Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core Viewpoints - On September 22, 2025, the 2511 contract of lithium carbonate futures fell 0.05% to 73,420 yuan/ton. The average price of battery-grade lithium carbonate rose 350 to 73,850 yuan/ton, the average price of industrial-grade lithium carbonate rose 350 to 71,600 yuan/ton, and battery-grade lithium hydroxide (coarse particles) rose 80 yuan/ton to 74,130 yuan/ton. The warehouse receipt inventory decreased by 575 tons to 38,909 tons [3]. - On the supply side, the weekly output increased by 400 tons to 20,363 tons, with increases in lithium extraction from various raw materials. On the demand side, the weekly output of ternary materials and lithium iron phosphate increased, and their inventory showed different trends. In terms of inventory, the weekly inventory decreased by 981 tons to 137,531 tons, with downstream replenishment as the main factor [3]. - Fundamentally, the weekly output increased slightly, the output of cathode materials increased, and the social inventory of lithium carbonate continued to decline. With the support of lithium ore prices and continuous inventory reduction during the peak season, the downside support for lithium salt prices is strong [3]. Group 3: Summary by Directory 2. Daily Data Monitoring - **Futures**: The closing price of the main contract was 73,420 yuan/ton, down 540 from September 19, and the closing price of the continuous contract was 73,200 yuan/ton, down 560 [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) was 860 US dollars/ton, up 1; the price of lithium mica (Li2O: 1.5%-2.0%) was 1,165 yuan/ton, up 15; the price of lithium mica (Li2O: 2.0%-2.5%) was 1,900 yuan/ton, up 20 [5]. - **Lithium Carbonate and Lithium Hydroxide**: The prices of battery-grade lithium carbonate, industrial-grade lithium carbonate, battery-grade lithium hydroxide (coarse particles), and other products all increased to varying degrees, while the price of battery-grade lithium hydroxide (CIF China, Japan, and South Korea) remained unchanged [5]. - **Lithium Hexafluorophosphate**: The price remained at 57,000 yuan/ton [5]. - **Price Spreads**: The price spread between battery-grade lithium carbonate and industrial-grade lithium carbonate remained unchanged, while the price spread between battery-grade lithium hydroxide and battery-grade lithium carbonate decreased by 270 [5]. - **Precursors and Cathode Materials**: The prices of various ternary precursors and cathode materials, as well as lithium iron phosphate, increased to varying degrees, while the prices of manganese acid lithium and some other products remained unchanged [5]. - **Cells and Batteries**: The prices of some cells and batteries, such as 523 square ternary cells and square lithium iron phosphate cells, increased slightly, while the prices of others remained unchanged [5]. 3. Chart Analysis 3.1 Ore Prices - Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5%-2.0%), lithium mica (2.0%-2.5%), and lithiophilite (6%-7%) from 2024 to 2025 [6][8]. 3.2 Lithium and Lithium Salt Prices - Charts display the price trends of metallic lithium, battery-grade lithium carbonate average price, industrial-grade lithium carbonate average price, battery-grade lithium hydroxide price, industrial-grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2025 [11][13][14]. 3.3 Price Spreads - Charts present the price spreads between battery-grade lithium hydroxide and battery-grade lithium carbonate, battery-grade lithium carbonate and industrial-grade lithium carbonate, and other price spreads from 2024 to 2025 [19]. 3.4 Precursors & Cathode Materials - Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [23][26][28]. 3.5 Lithium Battery Prices - Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][33]. 3.6 Inventory - Charts show the weekly inventory trends of downstream, smelters, and other links of lithium carbonate from February to September 2025 [37][39]. 3.7 Production Costs - The chart shows the production profit trends of lithium carbonate from different raw materials, such as外购三元极片黑粉,外购磷酸铁锂极片黑粉,外购锂云母精矿, and外购锂辉石精矿, from 2024 to 2025 [43].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On August 27, 2025, the 2511 contract of lithium carbonate futures dropped 0.23% to 78,860 yuan/ton. The average price of battery - grade lithium carbonate decreased by 100 yuan/ton to 81,600 yuan/ton, and the average price of industrial - grade lithium carbonate fell by 100 yuan/ton to 79,300 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) declined by 50 yuan/ton to 77,030 yuan/ton. The warehouse receipt inventory increased by 787 tons to 27,477 tons [3]. - Fundamentally, on the supply side, production slowed down slightly, mainly due to the suspension of mica production. In the future, with the previous price increase and the increase in overseas imports, lithium extraction from spodumene is expected to continue to increase. There is currently high - priced ore, which still supports the price of lithium carbonate. On the demand side, the total demand in August increased by 6% month - on - month. September is the traditional peak season, downstream production schedules may remain booming, and downstream inventory replenishment intentions are strong. The social inventory remains at 141,000 tons and has shown a slight destocking trend in the past two weeks, with an increase in downstream procurement [3]. - On August 27, affected by news in the lithium ore market, the lithium price was strong at first and then weak. The production problems of known resource projects have basically been resolved. After the rapid price increase last week, there is short - term callback pressure, waiting for new factors to drive the price. In the short term, pay attention to the lithium ore transaction price, and in the medium term, focus on the progress of other projects that need to complete report compilation and submission by September 30 [3]. 3. Summary by Directory 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 78,860 yuan/ton, down 160 yuan from the previous day; the closing price of the continuous contract was 79,040 yuan/ton, down 220 yuan [5]. - Lithium ore: The price of lithium spodumene concentrate (6%, CIF China) remained unchanged at 920 US dollars/ton. The prices of some lithium mica and phospho - lithium - aluminum stone varieties increased slightly [5]. - Lithium carbonate and lithium hydroxide: The prices of battery - grade and industrial - grade lithium carbonate and various types of lithium hydroxide decreased slightly, while the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) remained unchanged [5]. - Other products: The price of hexafluorophosphate remained unchanged. Some prices of ternary precursors and materials increased slightly, while the prices of most cathode materials and batteries remained stable [5]. 3.2 Chart Analysis - Ore prices: Charts show the price trends of lithium spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone from 2024 to 2025 [6][8]. - Lithium and lithium salt prices: Charts display the price trends of metallic lithium, battery - grade and industrial - grade lithium carbonate, lithium hydroxide, and hexafluorophosphate from 2024 to 2025 [11][13]. - Spreads: Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant spreads from 2024 to 2025 [17][19]. - Precursor and cathode materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate from 2024 to 2025 [24][26]. - Lithium battery prices: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobaltate cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][33]. - Inventory: Charts show the inventory trends of downstream, smelters, and other sectors from January to August 2025 [37][39]. - Production cost: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [41]. 3.3 Team Member Introduction - The research team includes Zhan Dapeng, Wang Heng, and Zhu Xi, who are responsible for different aspects of non - ferrous and new energy research and have rich experience and achievements [45][46]. 3.4 Contact Information - The company is located at Building 6, Lujiazui Century Financial Plaza, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. Contact information includes phone, fax, customer service hotline, and postal code [49].