Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core View of the Report - The report indicates that lithium carbonate is expected to move in a volatile manner, and attention should be paid to the subsequent warehouse receipt volume. The trend strength of lithium carbonate is rated as neutral [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: The closing prices of the 2509 and 2511 contracts of lithium carbonate were 63,880 and 63,540 respectively, with changes of 220 and 200 compared to T - 1. The trading volumes of the 2509 and 2511 contracts were 545,405 and 55,172 respectively, and the open interests were 338,034 and 95,105 respectively [1]. - **Warehouse Receipt Volume**: The warehouse receipt volume was 12,655 hands, a decrease of 2,900 compared to T - 1 [1]. - **Basis Data**: The basis between spot and 2509 contract was -980, and the basis between 2509 and 2511 contracts was 340 [1]. - **Raw Material and Lithium Salt Prices**: The prices of lithium spodumene concentrate (6%, CIF China) and lithium mica (2.0% - 2.5%) were 658 and 1,355 respectively. The prices of battery - grade lithium carbonate and industrial - grade lithium carbonate were 62,900 and 61,300 respectively [1]. 3.2 Macro and Industry News - **Price Information**: The SMM battery - grade lithium carbonate index price was 62,788 yuan/ton, a daily increase of 306 yuan/ton. The average price of battery - grade lithium carbonate was 62,900 yuan/ton, a daily increase of 350 yuan/ton, and the average price of industrial - grade lithium carbonate was 61,300 yuan/ton [2]. - **Production Data**: In June 2025, the surveyed production of lithium carbonate was 74,000 tons, a month - on - month increase of 5.7%. The planned production in July was 79,300 tons, a month - on - month increase of 7.1%. The production in Jiangxi, Sichuan, and Qinghai regions showed different trends, and the production enthusiasm of some recycling manufacturers increased [2][3]. 3.3 Trend Intensity - The trend intensity of lithium carbonate was 0, indicating a neutral outlook [3].

Group 1: Report Industry Investment Rating - The trend strength of lithium carbonate is -1, indicating a bearish view, and the market is considered to be on the weaker side [3]. Group 2: Core View of the Report - The destocking speed of lithium carbonate is slow, and its price trend may remain weak [1]. Group 3: Summary Based on Relevant Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: For the 2507 contract, the closing price was 58,860 yuan, down 1,520 yuan from T - 1; the trading volume was 386,145 lots, down 1,995 lots from T - 1; the open interest was 287,506 lots, up 3,899 lots from T - 1. For the 2509 contract, the closing price was 59,100 yuan, down 1,580 yuan from T - 1; the trading volume was 105,761 lots, up 9,832 lots from T - 1; the open interest was 149,266 lots, up 15,121 lots from T - 1 [1]. - **Warehouse Receipts**: The number of warehouse receipts was 33,884 lots, up 30 lots from T - 1 [1]. - **Basis**: The basis between spot and 2507 contract was 2,040 yuan, up 920 yuan from T - 1; the basis between spot and 2509 contract was 1,800 yuan, up 980 yuan from T - 1 [1]. - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 677 dollars, down 3 dollars from T - 1; the price of lithium mica (2.0% - 2.5%) was 1,210 yuan, down 25 yuan from T - 1 [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 60,900 yuan, down 600 yuan from T - 1; the price of industrial - grade lithium carbonate was 59,300 yuan, down 600 yuan from T - 1 [1]. 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 61,233 yuan/ton, down 562 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 60,900 yuan/ton, down 600 yuan/ton from the previous working day; the average price of industrial - grade lithium carbonate was 59,300 yuan/ton, down 600 yuan/ton from the previous working day [1]. - The weekly inventory of lithium carbonate was 131,571 tons, a decrease of 208 tons from last week. Among them, smelter inventory was 56,235 tons, downstream inventory was 41,616 tons, and other inventory was 33,720 tons [1][3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint - The report indicates that the price of lithium carbonate is in a weak and volatile state, and it is recommended to pay attention to the transaction situation at the mining end [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: For the 2507 contract, the closing price was 60,860 yuan, down 320 yuan from T - 1; the trading volume was 242,276 lots, an increase of 18,212 lots from T - 1; the open interest was 339,673 lots, an increase of 3,866 lots from T - 1. For the 2509 contract, the closing price was 62,100 yuan, down 480 yuan from T - 1; the trading volume was 35,403 lots, a decrease of 1,867 lots from T - 1; the