cost composition of lithium - mica and lithium - spodumene is also presented [46] - **Cost and Profit of Lithium Carbonate Recycling**: The cost and profit of recycling and producing lithium carbonate from different types of black powder (phosphoric acid iron - lithium battery black powder, phosphoric acid iron - lithium pole - piece black powder, ternary pole - piece black powder, and ternary battery black powder) are presented in long - term data charts, showing historical cost - profit trends [48] - **Other Cost and Profit**: The purification profit of industrial - grade lithium carbonate, the profit of lithium hydroxide carbonization to lithium carbonate, the processing cost difference between lithium hydroxide coarse particles and fine particles, the profit and cost of smelting and causticizing lithium hydroxide, the export profit of lithium hydroxide, and the profit of lithium carbonate causticizing to lithium hydroxide are presented in long - term data charts, showing historical cost - profit trends [48][50][51] 3.7 Inventory - **Lithium Carbonate Inventory**: The weekly and monthly inventories of lithium carbonate, including smelter inventory, downstream inventory, and other inventories, are presented in long - term data charts, showing historical inventory trends [53] - **Lithium Hydroxide Inventory**: The monthly inventory of lithium hydroxide, including smelter inventory and downstream inventory, is presented in a long - term data chart, showing historical inventory trends [53] 3.8 Demand - Lithium Battery - Power Battery - **Price and Production**: The price trends of different types of batteries (523 square, power - square phosphoric acid iron - lithium, and energy - storage 280Ah square phosphoric acid iron - lithium) are presented. The monthly production of power - cell cores (power ternary and power phosphoric acid iron - lithium) and the monthly loading volume of power batteries (phosphoric acid iron - lithium and ternary materials) are also presented [57] - **Export**: The monthly export volume of lithium batteries from 2020 to 2026 is presented in a long - term data chart, showing historical export trends [57] - **Cost**: The cost trend of cell cores is presented in a long - term data chart, showing historical cost trends [57] 3.9 Demand - Lithium Battery - Energy Storage - **Inventory and Production**: The inventory of lithium - battery cell cores (power ternary, power phosphoric acid iron - lithium, and energy - storage batteries) and the monthly production of energy - storage cell cores are presented in long - term data charts, showing historical trends [59] - **Bidding and Cost**: The energy - storage system EPC bidding and the cost - price trend of 314Ah phosphoric acid iron - lithium energy - storage cell cores are presented in long - term data charts, showing historical trends [59] 3.10 Demand - Ternary Precursor - **Price and Cost**: The price trends of different types of ternary precursors (5 - series, 6 - series, and 8 - series) and the cost and profit of 523 (polycrystalline/consumer) ternary precursors are presented in long - term data charts, showing historical trends [62] - **Capacity and Production**: The capacity utilization rate, capacity, and monthly production of ternary precursors are presented in long - term data charts, showing historical trends [62] - **Supply - Demand Balance**: The monthly supply - demand balance of ternary precursors from February 2025 to February 2026 is presented, including demand, production, import, export, and balance data [65] 3.11 Demand - Ternary Material - **Price and Cost**: The price trends of different types of ternary materials (5 - series and 6 - series) and the cost and profit of 523 (polycrystalline/consumer) ternary materials are presented in long - term data charts, showing historical trends [68] - **Production and Inventory**: The weekly production rate, capacity, and weekly inventory of ternary materials are presented in long - term data charts, showing historical trends [68][71] - **Export and Import**: The monthly export and import volumes of ternary materials are presented in long - term data charts, showing historical trends [71] 3.12 Demand - Phosphoric Acid Iron/Phosphoric Acid Iron - Lithium - **Price and Cost**: The price trends of phosphoric acid iron and phosphoric acid iron - lithium and the production cost of phosphoric acid iron are presented in long - term data charts, showing historical trends [72] - **Capacity and Production**: The capacity, monthly production, and monthly export volume of phosphoric acid iron and phosphoric acid iron - lithium are presented in long - term data charts, showing historical trends [72][75] - **Inventory**: The weekly inventory of phosphoric acid iron - lithium is presented in a long - term data chart, showing historical inventory trends [77] 3.13 Demand - New Energy Vehicle - **Production, Sales, and Export**: The production, sales, and export volumes of new energy vehicles (plug - in hybrid and pure - electric) are presented in long - term data charts, showing historical trends [80] - **Penetration Rate and Inventory Index**: The sales penetration rate of new energy vehicles, the retail - to - wholesale ratios of hybrid and pure - electric vehicles, and the dealer inventory warning and inventory indexes are presented in long - term data charts, showing historical trends [81][84]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The lithium carbonate market is in a state of tight supply - demand balance, with sentiment fluctuations caused by news. The lithium carbonate 2605 contract is expected to oscillate in the range of 148,360 - 158,880 [10][13]. - The supply side is expected to increase in the next month, with the predicted production in March 2026 being 106,390 physical tons, a 28.04% increase from February, and the predicted import volume being 26,000 physical tons, a 19.27% increase from February. The demand side is expected to strengthen, and inventory may be depleted [10]. 3. Summary by Directory 3.1 Daily Views - **Fundamentals**: Bullish. Last week, lithium carbonate production was 24,186 tons, a 3.24% week - on - week increase, higher than the historical average. The inventory of sample enterprises of lithium iron phosphate and ternary materials increased [7][10]. - **Basis**: Bearish. On March 24, the spot price of battery - grade lithium carbonate was 147,500 yuan/ton, and the basis of the 05 contract was - 5,440 yuan/ton, with the spot at a discount to the futures [10]. - **Disk**: Bearish. The MA20 is downward, and the futures price of the 05 contract closed below the MA20 [10]. - **Main positions**: Bearish. The net short position of the main positions decreased [10]. - **Likely factors**: Bullish factors include the production cut plan of lithium mica manufacturers and the month - on - month decline in the import volume of lithium carbonate from Chile. Bearish factors are the continuous high supply from the ore/salt lake end with limited decline [11][12]. 3.2 Fundamental/Position Data - **Supply - side data**: The weekly production of lithium carbonate last week was 24,186 tons, a 3.24% week - on - week increase. The monthly production in February 2026 was 83,090 physical tons, and the predicted production for the next month is 106,390 physical tons, a 28.04% increase. The monthly import volume in February was 21,800 physical tons, and the predicted import volume for the next month is 26,000 physical tons, a 19.27% increase [7][10]. - **Demand - side data**: The inventory of sample enterprises of lithium iron phosphate was 106,718 tons, a 0.89% week - on - week increase, and the inventory of sample enterprises of ternary materials was 18,425 tons, a 2.25% week - on - week increase [7]. - **Inventory data**: The smelter inventory was 16,608 tons, a 1.94% week - on - week increase, lower than the historical average; the downstream inventory was 46,105 tons, a 1.00% week - on - week increase, higher than the historical average; other inventories were 36,160 tons, a 2.32% week - on - week decrease, lower than the historical average; the total inventory was 98,873 tons, a 0.08% week - on - week decrease, lower than the historical average [8]. 