Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The lithium carbonate market has both long and short factors. This week, lithium carbonate production increased by 836 tons and inventory decreased by 414 tons. In March, supply and demand were both strong, with the production of lithium carbonate demand materials and battery cells continuing to grow rapidly, and the sales data of new energy vehicles in March improving year-on-year. However, considering the strong price support sentiment of upstream lithium salt factories and the increasing wait-and-see sentiment of downstream material factories after the price increase, the market lacks continuous upward momentum. It is expected that the lithium carbonate price will maintain a volatile pattern in the short term [2]. Group 3: Market Analysis - On March 12, 2026, the main lithium carbonate contract 2605 opened at 155,300 yuan/ton and closed at 156,980 yuan/ton, with a -1.79% change in the closing price compared to the previous day's settlement price. The trading volume was 219,828 lots, and the open interest was 325,382 lots, compared to 330,436 lots in the previous trading day. According to SMM spot quotes, the current basis is 1,620 yuan/ton (average price of electric carbon - futures). The lithium carbonate warehouse receipts were 36,455 lots, a change of -284 lots from the previous trading day [1]. - According to SMM data, the price of battery-grade lithium carbonate was quoted at 154,000 - 162,000 yuan/ton, a change of -1,000 yuan/ton from the previous trading day, and the price of industrial-grade lithium carbonate was quoted at 150,000 - 159,000 yuan/ton, a change of -1,250 yuan/ton from the previous trading day. The price of 6% lithium concentrate was 2,230 US dollars/ton, a change of -10 US dollars/ton from the previous day [1]. - According to the latest SMM statistics, the spot inventory was 98,959 tons, a month-on-month decrease of 414 tons. Among them, the smelter inventory was 16,292 tons, a month-on-month decrease of 1,184 tons; the downstream inventory was 45,647 tons, a month-on-month increase of 1,890 tons; other inventories were 37,020 tons, a month-on-month decrease of 1,120 tons. The downstream inventory increased, while the smelter and other inventories decreased, and the overall inventory continued to decline [1]. Group 4: Strategy - The production of lithium carbonate demand materials and battery cells continues to grow rapidly, leading to continuous inventory reduction, but the terminal demand for new energy vehicles and energy storage still needs to be verified. The current market is greatly affected by market sentiment, and short-term interval operations are recommended. - Unilateral: Short-term wait-and-see is recommended. - Inter-period: None. - Cross-variety: None. - Spot-futures: None. - Options: None [3].

1. Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report. 2. Core View of the Report - The lithium carbonate market has both increasing supply and demand, with downstream continuous replenishment of inventory, which supports prices. Under the pressure of risk aversion, the price of lithium carbonate may fluctuate in the short term. The price decline is due to the intensification of the US - Iran situation leading to increased risk - aversion sentiment among funds, and the need for funds to take profits after the previous large increase in lithium carbonate prices [3]. 3. Summary by Relevant Catalogs 3.1 Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 158,000 yuan, a decrease of 1,000 yuan; SMM industrial - grade lithium carbonate has an average price of 154,500 yuan, a decrease of 1,250 yuan [1]. - For lithium carbonate futures contracts, the closing price of lithium carbonate 2603 is 150,000 yuan, with a decline of 5.98%; lithium carbonate 2604 is 156,860 yuan, with a decline of 1.91%; lithium carbonate 2605 is 156,980 yuan, with a decline of 1.79%; lithium carbonate 2606 is 157,200 yuan, with a decline of 0.97%; lithium carbonate 2607 is 156,700 yuan, with a decline of 1.45% [1]. 3.2 Lithium Ore - The average price of lithium spodumene concentrate (CIF China) is 2,195 yuan, a decrease of 20 yuan; lithium mica (Li20: 1.5% - 2.0%) is 3,400 yuan, a decrease of 40 yuan; lithium mica (Li20: 2.0% - 2.5%) is 5,050 yuan, a decrease of 90 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 12,875 yuan, a decrease of 300 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 14,000 yuan, a decrease of 350 yuan [1][2]. 3.3 Cathode Materials - The average price of lithium iron phosphate (power - type) is 55,475 yuan, a decrease of 245 yuan; the average price of ternary material 811 (polycrystalline/power - type) is 212,050 yuan, a decrease of 200 yuan; the average price of ternary material 523 (single - crystal/power - type) is 184,300 yuan, a decrease of 200 yuan; the average price of ternary material 613 (single - crystal/power - type) is 185,750 yuan, a decrease of 250 yuan [2]. 3.4 Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 3,500 yuan, an increase of 250 yuan; the difference between battery - grade lithium carbonate and the main contract is 1,020 yuan, a decrease of 2,940 yuan; the difference between the near - month and the first continuous contract is - 120 yuan, a decrease of 1,080 yuan; the difference between the near - month and the second continuous contract is - 340 yuan, a decrease of 1,700 yuan [2]. 