Report Industry Investment Rating - No relevant information provided Core View of the Report - The price increase is mainly due to supply - side disturbances, which boost market sentiment but have limited impact on the fundamentals. In the short term, strong market sentiment and frequent rumors support futures prices, but the pricing weight of the spot market may increase, and industry players can consider hedging at high prices. Also, the basis of the current spot for the 08 contract has been repaired, which will stimulate the production of warehouse receipts [3] Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 69,100 yuan/ton, up 1,100 yuan; SMM industrial - grade lithium carbonate average price is 67,450 yuan/ton, up 1,100 yuan [1] - The closing prices and price increases of lithium carbonate futures contracts (2508 - 2512) range from 71,780 - 72,880 yuan/ton, with price increases from 2.68% - 2.93% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) price is 742 yuan, up 12 yuan; lithium mica (Li20: 1.5% - 2.0%) price is 1030 yuan, up 40 yuan; lithium mica (Li20: 2.0% - 2.5%) price is 1590 yuan, up 45 yuan; phosphorus lithium aluminum stone (Li20: 6% - 7%) price is 5400 yuan, up 225 yuan; phosphorus lithium aluminum stone (Li20: 7% - 8%) price is 6325 yuan, up 250 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 32,340 yuan, up 265 yuan; the average price of ternary material 811 (polycrystalline/power type) is 142,850 yuan, up 200 yuan; the average price of ternary material 523 (single - crystal/power type) is 115,495 yuan, up 300 yuan; the average price of ternary material 613 (single - crystal/power type) is 120,375 yuan, up 200 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1650 yuan/ton, with no change; the price spread between battery - grade lithium carbonate and the main contract is - 3780 yuan, down 500 yuan; the price spread between the near - month and the first - continuous contract is - 80 yuan, down 60 yuan; the price spread between the near - month and the second - continuous contract is 680 yuan, down 60 yuan [2] Inventory - The total inventory (weekly, tons) is 142,620 tons, up 1827 tons; the inventory of smelters (weekly, tons) is 58,039 tons, down 559 tons; the inventory of downstream (weekly, tons) is 41,271 tons, up 506 tons; the inventory of others (weekly, tons) is 43,310 tons, up 1880 tons; the registered warehouse receipts (daily, tons) is 10,089 tons, up 120 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 67,331 yuan, and the profit is 833 yuan; the cash cost of purchasing lithium mica concentrate externally is not clearly stated, and the profit is - 5969 yuan [3] Company Announcement - Yichun Yinli, a subsidiary of Jiangte Motor, is expected to conduct equipment maintenance on its production line on July 25, 2025, with an estimated maintenance time of about 26 days [3]