3.3 Lithium Ore Supply - **Price trends**: The price trends of lithium ore (6% CIF), Chinese sample lithium spodumene mine production, domestic lithium mica total production, lithium concentrate monthly imports, lithium ore self - sufficiency rate, and weekly port trader and unsold lithium ore inventories are presented in the report [26]. - **Supply - demand balance**: The supply - demand balance table of lithium ore shows the demand, production, import, export, and balance from February 2025 to February 2026 [28]. 3.4 Lithium Carbonate Supply - **Production and capacity**: The weekly and monthly production, capacity, and import volume of lithium carbonate from different sources (lithium spodumene, lithium mica, salt lake, and recycling materials) are presented, along with their trends over the years [31]. - **Supply - demand balance**: The supply - demand balance table of lithium carbonate shows the demand, production, import, export, and balance from February 2025 to February 2026 [36]. 3.5 Lithium Hydroxide Supply - **Production and capacity utilization**: The weekly capacity utilization rate, monthly production, and export volume of lithium hydroxide are presented, along with their trends over the years [39]. - **Supply - demand balance**: The supply - demand balance table of lithium hydroxide shows the demand, production, import, export, and balance from February 2025 to February 2026 [42]. 3.6 Lithium Compound Cost and Profit - **Cost and profit of different materials**: The cost and profit of外购 lithium spodumene concentrate,外购 lithium mica concentrate, recycling production of lithium carbonate from different sources, industrial - grade lithium carbonate purification, lithium hydroxide carbonation to lithium carbonate, and other aspects are presented, along with their trends over the years [46][49][52]. 3.7 Inventory - **Lithium carbonate inventory**: The weekly and monthly inventory of lithium carbonate, including smelter inventory, downstream inventory, and other inventories, is presented, along with their trends over the years [54]. - **Lithium hydroxide inventory**: The monthly inventory of lithium hydroxide, including downstream inventory and smelter inventory, is presented, along with its trend over the years [54]. 3.8 Demand - Lithium Battery - Power Battery - **Price and production**: The price trend, monthly cell production, monthly power battery loading volume, power cell monthly shipment volume, and lithium battery export volume of power batteries are presented, along with their trends over the years [58]. 3.9 Demand - Lithium Battery - Energy Storage - **Inventory, bidding, and production**: The lithium battery cell inventory, energy storage bidding, energy storage battery industry starting rate, energy storage cell shipment monthly trend, and monthly energy storage cell production trend are presented, along with their trends over the years [60]. 3.10 Demand - Ternary Precursor - **Price, cost, and production**: The price, cost, processing fee, capacity utilization rate, capacity, and monthly production of ternary precursors are presented, along with their trends over the years [63]. - **Supply - demand balance**: The supply - demand balance table of ternary precursors shows the demand, production, import, export, and balance from February 2025 to February 2026 [66]. 3.11 Demand - Ternary Material - **Price, cost, and production**: The price, cost, profit, processing fee, weekly starting rate, capacity, production, export volume, import volume, and weekly inventory of ternary materials are presented, along with their trends over the years [69][72]. 3.12 Demand - Iron Phosphate/Iron Phosphate Lithium - **Price, cost, and production**: The price, production cost, cost - profit trend, capacity, monthly starting rate, monthly production, monthly export volume, and weekly inventory of iron phosphate and iron phosphate lithium are presented, along with their trends over the years [73][76][78]. 3.13 Demand - New Energy Vehicle - **Production, sales, and penetration rate**: The production, export volume, sales volume, sales penetration rate, retail - wholesale ratio, dealer inventory warning index, and dealer inventory index of new energy vehicles are presented, along with their trends over the years [81][82][85].

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The lithium carbonate market is in a pattern of increasing supply and demand, and it is expected that the price of lithium carbonate will continue to fluctuate. The resumption of production at Ningde Jianxiawo Mine is highly anticipated, and the import volume of lithium salts from South America is expected to increase significantly. The export ban in Zimbabwe and the mining permit risks in Yichun continue to cause supply disturbances, while the production of lithium from ore is increasing due to profit restoration, leading to an upward shift in the cost center [6]. 3. Summary by Relevant Catalogs 3.1 Weekly View Supply Situation - According to Baichuan Yingfu statistics, last week's lithium carbonate output increased by 645 tons week - on - week to 24,365 tons, and the output in February decreased by 17.6% month - on - month. The Ningde Jianxiawo Mine has not resumed production, Zimbabwe's Ministry of Mines announced a suspension of all exports of raw ore and lithium concentrate, and there are still disturbances in Yichun's mining permits. In the third quarter, Australian mines achieved cost control, and there is extremely limited room for further cost reduction. From January to February 2026, the total import volume of spodumene in China was approximately 1.39 million tons. In February, China imported 26,427 tons of lithium carbonate, a 2% decrease month - on - month and a 114% increase year - on - year. The CIF price of imported spodumene concentrate remained unchanged week - on - week, and the weekly operating rate of lithium carbonate smelting rose to about 57% [4]. Demand Situation - In March, the overall production schedule increased month - on - month, and the industry chain is in a pattern of strong supply and demand. In February, the combined production of power and energy - storage batteries in China was 141.6 GWh, a 15.7% decrease month - on - month and a 41.3% increase year - on - year. The combined export of power and energy - storage batteries was 23.9 GWh, a 0.9% decrease month - on - month and a 13.2% increase year - on - year. The sales volume of power and energy - storage batteries was 113.2 GWh, a 23.9% decrease month - on - month and a 25.7% increase year - on - year. Policy - side new energy vehicle purchase tax is also expected to continue to support the rapid growth of China's new energy vehicle market sales [5]. Inventory Situation - This week, lithium carbonate inventory showed a destocking state. Factory inventory increased by 635 tons, market inventory increased by 1,597 tons, and futures inventory decreased by 2,085 tons [5]. Strategy Suggestions - From the supply side, the Ningde Jianxiawo Mine is still shut down, and there are still risks in Yichun's mining permits. In February, China's domestic lithium carbonate output decreased by 17.6% month - on - month, the import of lithium concentrate was 558,000 tons, a 33% decrease month - on - month, and the total import of lithium carbonate was approximately 26,000 tons, a 1.6% decrease month - on - month and a 114% increase year - on - year. The downstream demand for export is strong, and it is expected that the subsequent import of lithium salts from South America will supplement the supply. From the demand side, the industry chain is in a pattern of strong supply and demand. The resumption of production at the Ningde Jianxiawo Mine is highly anticipated, and the import volume of lithium salts is expected to increase significantly. The export ban in Zimbabwe and the mining permit risks in Yichun continue to exist, supply disturbances persist, lithium production from ore continues to increase under the background of profit restoration, and the cost center moves up. The expectation of the resumption of production at the Ningde Jianxiawo Mine rises, the shipment of lithium salts from South America increases, inventory continues to decline, and attention should be paid to the progress of Zimbabwe's export ban and mining - end disturbances in Yichun [6]. 