Core Viewpoint - The article discusses the anticipated resumption of lithium mining operations at the Jiangxia Wokeng lithium mine in Yichun, which is expected to impact lithium carbonate futures prices significantly, amidst ongoing fluctuations in the market [3][10]. Group 1: Mining Operations and Market Impact - Yichun Times New Energy Mining Co., Ltd. is expected to resume operations at the Jiangxia Wokeng lithium mine around the Spring Festival [3]. - The Jiangxia Wokeng mine is the largest lithium mica mining area in Yichun, with a designed construction investment of 2.158 billion yuan and an estimated recoverable resource of 77.492 million tons [8]. - Prior to its suspension, the mine produced approximately 7,000 to 8,000 tons of lithium carbonate equivalent (LCE) monthly, accounting for about 10% of domestic demand [8]. Group 2: Lithium Carbonate Futures Prices - Following news of potential mining rights cancellations in Yichun, lithium carbonate futures prices surged, breaking through significant thresholds of 100,000, 110,000, and 120,000 yuan, with a peak of 127,800 yuan on December 24, marking a 5.89% increase [4]. - The latest data shows that the battery-grade lithium carbonate index price reached 101,284 yuan per ton, with a daily increase of 1,709 yuan, while industrial-grade lithium carbonate also saw a rise of 2,000 yuan [6]. Group 3: Regulatory Developments - The Jiangxi Provincial Department of Natural Resources has been actively managing the mining rights and has recently publicized the evaluation report for the Jiangxia Wokeng mine, indicating that mining rights fees will be assessed based on actual lithium resource usage [10]. - The futures market is expected to face significant adjustments if the resumption of mining operations is confirmed, especially given the seasonal demand decline in the lithium battery industry during spring [10].

Core Viewpoint - The article discusses the anticipated resumption of lithium mining operations at the Jiangxia Mine in Yichun, which is expected to impact lithium carbonate futures prices significantly, given the mine's substantial production capacity and its influence on the lithium market [3][11]. Group 1: Mining Operations and Market Impact - Yichun Times New Energy Mining Co., Ltd. is expected to resume operations at the Jiangxia Mine around the Spring Festival, which has garnered attention from the lithium battery sector and capital markets due to the mine's large production capacity [3][9]. - The Jiangxia Mine is the largest lithium mica mining area in Yichun, with a recoverable lithium resource equivalent to approximately 6.57 million tons of lithium carbonate, making it one of the largest single lithium mica mines globally [9]. - Following the news of potential resumption, lithium carbonate futures prices surged, with the main contract reaching a high of 127,800 yuan per ton, closing at 124,700 yuan, marking a 5.89% increase [5]. Group 2: Regulatory and Market Developments - The recent announcement regarding the cancellation of 27 mining rights in Yichun has contributed to the rise in lithium carbonate futures prices, which have now stabilized above 100,000 yuan and surpassed 120,000 yuan [5]. - The futures market will see changes in trading rules starting December 26, 2025, including adjustments to minimum order sizes and daily opening limits for non-futures company members [8]. - The current price for battery-grade lithium carbonate is reported at 101,284 yuan per ton, with a daily increase of 1,709 yuan, indicating a strong upward trend in the spot market [8]. Group 3: Seasonal Demand and Future Outlook - The lithium battery industry typically experiences a seasonal demand decline in spring, which may affect the sustainability of the recent price increases in lithium carbonate [11]. - There are indications that the production plans for lithium batteries in January 2026 have already shown a significant reduction compared to December 2025, suggesting a potential weakening in demand [11].

