1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The coking coal supply pressure remains due to the slowdown in coking coal production growth and high Mongolian coal customs clearance. The increase in hot metal production provides incremental demand for coking coal and coke, and the high coking coal auction transaction rate reflects downstream purchasing enthusiasm. The coal price is expected to be supported by increased demand and the impact of geopolitical conflicts. Future focus should be on hot metal production changes, mine operation rhythms, and geopolitical developments [2] 3. Summary by Relevant Catalog Price and Trading Volume Information - **Futures Prices**: The previous day's closing prices for different contract months of coking coal and coke are 1543.5, 1214.0, 1352.5, 1923.0, 1753.5, and 1842.0 respectively. The price changes range from -6.5 to 2.5, with daily price change rates from -0.33% to 0.14% [2] - **Trading Volume**: The trading volumes for different contract months are 5125, 756767, 215978, 13198, and 2989 respectively [2] - **Open Interest**: The open interests for different contract months are 21604, 399980, 204487, 2236, 29837, and 13772 respectively. The changes in open interest range from -1113 to 6417 [2] - **Price Spreads**: The current price spreads between different contract months and their changes are provided, such as the 1 - 5 month spread with a current value of 240 and a change of 306 [2] Spot Price Information - The current spot prices of different types of coking coal and coke, including Mongolian No. 5 primary coking coal, low - sulfur primary coking coal, etc., are 1600, 1308, 1529, 1800, 1280, and 1490 respectively. The change in the spot price of the Rizhao Port quasi - first - grade coke is -10 [2] Policy Information - Hangzhou has optimized its housing provident fund usage policy. The maximum housing provident fund loan amount has been increased from 1.3 million yuan to 1.8 million yuan, and the calculation multiple of the individual loanable amount has been adjusted from 15 times to 20 times. The loan amount for multi - child families can be increased by 50% [2]

1. Report Industry Investment Rating - The report suggests a strategy of "buying on dips" for lithium carbonate [5] 2. Core Viewpoints - The lithium carbonate market is in a state of tight supply - demand balance. With downstream industries entering the peak season, there is a replenishment demand, and the total inventory has fallen below 100,000 tons. Considering factors such as the resumption of production of domestic lithium salt plants and potential changes in overseas lithium ore policies, it is advisable to buy lithium carbonate on dips [5] 3. Summary by Directory 3.1 Macro Overview - China's imports from January to February increased by 17.1% year - on - year, and exports increased by 19.2% year - on - year. Affected by the Spring Festival, the CPI rose by 1.0% month - on - month and 1.3% year - on - year, and the PPI rose by 0.4% month - on - month and decreased by 0.9% year - on - year with the decline narrowing. The GDP growth target for 2026 is set at 4.5% - 5%, and the central bank will maintain moderately loose monetary policy and sufficient liquidity. In the US, the February CPI rose by 0.3% month - on - month and 2.4% year - on - year, and the core CPI rose by 0.2% month - on - month and 2.5% year - on - year. The non - farm payrolls decreased by 92,000 in February, and the unemployment rate rose to 4.4%. Geopolitical conflicts are intensifying, increasing spill - over risks and reducing investors' risk appetite [3] 3.2 Supply Side - This week, the output of lithium carbonate increased month - on - month, mainly contributed by lithium extraction from spodumene. Salt lakes have not yet entered the seasonal production peak. Lithium salt plants are actively purchasing raw materials, and domestic supply capacity is gradually recovering [3] 3.3 Demand Side - In February, the retail sales of new energy vehicles in China were 464,000 units, a year - on - year decrease of 32%. From January to February, the cumulative retail sales of new energy passenger vehicles were 1.06 million units, a year - on - year decline of 25.7%. In the 10th week of 2026, the weekly orders of major new energy vehicle brands increased by 96% on average week - on - week, showing a strong rebound [4] 3.4 Cost and Profit - This week, the prices of lithium ore remained relatively stable. The price of African SC 5% lithium ore was $1,830 per ton, up $60 from last week. The CIF price of Australian 6% spodumene was $2,160 per ton, unchanged from last week. The market price of lithium mica was 6,600 yuan per ton, also unchanged from last week. The profit of the lithium carbonate industry was 31,507 yuan per ton, a decrease of 234 yuan week - on - week [4] 3.5 Total Inventory - As of March 12, the total inventory of lithium carbonate was 98,959 tons, a decrease of 414 tons from last week. The inventory of upstream smelters was 