1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The price of lithium carbonate is expected to show a wide - range oscillation pattern with a risk of correction due to large long - short divergence, poor price transmission to the cell end, and the price remaining at a two - year high, despite strong downstream energy storage demand and a certain de - stocking state this week. Attention should be paid to whether downstream consumption can drive the value - chain transmission of lithium carbonate [3] 3. Summary by Related Catalogs Market Analysis - On January 15, 2026, the main contract 2605 of lithium carbonate opened at 163,840 yuan/ton and closed at 163,220 yuan/ton, with a - 1.31% change compared to the previous day's settlement price. The trading volume was 431,256 lots, and the open interest was 443,942 lots (452,583 lots the previous day). The current basis was - 3,980 yuan/ton, and the number of lithium carbonate warehouse receipts was 27,205 lots, a change of 47 lots from the previous day [1] - According to SMM data, the price of battery - grade lithium carbonate was 156,000 - 162,000 yuan/ton, a - 4,000 yuan/ton change from the previous day; the price of industrial - grade lithium carbonate was 152,000 - 159,000 yuan/ton, also a - 4,000 yuan/ton change. The price of 6% lithium concentrate was 2,155 US dollars/ton, a - 45 US dollars/ton change. Due to regulatory policies and high prices, the price of lithium carbonate has been in a callback state, but there was a certain rebound at the end of yesterday's trading due to de - stocking. The current spot inventory is 109,942 tons, a - 263 - ton change from the previous week. Among them, smelter inventory was 19,727 tons (+1,345 tons), downstream inventory was 35,652 tons (- 888 tons), and other inventory was 54,300 tons (- 720 tons) [2] Strategy - Given the large long - short divergence, strong downstream energy storage demand, and a certain de - stocking state this week, but poor price transmission to the cell end and the price remaining at a two - year high, the price of lithium carbonate is expected to show a wide - range oscillation pattern with a risk of correction. Attention should be paid to whether downstream consumption can drive the value - chain transmission of lithium carbonate [3] Trading Recommendations - For unilateral trading, it is recommended to wait and see in the short term. There are no recommendations for inter - delivery spread, cross - variety, spot - futures, and options trading [5]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The lithium carbonate futures closed higher. In the afternoon, due to the overall decline of risk assets and the limit - down of polysilicon, the selling sentiment spread to lithium carbonate futures, causing the main contract to briefly fall below 140,000, but it rebounded at the end of the session. The spot prices in the industrial chain continued to rise. The social inventory of lithium carbonate increased this week, interrupting the destocking process, but the increase in iron - lithium processing fees, the growing production willingness of iron - lithium plants, the increasing production of energy - storage cells, and the delayed resumption of the Jianxiaowo mine are expected to prevent the inventory build - up from reversing the price trend. It is recommended to buy on dips for lithium carbonate futures [12]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - Market situation: The lithium carbonate futures closed higher. In the afternoon, affected by the overall decline of risk assets and the limit - down of polysilicon, the selling sentiment spread, causing the main contract to briefly fall below 140,000, but it rebounded at the end. The spot price of steel - linked electric carbon rose by 200 to 139,400, Australian ore rose by 125 to 1985, lithium mica rose by 165 to 2070, ternary materials remained flat, and iron - lithium rose by 2700 - 2900 [12]. - Inventory situation: This week, the social inventory of lithium carbonate increased by 337 tons to 109,900 tons. The continuous rise in lithium prices, downstream production cuts, and holiday factors interrupted the destocking process [12]. - Operation suggestion: It is recommended to buy on dips for lithium carbonate futures, but short - term selling sentiment should be monitored [12]. 3.2. Industry News - **Xingfa Group**: Hubei Xingshun New Materials Co., Ltd., a subsidiary of Xingfa Group, has put into trial operation a lithium iron phosphate production line customized for BYD on January 5. The production line has added more than 20 magnetic separation devices to improve product performance, with an annual designed capacity of 80,000 tons. The company plans to achieve a production and sales volume of 70,000 tons in 2026, and the production line will be basically at full capacity from March. Tonnage samples have passed BYD's tests and are about to be supplied in batches. The company is also promoting the verification and introduction of leading battery cell manufacturers such as EVE Energy and has formed a complete product matrix relying on the group's phosphate ore and hydropower resources [13]. - **Premier African Minerals**: Premier African Minerals, a UK - based mining and exploration company, has reached an agreement with its major shareholder Canmax Technologies to extend the deadline of the reiteration of the off - take and prepayment agreement for the Zulu lithium - tantalum project in Zimbabwe from December 31, 2025, to June 30, 2026. This is the third adjustment after two revisions in December 2024 and April 2025, as Premier had previously failed to deliver lithium concentrate as required [13][14].