3.5 Inventory - The total inventory (weekly, in tons) is 98,959 tons, a decrease of 414 tons; the smelter inventory (weekly, in tons) is 16,292 tons, a decrease of 1,184 tons; the downstream inventory (weekly, in tons) is 45,647 tons, an increase of 1,890 tons; the other inventory (weekly, in tons) is 37,020 tons, a decrease of 1,120 tons; the registered warehouse receipts (daily, in tons) is 36,455 tons, a decrease of 284 tons [2]. 3.6 Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 156,628 yuan, and the profit is - 728 yuan; the cash cost of purchasing lithium mica concentrate externally and the profit are not clearly stated in the report, only the profit is 942 yuan [3]. 3.7 Industry Situation - In January 2026, the new energy vehicle market operated steadily, with production and sales of 1.041 million and 0.945 million vehicles respectively, a year - on - year increase of 2.5% and 1% respectively. In January, the export of new energy vehicles maintained high - speed growth, with 302,000 vehicles exported, a year - on - year increase of 100% [3].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The supply - side of lithium carbonate showed an upward trend last week, with a production of 22,590 tons, a 3.51% week - on - week increase and higher than the historical average. The demand - side had an increase in inventory of sample enterprises. The cost - side had different profit situations for different raw materials. Factors such as supply and demand balance, price fluctuations, and inventory changes would affect the price of lithium carbonate 2605 to fluctuate in the range of 152,580 - 163,620 [7]. 3. Summary by Directory 3.1 Daily View - **Supply**: Last week, lithium carbonate production was 22,590 tons, a 3.51% week - on - week increase, higher than the historical average. In February 2026, the production was 83,090 physical tons, and the predicted production for next month is 106,390 physical tons, a 28.04% month - on - month increase. The import volume in February 2026 was 21,800 physical tons, and the predicted import volume for next month is 26,000 physical tons, a 19.27% month - on - month increase [7]. - **Demand**: The inventory of sample enterprises of lithium iron phosphate and ternary materials increased. It is expected that the demand will strengthen next month and the inventory may be reduced [7]. - **Cost**: The cost of purchasing spodumene concentrate was 157,782 yuan/ton, with no daily change, resulting in a loss of 728 yuan/ton. The cost of purchasing lithium mica was 151,428 yuan/ton, a 1.35% daily decrease, resulting in a profit of 942 yuan/ton. The production cost of the recycling end was generally higher than that of the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost of the salt lake end was 32,231 yuan/ton, with sufficient profit space and strong production motivation [7]. - **Base Difference**: On March 12, the spot price of battery - grade lithium carbonate was 158,000 yuan/ton, and the base difference of the 05 contract was 1,020 yuan/ton, with the spot at a premium to the futures, a neutral situation [7]. - **Inventory**: The smelter inventory was 17,476 tons, unchanged week - on - week and lower than the historical average. The downstream inventory was 45,647 tons, a 4.32% week - on - week increase and higher than the historical average. Other inventories were 37,020 tons, a 2.93% week - on - week decrease and lower than the historical average. The total inventory was 98,958 tons, a 0.41% week - on - week decrease and lower than the historical average, a bullish situation [7]. - **Disk Surface**: The MA20 was upward, and the futures price of the 05 contract closed above the MA20, a bullish situation [7]. - **Main Position**: The main position was net short, and the short position decreased, a bearish situation [7]. - **Likely and Unlikely Factors**: Likely factors include the production cut plan of lithium mica manufacturers and the decrease in the amount of lithium carbonate imported from Chile. Unlikely factors are the continuous high supply at the ore/salt lake end with limited decline [9][10]. - **Main Logic**: Under the tight balance of supply and demand, the sentiment fluctuates due to news [11]. 3.2 Carbonate Lithium Market Overview - **Price and Base Difference**: The prices of various lithium - related products such as spodumene, lithium mica concentrate, and battery - grade lithium carbonate showed different degrees of increase or decrease. For example, the price of 6% spodumene was 2,195 US dollars/ton, a 0.90% decrease from the previous value; the price of battery - grade lithium carbonate was 158,000 yuan/ton, a 0.63% decrease from the previous value [14]. - **Supply and Demand Data**: The supply - side data showed changes in indicators such as weekly operating rate, production cost, and production profit. The demand - side data showed changes in indicators such as monthly operating rate, production, and inventory of related products [17]. 3.3 Supply - Lithium Ore - **Price and Production**: The price of lithium ore showed fluctuations over time. The production of Chinese sample spodumene mines and domestic lithium mica also showed changing trends in different years [24]. - **Import and Self - Sufficiency Rate**: The monthly import volume of lithium concentrate had changes, and the self - sufficiency rate of lithium ore also showed different levels in different periods [24]. - **Inventory**: The weekly inventory of port traders and unsold lithium ore showed changes in different years [24]. 