Group 1 - Lithium stocks continue to rise, with Tianqi Lithium (09696) up 6.01% at HKD 52.75 and Ganfeng Lithium (01772) up 4.65% at HKD 54 [1] - On December 22, the main contract for lithium carbonate on the Shanghai Futures Exchange increased by nearly 5%, currently priced at CNY 115,300 per ton [1] - The Jiangxi Yichun Mining Project's environmental impact assessment has been publicly announced, indicating that further approvals are required for normal mining operations [1] Group 2 - Huachuang Securities suggests that the resumption of operations at the Yichun Jiangxiawo lithium mine may be slower than expected, with the mining license having expired on August 9 and operations currently suspended [1] - The resumption of mining activities is anticipated to be delayed until the first half of 2026, exacerbating the current tight supply of lithium and providing strong support for rising lithium prices [1]

Group 1 - Lithium stocks continued to rise, with Tianqi Lithium (09696) up 6.01% at HKD 52.75 and Ganfeng Lithium (01772) up 4.65% at HKD 54 [1] - The main contract for lithium carbonate on the Shanghai Futures Exchange increased by nearly 5%, currently priced at CNY 115,300 per ton [1] - The environmental impact assessment for the lithium mining project in Yifeng County, Jiangxi Province, was publicly announced, indicating that further approvals are required for normal mining operations [1] Group 2 - Huachuang Securities predicts that the resumption of operations at the Jiangxi Zhangxiawo lithium mine may be slower than expected, with the mining license having expired on August 9 and operations currently suspended [1] - The resumption of mining activities may be delayed until the first half of 2026 due to the ongoing approval processes, exacerbating the current tight supply of lithium and providing strong support for rising lithium prices [1]

Group 1 - Lithium stocks continue to rise, with Tianqi Lithium (09696) up 6.01% at HKD 52.75 and Ganfeng Lithium (01772) up 4.65% at HKD 54 [1] - The main contract for lithium carbonate on the Shanghai Futures Exchange increased by nearly 5%, currently priced at CNY 115,300 per ton [1] - The environmental impact assessment for the lithium mining project in Yifeng County, Jiangxi Province, has been publicly disclosed, indicating that further approvals are needed for normal mining operations [1] Group 2 - Huachuang Securities suggests that the resumption of operations at the Jiangxi Zhangxiawo lithium mine may be slower than expected, with the mining license having expired on August 9 and operations currently suspended [1] - The ongoing environmental assessment and subsequent approval processes may delay the resumption of mining until the first half of 2026, exacerbating the current tight lithium supply situation [1] - The increase in lithium prices is strongly supported by the supply constraints in the market [1]

Core Viewpoint - The news highlights the recent development regarding the resumption of operations at the Jiangxiawo lithium mine owned by CATL, which has been suspended for over four months. The mine has entered the first environmental impact assessment (EIA) public announcement phase, leading to a significant increase in lithium carbonate futures prices. Group 1: Resumption of Operations - CATL's Jiangxiawo lithium mine has entered the first EIA public announcement phase, indicating progress towards resuming operations [3] - The mine has been suspended since August 9, 2023, due to the expiration of its mining license, which CATL is currently renewing [4] - The mine is one of the largest lithium mica mines globally, with an estimated resource of 9.6 billion tons and a lithium oxide resource of 265.68 million tons, equivalent to approximately 657 million tons of lithium carbonate [4] Group 2: Market Reaction - Following the announcement of the EIA public announcement, lithium carbonate futures surged from 107,260 CNY/ton to a peak of 113,500 CNY/ton, marking a 5.65% increase [1] - As of the market close, lithium carbonate futures settled at 111,400 CNY/ton, reflecting a 3.86% increase [1] Group 3: Regulatory Context - The new mineral resources law, effective July 1, 2023, classifies lithium as an independent mineral, impacting the regulatory landscape for lithium mining [5] - The Yichun Natural Resources Bureau