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The de - stocking of lithium carbonate is less than expected, and attention should be paid to the risk of a high - level decline [1] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **2601 Contract**: The closing price was 104,440 yuan, down 2,380 yuan from T - 1; the trading volume was 37,631 lots, down 18,448 lots from T - 1; the open interest was 68,869 lots, down 10,585 lots from T - 1 [1] - **2605 Contract**: The closing price was 106,160 yuan, down 2,460 yuan from T - 1; the trading volume was 1,013,916 lots, down 144,695 lots from T - 1; the open interest was 672,711 lots, up 4,122 lots from T - 1 [1] - **Warehouse Receipt Volume**: It was 15,636 lots, unchanged from T - 1 [1] - **Basis**: Spot - 2601 was - 6,890 yuan, up 2,880 yuan from T - 1; Spot - 2605 was - 8,610 yuan, up 2,960 yuan from T - 1; 2601 - 2605 was - 1,720 yuan, up 80 yuan from T - 1 [1] - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 1,326 US dollars, up 6 US dollars from T - 1; the price of lepidolite (2.0% - 2.5%) was 2,825 yuan, up 40 yuan from T - 1 [1] - **Lithium Salts**: The price of battery - grade lithium carbonate was 97,550 yuan, up 500 yuan from T - 1; the price of industrial - grade lithium carbonate was 94,950 yuan, up 500 yuan from T - 1 [1] 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 97,690 yuan/ton, up 519 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 97,550 yuan/ton, up 500 yuan/ton from the previous working day. The average price of industrial - grade lithium carbonate was 94,950 yuan/ton, up 500 yuan/ton from the previous working day [2] - This week, the lithium carbonate output was 22,045 tons, an increase of 47 tons from last week. The industry - wide inventory was 110,425 tons, with a de - stocking of 1,044 tons from last week [2] 3.3 Trend Intensity - The trend intensity of lithium carbonate was 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [4]

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report 2. Core View of the Report - The destocking of lithium carbonate continues, but spot trading is weak, and the price will continue to fluctuate within a range [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: The closing price of the 2601 contract is 95,920 yuan, down 1,060 yuan from the previous day; the closing price of the 2605 contract is 97,720 yuan, down 1,160 yuan from the previous day. The trading volume and open interest of the two contracts have different degrees of change. The warehouse receipt volume is 15,050 lots, an increase of 300 lots from the previous day [1] - **Basis Data**: The basis of spot - 2601 is -1,420 yuan, the basis of spot - 2605 is -3,220 yuan, the basis of 2601 - 2605 is -1,800 yuan. The difference between electric carbon and industrial carbon is 2,500 yuan, and the difference between spot and CIF is 18,471 yuan [1] - **Raw Material Data**: The price of lithium spodumene concentrate (6%, CIF China) is 1,220 yuan, up 10 yuan from the previous day; the price of lithium mica (2.0% - 2.5%) is 2,605 yuan, up 15 yuan from the previous day [1] - **Lithium Salt Data**: The price of battery - grade lithium carbonate is 94,500 yuan, up 1,000 yuan from the previous day; the price of industrial - grade lithium carbonate is 92,000 yuan, up 1,000 yuan from the previous day. The prices of other lithium salts and related products also have different degrees of change [1] 3.2 Macro and Industry News - SMM battery - grade lithium carbonate index price is 94,581 yuan/ton, up 1,022 yuan/ton compared with the previous working day. The average price of battery - grade lithium carbonate is 94,500 yuan/ton, up 1,000 yuan/ton; the average price of industrial - grade lithium carbonate is 92,000 yuan/ton, up 1,000 yuan/ton [2] - As of December 12th, the inventory of lithium ore spot in ports and warehouses of 30 sample lithium ore traders is 165,000 tons, an increase of 5,000 tons from the previous week, and the salable inventory is 114,000 tons, an increase of 14,000 tons from the previous week [3] 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, which is in a neutral state [3]

