Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Report's Core View - Demand side: The traditional peak season for new energy vehicles is approaching, and the demand for energy storage is strong. The continuous reduction of lithium carbonate social inventory supports the futures price [3]. - Supply side: The overall increase in production is the main factor suppressing the futures price [3]. - Market speculation: Attention should be paid to whether the market will hype supply - side issues again due to demand improvement and environmental problems in Qinghai salt lakes [3]. 3. Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 73,850 yuan/ton, SMM industrial - grade lithium carbonate average price is 71,600 yuan/ton, and the difference between them is 2,250 yuan/ton [1][2]. - Futures contract closing prices and their changes: Lithium carbonate 2605 at 73,780 yuan/ton with a - 0.67% change; 2606 at 73,540 yuan/ton with a - 0.86% change; 2607 at 73,440 yuan/ton with a - 0.73% change; 2608 at 73,620 yuan/ton with a - 0.65% change; 2609 at 73,500 yuan/ton with a - 0.7% change [1]. Lithium Ore - Lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) is 860 yuan/ton [1]. - Lithium mica prices vary by grade: 1165 yuan/ton for (Li20: 1.5% - 2.0%), 1900 yuan/ton for (Li20: 2.0% - 2.5%) [2]. - Phosphorus - lithium - aluminum stone prices also vary by grade: 6130 yuan/ton for (Li20: 6% - 7%), 7265 yuan/ton for (Li20: 7% - 8%) [2]. Cathode Materials - The average price of lithium iron phosphate (power type) is 33,710 yuan/ton [2]. - The average price of ternary material 811 (polycrystalline/power type) is 147,450 yuan/ton with a 200 - yuan change; 523 (single - crystal/power type) is 120,350 yuan/ton with a 150 - yuan change; 613 (single - crystal/power type) is 125,000 yuan/ton with a 150 - yuan change [2]. Inventory - Total inventory (weekly, tons) is 137,531 tons with a - 981 - ton change; smelter inventory (weekly, tons) is 34,456 tons with a - 1757 - ton change; downstream inventory (weekly, tons) is 59,495 tons with a 1216 - ton change; other inventory (weekly, tons) is 43,580 tons with a - 440 - ton change; registered warehouse receipts (daily, tons) is 39,449 tons with a 540 - ton change [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 75,536 yuan/ton, and the profit is - 2759 yuan/ton [3]. - The cash cost of purchasing lithium mica concentrate externally is 79,306 yuan/ton, and the profit is - 8521 yuan/ton [3]. Environmental Issue - Qinghai Chaidamu Xinghua Lithium Salt Co., Ltd. was reported for illegally burying a large amount of industrial hazardous waste, and a national special rectification action on illegal dumping and disposal of solid waste has been launched [3].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The price of lithium carbonate is mainly supported by downstream purchases, but the production increase of cathode and battery factories in July is small, and the purchasing power mainly comes from traders with limited space. Due to the price rebound, the supply increase in July is relatively large, deepening the oversupply situation and dragging down the price increase. There are no signs of production cuts in the ore segment. It is expected that the downward pressure on the futures price of lithium carbonate will intensify as the purchasing pace slows down [3] Group 3: Summary of Lithium Compound Information - The average price of SMM battery - grade lithium carbonate is 62,100 yuan, with a daily increase of 450 yuan; the average price of SMM industrial - grade lithium carbonate is 60,500 yuan, with a daily increase of 450 yuan [1] - The closing price of lithium carbonate 2507 futures contract is 64,300 yuan, with a daily increase of 1.07%; the closing price of lithium carbonate 2508 is 64,160 yuan, with a daily increase of 0.82%; the closing price of lithium carbonate 2509 is 64,080 yuan, with a daily increase of 0.91%; the closing price of lithium carbonate 2510 is 63,800 yuan, with a daily increase of 0.76%; the closing price of lithium carbonate 2511 is 63,720 yuan, with a daily increase of 0.92% [1] Group 4: Summary of Lithium Ore Information - The average price of lithium spodumene concentrate (CIF China) is 652 yuan, with a daily increase of 20 yuan; the average price of lithium mica (Li20: 1.5% - 2.0%) is 765 yuan, with a daily increase of 25 yuan; the average price of lithium mica (Li20: 2.0% - 2.5%) is 1315 yuan, with a daily increase of 40 yuan; the average price of phospho - lithium - aluminum stone (Li20: 6% - 7%) is 4325 yuan, with a daily increase of 50 yuan; the average price of phospho - lithium - aluminum stone (Li20: 7% - 8%) is 5150 yuan, with a daily increase of 50 yuan [1][2] Group 5: Summary of Cathode Material Information - The average price of lithium iron phosphate (power type) is 30,660 yuan, with a daily increase of 110 yuan; the average price of ternary material 811 (polycrystalline/power type) is 142,520 