1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The lithium carbonate futures price is expected to fluctuate. Although the short - term futures price has risen rapidly, the spot price has limited follow - up. The weekly production of lithium carbonate has increased, the social inventory has been reduced but the de - stocking intensity is expected to weaken, and the futures price is supported by the spot price below [11] 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - The lithium carbonate futures price increased, and the total open interest rose by 22,591 lots to 1.06 million lots. The spot price of electric carbon increased by 800 to 93,500, and the spot discount in the trading market widened to 2,800. The weekly production of lithium carbonate increased by 59 tons to 21,998 tons, mainly from the lithium spodumene end. The production of lithium carbonate from mica dropped to 2,876 tons. The social inventory decreased by 2,133 tons, and the de - stocking volume declined compared with the previous week [11] 3.2行业要闻 (Industry News) - The US lithium miner Albemarle's direct lithium extraction (DLE) pilot plant in Chile has completed verification, with a lithium recovery rate of over 94% during stable operation, a water reuse rate of up to 85%, and an operation time of over 3,000 hours. The company allocated $30 million for the pilot plant and an additional $216 million for the salt recovery plant at the Atacama salt flat [12] - Domestic lithium battery manufacturers are adjusting prices. Degjia Energy will raise the prices of its battery products by 15% from December 16 due to rising raw material costs. Fuen Technology is communicating with customers about price increases, and some products have already seen price hikes. The industry is experiencing a wave of orders centered on "locking in volume", with tight production capacity and rising prices. Chinese lithium - battery companies are expected to increase their global industrial influence [12][13]

Core Viewpoint - The recent price increase in lithium batteries is driven by a combination of rising raw material costs, surging demand, and changes in industry dynamics, leading to significant price adjustments across the supply chain [5][6][7]. Group 1: Price Increase Dynamics - Several battery companies have announced price hikes, with one company stating a 15% increase effective December 16, 2025, indicating a broader trend in the industry [2]. - The price increase is not uniform but varies significantly across product categories, primarily affecting power batteries and related core areas, with increases ranging from 15% to 30% [4]. - The price adjustments are a response to rising costs in upstream materials, which have a domino effect on battery prices, fundamentally altering the pricing structure of the lithium battery industry [4][6]. Group 2: Market Demand and Supply - The demand for lithium batteries is surging, particularly driven by the rapid growth of the electric vehicle (EV) market, with domestic sales of new energy vehicles reaching 12.466 million units from January to November 2025, a 23.2% year-on-year increase [6]. - The supply-demand imbalance in the materials market has exacerbated cost pressures, forcing battery manufacturers to pass on these costs to downstream customers [6][7]. Group 3: Industry Competition and Structure - The competitive landscape of the lithium battery industry has evolved, with the top three companies now holding approximately 65% market share, enhancing their bargaining power [7]. - The current price increases may signify a shift from price competition to value competition, allowing companies to restore reasonable profit margins and invest in future technological advancements [7][8]. Group 4: Future Trends and Opportunities - The price increase trend is expected to continue, with a tight supply-demand balance becoming the norm, as the penetration rate of new energy vehicles rises [8]. - The restructuring of profit distribution within the supply chain will favor upstream resource companies and midstream leaders with high-end material capabilities, while smaller companies may face marginalization [8][9]. - Policy and capital support are anticipated to drive a new upward cycle in the lithium battery industry, with opportunities for companies to leverage technological innovation and market expansion [9].

Core Viewpoint - Suzhou Dejia Energy Technology Co., Ltd. announced a 15% price increase on its battery products effective December 16, 2025, due to a significant rise in raw material costs for lithium batteries [1][3][6]. Group 1: Price Adjustment Announcement - The price adjustment is a response to the substantial increase in raw material costs, which has raised production expenses [3][6]. - Orders confirmed by December 15, 2025, will still be honored at the original prices, while the new prices will apply to orders placed after this date [3][4]. Group 2: Market Context and Industry Response - Dejia Energy indicated that the price adjustment is a short-term measure to address raw material cost fluctuations, with plans to dynamically optimize the pricing system based on market supply and demand [6]. - In response to investor concerns regarding rising raw material prices, Funeng Technology stated that it has established a comprehensive price linkage mechanism to effectively pass on price increases [6].