3.2 Key Data Tracking - The document provides multiple data graphs, including the spot tax - inclusive average price of lithium carbonate, weekly and monthly production of lithium carbonate, weekly and monthly inventory of lithium carbonate, average price of industrial - grade lithium carbonate, monthly factory inventory of lithium carbonate, average price of imported lithium concentrate, production of power and other batteries, production of lithium carbonate from different raw materials in February 2026, difference between domestic power battery production and loading volume, monthly production of lithium iron phosphate, average production cost of lithium carbonate, monthly production of ternary materials, import volume of spodumene, average price of power - type lithium iron phosphate, import volume of lithium carbonate, and market price of ternary material 8 - series NCA type [8][9][11] etc.

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - The overall fundamentals of lithium carbonate are favorable, with supply increasing, demand potentially strengthening, and inventory likely to be reduced. The price of lithium carbonate 2605 is expected to fluctuate in the range of 150,320 - 161,040 [8]. - The main logic is the emotional shock caused by news under the tight supply - demand balance. The main risk factors are the impact of shutdown, production reduction, or maintenance plans and the start - up time of industrial clearance [11][12]. 3. Summary by Directory 3.1 Daily Viewpoints - **Supply**: Last week, the lithium carbonate production was 23,426 tons, a 3.70% week - on - week increase, higher than the historical average. In February 2026, the production was 83,090 physical tons, and the predicted production for next month is 106,390 physical tons, a 28.04% month - on - month increase. The import volume in February 2026 was 21,800 physical tons, and the predicted import volume for next month is 26,000 physical tons, a 19.27% month - on - month increase [8]. - **Demand**: Last week, the inventory of lithium iron phosphate sample enterprises was 105,780 tons, a 5.22% week - on - week increase, and the inventory of ternary material sample enterprises was 18,019 tons, a 1.17% week - on - week increase. Next month, demand is expected to strengthen, and inventory may be reduced [8]. - **Cost**: The cost of purchased lithium spodumene concentrate is 154,652 yuan/ton, with no daily change. The production income is - 113 yuan/ton, resulting in a loss. The cost of purchased lithium mica is 149,352 yuan/ton, with no daily change, and the production income is 3,019 yuan/ton, resulting in a profit. The production cost of the recycling end is generally higher than that of the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost of the salt lake end is 32,231 yuan/ton, significantly lower than that of the ore end, with sufficient profit margins and strong production motivation [8]. - **Basis**: On March 17, the spot price of battery - grade lithium carbonate was 158,000 yuan/ton, and the basis of the 05 contract was 2,680 yuan/ton, with the spot at a premium to the futures [8]. - **Inventory**: The smelter inventory was 16,292 tons, a 6.77% week - on - week decrease, lower than the historical average. The downstream inventory was 45,647 tons, a 4.32% week - on - week increase, higher than the historical average. Other inventories were 37,020 tons, a 2.93% week - on - week decrease, lower than the historical average. The total inventory was 98,959 tons, a 0.41% week - on - week decrease, lower than the historical average [8]. - **Disk**: The MA20 of the disk is upward, and the futures price of the 05 contract closed below the MA20, showing a neutral situation [8]. - **Main Position**: The net short position of the main position decreased, showing a bearish situation [8]. - **Likely Factors**: Lithium mica manufacturers' plans to stop or reduce production and a month - on - month decline in the volume of lithium carbonate imported from Chile [9]. - **Bearish Factors**: The supply at the ore/salt lake end remains at a high level, with a limited decline [10]. 3.2 Lithium Carbonate Market Overview - **Price and Basis**: The prices of most lithium - related products showed fluctuations. For example, the price of lithium spodumene (6%) increased by 1.16% to 2,185 US dollars/ton, and the price of battery - grade lithium carbonate increased by 0.96% to 158,000 yuan/ton [14]. - **Supply - side Data**: The weekly start - up rate was 73.46%, with no change. The monthly production of lithium carbonate was 83,090 tons, a 15.13% month - on - month decrease. The monthly import volume of lithium concentrate was 628,032 tons, a 7.31% month - on - month decrease, and the monthly import volume of lithium carbonate was 23,988.66 tons, an 8.77% month - on - month increase [17]. - **Demand - side Data**: The monthly start - up rate of lithium iron phosphate decreased by 7.14% to 65%. The monthly production of lithium iron phosphate decreased by 7.67% to 300,250 tons, and the monthly production of lithium iron phosphate lithium decreased by 12.20% to 348,200 tons. The monthly export volume of lithium iron phosphate lithium decreased by 47.82% to 4,028,745 kilograms [17]. 3.3 Supply - Lithium Ore - **Price and Production**: The price of lithium ore (6% CIF) has fluctuated over the years. The production of Chinese sample lithium spodumene mines and domestic lithium mica has also shown different trends in different years [24]. - **Import and Self - sufficiency Rate**: The monthly import volume of lithium concentrate has changed, and the self - sufficiency rate of lithium ore has also shown certain trends [24]. 3.4 Supply - Lithium Carbonate - **Start - up Rate and Production**: The weekly start - up rate of lithium carbonate from different sources (lithium spodumene, lithium mica, salt lake, and recycled materials) has fluctuated. The monthly production of lithium carbonate has also changed, with different trends in battery - grade and industrial - grade lithium carbonate [31]. - **Import and Recycling**: The monthly import volume of lithium carbonate from different countries (Chile, Argentina, etc.) has changed, and the recycling of waste lithium batteries has also shown certain trends [31][34]. 3.5 Supply - Lithium Hydroxide - **Capacity Utilization and Production**: The weekly capacity utilization rate of domestic lithium hydroxide has fluctuated over the years. The monthly production of lithium hydroxide from different sources (causticization and smelting) has also changed [40]. - **Export**: The export volume of Chinese lithium hydroxide has shown different trends in different years [40]. 3.6 Lithium Compound Cost and Profit - **Cost and Profit of Different Materials**: The cost and profit of purchased lithium spodumene concentrate, lithium mica concentrate, and recycled materials for lithium carbonate production have fluctuated over the years. The profit of lithium hydroxide processing and export has also changed [46][49][52]. 3.7 Inventory - **Lithium Carbonate Inventory**: The weekly and monthly inventories of lithium carbonate in smelters, downstream, and other aspects have shown different trends [54]. - **Lithium Hydroxide Inventory**: The monthly inventory of lithium hydroxide in smelters and downstream has also changed [54]. 3.8 Demand - Lithium Battery - Power Battery - **Price and Production**: The price of batteries has fluctuated, and the monthly production of power cells (ternary and lithium iron phosphate) has also changed [58]. - **Loading and Export**: The monthly loading volume of power batteries (lithium iron phosphate and ternary materials) has decreased, and the export volume of lithium batteries has shown different trends in different years [58]. 