yuan; the average price of ternary material 523 (single - crystal/power type) is 114,505 yuan, with a daily increase of 50 yuan; the average price of ternary material 613 (single - crystal/power type) is 120,165 yuan, with no change [2] Group 6: Summary of Price Difference Information - The price difference between battery - grade and industrial - grade lithium carbonate is 1600 yuan; the price difference between battery - grade lithium carbonate and the main contract is - 1980 yuan, with a change of 330 yuan; the price difference between the near - month and the first - continuous contract is 80 yuan, with a change of - 20 yuan; the price difference between the near - month and the second - continuous contract is 360 yuan [2] Group 7: Summary of Inventory Information - The total inventory (weekly, tons) is 138,347 tons, with an increase of 1510 tons; the inventory of smelters (weekly, tons) is 58,890 tons, with a decrease of 142 tons; the inventory of downstream (weekly, tons) is 40,497 tons, with a decrease of 138 tons; the inventory of others (weekly, tons) is 38,960 tons, with an increase of 1790 tons; the registered warehouse receipts (daily, tons) is 22,880 tons, with a decrease of 300 tons [2] Group 8: Summary of Profit Estimation Information - The cash cost of purchasing lithium spodumene concentrate is 61,596 yuan, and the profit is - 355 yuan; the cash cost of purchasing lithium mica concentrate is 66,176 yuan, and the profit is - 6447 yuan [3] Group 9: Summary of Industry Policy Information - Zimbabwe will ban the export of lithium concentrate from 2027 to further promote local processing. As Africa's top lithium producer, Zimbabwe has banned the export of lithium ore since 2022 to encourage miners to process more domestically [3]

Report Industry Investment Rating - Not provided Core Viewpoints - The downward pressure on the futures price of lithium carbonate is expected to intensify as the purchasing pace slows. The price is mainly supported by downstream purchases, but the production increase of cathode and battery factories in July is small, and the purchasing power mainly comes from traders with limited space. In addition, due to the price rebound, the supply increase in July is relatively large, deepening the pattern of oversupply and dragging down the price increase, and there are no signs of production cuts in the ore segment [3] Summary by Relevant Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 61,650 yuan/ton, up 350 yuan; the average price of SMM industrial - grade lithium carbonate is 60,050 yuan/ton, up 350 yuan [1] - The closing prices and price increases of lithium carbonate futures contracts: lithium carbonate 2507 is 63,980 yuan, up 2.99%; lithium carbonate 2508 is 64,060 yuan, up 2.99%; lithium carbonate 2509 is 63,960 yuan, up 3.19%; lithium carbonate 2510 is 63,700 yuan, up 3.07%; lithium carbonate 2511 is 63,560 yuan, up 3.01% [1] Lithium Ore - The average price of lithium spodumene concentrate (CIF China) is 632 yuan, up 7 yuan [1] - The average price of lithium mica (Li20: 1.5% - 2.0%) is 740 yuan, up 20 yuan; the average price of lithium mica (Li20: 2.0% - 2.5%) is 1275 yuan, up 20 yuan; the average price of phospho - lithium - aluminum stone (Li20: 6% - 7%) is 4275 yuan; the average price of phospho - lithium - aluminum stone (Li20: 7% - 8%) is 5100 yuan [2] Cathode Materials - The average price of lithium iron phosphate (power type) is 30,550 yuan, up 55 yuan; the average price of ternary material 811 (polycrystalline/power type) is 142,520 yuan, down 10 yuan; the average price of ternary material 523 (single - crystal/power type) is 114,455 yuan; the average price of ternary material 613 (single - crystal/power type) is 120,165 yuan, down 10 yuan [2] Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 1600 yuan; the difference between battery - grade lithium carbonate and the main contract is - 2310 yuan, down 830 yuan; the difference between the near - month and the first - continuous contract is 100 yuan, up 40 yuan; the difference between the near - month and the second - continuous contract is 360 yuan, up 100 yuan [2] Inventory - The total inventory (weekly, tons) is 136,837.59032 tons, up 1936.407 tons; the inventory of smelters (weekly, tons) is not provided; the inventory of downstream (weekly, tons) is 40,635 tons, up 269 tons; the inventory of others (weekly, tons) is 37,170 tons, up 1260 tons; the registered warehouse receipts (daily, tons) is 23,180 tons, up 240 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 60,326 yuan, and the profit is 470 yuan; the cash cost of purchasing lithium mica concentrate is 65,253 yuan, and the profit is - 5965 yuan [3] Industry News - Zimbabwe will ban the export of lithium concentrate from 2027 to further promote local processing. As a top lithium producer in Africa, Zimbabwe banned the export of lithium ore in 2022 to encourage miners to do more processing domestically [3]