3.4 Supply - Lithium Ore - Supply and Demand Balance Sheet - The demand, production, import, and export of lithium ore in different months from 2025 to 2026 were listed, and the balance situation was calculated. For example, in February 2026, the demand was - 80,211, the production was 21,540, the import was 59,830, and the balance was 1,149 [27][28]. 3.5 Supply - Carbonate Lithium - **Operating Rate and Production**: The weekly operating rate and production of lithium carbonate from different sources (spodumene, lithium mica, salt lake, and recycling materials) showed different changing trends in different years. The monthly production and capacity of lithium carbonate also changed over time [31]. - **Import and Recycling**: The monthly import volume of lithium carbonate from different countries (Chile, Argentina, etc.) and the monthly recycling volume of waste lithium batteries showed different levels in different periods [33][35]. 3.6 Supply - Carbonate Lithium - Supply and Demand Balance Sheet - The demand, production, import, and export of lithium carbonate in different months from 2025 to 2026 were listed, and the balance situation was calculated. For example, in February 2026, the demand was - 111,503, the production was 83,090, the import was 21,800, and the balance was - 6,821 [38]. 3.7 Supply - Lithium Hydroxide - **Capacity Utilization and Production**: The weekly capacity utilization rate and monthly operating rate of lithium hydroxide from different sources (causticization and smelting) showed different changing trends in different years. The production and export volume of lithium hydroxide also changed over time [40][42]. 3.8 Supply - Lithium Hydroxide - Supply and Demand Balance Sheet - The demand, production, import, and export of lithium hydroxide in different months from 2025 to 2026 were listed, and the balance situation was calculated. For example, in February 2026, the demand was - 24,202, the production was 22,940, the import was 2,000, and the balance was - 1,412 [44]. 3.9 Lithium Compound Cost and Profit - **Cost and Profit of Different Raw Materials**: The cost and profit of purchasing spodumene concentrate, lithium mica concentrate, and recycling different types of waste lithium battery materials to produce lithium carbonate showed different changing trends over time. The processing cost composition of lithium mica and spodumene also had different proportions [47][50]. - **Profit of Other Processes**: The profit of processes such as industrial - grade lithium carbonate purification, lithium hydroxide carbonization, and lithium carbonate causticization to lithium hydroxide also showed different levels in different periods [50][53]. 3.10 Inventory - **Carbonate Lithium Inventory**: The warehouse receipts, weekly inventory, and monthly inventory of lithium carbonate from different sources (smelter, downstream, etc.) showed different changing trends in different years [56]. - **Lithium Hydroxide Inventory**: The monthly inventory of lithium hydroxide from different sources (smelter, downstream) also changed over time [56]. 3.11 Demand - Lithium Battery - Power Battery - **Price and Production**: The price of batteries, monthly cell production, monthly power battery loading volume, power cell monthly shipment volume, and lithium battery export volume showed different changing trends in different years [58]. - **Cost**: The cost of cells also showed different levels in different periods [58]. 3.12 Demand - Lithium Battery - Energy Storage - **Inventory and Shipment**: The inventory of lithium battery cells, energy storage winning bids, energy storage battery industry operating rate, energy storage cell shipment, and monthly energy storage cell production showed different changing trends in different years [60]. - **Cost**: The cost - price trend of 314Ah lithium iron phosphate energy storage cells was also presented [60]. 3.13 Demand - Ternary Precursor - **Price and Cost**: The price of ternary precursors, cost, processing fee, capacity utilization rate, capacity, and monthly production showed different changing trends in different years [63]. - **Supply and Demand Balance**: The demand, production, import, export, and balance of ternary precursors in different months from 2025 to 2026 were listed [66]. 3.14 Demand - Ternary Material - **Price and Cost - Profit**: The price of ternary materials, cost - profit trend, weekly operating rate, capacity, production, processing fee, export volume, import volume, and weekly inventory showed different changing trends in different years [69][71]. 3.15 Demand - Iron Phosphate/Iron Phosphate Lithium - **Price and Cost - Profit**: The price of iron phosphate/iron phosphate lithium, production cost, cost - profit trend, capacity, monthly operating rate, monthly production, monthly export volume, and weekly inventory showed different changing trends in different years [73][76]. 3.16 Demand - New Energy Vehicle - **Production, Sales, and Export**: The production, export volume, sales volume, sales penetration rate, retail - wholesale ratio, dealer inventory warning index, and dealer inventory index of new energy vehicles showed different changing trends in different years [81][85].