3.9 Demand - Lithium Battery - Energy Storage - **Inventory and Production**: The inventory of lithium battery cells (power ternary, power lithium iron phosphate, and energy - storage batteries) has changed, and the monthly production of energy - storage cells has also shown different trends [60]. - **Bidding and Cost**: The energy - storage system EPC bidding and the cost of 314Ah lithium iron phosphate energy - storage cells have also changed [60]. 3.10 Demand - Ternary Precursor - **Price and Cost**: The price of ternary precursors has fluctuated, and the cost and profit of ternary precursor 523 (polycrystalline/consumer) have also changed [63]. - **Capacity Utilization and Production**: The capacity utilization rate of ternary precursors has fluctuated, and the monthly production of ternary precursors (333, 523, 622, 811, NCA) has also changed [63]. 3.11 Demand - Ternary Material - **Price and Cost**: The price of ternary materials has fluctuated, and the cost and profit of ternary material 523 (polycrystalline/consumer) have also changed [69]. - **Start - up Rate and Production**: The weekly start - up rate of ternary materials has fluctuated, and the production of ternary materials (NCA, 3 - series, 5 - series, 6 - series, 8 - series) has also changed [69]. 3.12 Demand - Lithium Iron Phosphate/Lithium Iron Phosphate - **Price and Cost**: The price of lithium iron phosphate/lithium iron phosphate has fluctuated, and the production cost of lithium iron phosphate and the cost - profit trend of lithium iron phosphate have also changed [73]. - **Capacity and Production**: The capacity of lithium iron phosphate/lithium iron phosphate has increased, and the monthly production of lithium iron phosphate and lithium iron phosphate has also changed [73][76]. 3.13 Demand - New Energy Vehicle - **Production, Sales, and Export**: The production, sales, and export volume of new energy vehicles have changed, and the sales penetration rate of new energy vehicles has also increased [81][82]. - **Retail - Wholesale Ratio and Inventory Index**: The retail - wholesale ratio of hybrid and pure - electric new energy vehicles and the inventory warning index and inventory index of dealers have also changed [85].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The supply side of lithium carbonate showed an increase last week, with a production of 23,426 tons, a 3.70% week - on - week increase, higher than the historical average. The demand side also had inventory increases in related sample enterprises. The cost side had different profit and loss situations for different raw materials. The overall situation was a tight supply - demand balance with emotional fluctuations caused by news [8]. - The expected production and import of lithium carbonate in the next month are expected to increase, and the demand is expected to strengthen, with inventory likely to be reduced. The 2605 contract of lithium carbonate is expected to oscillate in the range of 154,100 - 165,220 [8]. - There are both positive and negative factors in the market. Positive factors include the production cut plan of lithium mica manufacturers and the decrease in the import volume of lithium carbonate from Chile. Negative factors are the continuous high supply from ore/salt lake ends with limited decline [9][10]. 3. Summary According to the Directory 3.1 Daily Views - **Fundamentals**: Supply increased last week, demand - side inventories rose, and different raw materials had different cost - profit situations. The battery - grade lithium carbonate spot price was 156,500 yuan/ton on March 16, and the 05 - contract basis was - 3,120 yuan/ton, with the spot at a discount to the futures. The overall fundamentals were bullish [8]. - **Basis**: The basis was bearish as the spot was at a discount to the futures [8]. - **Inventory**: The overall inventory decreased by 0.41% week - on - week, lower than the historical average, which was bullish [8]. - **Disk**: The MA20 of the disk was upward, and the 05 - contract futures price closed above the MA20, which was bullish [8]. - **Main Position**: The main position was net short, and the short position decreased, which was bearish [8]. - **Expectation**: In February 2026, the production of lithium carbonate was 83,090 physical tons, and the predicted production for the next month was 106,390 physical tons, a 28.04% month - on - month increase. The import volume in February was 21,800 physical tons, and the predicted import volume for the next month was 26,000 physical tons, a 19.27% month - on - month increase. The demand is expected to strengthen next month, inventory may be reduced, and the 2605 contract of lithium carbonate is expected to oscillate in the range of 154,100 - 165,220 [8]. 3.2 Carbonate Lithium Market Overview - **Price and Basis**: Futures closing prices of different contracts showed varying degrees of increase, and the basis of most contracts decreased significantly. The registered warehouse receipts decreased slightly by 0.03% [14]. - **Upstream Prices**: The prices of lithium ore, lithium salts, and some lithium - related products showed different degrees of change. For example, the price of lithium spodumene decreased by 2.26%, and the price of battery - grade lithium carbonate decreased by 1.57% [14]. - **Supply - Demand Data**: On the supply side, the weekly operating rate remained unchanged, and the production cost and profit of different raw materials had different changes. On the demand side, the monthly operating rate and production of some products decreased, and the inventory of some products increased [17]. 3.3 Supply - Lithium Ore - **Price and Production**: The price of lithium ore (6% CIF) showed a downward trend, and the production of lithium spodumene and lithium mica mines in China had different trends in different years [24]. - **Import and Self - Sufficiency Rate**: The monthly import volume of lithium concentrate showed fluctuations, and the self - sufficiency rate of lithium ore also changed over time [24]. - **Supply - Demand Balance**: The supply - demand balance of domestic lithium ore showed different situations in different months, with some months in short supply and some in surplus [27][28]. 3.4 Supply - Carbonate Lithium - **Operating Rate and Production**: The weekly operating rate of lithium carbonate from different sources (lithium spodumene, lithium mica, salt lake, and recycled materials) and the total operating rate showed different trends. The monthly production of lithium carbonate by different grades and raw materials also changed over time [31]. - **Import and Recycling**: The monthly import volume of lithium carbonate from different countries and the recycling volume of waste lithium batteries showed different trends [31][34]. - **Supply - Demand Balance**: The supply - demand balance of lithium carbonate showed different situations in different months, with some months in surplus and some in short supply [37]. 3.5 Supply - Lithium Hydroxide - **Capacity Utilization and Production**: The weekly capacity utilization rate of domestic lithium hydroxide and the monthly operating rate and production from different sources (causticization and smelting) showed different trends [40]. - **Export**: The export volume of Chinese lithium hydroxide showed different trends in different years [40]. - **Supply - Demand Balance**: The supply - demand balance of lithium hydroxide showed different situations in different months, with some months in surplus and some in short supply [42]. 3.6 Lithium Compound Cost - Profit - **Cost and Profit of Different Raw Materials**: The cost and profit of lithium compounds produced from different raw materials (lithium spodumene, lithium mica, recycled materials) showed different trends over time [45][48]. - **Processing Cost and Profit**: The processing cost and profit of lithium compounds (such as lithium carbonate purification, lithium hydroxide processing) also showed different trends [45][48]. 