has mandated that several lithium resource mining rights, including Jiangxiawo, complete a mineral type change verification report by the end of September [5] Group 4: Industry Implications - The suspension of the Jiangxiawo mine was viewed as a significant signal of "anti-involution" in the industry, with implications for market dynamics and pricing [4] - The recent developments have led to increased scrutiny and concern among domestic lithium mining companies and the lithium battery supply chain [6]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The lithium carbonate futures main contract declined on December 9, with a trading volume of 512,215 lots (-87,152) and an open interest of 575,421 lots (-17,708). The spot market trading was light, and the basis discount narrowed [1] - On the cost side, the price of spodumene concentrate remained flat, and the price of lepidolite remained flat. On the supply side, the production of lithium carbonate increased last week, the production of lithium carbonate from salt lakes decreased, and the production of lithium carbonate from other raw materials increased. In terms of downstream demand, the production of lithium iron phosphate decreased last week, and the production of ternary materials decreased. In December, the production reduction of lithium carbonate increased, and the production schedule of lithium carbonate decreased. The production of power batteries increased last week. In terms of terminal demand, the year - on - year and month - on - month growth rates of new energy vehicle production and sales slowed down in November; the 3C shipments weakened; the production growth of energy storage batteries stagnated in December [1] - In terms of inventory, the registered warehouse receipts were 12,920 tons (-200 tons). The smelters and other sectors reduced their inventories, and the downstream increased their inventories. In summary, the news of lithium mine restart was repeated. The weekly production of lithium carbonate was at a high level. The downstream wait - and - see sentiment remained strong. The spot market trading was light, and the demand growth stagnated. In the short term, the fundamentals showed strong supply and weak demand. Under the position limit, the lithium price is expected to fluctuate weakly [1] - The trading strategy is to hold short positions [1] 3. Summary by Relevant Content Futures Market - **Prices**: The closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures decreased compared with previous days. For example, the near - month contract closed at 92,580 yuan/ton on December 8, down 220 yuan from the previous day [1] - **Trading Volume and Open Interest**: On December 9, the trading volume of the lithium carbonate futures main contract was 512,215 lots, a decrease of 87,152 lots, and the open interest was 575,421 lots, a decrease of 17,708 lots [1] Spot Market - **Lithium - related Products**: The prices of various lithium - related products showed different trends. For example, the average price of SMM battery - grade lithium carbonate was 94,400 yuan/ton, the price of spodumene concentrate (6%, CIF China) was 1,165 - 1,184 US dollars/ton, and the price of lithium mica (Li2O: 1.5% - 2.0%) averaged 1,610 - 1,645 yuan/ton [1] - **Other Battery - related Materials**: The prices of ternary precursors, ternary materials, lithium iron phosphate, and other battery - related materials also changed. For example, the average price of ternary precursor 523 (polycrystalline/consumer - type) was 105,000 - 105,750 yuan/ton [1] Supply and Demand - **Supply**: Last week, the production of lithium carbonate increased, the production of lithium carbonate from salt lakes decreased, and the production of lithium carbonate from other raw materials increased [1] - **Demand**: The production of lithium iron phosphate and ternary materials decreased last week. In December, the production reduction of lithium carbonate increased, and the production schedule of lithium carbonate decreased. The production of power batteries increased last week. The year - on - year and month - on - month growth rates of new energy vehicle production and sales slowed down in November, the 3C shipments weakened, and the production growth of energy storage batteries stagnated in December [1] Inventory - The registered warehouse