Report Summary 1. Report's Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The destocking of lithium carbonate has slowed down marginally, and there may be upward pressure on prices [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: For the 2601 contract, the closing price was 92,260 yuan, with changes of -1,740 yuan compared to T - 5 and -6,720 yuan compared to T - 10; the trading volume was 101,978 lots, with significant decreases compared to previous periods; the open interest was 203,219 lots, also showing declines. For the 2605 contract, the closing price was 93,700 yuan, the trading volume was 663,458 lots, and the open interest was 560,629 lots, with different trends compared to previous periods [1]. - **Warehouse Receipts**: The warehouse receipt volume was 10,422 lots, with an increase of 770 lots compared to T - 1 but significant decreases compared to other previous periods [1]. - **Basis**: The basis of spot - 2601 was 1,740 yuan, and the basis of 2601 - 2605 was -1,440 yuan, with corresponding changes compared to previous periods [1]. - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 1,162 US dollars, and the price of lithium mica (2.0% - 2.5%) was 2,515 yuan, both with price changes compared to previous periods [1]. - **Lithium Salts and Other Products**: The prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, and other products also showed different degrees of change compared to previous periods. For example, the price of battery - grade lithium carbonate was 94,000 yuan, a decrease of 350 yuan compared to the previous day [1]. 3.2 Macro and Industry News - **Price Information**: The SMM battery - grade lithium carbonate index price was 94,185 yuan/ton, a decrease of 534 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate was 94,000 yuan/ton, and the average price of industrial - grade lithium carbonate was 91,550 yuan/ton, both decreased by 350 yuan/ton compared to the previous working day [2]. - **Production and Inventory**: The weekly production of lithium carbonate was 21,939 tons, an increase of 74 tons compared to the previous week. The industry inventory was 113,602 tons, with a destocking of 2,366 tons compared to the previous week [2]. - **Project Financing**: Vulcan Energy has obtained nearly 2.5 billion US dollars in financing for the construction of the largest lithium production project in Europe. The first - phase project of the German Lionheart lithium project has a target annual production capacity of 24,000 tons of lithium, and all the off - take contracts for the first ten years have been signed [4]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral view, with the trend intensity ranging from - 2 (most bearish) to 2 (most bullish) [4].

Group 1: Market Analysis - On December 2, 2025, the main contract of lithium carbonate 2605 opened at 96,840 yuan/ton and closed at 96,560 yuan/ton, with a -0.72% change from the previous settlement price. The trading volume was 454,290 lots, and the open interest was 552,239 lots, compared to 543,633 lots the previous day. The basis was -2,240 yuan/ton, and the number of lithium carbonate warrants was 8,992 lots, a change of 770 lots from the previous trading day [1]. Group 2: Lithium Carbonate Spot Market - According to SMM data, the price of battery-grade lithium carbonate was 92,300 - 96,500 yuan/ton, a change of 50 yuan/ton from the previous day, and industrial-grade lithium carbonate was 90,800 - 93,100 yuan/ton, also a 50 yuan/ton change. The price of 6% lithium concentrate was 1,215 US dollars/ton, a -8 US dollars/ton change from the previous day. Downstream material factories mainly rely on long - term contracts and customer - supplied channels, and spot purchases are mainly for rigid demand, with light market transactions. Annual long - term contract negotiations between upstream and downstream enterprises are ongoing, focusing on next year's price coefficient and purchase volume. In December, domestic lithium carbonate production is expected to increase by about 3% month - on - month. In December, new energy vehicle sales are still good, and the energy storage market remains in a situation of strong supply and demand with a tight supply pattern. The production schedules of cells and cathode materials are expected to remain high in December, with a slight month - on - month decline. Overall, lithium carbonate will continue to be destocked in December, but at a slower pace than in November [2]. Group 3: BYD's Battery Business - On the evening of December 1, BYD released its production and sales report for November 2025. In November 2025, BYD's total installed capacity of new energy vehicle power batteries and energy storage batteries was about 27.669 GWh, an increase from 27.362 GWh in the previous month, a year - on - year increase of 23.13% and a month - on - month increase of 1.12%, breaking the second - highest historical record. From January to November 2025, BYD's cumulative installed capacity was about 258.282 GWh, a cumulative year - on - year increase of 50.9% [3]. Group 4: Strategy - In December, the destocking pace starts to slow down, but consumption has some support. Currently, the resumption of mining operations is in progress, and it is expected to resume within the year. There are significant differences in consumption forecasts for the first quarter. It is expected that the power battery segment will decline, while the energy storage segment will remain at a high level. Overall, consumption in the first quarter is expected to decline quarter - on - quarter, and there is a high possibility of lithium carbonate inventory accumulation. For single - side trading, it is advisable to wait and see in the short term [4].