16,292 tons, a decrease of 1,184 tons week - on - week [4] 3.6 Market Review - As of March 13, LC2605 was reported at 152,080 yuan per ton, a 2.6% decline from last week. The spot price of battery - grade lithium carbonate was 158,000 yuan per ton, a 1.94% increase from last week. The basis changed from a discount to a premium, and the open interest of the main contract was 320,000. The main contract fluctuated widely in the range of 150,000 - 160,000 yuan per ton this week. Due to geopolitical conflicts, funds favored the chemical and crude oil sectors, and the non - ferrous metals, precious metals, and lithium carbonate sectors were under pressure. However, the fundamentals remained in a tight - balance state, with the total inventory decreasing for eight consecutive weeks. In mid - to late March, the peak season will arrive, and downstream industries with high operating rates have a rigid demand for lithium carbonate [7] 3.7 Production Status - As of March 13, the output of lithium carbonate was 23,720 tons, an increase of 720 tons from last week. The enterprise operating rate was 51.51%, an increase of 1.56 percentage points from last week. The output of lithium iron phosphate was 113,409 tons, an increase of 625 tons from last week, and the enterprise operating rate was 88.52%, an increase of 0.48 percentage points from last week [9][12] 3.8 Downstream Inventory - As of March 13, the total inventory of the lithium iron phosphate industry was 27,731 tons, a decrease of 701 tons from last week. The inventory of the ternary material, manganese - acid lithium, cobalt - acid lithium, and ternary precursor industries changed little, and the overall inventory level was low [34] 3.9 Cost - end Situation - As of March 13, the cost of lithium carbonate production was 124,785 yuan per ton, a decrease of 44 yuan from last week. The cost of lithium iron phosphate production was 54,913 yuan per ton, an increase of 1,125 yuan from last week [48][51]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The terminal demand for lithium carbonate is approaching the peak season, and the price of lithium carbonate is expected to have higher upward elasticity in the short - term. Although the supply pressure has not been significantly relieved, factors such as the peak season of terminal demand and the upward shift of the raw material price center provide support for the price increase. There may be a phased supply - demand mismatch, and attention should be paid to the results of mining license approvals [5]. 3. Summary by Related Catalogs Macroeconomic Situation - In July 2025, China's exports denominated in US dollars increased by 7.2% year - on - year, and imports increased by 4.1%. The total imports and exports of high - tech products in the first seven months increased by 8.4% year - on - year. Rare earth exports decreased by 23% month - on - month, soybean imports reached a record high, and iron ore imports remained above 100 million tons for three consecutive months. The auction of 30 - year US Treasury bonds was dismal, and long - term Treasury yields generally rose. The US ISM Services PMI in July was only 50.1, the employment index contracted, and the price index reached a new high since October 2022. A September interest rate cut is almost a certainty, and the Bank of England cut interest rates by 25 basis points as expected [3]. Supply Side - This week, the production of lithium carbonate increased significantly, reaching a new high for the year. There were many news about the supply side this week, with enterprises in various regions increasing production and new production capacities being put into operation normally. In July 2025, Chile exported 13,632 tons of lithium carbonate to China, a month - on - month increase of 33.31% and a year - on - year decrease of 13.48% [3]. Demand Side - According to data released by the Passenger Car Association, in July, the retail sales of the national passenger car market were 1.826 million units, a year - on - year increase of 6.3% and a month - on - month decrease of 12.4%. The retail sales of the new energy passenger car market in July were 987,000 units, a year - on - year increase of 12.0% and a month - on - month decrease of 11.2%. The cumulative growth rate of domestic car sales this year has continuously increased from 1.2% from January to February to 10.8% from January to June, showing a high - base deceleration feature in July [3]. Cost and Profit - This week, the price of the mining end increased month - on - month. The quotation of African SC 5% was 530 US dollars per ton, an increase of 15 US dollars per ton compared with last week; the CIF price of Australian 6% spodumene was 765 US dollars per ton, an increase of 35 US dollars per ton compared with last week; the market price of lithium mica was 2,100 yuan per ton, remaining unchanged compared with last week. As of August 8, the production cost of lithium carbonate was 63,155 yuan per ton, a decrease of 232 yuan