receipts were 12,920 tons, a decrease of 200 tons. The smelters and other sectors reduced their inventories, and the downstream increased their inventories [1] News - In November, Chile's copper exports fell to 4.28 billion US dollars, and lithium exports were 167.41 million US dollars [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Last week, market information was noisy, and the resumption expectation of Zhenxiawo Mine was volatile, leading to a wide - range fluctuation of lithium prices. On October 31, rumors of the mine's quick resumption made long - position holders nervous, causing lithium prices to decline with reduced positions. As CATL didn't release a resumption plan, the rumor was unconfirmed, and prices rose again with increased positions at the end of the week. Fundamentally, high - frequency supply reached a new high, but there were bottlenecks in supply growth, inventory continued to decline, and downstream demand for active stockpiling was weak, with only rigid - demand purchases [4]. - In the later stage, the expectation of fundamental improvement continues, and lithium prices will fluctuate widely driven by the resumption expectation of mines. Although there are bottlenecks in supply growth, upstream production enthusiasm is high at current prices. Some capacities are resuming production due to new mining permits, so the total supply will remain at a high level. Material factories' production in November is expected to increase month - on - month, but downstream lithium salt purchasing is cautious, indicating limited market expectations for future lithium price increases. The power terminal will remain strong driven by the policy window, but there is a risk of demand slump at the end of the month when the policy window closes. The fundamental situation will remain warm in the short term. The resumption expectation of CATL's Zhenxiawo Mine may greatly affect market sentiment, leading to wide - range fluctuations in lithium prices [4][11]. 3. Summary by Relevant Catalogs Market Data | Indicator | 2025/11/7 | 2025/10/31 | Change | Change Rate | Unit | | --- | --- | --- | --- | --- | --- | | Imported lithium ore (1.3% - 2.2%) | 147 | 150 | - 2.50 | - 1.67% | USD/ton | | Imported lithium concentrate (5.5% - 6%) | 904 | 918 | - 14.00 | - 1.53% | USD/ton | | Domestic lithium concentrate (5.5% - 6%) | 904 | 918 | - 14 | - 1.53% | CNY/ton | | Spot exchange rate: USD to CNY | 7.122 | 7.114 | 0.01 | 0.12% | / | | Battery - grade lithium carbonate spot price | 8.05 | 8.08 | - 0.03 | - 0.35% | CNY 10,000/ton | | Lithium carbonate main contract price | 7.79 | 7.93 | - 0.14 | - 1.79% | CNY 10,000/ton | | Total lithium carbonate inventory | 121140 | 123777 | - 2637 | - 2.13% | ton | | Lithium iron phosphate price | 3.63 | 3.37 | 0.26 | 7.72% | CNY 10,000/ton | | Lithium cobalt oxide price | 36.20 | 36.20 | 0.00 | 0.00% | CNY 10,000/ton | | Ternary material price (811) | 16.45 | 16.45 | 0.00 | 0.00% | CNY 10,000/ton | | Ternary material price (622) | 14.95 | 14.95 | 0.00 | 0.00% | CNY 10,000/ton | [5] Market Analysis and Outlook Last Week's Market Analysis - **Regulation and Delivery**: As of November 7, 2025, the total warehouse receipt scale of GZFE was 27332 lots, and the latest matching transaction price was 77,920 CNY/ton. The position scale of the main contract 2601 was 490,900 lots [7]. - **Supply Side**: As of November 7, the weekly lithium carbonate production was 23,465 tons, an increase of 145 tons from the previous period. Although supply growth in Sichuan and Jiangxi was restricted, northern salt - lake capacities resumed production due to new mining permits, and Hunan showed signs of increased production. With more new mining permits approved, supply will remain at a high level. In September, the lithium carbonate import volume was 19,597 tons, a month - on - month decrease of 10.3% and a year - on - year increase of 20%. The import volume from Chile was about 10,800 tons, a year - on - year decrease of 22.5%, accounting for about 55.2%. The import volume from Argentina was 6948 tons, a year - on - year increase of 242.9%, accounting for about 35.5%. The average import price from Chile was about 62,400 CNY/ton, and from Argentina was about 59,100 CNY/ton. In September, the total lithium ore import was about 711,000 tons, a month - on - month increase of 14.8%. The import from Australia was 347,200 tons, a month - on - month increase of 64.1%; from Zimbabwe was about 109,000 tons, a month - on - month decrease of 7.8%; from Nigeria was about 120,000 tons, a month - on - month increase of 14.4%. The import from South Africa increased significantly, reaching about 108,700 tons [7]. - **Demand Side**: - **Downstream Cathode Materials**: As of November 7, the total lithium iron phosphate production was about 96,856 tons, with an operating rate of 85.24%, an increase of 7.41 percentage points from the previous period, and inventory of 40,132 tons, a decrease of 541 tons. The total ternary material production was about 19,684 tons, with an operating rate of 51.51%, an increase of 1.31 percentage points from the previous period, and inventory of 12,190 tons, a decrease of 250 tons. In terms of prices, the ternary material price was relatively stable. The price of 5 - series ternary materials increased from 138,900 CNY/ton to 139,100 CNY/ton; the 8 - series price remained stable at 158,100 CNY/ton. The price of power - type lithium iron phosphate decreased from 37,200 CNY/ton to 37,150 CNY/ton, and the energy - storage type decreased from 35,500 CNY/ton to 35,350 CNY/ton [8]. - **New Energy Vehicles**: From October 1 - 31, the retail sales of the national new - energy passenger vehicle market were 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%. The cumulative retail sales this year were 10.27 million, a year - on - year increase of 23%. High - frequency data showed that new - energy vehicle sales rebounded significantly at the end of October due to the policy - driven increase in orders and concentrated deliveries. However, there is a risk of demand slump in December when the policy window closes. Most new - force car companies have announced purchase - tax subsidy policies, but only a few traditional car companies have done so, so demand resilience is at risk [9]. - **Inventory**: As of November 7, the total lithium carbonate inventory was 121,140 tons, a decrease of about 2637 tons from the previous period. Factory inventory was 22,300 tons, a decrease of about 1075 tons; market inventory was 71,508 tons, a decrease of about 1273 tons; and exchange inventory was 27332 lots, a decrease of 289 lots from the previous week [10]. This Week's Outlook The expectation of fundamental improvement continues, and lithium prices will fluctuate widely driven by the resumption expectation of mines. Although there are bottlenecks in supply growth, upstream production enthusiasm is high at current prices. Some capacities are resuming production due to new mining permits, so the total supply will remain at a high level. Material factories' production in November is expected to increase month - on - month, but downstream lithium salt purchasing is cautious, indicating limited market expectations for future lithium price increases. The power terminal will remain strong driven by the policy window, but there is a risk of demand slump at the end of the month when the policy window closes. The fundamental situation will remain warm in the short term. The resumption expectation of CATL's Zhenxiawo Mine may greatly affect market sentiment, leading to wide - range fluctuations in lithium prices [11]. Industry News - A battery - grade lithium carbonate project with an annual output of 80,000 tons in Hunan officially started on October 29. It is an upgrade of the original 40,000 - ton/year plan, and the first - phase 20,000 - ton/year project is expected to be put into production in 2026 [12]. - Haimuxing has successfully completed the full - line process for mass - producing lithium - metal solid - state batteries and has received a 400 - million - CNY equipment order for 2GWh solid - state batteries [12]. - Chuanfa Longmang and Fuling Jinguang will jointly invest in a 175,000 - ton/year high - density lithium iron phosphate project [12]. - Kodal Minerals' Bougouni lithium mine in Mali is operating normally despite the security tensions in the capital [12]. Relevant Charts The report provides multiple charts showing the prices, production, and import volumes of lithium carbonate, battery - grade lithium hydroxide, lithium iron phosphate, ternary materials, and related products from 2022 - 2025 [14][16][18][21][23][25].