Group 1: Market Analysis - The main contract for lithium carbonate opened at 96,840 yuan/ton and closed at 96,560 yuan/ton, reflecting a decrease of 0.72% from the previous settlement price. The trading volume was 454,290 lots, with an open interest of 552,239 lots, up from 543,633 lots the previous day [2][10] - The current basis is -2,240 yuan/ton, indicating the difference between the average price of electric carbon and futures [2][10] - The spot price for battery-grade lithium carbonate is quoted between 92,300 and 96,500 yuan/ton, with a change of 50 yuan/ton from the previous day. Industrial-grade lithium carbonate is priced between 90,800 and 93,100 yuan/ton, also reflecting a change of 50 yuan/ton [3][11] Group 2: Supply and Demand Dynamics - Domestic lithium carbonate production is expected to grow by approximately 3% month-on-month in December, supported by the gradual commissioning of new production lines and sustained demand from downstream sectors [3][11] - The sales of new energy vehicles remain strong in December, and the energy storage market continues to experience robust supply and demand dynamics, maintaining a tight supply situation [3][11] - The overall inventory reduction of lithium carbonate is expected to slow down in December compared to November, as supply increases steadily while demand remains relatively stable [3][11] Group 3: Company Performance - BYD reported a total installation of approximately 27.669 GWh for new energy vehicle power batteries and energy storage batteries in November 2025, marking a year-on-year increase of 23.13% and a month-on-month increase of 1.12% [4][12] - Cumulatively, BYD's total installation from January to November 2025 reached approximately 258.282 GWh, reflecting a year-on-year growth of 50.9% [4][12] Group 4: Strategic Outlook - The inventory reduction is beginning to slow, but consumption shows some support. The recovery of mining operations is progressing, with expectations for completion within the year [5][13] - There are significant divergences regarding first-quarter consumption forecasts, with expectations for a decrease in the power battery sector while energy storage remains high [5][13]

Group 1: Market Overview - The US stock market indices rose for the fifth consecutive trading day, with the Nasdaq up 0.65%, the Dow Jones up 0.61%, and the S&P 500 up 0.54%. The S&P 500 achieved its largest weekly gain in five months, marking seven consecutive months of increases [1] - Metal prices surged, with spot silver reaching a record high, climbing 5.7% to $56.46 per ounce, and LME copper rising 2.5% to around $11,210 per ton [1] Group 2: Oil Market - International oil prices fell for the fourth consecutive month in November, with WTI crude oil down 0.2% to $58.55 per barrel and Brent crude down 0.8% to $62.38 per barrel [4] - Traders are closely monitoring the upcoming OPEC+ meeting and assessing the impact of geopolitical situations on market supply [4] Group 3: Lithium Carbonate Market - The core contradiction in the lithium carbonate market remains under discussion, with expectations for the resumption of the Jiangxia lithium mine already priced in, leading to a low opening and subsequent rise in futures prices [6][7] - Current long-term demand growth for lithium carbonate is considered stable, despite seasonal production cuts from salt lake lithium extraction [7] - Weekly inventory data shows a decrease in lithium carbonate inventory, with a reduction of 2,452 tons, indicating a slowing down of the inventory drawdown trend [8] Group 4: Future Outlook - The market is entering a demand verification phase, with analysts emphasizing the importance of monitoring demand expectations and the timing of the Jiangxia lithium mine's resumption [10] - There is a consensus on optimistic long-term expectations for lithium carbonate, but near-term contracts face uncertainty due to the interplay of strong current demand and weak future expectations [9]

