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].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View - The commodity sentiment fluctuates greatly, and the exchange restricts positions to cool down the market. It is expected that the short - term lithium carbonate price will fluctuate widely. It is recommended to short on rebounds [2]. 3. Summary by Relevant Contents 3.1 Lithium Carbonate Futures - **Prices**: On August 1, 2025, the closing prices of near - month, continuous - first, continuous - second, and continuous - third contracts were 68,500 yuan/ton, 68,920 yuan/ton, 69,240 yuan/ton, and 69,240 yuan/ton respectively, with increases of 500 yuan/ton, 640 yuan/ton, 640 yuan/ton, and 640 yuan/ton compared to the previous day [1]. - **Trading Volume and Open Interest**: The trading volume of the active contract was 340,670 lots (- 181,179), and the open interest was 216,103 lots (- 13,265) [1]. - **Inventory**: The registered warehouse receipts were 6,605 tons (+ 1,060) [1]. 3.2 Lithium Ore and Related Products Prices - **Lithium Ore**: The average prices of lithium spodumene concentrate (6%, CIF China), lithium mica (Li2O: 1.5% - 2.0%), lithium mica (Li2O: 2.0% - 2.5%), phospho - lithium - aluminum stone (Li2O: 6% - 7%), and phospho - lithium - aluminum stone (Li2O: 7% - 8%) decreased by 11 US dollars/ton, 35 yuan/ton, 40 yuan/ton, 50 yuan/ton, and 55 yuan/ton respectively compared to the previous day [1]. - **Lithium Compounds**: The average prices of battery - grade lithium carbonate (99.5%/domestic), industrial - grade lithium carbonate (99.2%/domestic), and lithium hydroxide (56.5% battery - grade CIF China, Japan, and South Korea) decreased by 650 yuan/ton, 650 yuan/ton, and 0.05 US dollars/kg respectively [1]. 3.3 Other Related Products Prices - **Cobalt - related Products**: The average prices of electrolytic cobalt (≥99.8%, Jinchuan, Zambia), cobalt sulfate (≥20.5%/domestic), and tricobalt tetroxide (≥72.8%/domestic) increased by 4,000 yuan/ton, 100 yuan/ton, and 150 yuan/ton respectively [2]. - **Other Materials**: The average prices of some cathode materials, anode materials, and electrolytes showed different changes, such as the average price of ternary precursor 523 (polycrystalline/consumer - type) increased by 50 yuan/ton [1]. 3.4 Supply and Demand and Inventory - **Supply**: Last week, the production of lithium carbonate decreased [2]. - **Demand**: Last week, the production of lithium iron phosphate decreased, the production of ternary materials increased; in July, the production of lithium carbonate decreased, the production of lithium manganate increased slightly, and the production of power batteries increased last week; in the terminal demand, the year - on - year growth rate of new energy vehicle production and sales continued in June, but the sales volume decreased month - on - month, the 3C shipments were average, and the production schedule of energy - storage batteries increased in July [2]. - **Inventory**: The social inventory decreased. The inventories of smelters and others decreased, while the downstream inventory tightened [2]. 3.5 Industry News - The US added 73,000 non - farm jobs in July, far lower than the expected 110,000, and the previous two months were revised down by 258,000 jobs. Traders fully priced in two Fed rate cuts by the end of the year [2]. - Widdcat Resources announced the pre - feasibility study (PFS) results of its Tabba Tabba project in Western Australia, showing strong economic potential [2].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Downstream enters the off - season with stable production scheduling, and the supply side increases hedging output driven by price rebound. Although the ore price shows signs of stabilization, the downstream restocking amplitude is small. The fundamentals are characterized by strong supply and stable demand, and the lithium carbonate futures price is expected to decline in the short term. There is no sign of production reduction at the ore end, and there is a possibility that the lithium carbonate price and the ore price will form a negative feedback again later [3] 3. Summary According to Relevant Catalogs 3.1 Lithium Compound Prices - SMM battery - grade lithium carbonate average price is 60,500 yuan, down 150 yuan; SMM industrial - grade lithium carbonate average price is 58,900 yuan, down 150 yuan [1] 3.2 Lithium Futures Contracts - Lithium carbonate 2506 closes at 60,000 yuan, up 0.03%; 2507 closes at 60,240 yuan, down 0.13%; 2508 down 0.46%; 2509 closes at 59,780 yuan, down 0.7%; 2510 closes at 59,780 yuan, down 0.93% [1] 3.3 Lithium Ore Prices - Lithium spodumene concentrate (CIF China) price is 624 yuan, down 5 yuan; lithium mica (Li20:1.5% - 2.0%) price is 5 yuan; lithium mica (Li20:2.0% - 2.5%) price is 1225 yuan; phospho - lithium - aluminum stone (Li20:6% - 7%) price is 5660 yuan; phospho - lithium - aluminum stone (Li20:7% - 8%) price is 6595 yuan [1][2] 3.4 Cathode Material Prices - The average price of lithium iron phosphate (power type) is 30,405 yuan, down 70 yuan; the average price of ternary material 811 (polycrystalline/power type) is 143,550 yuan, down 140 yuan; the average price of ternary material 523 (single - crystal/power type) is 114,575 yuan, down 110 yuan; the average price of ternary material 613 (single - crystal/power type) is 121,075 yuan, down 140 yuan [2] 3.5 Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1600 yuan; the price spread between battery - grade lithium carbonate and the main contract is 720 yuan, down 130 yuan; the price spread between the near - month and the first - continuous contract is 240 yuan, up 220 yuan; the price spread between the near - month and the second - continuous contract is 460 yuan, up 320 yuan [2] 3.6 Inventory - The total inventory (weekly, tons) is 133,549 tons, up 1117 tons; the smelter inventory (weekly, tons) is 57,653 tons, up 537 tons; the downstream inventory (weekly, tons) is 40,686 tons, down 390 tons; other inventory (weekly, tons) is 35,210 tons, up 970 tons; the registered warehouse receipts (daily, tons) is 32,043 tons, down 75 tons [2] 3.7 Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 536 yuan, and the profit is - 879 yuan; the cash cost of purchasing lithium mica concentrate is 65,237 yuan, and the profit is - 7076 yuan [3] 3.8 Industry News - Zimbabwe will ban the export of lithium concentrate from 2027 to further promote local processing. It has banned the export of lithium ore since 2022 to encourage more domestic processing by miners [3]