Report Industry Investment Rating - No relevant content provided Core View of the Report - The current core contradiction lies in the downstream's "just - in - time procurement + multiple small - batch" strategy, and there is no production cut at the mining end. In the short term, the purchase by downstream traders drives the price to rebound, but the inventory is not actually absorbed by the end - users. This gives hedging space to the lithium salt end, further creating upward pressure. In the short term, the futures price of lithium carbonate is expected to be mainly in a volatile and weak trend [3] Summary by Related Catalogs Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 61,300 with no change, and the average price of SMM industrial - grade lithium carbonate is 59,700 with no change [1] Lithium Futures Contracts - The closing price of lithium carbonate 2507 is 62,980 with a 0.16% increase; 2508 is 62,840 with a 0.1% increase; 2509 is 62,780 with a 0.16% increase; 2510 is 62,580 with a - 0.03% change; 2511 is 62,480 with a 0.03% increase [1] Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) is 625 with a decrease of 5; lithium mica (Li20: 1.5% - 2.0%) is 720; lithium mica (Li20: 2.0% - 2.5%) is 1255; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 4275 with a decrease of 75; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 5100 with a decrease of 100 [1][2] Cathode Material Prices - The average price of lithium iron phosphate (power type) is 30,495; ternary material 811 (polycrystalline/power type) is 142,530 with a decrease of 20; ternary material 523 (single - crystal/power type) is 114,455; ternary material 613 (single - crystal/power type) is 120,175 with a decrease of 20 [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1600 with no change; the spread between battery - grade lithium carbonate and the main contract is - 1480 with a decrease of 520; the spread between the near - month and the first - consecutive contract is 60 with an increase of 80; the spread between the near - month and the second - consecutive contract is 260 with an increase of 100 [2] Inventory - The total inventory (weekly, tons) is 136,837 with an increase of 1936; the inventory of smelters (weekly, tons) is 59,032 with an increase of 407; the inventory of downstream (weekly, tons) is 40,635 with an increase of 269; the inventory of others (weekly, tons) is 37,170 with an increase of 1260; the registered warehouse receipts (daily, tons) is 22,940 with an increase of 312 [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 60,458, and the profit is - 8; the cash cost of purchasing lithium mica concentrate externally is not clearly stated, and the profit is - 6984 [3] Industry News - Zimbabwe will ban the export of lithium concentrate from 2027 to promote local processing. It banned the export of lithium ore in 2022 to encourage more local processing by miners [3]

Report Industry Investment Rating - No information provided Report's Core View - The rebound of futures prices is mainly due to market rumors, but the credibility of these rumors is low and their impact on the fundamentals is limited. The current core contradiction lies in the downstream's "just - in - time procurement + multiple small - batch" approach and no obvious signs of production cuts. The price rebound provides hedging space for the lithium salt sector, further creating upward pressure. In the short term, the lithium carbonate futures prices are likely to be weak and fluctuate [3] Summary by Relevant Catalogs 1. Lithium Compound Prices - SMM battery - grade lithium carbonate average price: 60,200 yuan, up 300 yuan [1] - SMM industrial - grade lithium carbonate average price: 58,600 yuan, up 300 yuan [1] - Price difference between battery - grade and industrial - grade lithium carbonate: 1,600 yuan [2] 2. Lithium Carbonate Futures - Lithium carbonate 2507 closing price: 61,180 yuan, up 1.02% [1] - Lithium carbonate 2508 closing price: 60,880 yuan, up 0.89% [1] - Lithium carbonate 2509 closing price: 60,800 yuan, up 0.96% [1] - Lithium carbonate 2510 closing price: 60,740 yuan, up 0.76% [1] - Lithium carbonate 2511 closing price: 60,740 yuan, up 1.2% [1] 3. Lithium Ore Prices - Lithium spodumene concentrate (CIF China, Li2O: 5.5% - 6%): 619 yuan, up 2 yuan [1] - Lithium mica (Li2O: 1.5% - 2.0%): 685 yuan, up 20 yuan [2] - Lithium mica (Li2O: 2.0% - 2.5%): 1,210 yuan, up 20 yuan [2] - Phosphorus lithium aluminum stone (Li2O: 6% - 7%): 4,875 yuan, down 350 yuan [2] - Phosphorus lithium aluminum stone (Li2O: 7% - 8%): 5,725 yuan, down 350 yuan [2] 4. Cathode Material Prices - Lithium iron phosphate (power type) average price: 30,230 yuan, up 70 yuan [2] - Ternary material 811 (polycrystalline/power type) average price: 142,690 yuan, down 70 yuan [2] - Ternary material 523 (single - crystal/power type) average price: 114,225 yuan, up 50 yuan [2] - Ternary material 613 (single - crystal/power type) average price: 120,305 yuan, down 70 yuan [2] 5. Price Spreads - Price difference between battery - grade lithium carbonate and the main contract: - 680 yuan, up 120 yuan [2] - Price difference between the near - month and the first - continuous contract: 100 yuan, down 20 yuan [2] - Price difference between the near - month and the second - continuous contract: 300 yuan, down 20 yuan [2] 6. Inventory - Total inventory (weekly, tons): 134,901 tons, up 1,352 tons [2] - Smelter inventory (weekly, tons): 58,625 tons, up 972 tons [2] - Downstream inventory (weekly, tons): 40,366 tons, down 320 tons [2] - Other inventory (weekly, tons): 35,910 tons, up 700 tons [2] - Registered warehouse receipts (daily, tons): 22,370 tons, down 5 tons [2] 7. Profit Estimation - Cash cost of purchasing lithium spodumene concentrate externally: 60,147 yuan, profit: - 786 yuan [3] - Cash cost of purchasing lithium mica concentrate externally: 64,891 yuan, profit: - 7,024 yuan [3] 8. Industry News - Zimbabwe will ban the export of lithium concentrate from 2027 to promote local processing [3]