1. Report Industry Investment Rating - The report gives a "sideways" rating for lithium carbonate [1] 2. Core Viewpoints of the Report - Last week, lithium salt prices first rose and then fell, with the closing prices of LC2511 and LC2601 showing increases. Lithium hydroxide prices stabilized, and the price spread changed accordingly. The domestic lithium carbonate inventory decreased, but there were market rumors affecting the market sentiment, leading to profit - taking by long positions [1][2][13] - From a fundamental perspective, the demand side is expected to remain strong in November, with a slight increase in production of ternary and lithium iron phosphate cathodes and batteries. There is still room for a slight increase in apparent demand in November, and the monthly inventory reduction is expected to exceed 10,000 tons before the resumption of supply - side projects. However, the inventory reduction is expected to slow down from late November [3][15] - In terms of strategy, the short - term market will focus on the resumption rhythm of Jiangxi mica projects, with increased market volatility. It is recommended to use a range - trading approach. In the medium term, attention should be paid to short - selling opportunities after the demand reaches a phased peak. For arbitrage, the reverse arbitrage of LC2511 - LC2601 has been gradually realized and can be gradually closed, and attention should be paid to the positive arbitrage opportunity of LC2601 against more distant contracts [3][16] 3. Summary by Relevant Catalogs 3.1 Seasonal Inventory Reduction Accelerates, and Supply - Side Game Intensifies - Lithium salt prices showed a trend of rising first and then falling last week. The closing prices of LC2511 and LC2601 increased by 0.5% and 1.6% respectively, and the spot prices of battery - grade and industrial - grade lithium carbonate increased by 6.8% and 7.1% respectively. Lithium hydroxide prices stabilized, and the price spread changed [1][13] - The domestic lithium carbonate inventory decreased by 0.3 million tons to 12.7 million tons this week, accelerating the inventory reduction. However, market rumors on Friday led to profit - taking by long positions [2][14] - The demand side is expected to remain strong in November, with a slight increase in production of ternary and lithium iron phosphate cathodes and batteries. There is still room for a slight increase in apparent demand in November, and the monthly inventory reduction is expected to exceed 10,000 tons before the resumption of supply - side projects. The inventory reduction is expected to slow down from late November [3][15] - In terms of strategy, short - term market volatility will increase with the game over the resumption of Jiangxi mica projects. A range - trading approach is recommended. In the medium term, attention should be paid to short - selling opportunities after the demand reaches a phased peak. The reverse arbitrage of LC2511 - LC2601 can be gradually closed, and attention should be paid to the positive arbitrage opportunity of LC2601 against more distant contracts [3][16] 3.2 Weekly Industry News Review - Pilbara's lithium spodumene production in Q3 2025 increased by 1.7% quarter - on - quarter, the sales price of spodumene SC6 increased by 19% quarter - on - quarter, and the operating cost per ton decreased by 13% [17] - Dazhong Mining's wholly - owned subsidiary obtained the mining license for the Hunan Jijiaoshan lithium mine, with a lithium ore resource of 489.872 million tons, equivalent to about 3.2443 million tons of lithium carbonate [17] - Albemarle's 16,400 dry tons of 5.21% lithium spodumene concentrate was sold at a price of RMB 7,058 per ton [18] - Imerys is in exclusive negotiations to sell a minority stake in its lithium mine project in central France and is confident of completing the transaction by the end of January [18] 3.3 Key High - Frequency Data Monitoring of the Industrial Chain 3.3.1 Resource End: Spot Quotes of Lithium Concentrate Rise - The spot price of lithium concentrate increased, with the average price of lithium spodumene concentrate (6%, CIF China) rising from $881 per ton to $944 per ton, a 7.2% increase [14] 3.3.2 Lithium Salt: Position Reduction and Price Decline due to News Disturbance - The main contract of lithium carbonate showed an upward trend with increasing positions last week, but there was a significant position reduction of 22,000 lots on Friday, accompanied by a 3.14% decline, with a weekly increase of 1.6% [2][14] 3.3.3 Downstream Intermediates: Ternary and Lithium Cobalt Oxide Remain Strong - The production of ternary and lithium iron phosphate cathodes increased slightly, and