Report Title - The report is titled "Carbonate Lithium Weekly Report (December 29, 2025 - December 31, 2025): High - level Volatility in the Carbonate Lithium Market, Game between Weakening Demand Expectations and Cost Support" [1] Report Industry Investment Rating - Not mentioned in the report Core View - In the next 1 - 2 weeks, the price of carbonate lithium will maintain a high - level shock pattern under the cost support and weakening demand expectations, with the center of gravity possibly moving slightly downward [2] Summary by Relevant Catalogs Lithium Salt Market Conditions - **Carbonate Lithium Futures and Spot**: The average price of battery - grade carbonate lithium spot dropped to 117,250 yuan/ton, a week - on - week decrease of 2.62%. The futures price of carbonate lithium decreased from 130,520 yuan/ton to 121,580 yuan/ton, a week - on - week decrease of 6.85%. The futures were at a premium to the spot, and the basis was - 4,330 yuan/ton, narrowing by 57.21% week - on - week [2][4] - **Lithium Hydroxide Spot**: The prices of various types of lithium hydroxide spot all increased. The price of lithium hydroxide (electro - carbon, coarse particles) increased from 102,400 yuan/ton to 109,500 yuan/ton, a week - on - week increase of 6.93%; the price of lithium hydroxide (electro - carbon, fine powder) increased from 107,600 yuan/ton to 114,700 yuan/ton, a week - on - week increase of 6.60%; the price of lithium hydroxide (industrial carbon) increased from 97,100 yuan/ton to 104,200 yuan/ton, a week - on - week increase of 7.31% [4] - **Carbonate Lithium Premium**: The weekly change in the premium of carbonate lithium from different raw materials and enterprises was 200 yuan/ton [7] Lithium Salt Fundamentals Supply - **Carbonate Lithium Production**: The domestic carbonate lithium capacity utilization rate remained at a high level of 83.52%, and the production in December was expected to increase. The capacity utilization rate of lithium hydroxide decreased by 2.56 percentage points to 38.0% week - on - week, indicating some production line conversions or overhauls [2] Demand - **Mid - and Downstream Consumption**: The demand side showed differentiation. The operating rate of energy - storage cells remained high, but many leading cathode material manufacturers announced overhaul plans for January, indicating that the downstream demand might decline significantly month - on - month, and procurement turned to rigid demand [2] Import and Export - **Lithium Ore Import**: The seasonal production reduction expectation of salt lakes constituted a potential supply disturbance, and the arrival of imported lithium concentrate at ports needed to be monitored [2] - **Lithium Ore Transportation Cost**: The transportation costs of lithium ore from South Africa, Zimbabwe, and Nigeria remained unchanged week - on - week [28] Inventory - **Carbonate Lithium Warehouse Receipt Inventory**: The exchange warehouse receipt inventory increased to 20,281 lots, a significant week - on - week increase of 13.55%. The inventory in major warehouses such as Shanghai Xiangyu Speed - Transfer Warehouse and COSCO Shipping Zhenjiang Warehouse increased significantly, showing inventory accumulation pressure [2][41] Cost and Profit - **Carbonate Lithium**: The production cost of externally purchased lithium concentrate was 124,744 yuan/ton, a week - on - week decrease of 3.95%. The production profit was - 7,494 yuan/ton, and the loss increased by 20.91% week - on - week. The cost line provided some support for the current price [2] Lithium - battery Fundamentals - **Positive Electrode Materials**: Information on the market conditions, supply, demand, and cost - profit of positive electrode materials is included in the report, but specific data is not elaborated in the provided content [45][47][51][57] - **Lithium - battery Materials and Batteries Import and Export**: Information on the import and export of lithium - battery materials and batteries is included, but specific data is not elaborated [53][55] - **New Energy Vehicles**: Information on the production, sales, and other important data of new energy vehicles is included, but specific data is not elaborated [61][63] - **Lithium - battery Recycling**: Information on lithium - battery recycling is included, but specific data is not elaborated [59]

周度报告—碳酸锂 供应压力影响短期预期，盘面高位回调 | | | 报告日期： 2025 年 12 月 7 日 [Table_Summary] ★供应压力影响短期预期，盘面高位回调 上周（11/24-11/28）锂盐价格呈偏弱走势。LC2512 收盘价环比 -4.1%至 9.07 万元/吨，LC2601 收盘价环比-4.1%至 9.08 万元/吨； SMM 电池级及工业级碳酸锂现货均价环比-0.5%至 9.33、9.08 万 元/吨。氢氧化锂价格跟随上行，SMM 粗颗粒及微粉型电池级氢 氧化锂均价环比分别+0.1%、+0.1%至 8.21、8.69 万元/吨。电工 价差环比持平至 2,450 元/吨。电池级氢氧化锂较电池级碳酸锂 价格贴水环比缩窄 550 元至 1.1 万元/吨。 据智利海关，11 月智利共出口碳酸锂及氢氧化锂 2.0 万吨，环比 -27%，同比-14%；其中对中国出口 1.47 万吨，环比-9.4%，同比 -13%，对应 12 月到港量环比预计下滑。1-11 月智利合计出口碳 酸锂及氢氧化锂 23.5 万吨，同比-2%；其中对中国出口 15.2 万吨， 同比-15%。 上周盘面呈偏弱回调，消息 ...

Core Viewpoint - The lithium carbonate price has surged due to the production halt at Ningde Times' Yichun mining area, leading to a recovery in the lithium salt market [1][2] Company Summary - Jiangte Electric (002176.SZ) announced that its wholly-owned subsidiary Yichun Yinli will resume production soon, with the lithium salt plant expected to be profitable given the current market conditions [1] - The company had previously announced a 26-day equipment maintenance period for Yichun Yinli starting July 25, aimed at improving operational efficiency and reducing costs [1] - In 2024, Jiangte Electric's revenue from lithium mining and salt manufacturing was reported at 1.049 billion yuan, accounting for 49.87% of total revenue, a decrease of 36.26% from 2023 [2] Industry Summary - Lithium carbonate is a key raw material for lithium batteries, widely used in electric vehicles, energy storage, and consumer electronics [2] - The price of battery-grade lithium carbonate has stabilized around 86,500 yuan/ton, with futures contracts showing an upward trend, reaching a peak of 90,100 yuan/ton [2] - Analysts suggest that lithium prices are unlikely to exceed 90,000 yuan/ton due to profitability concerns for global lithium mines, while prices above 80,000 yuan/ton are considered balanced for both upstream and downstream players [3] - South American countries like Chile and Argentina are planning to add significant lithium production capacity, which is expected to support global supply [3]