3.7 Inventory - **Carbonate Lithium Inventory**: The weekly and monthly inventory of lithium carbonate from different sources (smelter, downstream, other) showed different trends [53]. - **Lithium Hydroxide Inventory**: The monthly inventory of lithium hydroxide from different sources (smelter, downstream) also showed different trends [53]. 3.8 Demand - Lithium Battery - Power Battery - **Price and Production**: The price of power batteries showed different trends, and the monthly production of power battery cells (power ternary, power lithium iron phosphate) also changed over time [57]. - **Loading and Shipment**: The monthly loading volume and shipment volume of power batteries showed different trends [57]. - **Export**: The export volume of lithium batteries showed different trends in different years [57]. 3.9 Demand - Lithium Battery - Energy Storage - **Inventory and Tender**: The inventory of lithium battery cells (power ternary, power lithium iron phosphate, energy - storage battery) and the tender situation of energy - storage systems showed different trends [59]. - **Operating Rate and Production**: The operating rate and production of the energy - storage battery industry showed different trends [59]. 3.10 Demand - Ternary Precursor - **Price and Cost - Profit**: The price of ternary precursors showed different trends, and the cost and profit of ternary precursors also changed over time [62]. - **Capacity Utilization and Production**: The capacity utilization rate and monthly production of ternary precursors showed different trends [62]. - **Supply - Demand Balance**: The supply - demand balance of ternary precursors showed different situations in different months, with some months in surplus and some in short supply [65]. 3.11 Demand - Ternary Material - **Price and Cost - Profit**: The price of ternary materials showed different trends, and the cost and profit of ternary materials also changed over time [68]. - **Operating Rate and Production**: The weekly operating rate and monthly production of ternary materials showed different trends [68]. - **Export and Import**: The export and import volume of ternary materials showed different trends in different years [70]. 3.12 Demand - Iron Phosphate/Iron Phosphate Lithium - **Price and Cost - Profit**: The price of iron phosphate/iron phosphate lithium showed different trends, and the cost and profit of iron phosphate lithium also changed over time [72]. - **Capacity and Production**: The capacity and monthly production of iron phosphate/iron phosphate lithium showed different trends [72][75]. - **Export and Inventory**: The export volume and weekly inventory of iron phosphate lithium showed different trends [75][77]. 3.13 Demand - New Energy Vehicle - **Production, Sales, and Export**: The production, sales, and export volume of new energy vehicles showed different trends over time [80]. - **Penetration Rate and Inventory Index**: The sales penetration rate of new energy vehicles and the inventory warning index and inventory index of dealers also showed different trends [81][84].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - From the supply side, last week's lithium carbonate production was 23,426 tons, a 3.70% week - on - week increase, higher than the historical average. In February 2026, the production was 83,090 physical tons, and the predicted production for next month is 106,390 tons, a 28.04% month - on - month increase. The import volume in February 2026 was 21,800 physical tons, and the predicted import volume for next month is 26,000 tons, a 19.27% month - on - month increase [8][9]. - From the demand side, last week, the inventory of sample enterprises of lithium iron phosphate was 105,780 tons, a 5.22% week - on - week increase, and the inventory of sample enterprises of ternary materials was 18,019 tons, a 1.17% week - on - week increase. It is expected that the demand will strengthen next month, and the inventory may be depleted [8]. - In terms of cost, the CIF price of 6% concentrate increased day - on - day, lower than the historical average. The demand - dominated situation has weakened. The lithium carbonate 2605 will fluctuate in the range of 146,320 - 157,640 [9]. - The main logic is the emotional shock caused by news under the tight supply - demand balance. The main risk points are the impact of shutdown, production reduction, and maintenance plans, and the start time of industrial clearance [13][14]. 3. Summary According to the Directory 3.1 Daily Views - **Supply and Demand Analysis**: The supply of lithium carbonate is increasing, and the demand is expected to strengthen. The cost situation has changed, and the demand - dominated pattern has weakened. The price of lithium carbonate 2605 is expected to fluctuate in a certain range [8][9]. - **Positive and Negative Factors**: Positive factors include the production reduction plan of lithium mica manufacturers and the month - on - month decline in the import volume of lithium carbonate from Chile. Negative factors are the continuous high supply at the ore/salt lake end with limited decline [11][12]. 3.2 Fundamental/Position Data - **Cost**: The cost of purchasing spodumene concentrate externally is 157,651 yuan/ton, a 0.65% day - on - day increase, with a production loss of 761 yuan/ton. The cost of purchasing lithium mica is 151,428 yuan/ton, unchanged day - on - day, with a production profit of 1,922 yuan/ton. The production cost at the recycling end is generally higher than that at the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost at the salt lake end is 32,231 yuan/ton, significantly lower than that at the ore end, with sufficient profit margins and strong production motivation [10]. - **Basis**: On March 13, the spot price of battery - grade lithium carbonate was 159,000 yuan/ton, and the basis of the 05 contract was 6,920 yuan/ton, with the spot at a premium to the futures [10]. - **Inventory**: The smelter inventory is 16,292 tons, a 6.77% week - on - week decrease, lower than the historical average. The downstream inventory is 45,647 tons, a 4.32% week - on - week increase, higher than the historical average. Other inventories are 37,020 tons, a 2.93% week - on - week decrease, lower than the historical average. The total inventory is 98,959 tons, a 0.41% week - on - week decrease, lower than the historical average [10]. - **Disk**: The MA20 is upward, and the futures price of the 05 contract closes below the MA20, showing a neutral situation [10]. - **Main Position**: The main position is net short, and the short position increases, showing a bearish situation [10]. 3.3 Market Overview - **Price Changes**: The prices of various lithium - related products have different degrees of changes. For example, the price of spodumene (6%) increased by 0.68% day - on - day, and the price of battery - grade lithium carbonate increased by 0.63% day - on - day [16]. - **Supply and Demand Data**: The supply - side data shows changes in production, import, and export, while the demand - side data shows changes in production, inventory, and consumption in related industries such as lithium iron phosphate, ternary materials, and power batteries [19]. 3.4 Supply - Lithium Ore - **Price and Production**: The price of lithium ore (6% CIF) has fluctuated over time. The production of Chinese sample spodumene mines and domestic lithium mica has also changed in different years [26]. - **Import and Self - Sufficiency Rate**: The monthly import volume of lithium concentrate has changed, and the self - sufficiency rate of lithium ore has also shown different trends [26]. - **Supply - Demand Balance**: The supply - demand balance of domestic lithium ore shows different situations in different months, with fluctuations in production, import, export, and demand [29][30]. 3.5 Supply - Lithium Carbonate - **Production and Capacity**: The weekly and monthly production and capacity of lithium carbonate from different sources (lithium辉石, lithium mica, salt lake, and recycling materials) have changed over time [33]. - **Import and Export**: The monthly import volume of lithium carbonate from different countries and regions has changed, and the export volume is relatively small [33][36]. - **Supply - Demand Balance**: The monthly supply - demand balance of lithium carbonate shows different situations in different months, with fluctuations in production, import, export, and demand [39]. 