compared with last week, and the profit of the lithium carbonate industry was 5,979 yuan per ton, a month - on - month increase of 1,388 yuan [4][48]. Total Inventory - As of August 7, the total inventory of lithium carbonate was 142,418 tons, an increase of 692 tons compared with last week, of which the inventory of upstream smelters was 50,999 tons, a month - on - month decrease of 959 tons. The total inventory of lithium carbonate increased slightly this week, but the spot and futures prices formed a positive feedback, and the peak season for downstream restocking drove the transfer of upstream inventory to the downstream [5][31]. Market Review - As of August 8, LC2511 closed at 76,960 yuan per ton, an increase of 12% compared with last week. The spot price of battery - grade lithium carbonate was quoted at 71,500 yuan per ton, an increase of 4.38% compared with last week, and the basis discount widened. The position of the main contract was 320,000. This week, the main contract first declined and then rose, stabilizing and rising after the contract change within the week. The fundamentals improved marginally, with both production and inventory decreasing, and the spodumene price at the cost end also provided certain support. The positive feedback between spot and futures prices drove the improvement of the inventory structure, and upstream smelters continued to reduce inventory [7]. Production Volume - As of August 8, the production of lithium carbonate was 20,358 tons, a month - on - month increase of 2,120 tons. The enterprise operating rate was 47.31%, a month - on - month increase of 2.88%. Although some individual enterprises were shut down for maintenance, enterprises in other regions were still increasing production. The issue of mining licenses in Jiangxi has not been finalized, and there are many market rumors about Ningde's Jianxiawo Mine. The increase in exports from Chile in July will also increase the supply pressure, and attention should be paid to whether the subsequent production will decline [9]. Other Product Production and Inventory - **Lithium hydroxide**: As of August 8, the production of lithium hydroxide was 5,105 tons, a month - on - month increase of 165 tons. The enterprise operating rate was 35.14%, a month - on - month increase of 0.63%. This week, the supply of lithium hydroxide enterprises recovered slightly, the market stably executed long - term contracts, and the downstream ternary material factories had phased restocking needs, boosting market trading activity [11]. - **Lithium iron phosphate**: As of August 8, the production of lithium iron phosphate was 69,684 tons, a month - on - month increase of 436 tons. The enterprise operating rate was 61.3%, a month - on - month increase of 0.6%. As the "Golden September and Silver October" consumption peak season is approaching, downstream battery cell factories are stocking up in advance, driving up the operating rate of lithium iron phosphate, and the demand on the power side has increased significantly. All enterprises that reduced production in July have returned to normal production levels [13]. - **Ternary materials**: The downstream demand for ternary materials has increased significantly, and the operating rate of leading enterprises has increased [15]. - **Other cathode materials**: The demand for other cathode materials shows structural differentiation, and downstream orders are advanced [23]. Cost and Profit of Other Products - **Lithium hydroxide**: As of August 8, the production cost of lithium hydroxide was 62,210 yuan per ton, an increase of 568 yuan compared with last week, and the profit of the lithium hydroxide industry was 3,635 yuan per ton, a month - on - month increase of 1,473 yuan. This week, the strong price increase of lithium carbonate and the raw material end provided certain support for lithium hydroxide. However, the actual downstream transactions of lithium hydroxide were limited, the market was waiting and watching, the price increase was lower than that of the raw material end, and the industry profit margin was limited [51]. - **Lithium iron phosphate**: As of August 8, the production cost of lithium iron phosphate was 33,886 yuan per ton, remaining unchanged compared with last week, and the loss of lithium iron phosphate was 992 yuan per ton, remaining unchanged compared with last week. The significant increase in the price of lithium carbonate at the raw material end has raised the theoretical cost of lithium iron phosphate, but material factories have no pricing power, the quotation of lithium iron phosphate has increased slightly, and the processing fee has remained unchanged. The proportion of customer - supplied and long - term contract orders in the market is relatively high, and the profit is weakly stable and still in a loss state [54]. - **Ternary materials and others**: The quotation of downstream products fluctuates with raw materials, and the profit margin is marginally repaired [57].