the prices of downstream intermediate products such as ternary materials and lithium cobalt oxide showed an upward or stable trend [15][14] 3.3.4 Terminal: The Penetration Rate of New Energy Vehicles Reached 50% in September - The penetration rate of new energy vehicles reached 50% in September, indicating strong terminal demand [41]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The core driving logic of lithium carbonate futures prices in the next month will focus on the resumption of production on the supply side and the restocking demand on the demand side. The supply of lithium salts will increase in October due to the capacity release of salt lakes. If the resumption of production at the "Jianxiaowo" lithium mine exceeds market expectations, it will expand the supply scale and push the futures prices into a weak - oscillating channel. On the demand side, downstream lithium - battery material enterprises' demand is expected to increase month - on - month by the end of the year, which will support the futures prices [3]. - The lithium carbonate futures prices are expected to oscillate in the range of 72,000 - 80,000 yuan/ton [3]. - There are both positive and negative factors affecting the lithium carbonate market. Positive factors include policy support for new energy vehicles and energy storage, and possible overseas enterprises' rush - to - export sentiment. Negative factors include the planned resumption of the "Jianxiaowo" lithium mine and the pressure of concentrated warehouse receipt cancellation in November [4][5]. 3. Summary by Relevant Catalogs 3.1 Futures Data - **Price and Volatility**: The strong support level for the lithium carbonate LC2601 contract is 72,000 yuan/ton, with a current 20 - day rolling volatility of 17.4% and a historical percentile of 14.9% over three years [2]. - **Contract Data**: The closing price of the lithium carbonate main contract is 75,980 yuan/ton, up 280 yuan (0.37%) daily and 3,300 yuan (4.54%) weekly. The trading volume and open interest of different contracts have different changes [8]. - **Spread Data**: For example, LC2511 - LC2512 is - 340 yuan/ton, with a daily increase of 160 yuan (88.89%) and a weekly increase of 220 yuan (183.33%) [8]. 3.2 Spot Data - **Lithium Ore Prices**: The average daily prices of different types of lithium ores, such as lithium mica, lithium spodumene, and amblygonite, have different daily and weekly changes. For instance, lithium mica with Li2O:2 - 2.5% has an average price of 1,845 yuan/ton, up 20 yuan (1.1%) daily and 120 yuan (6.96%) weekly [20]. - **Carbon/Hydrogen Lithium Prices**: Industrial - grade and battery - grade lithium carbonate, as well as different types of lithium hydroxide, have their own price changes. The industrial - grade lithium carbonate has an average price of 71,850 yuan/ton, up 100 yuan (0.14%) daily and 1,100 yuan (1.55%) weekly [23]. - **Lithium Industry Chain Spreads**: The spreads between electric carbon and industrial carbon, electric hydrogen and electric carbon, and battery - grade lithium hydroxide CIF in Japan and South Korea and domestic prices have different changes [26]. 3.3 Basis and Warehouse Receipt Data - **Basis**: The basis of the lithium carbonate main continuous contract has its own historical trend. The brand - based basis quotes of different lithium carbonate producers also vary, such as the basis of Tianqi Lithium being 300 yuan for the LC2507 contract [30][31]. - **Warehouse Receipts**: The total number of lithium carbonate warehouse receipts is 29,892, a decrease of 813 from the previous day. Different warehouses have different changes in warehouse receipt quantities [34]. 3.4 Cost and Profit - **Production Profit**: The production profit of lithium carbonate from外购 lithium ore, including lithium spodumene and lithium mica, has its own trends. The import profit of lithium carbonate also has a certain pattern [37][38]. 3.5 Lithium - Battery Enterprise Risk Management Strategies - **Procurement Management**: For enterprises worried about rising procurement costs, they can use futures and options. For example, they can buy corresponding futures contracts with an 80% hedging ratio at 70,000 - 73,000 yuan and sell put options with a 20% hedging ratio [2]. - **Sales Management**: To prevent the reduction of sales profits due to price drops, enterprises can sell corresponding futures contracts and use option combinations, such as buying put options and selling call options [2]. - **Inventory Management**: Enterprises with high lithium carbonate inventory can short futures contracts with a 40% hedging ratio at 80,000 - 83,000 yuan and sell call options with a 20% hedging ratio [2].