3.6 Supply - Lithium Hydroxide - **Capacity Utilization and Production**: The weekly capacity utilization rate and monthly production of lithium hydroxide from different sources (causticization and smelting) have changed over time [42]. - **Export**: The export volume of Chinese lithium hydroxide has changed in different years [42]. - **Supply - Demand Balance**: The monthly supply - demand balance of lithium hydroxide shows different situations in different months, with fluctuations in production, import, export, and demand [44]. 3.7 Lithium Compound Cost and Profit - **Cost and Profit of Different Raw Materials**: The cost and profit of purchasing spodumene concentrate, lithium mica concentrate, and recycling materials to produce lithium carbonate and lithium hydroxide have changed over time [47][50]. - **Processing Cost Composition**: The processing cost composition of lithium mica concentrate and spodumene includes energy consumption, auxiliary materials, and miscellaneous items [47]. - **Other Profits**: The import profit of lithium carbonate, the purification profit of industrial - grade lithium carbonate, the carbonation profit of lithium hydroxide to lithium carbonate, and the export profit of lithium hydroxide have also changed over time [47][50][53]. 3.8 Inventory - **Lithium Carbonate Inventory**: The weekly and monthly inventory of lithium carbonate in smelters, downstream, and other aspects has changed over time [55]. - **Lithium Hydroxide Inventory**: The monthly inventory of lithium hydroxide in smelters and downstream has changed over time [55]. 3.9 Demand - Lithium Battery - Power Battery - **Price and Production**: The price of power batteries has changed over time, and the monthly production of power battery cells (ternary and lithium iron phosphate) has also changed [59]. - **Loading and Shipment**: The monthly loading volume and shipment volume of power batteries (ternary and lithium iron phosphate) have changed over time [59]. - **Export**: The export volume of lithium batteries has changed in different years [59]. 3.10 Demand - Lithium Battery - Energy Storage - **Inventory and Tender**: The inventory of lithium battery cells (ternary, lithium iron phosphate, and energy - storage batteries) and the EPC tender situation of energy - storage systems have changed over time [61]. - **Production and Shipment**: The monthly production and shipment volume of energy - storage battery cells have changed over time [61]. - **Cost**: The cost price of 314Ah lithium iron phosphate energy - storage battery cells has changed over time [61]. 3.11 Demand - Ternary Precursor - **Price and Cost**: The price of ternary precursors has changed over time, and the cost and profit of producing ternary precursors have also changed [64]. - **Capacity Utilization and Production**: The capacity utilization rate and monthly production of ternary precursors have changed over time [64]. - **Supply - Demand Balance**: The monthly supply - demand balance of ternary precursors shows different situations in different months, with fluctuations in production, import, export, and demand [67]. 3.12 Demand - Ternary Material - **Price and Cost**: The price of ternary materials has changed over time, and the cost and profit of producing ternary materials have also changed [70]. - **Production and Inventory**: The weekly production and inventory of ternary materials have changed over time [70][72]. - **Export and Import**: The export and import volumes of ternary materials have changed in different years [72]. 3.13 Demand - Iron Phosphate/Iron Phosphate Lithium - **Price and Cost**: The price of iron phosphate and iron phosphate lithium has changed over time, and the production cost and profit of iron phosphate lithium have also changed [74]. - **Production and Inventory**: The monthly production and weekly inventory of iron phosphate and iron phosphate lithium have changed over time [74][77][79]. - **Export**: The monthly export volume of iron phosphate lithium has changed in different years [77]. 3.14 Demand - New Energy Vehicle - **Production, Sales, and Export**: The production, sales, and export volumes of new energy vehicles (plug - in hybrid and pure - electric) have changed over time [82]. - **Penetration Rate**: The sales penetration rate of new energy vehicles has changed over time [83]. - **Retail - Wholesale Ratio and Inventory Index**: The retail - wholesale ratio of hybrid and pure - electric new energy vehicles and the inventory warning index and inventory index of dealers have changed over time [86].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The supply - side of lithium carbonate showed an upward trend last week, with a production of 22,590 tons, a 3.51% week - on - week increase and higher than the historical average. The demand - side had an increase in inventory of sample enterprises. The cost - side had different profit situations for different raw materials. Factors such as supply and demand balance, price fluctuations, and inventory changes would affect the price of lithium carbonate 2605 to fluctuate in the range of 152,580 - 163,620 [7]. 3. Summary by Directory 3.1 Daily View - **Supply**: Last week, lithium carbonate production was 22,590 tons, a 3.51% week - on - week increase, higher than the historical average. In February 2026, the production was 83,090 physical tons, and the predicted production for next month is 106,390 physical tons, a 28.04% month - on - month increase. The import volume in February 2026 was 21,800 physical tons, and the predicted import volume for next month is 26,000 physical tons, a 19.27% month - on - month increase [7]. - **Demand**: The inventory of sample enterprises of lithium iron phosphate and ternary materials increased. It is expected that the demand will strengthen next month and the inventory may be reduced [7]. - **Cost**: The cost of purchasing spodumene concentrate was 157,782 yuan/ton, with no daily change, resulting in a loss of 728 yuan/ton. The cost of purchasing lithium mica was 151,428 yuan/ton, a 1.35% daily decrease, resulting in a profit of 942 yuan/ton. The production cost of the recycling end was generally higher than that of the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost of the salt lake end was 32,231 yuan/ton, with sufficient profit space and strong production motivation [7]. - **Base Difference**: On March 12, the spot price of battery - grade lithium carbonate was 158,000 yuan/ton, and the base difference of the 05 contract was 1,020 yuan/ton, with the spot at a premium to the futures, a neutral situation [7]. - **Inventory**: The smelter inventory was 17,476 tons, unchanged week - on - week and lower than the historical average. The downstream inventory was 45,647 tons, a 4.32% week - on - week increase and higher than the historical average. Other inventories were 37,020 tons, a 2.93% week - on - week decrease and lower than the historical average. The total inventory was 98,958 tons, a 0.41% week - on - week decrease and lower than the historical average, a bullish situation [7]. - **Disk Surface**: The MA20 was upward, and the futures price of the 05 contract closed above the MA20, a bullish situation [7]. - **Main Position**: The main position was net short, and the short position decreased, a bearish situation [7]. - **Likely and Unlikely Factors**: Likely factors include the production cut plan of lithium mica manufacturers and the decrease in the amount of lithium carbonate imported from Chile. Unlikely factors are the continuous high supply at the ore/salt lake end with limited decline [9][10]. - **Main Logic**: Under the tight balance of supply and demand, the sentiment fluctuates due to news [11]. 