Group 1: Market Performance - The U.S. stock market indices rose collectively for the fifth consecutive trading day, with the Nasdaq up 0.65%, the Dow Jones up 0.61%, and the S&P 500 up 0.54% [2] - The S&P 500 index achieved its largest weekly gain in five months, marking a seven-month streak of increases [2] Group 2: Commodity Prices - Spot silver and LME copper prices reached record highs, with spot silver rising 5.7% to $56.46 per ounce and COMEX silver futures for March up 6.49% to $57.085 per ounce [2] - London copper prices increased by 2.5%, reaching approximately $11,210 per ton [2] Group 3: Oil Market - International oil prices fell for the fourth consecutive month in November, with WTI crude oil down 0.2% to $58.55 per barrel and Brent crude down 0.8% to $62.38 per barrel [5] - Traders are monitoring the upcoming OPEC+ meeting and assessing the impact of geopolitical situations on market supply [5] Group 4: Lithium Carbonate Market - The core contradiction in the lithium carbonate market remains under discussion, with expectations of the Jiangxia lithium mine's resumption already priced in [7] - The lithium carbonate futures market showed a low opening and high closing trend, with the LC2605 contract settling at 96,420 yuan per ton, down 0.62% [7] - Analysts suggest that the resumption of the Jiangxia lithium mine will not significantly impact next year's supply-demand balance, as the market is more focused on demand-driven trading logic [7][8] Group 5: Inventory and Demand Trends - Current long-term demand growth for lithium carbonate is considered stable, despite seasonal production cuts in lithium extraction from salt lakes [8] - Weekly inventory data indicates a decrease of 2,452 tons, with total lithium carbonate inventory at 116,000 tons as of November 28 [8] - Expectations for December indicate a potential shift from inventory depletion to accumulation, with a forecasted decrease of around 12,000 tons in November [9] Group 6: Future Outlook - The market is entering a demand verification phase, with a focus on the realization of demand expectations for next year [10] - Analysts emphasize the need to monitor the timing of the Jiangxia lithium mine's resumption and the production levels of lithium carbonate, along with overseas mining and South American salt lake export data [10]

Report Summary 1) Report Industry Investment Rating - No investment rating is provided in the report. 2) Core Viewpoints - The destocking speed of lithium carbonate has slowed down, and the cooling market sentiment may lead to a price correction [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - **2601 Contract**: The closing price was 98,980 yuan, down 320 yuan; the trading volume was 1,595,646 lots, down 171,782 lots; the open interest was 479,602 lots, down 23,530 lots [1]. - **2605 Contract**: The closing price was 100,120 yuan, down 340 yuan; the trading volume was 627,740 lots, up 200,318 lots; the open interest was 339,769 lots, up 20,438 lots [1]. - **Warehouse Receipts**: The quantity was 26,916 lots, up 150 lots [1]. - **Basis**: The basis between spot and 2601 contract was -7,680 yuan; the basis between 2601 and 2605 contracts was -1,140 yuan [1]. - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 1,117 yuan, up 31 yuan; the price of lepidolite (2.0%-2.5%) was 2,700 yuan, up 125 yuan [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 91,300 yuan, up 2,400 yuan; the price of industrial - grade lithium carbonate was 88,900 yuan, up 2,400 yuan [1]. Macro and Industry News - The SMM battery - grade lithium carbonate index price was 92,400 yuan/ton, up 2,563 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate was 91,300 yuan/ton, up 2,400 yuan/ton; the average price of industrial - grade lithium carbonate was 88,900 yuan/ton, up 2,400 yuan/ton [2]. - This week, the lithium carbonate output was 22,130 tons, an increase of 585 tons from last week, and the industry inventory was 118,420 tons, a destocking of 2,052 tons from last week [2]. Trend Intensity - The trend intensity of lithium carbonate was -1, indicating a bearish view [3].