Reduction - Tianli Lithium Energy's shareholder, Anhui High-tech Investment New Materials Industry Fund, plans to reduce its holdings by up to 3% of the company's total share capital, which amounts to 3.5622 million shares, within three months after the announcement [1] - Hubei Broadcasting's shareholder, CITIC Guoan Information Industry Co., Ltd., intends to reduce its holdings by up to 11,371,400 shares, representing 1% of the company's total share capital, within three months after the announcement [1] Confirmation/Clarification/Denial - Guangxun Technology confirmed that recent online information regarding sample delivery, potential clients, large orders, revenue forecasts, technological breakthroughs, and production capacity is false [2] - Ningbo Construction holds a 32.3684% stake in Zhongjing Cloud Data Storage Technology (Beijing) Co., Ltd., and neither company is engaged in core computing power leasing; Zhongjing Cloud's main business is cabinet space rental [2] - True Love Home noticed media rumors about a potential acquisition and business change; the company confirmed its main business remains in the research, design, production, and sales of household textiles, primarily blankets, without significant changes [2] - Zhongfu Shenying stated that the release of its new carbon fiber product, SYT80 (T1200 grade), will not have a significant impact on the company's operating performance in the short term [2] Other - *ST Changyao received a decision from the Shenzhen Stock Exchange regarding the termination of its stock listing, with shares expected to resume trading on March 20, 2026, entering a delisting preparation period lasting fifteen trading days, with the last trading date anticipated to be April 10, 2026 [5] - ST Jinglan's stock price increased by 176.79% from January 23, 2026, to March 12, 2026, triggering multiple instances of abnormal trading fluctuations; the stock is under key monitoring by the Shenzhen Stock Exchange and will be suspended for investigation starting tomorrow [5] Performance - AVIC Heavy Machinery reported a revenue of 10.115 billion yuan for 2025, a year-on-year decrease of 2.32%, with a net profit attributable to shareholders of 609 million yuan, down 4.83% year-on-year [6]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The lithium carbonate market has both long and short factors, and the market sentiment has a significant impact on the futures price. In the short term, the lithium carbonate price is expected to maintain a volatile pattern. The demand for lithium carbonate materials and cell production continues to grow rapidly, leading to continuous inventory reduction. However, the terminal demand for new energy vehicles and energy storage still needs to be verified. It is recommended to mainly adopt interval operations in the short term [2][3]. 3. Summary by Relevant Catalogs Market Analysis - **Futures Market**: On March 11, 2026, the main contract 2605 of lithium carbonate opened at 164,500 yuan/ton and closed at 155,040 yuan/ton, with a -5.14% change compared to the previous day's settlement price. The trading volume was 267,346 lots, and the open interest was 330,436 lots, a decrease of 2,081 lots from the previous trading day. The current basis is -980 yuan/ton, and the lithium carbonate warehouse receipts are 36,739 lots, a decrease of 280 lots from the previous trading day [1]. - **Spot Market**: According to SMM data, the price of battery - grade lithium carbonate is 154,000 - 164,000 yuan/ton, an increase of 500 yuan/ton from the previous trading day. The price of industrial - grade lithium carbonate is 151,000 - 160,500 yuan/ton, also an increase of 500 yuan/ton from the previous trading day. The price of 6% lithium concentrate is 2,240 US dollars/ton, with no change from the previous day [1]. - **Inventory**: The spot inventory is 99,373 tons, a decrease of 720 tons compared to the previous period. Among them, the smelter inventory is 17,476 tons, a decrease of 906 tons; the downstream inventory is 43,757 tons, an increase of 3,736 tons; other inventories are 38,140 tons, a decrease of 3,550 tons. The overall inventory is still in a destocking pattern [1]. Consumption End According to Baichuan data, the production of lithium iron phosphate increased by 16.47% month - on - month, ternary materials increased by 21.45% month - on - month, lithium cobalt oxide increased by 39.53% month - on - month, lithium manganate increased by 6.05% month - on - month, and lithium hexafluorophosphate increased by 10.44% month - on - month [2]. Strategy - **Unilateral**: Mainly wait and see in the short term [4]. - **Inter - period**: No strategy provided [4]. - **Inter - variety**: No strategy provided [4]. - **Spot - futures**: No strategy provided [5]. - **Options**: No strategy provided [5].