open interest was 87,821 lots, an increase of 4,439 lots from T - 1 [1] - **Spot and Basis Data**: The spot - 2507 basis was 2,390 yuan, down 130 yuan from T - 1; the spot - 2509 basis was 1,150 yuan, up 30 yuan from T - 1; the 2507 - 2509 basis was - 1,240 yuan, up 160 yuan from T - 1 [1] - **Raw Material and Lithium Salt Data**: The price of spodumene concentrate (6%, CIF China) was 694 US dollars, down 6 US dollars from T - 1; the price of lithium mica (2.0% - 2.5%) was 1,295 yuan, down 15 yuan from T - 1; the price of battery - grade lithium carbonate was 63,250 yuan, down 450 yuan from T - 1 [1] 3.2 Macroeconomic and Industry News - **Lithium Carbonate Price**: The SMM battery - grade lithium carbonate index price was 63,508 yuan/ton, down 466 yuan/ton from the previous working day; the average price of battery - grade lithium carbonate was 63,250 yuan/ton, down 450 yuan/ton from the previous working day; the average price of industrial - grade lithium carbonate was 61,600 yuan/ton, down 450 yuan/ton from the previous working day [2] - **Lithium Ore Import**: In April 2025, the total import volume of spodumene was about 623,000 tons, with lithium ore from Australia, Zimbabwe, and Nigeria accounting for 79%. The import volume of lithium ore from Australia was 298,000 tons, a 3% month - on - month decrease; from Zimbabwe was 106,000 tons, an 82% month - on - month increase; from Nigeria was 89,000 tons, a 4% month - on - month increase. The import of lithium ore from South Africa decreased by 22% month - on - month [3] - **Lithium Carbonate Import**: In April 2025, China imported 28,000 tons of lithium carbonate, a 56% month - on - month increase and a 34% year - on - year increase. From January to April, China's cumulative import of lithium carbonate was 79,000 tons, a 27% cumulative year - on - year increase [3] 3.3 Trend Intensity - The trend intensity of lithium carbonate is - 1, indicating a relatively bearish view, with the value ranging from - 2 (most bearish) to 2 (most bullish) [3]

Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the report. 2. Core Viewpoint - The weak oscillation pattern of lithium carbonate may continue due to limited improvement in demand and the ongoing decline in ore prices [1]. 3. Summary by Relevant Catalogs a. Fundamental Tracking - **Futures Market**: For the 2507 contract, the closing price was 63,220 yuan, down 820 yuan compared to T - 1; the trading volume was 217,033 lots, down 96,901 lots; the open interest was 294,226 lots, up 9,895 lots. For the 2509 contract, the closing price was 64,520 yuan, down 680 yuan; the trading volume was 24,901 lots, down 12,213 lots; the open interest was 62,244 lots, up 3,352 lots [1]. - **Warehouse Receipts**: The number of warehouse receipts was 36,444 lots, up 250 lots compared to T - 1 [1]. - **Basis**: The basis of spot - 2507 was 1,380 yuan, up 820 yuan; the basis of spot - 2509 was 80 yuan, up 680 yuan; the basis of 2507 - 2509 was - 1,300 yuan, down 140 yuan [1]. - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 714 US dollars, down 5 US dollars; the price of lithium mica (2.0% - 2.5%) was 1,360 yuan, down 15 yuan [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 64,600 yuan, unchanged; the price of industrial - grade lithium carbonate was 62,950 yuan, unchanged; the price of battery - grade lithium hydroxide (micronized powder) was 71,135 yuan, down 100 yuan [1]. - **Related Products in the Industrial Chain**: The price of lithium iron phosphate (power type) was 31,395 yuan, unchanged; the price of ternary material 523 (polycrystalline/consumer type) was 105,080 yuan, unchanged [1]. b. Macro and Industry News - SMM's battery - grade lithium carbonate index price was 64,762 yuan/ton, down 46 yuan/ton compared to the previous working day; the average price of battery - grade lithium carbonate was 64,600 yuan/ton, unchanged; the average price of industrial - grade lithium carbonate was 62,950 yuan/ton, unchanged [2]. - In April, China's power battery loading volume was 54.1 GWh, a month - on - month decrease of 4.3% and a year - on - year increase of 52.8%. Among them, the loading volume of ternary batteries was 9.3 GWh, accounting for 17.2% of the total loading volume, a month - on - month decrease of 7.0% and a year - on - year decrease of 6.3%; the loading volume of lithium iron phosphate batteries was 44.8 GWh, accounting for 82.8% of the total loading volume, a month - on - month decrease of 3.8% and a year - on - year increase of 75.9%. From January to April, the cumulative loading volume of power batteries in China was 184.3 GWh, a cumulative year - on - year increase of 52.8% [3]. c. Trend Intensity - The trend intensity of lithium carbonate was 0, indicating a neutral situation [3].