Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The domestic lithium carbonate production and inventory are at a high level, and the supply - demand outlook is relatively loose. However, due to national policy - guided clearance of lithium carbonate and the impact of automobile consumption, the prices of domestic and imported lithium carbonate may have an upward space. It is recommended to hold long positions in appropriate quantities and pay attention to the support level around 58,000 - 62,000 and the resistance level around 66,000 - 70,000 [5]. Summary by Related Catalogs Lithium Futures and Spot Prices - **Lithium Futures**: On July 14, 2025, the closing prices of near - month, continuous - one, continuous - two, and continuous - three contracts of lithium carbonate futures increased compared with July 11, 2025. The trading volume of the active contract was 1,014,558.00 hands, an increase of 611,742.00 hands; the open interest was 356,161.00 hands, an increase of 33,301.00 hands; the inventory was 11,204.00 tons, a decrease of 399.00 tons [1]. - **Lithium Spot**: The average prices of various lithium - related products such as lithium ore, metal lithium, lithium carbonate, and lithium hydroxide showed different degrees of change. For example, the average price of battery - grade lithium carbonate (99.5%/domestic) was 64,650.00 yuan/ton on July 14, 2025, an increase of 900.00 yuan/ton compared with July 11, 2025 [1]. Lithium - Related Company News - Ganfeng Lithium's lithium mica project phase I with an annual capacity of 816,000 tons of lithium concentrate per month has been officially put into production. Tianqi Lithium's project in Xilin Gol League may be put into production in October 2025, and the total production and sales will reach 21,970 tons per year [3]. - Panasonic Holdings will postpone the production plan of its new EV battery factory in Kansas, USA. Derui Power is promoting the acceptance work of its new production capacity, which will be gradually released according to sales and orders, with the initial production mainly focusing on lithium - manganese and lithium - iron primary batteries [2]. - OaoL plans to produce at least 100 tons of silicon - graphite composite anode materials per year after investing $11 - 20 million in its Moses Lake plant. OneD Battery Sciences has closed its pilot manufacturing plant in Moses Lake due to tariff policies [2]. Supply and Demand Analysis - **Supply**: The production of lithium carbonate in China is expected to increase. Some production lines are under maintenance or capacity upgrading. The inventory of lithium carbonate in China has increased compared with last week. The production of lithium hydroxide in July may decrease, and its inventory may increase [3]. - **Demand**: The monthly average production cost of lithium iron phosphate in China is 10,600 - 12,900 yuan/ton, and its production volume may increase. The monthly average production cost of lithium iron phosphate cathode materials is 29,500 - 55,000 yuan/ton [4]. Investment and Trading Strategies - **Investment Strategy**: Some companies' production capacity expansion and project progress are in progress. The export volume of some products may change. For example, the export volume of lithium salt in China may be affected by the global supply - demand situation. The production and inventory of various materials such as cobalt, ternary precursors, and ternary materials also show different trends [5]. - **Trading Strategy**: It is recommended to hold long positions in appropriate quantities in the domestic lithium carbonate market, paying attention to the support level around 58,000 - 62,000 and the resistance level around 66,000 - 70,000 [5].

Core Points - The U.S. House of Representatives voted to overturn a federal exemption that allowed California to ban gasoline-powered vehicles by 2035 and set stricter emissions standards than the federal government [1] Group 1 - The vote resulted in 246 in favor and 164 against, indicating significant support for the repeal among lawmakers [1] - The federal exemption was originally issued during the Biden administration by the Environmental Protection Agency (EPA) [1] - The policy faced opposition from automobile manufacturers, fuel producers, and former President Donald Trump [1]