3.2 Carbonate Lithium Market Overview - **Price and Base Difference**: The prices of various lithium - related products such as spodumene, lithium mica concentrate, and battery - grade lithium carbonate showed different degrees of increase or decrease. For example, the price of 6% spodumene was 2,195 US dollars/ton, a 0.90% decrease from the previous value; the price of battery - grade lithium carbonate was 158,000 yuan/ton, a 0.63% decrease from the previous value [14]. - **Supply and Demand Data**: The supply - side data showed changes in indicators such as weekly operating rate, production cost, and production profit. The demand - side data showed changes in indicators such as monthly operating rate, production, and inventory of related products [17]. 3.3 Supply - Lithium Ore - **Price and Production**: The price of lithium ore showed fluctuations over time. The production of Chinese sample spodumene mines and domestic lithium mica also showed changing trends in different years [24]. - **Import and Self - Sufficiency Rate**: The monthly import volume of lithium concentrate had changes, and the self - sufficiency rate of lithium ore also showed different levels in different periods [24]. - **Inventory**: The weekly inventory of port traders and unsold lithium ore showed changes in different years [24]. 3.4 Supply - Lithium Ore - Supply and Demand Balance Sheet - The demand, production, import, and export of lithium ore in different months from 2025 to 2026 were listed, and the balance situation was calculated. For example, in February 2026, the demand was - 80,211, the production was 21,540, the import was 59,830, and the balance was 1,149 [27][28]. 3.5 Supply - Carbonate Lithium - **Operating Rate and Production**: The weekly operating rate and production of lithium carbonate from different sources (spodumene, lithium mica, salt lake, and recycling materials) showed different changing trends in different years. The monthly production and capacity of lithium carbonate also changed over time [31]. - **Import and Recycling**: The monthly import volume of lithium carbonate from different countries (Chile, Argentina, etc.) and the monthly recycling volume of waste lithium batteries showed different levels in different periods [33][35]. 3.6 Supply - Carbonate Lithium - Supply and Demand Balance Sheet - The demand, production, import, and export of lithium carbonate in different months from 2025 to 2026 were listed, and the balance situation was calculated. For example, in February 2026, the demand was - 111,503, the production was 83,090, the import was 21,800, and the balance was - 6,821 [38]. 3.7 Supply - Lithium Hydroxide - **Capacity Utilization and Production**: The weekly capacity utilization rate and monthly operating rate of lithium hydroxide from different sources (causticization and smelting) showed different changing trends in different years. The production and export volume of lithium hydroxide also changed over time [40][42]. 3.8 Supply - Lithium Hydroxide - Supply and Demand Balance Sheet - The demand, production, import, and export of lithium hydroxide in different months from 2025 to 2026 were listed, and the balance situation was calculated. For example, in February 2026, the demand was - 24,202, the production was 22,940, the import was 2,000, and the balance was - 1,412 [44]. 3.9 Lithium Compound Cost and Profit - **Cost and Profit of Different Raw Materials**: The cost and profit of purchasing spodumene concentrate, lithium mica concentrate, and recycling different types of waste lithium battery materials to produce lithium carbonate showed different changing trends over time. The processing cost composition of lithium mica and spodumene also had different proportions [47][50]. - **Profit of Other Processes**: The profit of processes such as industrial - grade lithium carbonate purification, lithium hydroxide carbonization, and lithium carbonate causticization to lithium hydroxide also showed different levels in different periods [50][53]. 3.10 Inventory - **Carbonate Lithium Inventory**: The warehouse receipts, weekly inventory, and monthly inventory of lithium carbonate from different sources (smelter, downstream, etc.) showed different changing trends in different years [56]. - **Lithium Hydroxide Inventory**: The monthly inventory of lithium hydroxide from different sources (smelter, downstream) also changed over time [56]. 3.11 Demand - Lithium Battery - Power Battery - **Price and Production**: The price of batteries, monthly cell production, monthly power battery loading volume, power cell monthly shipment volume, and lithium battery export volume showed different changing trends in different years [58]. - **Cost**: The cost of cells also showed different levels in different periods [58]. 3.12 Demand - Lithium Battery - Energy Storage - **Inventory and Shipment**: The inventory of lithium battery cells, energy storage winning bids, energy storage battery industry operating rate, energy storage cell shipment, and monthly energy storage cell production showed different changing trends in different years [60]. - **Cost**: The cost - price trend of 314Ah lithium iron phosphate energy storage cells was also presented [60]. 3.13 Demand - Ternary Precursor - **Price and Cost**: The price of ternary precursors, cost, processing fee, capacity utilization rate, capacity, and monthly production showed different changing trends in different years [63]. - **Supply and Demand Balance**: The demand, production, import, export, and balance of ternary precursors in different months from 2025 to 2026 were listed [66]. 3.14 Demand - Ternary Material - **Price and Cost - Profit**: The price of ternary materials, cost - profit trend, weekly operating rate, capacity, production, processing fee, export volume, import volume, and weekly inventory showed different changing trends in different years [69][71]. 3.15 Demand - Iron Phosphate/Iron Phosphate Lithium - **Price and Cost - Profit**: The price of iron phosphate/iron phosphate lithium, production cost, cost - profit trend, capacity, monthly operating rate, monthly production, monthly export volume, and weekly inventory showed different changing trends in different years [73][76]. 3.16 Demand - New Energy Vehicle - **Production, Sales, and Export**: The production, export volume, sales volume, sales penetration rate, retail - wholesale ratio, dealer inventory warning index, and dealer inventory index of new energy vehicles showed different changing trends in different years [81][85].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The supply of lithium carbonate is increasing, with last week's production at 22,590 tons, a 3.51% week-on-week increase and higher than the historical average. The demand side shows an increase in the inventory of sample enterprises of lithium iron phosphate and ternary materials. The cost side has different profit and loss situations for different raw materials, with the cost of salt lake end significantly lower than that of the ore end. The 2605 contract of lithium carbonate is expected to oscillate in the range of 150,380 - 161,780. There are both positive and negative factors in the market, with positive factors including the production cut plan of lithium mica manufacturers and the decrease in the import volume of lithium carbonate from Chile, and negative factors including the high supply of ore/salt lake end with limited decline [8]. - The main logic is the emotional shock caused by news under the tight balance of supply and demand [11]. 3. Summary According to the Directory 3.1 Daily Viewpoints - **Fundamentals**: Supply side: Last week's lithium carbonate production was 22,590 tons, a 3.51% week-on-week increase and higher than the historical average. Demand side: The inventory of sample enterprises of lithium iron phosphate and ternary materials increased by 8.61% and 3.35% respectively. Cost side: The cost of purchasing lithium spodumene concentrate is 157,782 yuan/ton, a daily decrease of 316.88%, resulting in a loss of -855 yuan/ton; the cost of purchasing lithium mica is 153,505 yuan/ton, a daily decrease of 0.89%, resulting in a profit of 21 yuan/ton; the production cost of the recycling end is generally higher than that of the ore end, with negative production income and low production enthusiasm; the quarterly cash production cost of the salt lake end is 32,231 yuan/ton, with sufficient profit space and strong production motivation [8]. - **Basis**: On March 11, the spot price of battery-grade lithium carbonate was 159,000 yuan/ton, and the basis of the 05 contract was 3,960 yuan/ton, with the spot at a premium to the futures [8]. - **Inventory**: The inventory of smelters was 17,476 tons, a 4.92% week-on-week decrease and lower than the historical average; the downstream inventory was 43,757 tons, a 9.34% week-on-week increase and higher than the historical average; other inventories were 38,140 tons, an 8.51% week-on-week decrease and lower than the historical average; the total inventory was 99,373 tons, a 0.71% week-on-week decrease and lower than the historical average [8]. - **Disk**: The MA20 is upward, and the futures price of the 05 contract closed above the MA20 [8]. - **Main Position**: The main position is net short, and the short position is decreasing [8]. - **Expectation**: In February 2026, the production of lithium carbonate was 83,090 physical tons, and the predicted production for next month is 106,390 physical tons, a 28.04% month-on-month increase. The import volume in February was 21,800 physical tons, and the predicted import volume for next month is 26,000 physical tons, a 19.27% month-on-month increase. The demand is expected to strengthen next month, and the inventory may be reduced. The CIF price of 6% concentrate has a daily increase, lower than the historical average, and the demand-led situation is weakening. The 2605 contract of lithium carbonate is expected to oscillate in the range of 150,380 - 161,780 [8]. 3.2 Fundamentals/Position Data - **Yesterday's Market Overview**: The prices of various lithium compounds and related products showed different changes, including the prices of lithium spodumene, lithium mica concentrate, lithium salts, cathode materials, and lithium batteries [14]. - **Supply and Demand Data Overview**: The supply side shows a decrease in the weekly and monthly production of lithium carbonate, a decrease in the import volume of lithium concentrate, and an increase in the import volume of lithium carbonate. The demand side shows a decrease in the monthly production and export volume of lithium iron phosphate and lithium iron phosphate lithium, and a decrease in the monthly production and loading volume of power batteries [17]. 3.3 Lithium Ore Supply - **Lithium Ore Price and Production**: The price of lithium ore shows a long - term trend, and the production of lithium spodumene and lithium mica mines in China has different trends in different years [24]. - **Lithium Ore Import**: The monthly import volume of lithium concentrate shows fluctuations, with a significant decrease in the import volume from Australia [17][24]. - **Lithium Ore Self - Sufficiency Rate**: The self - sufficiency rate of lithium ore shows different trends for lithium spodumene, lithium ore, and lithium mica [24]. - **Lithium Ore Inventory**: The weekly inventory of port traders and unsold lithium ore shows fluctuations in different years [24]. 3.4 Lithium Carbonate Supply - **Lithium Carbonate Production and Capacity**: The weekly and monthly production and capacity of lithium carbonate show different trends, with different production contributions from different raw materials [31]. - **Lithium Carbonate Import**: The monthly import volume of lithium carbonate shows fluctuations, with different import sources including Chile, Argentina, etc. [33]. - **Recycling of Waste Lithium Batteries**: The monthly recycling volume of waste lithium batteries shows trends, including the recycling of lithium iron phosphate and ternary materials [36]. 3.5 Lithium Hydroxide Supply - **Lithium Hydroxide Capacity Utilization and Production**: The weekly capacity utilization rate and monthly production of lithium hydroxide show different trends, with different production contributions from the causticization and smelting ends [41]. - **Lithium Hydroxide Export**: The export volume of lithium hydroxide shows trends in different years [43]. 3.6 Lithium Compound Cost and Profit - **Cost and Profit of Purchased Lithium Spodumene and Lithium Mica**: The cost and profit of purchasing lithium spodumene and lithium mica show long - term trends, with different cost compositions [48]. - **Cost and Profit of Recycling Lithium Carbonate**: The cost and profit of recycling lithium carbonate from different types of black powder show trends [51]. - **Profit of Lithium Carbonate Purification and Carbonation**: The profit of purifying industrial - grade lithium carbonate and carbonating lithium hydroxide shows trends [51][54]. - **Profit of Lithium Hydroxide Processing and Export**: The profit of processing lithium hydroxide and exporting it shows trends [54]. 3.7 Inventory - **Lithium Carbonate Inventory**: The weekly and monthly inventory of lithium carbonate shows trends, including the inventory of smelters, downstream, and other sources [57]. - **Lithium Hydroxide Inventory**: The monthly inventory of lithium hydroxide shows trends, including the inventory of smelters and downstream [57]. 3.8 Demand - Lithium Battery - Power Battery - **Battery Price and Production**: The price of power batteries shows trends, and the monthly production of power battery cells shows different trends for ternary and lithium iron phosphate [59]. - **Battery Loading and Shipment**: The monthly loading volume and shipment volume of power batteries show trends, including the contributions of lithium iron phosphate and ternary materials [59]. - **Lithium Battery Export**: The export volume of lithium batteries shows trends in different years [59]. 3.9 Demand - Lithium Battery - Energy Storage - **Energy Storage Battery Inventory and Bid**: The inventory of energy storage battery cells shows trends, and the EPC bid price of energy storage systems shows trends [61]. - **Energy Storage Battery Production and Shipment**: The monthly production and shipment volume of energy storage battery cells show trends, including the contributions of different application scenarios [61]. 3.10 Demand - Ternary Precursor - **Ternary Precursor Price and Cost**: The price of ternary precursors shows trends, and the cost and profit of ternary precursors show trends [64]. - **Ternary Precursor Capacity and Production**: The capacity and monthly production of ternary precursors show trends, including different types such as 333, 523, 622, 811, and NCA [64]. - **Ternary Precursor Supply - Demand Balance**: The monthly supply - demand balance of ternary precursors shows trends, with different values of production, import, demand, export, and balance [67]. 3.11 Demand - Ternary Material - **Ternary Material Price and Cost**: The price of ternary materials shows trends, and the cost and profit of ternary materials show trends [70]. - **Ternary Material Production and Inventory**: The monthly production and weekly inventory of ternary materials show trends, including different types such as NCA, 3 - series, 5 - series, 6 - series, and 8 - series [70][72]. 3.12 Demand - Iron Phosphate/Iron Phosphate Lithium - **Iron Phosphate/Iron Phosphate Lithium Price and Cost**: The price of iron phosphate and iron phosphate lithium shows trends, and the cost and profit of iron phosphate lithium show trends [74]. - **Iron Phosphate/Iron Phosphate Lithium Production and Export**: The monthly production and export volume of iron phosphate and iron phosphate lithium show trends [77]. - **Iron Phosphate Lithium Inventory**: The weekly inventory of iron phosphate lithium shows trends [79]. 3.13 Demand - New Energy Vehicle - **New Energy Vehicle Production and Sales**: The production, sales, and export volume of new energy vehicles show trends, including plug - in hybrid and pure - electric vehicles [82]. - **New Energy Vehicle Penetration Rate and Inventory Index**: The sales penetration rate of new energy vehicles shows trends, and the inventory warning index and inventory index of dealers show trends [83][86].