Report Summary 1. Industry Investment Rating - No information provided 2. Core View - The market is characterized by a game between increasing supply and demand, with weakening market sentiment and wide - range oscillations [5] 3. Summary by Relevant Catalogs 3.1 Market Condition - The closing price of the main contract yesterday was 155,040 yuan/ton, a 5.14% drop from the previous trading day. Trading volume increased, and positions decreased to 330,400 lots. The long - short ratio of the top twenty institutional net positions decreased. The average price of battery - grade spot was 159,000 yuan/ton. Upstream lithium salt factories' willingness to sell single orders increased, while downstream material factories were cautious and had weak purchasing willingness, mainly for rigid - demand restocking. Market inquiry and actual transactions were somewhat light [3] 3.2 Supply - Last week, the prices of raw materials (SMM lithium spodumene concentrate CIF China, lithium mica, and amblygonite) decreased compared to the previous week but remained at a high level. The SMM weekly operating rate rose to 51.5%, and the total output increased to 22,590 tons (+768 tons). In February, Chile's lithium carbonate exports to China increased by 32.04% month - on - month and 85.89% year - on - year. Rio Tinto's Rincón lithium project in Argentina made its first export, sending 200 tons of lithium carbonate to China, strengthening the medium - term supply relaxation expectation [4] 3.3 Demand - Last week, the production and inventory of ternary lithium iron increased. As of February 8th, the penetration rate of new energy vehicle sales in SMM dropped to 36.3%, at a relatively low level. Energy - storage cells had strong production and sales and low inventory, being a structural highlight. SMM predicted that the production of ternary lithium iron in March would increase by more than 19% month - on - month, and the industrial chain production schedule maintained high prosperity [4] 3.4 Inventory - Last week, the SMM four - place social inventory decreased to 43,000 tons (-1,300 tons), the sample weekly inventory decreased to 99,400 tons, at a relatively low level. The total inventory days decreased to 27.9 days, maintaining a tight - balance pattern [4] 3.5 Macro - policy - Internationally, the US White House's 15% temporary tariff policy is still within the window period, providing phased benefits to demand. Geopolitical conflicts, with the tense situation between the US and Iran, keep Brent crude oil around $89 per barrel, and geopolitical risk premiums still exist, disturbing market sentiment. Domestically, car trade - in subsidies and battery export tax rebates directly stimulate terminal consumption. The management method for the comprehensive utilization of new energy vehicle power batteries optimizes the domestic supply structure in the long term and raises the cost support center. Qinghai salt - lake development, energy - storage "14th Five - Year Plan", and the Central Economic Work Conference support long - term supply - demand balance. The 2026 government work report mentioned zero - carbon parks/factories, which is expected to become the second growth curve for energy storage [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The lithium carbonate futures price has a slight recovery and is expected to maintain a wide - range oscillation in the short term. The market sentiment's influence on the futures price is significant, and the price will gradually return to the fundamental logic. In March, there is a strong supply - demand relationship, the demand for lithium carbonate materials and cell production schedules continue to grow rapidly, the industry maintains a de - stocking trend, which supports the price. However, due to the strong price - holding sentiment of upstream lithium salt factories and the increased wait - and - see sentiment of downstream material factories after price increases, the market lacks continuous upward momentum. [1][2] 3. Summary by Related Catalog Market Analysis - **Futures Market**: On March 10, 2026, the lithium carbonate main contract 2605 opened at 161,500 yuan/ton and closed at 163,000 yuan/ton, with a 4.15% change in the closing price compared to the previous day's settlement price. The trading volume was 226,273 lots, the holding volume was 332,517 lots (previous day: 330,671 lots). The current basis was - 5,660 yuan/ton, and the number of lithium carbonate warehouse receipts was 37,019 lots, a change of 158 lots from the previous day. [1] - **Spot Market**: According to SMM data, the price of battery - grade lithium carbonate was 153,000 - 164,000 yuan/ton, a change of 3,750 yuan/ton from the previous day; the price of industrial - grade lithium carbonate was 150,000 - 160,500 yuan/ton, a change of 4,000 yuan/ton from the previous day. The price of 6% lithium concentrate was 2,240 US dollars/ton, a change of 40 US dollars/ton from the previous day. [1] - **Inventory**: According to SMM statistics, the spot inventory was 99,373 tons, a month - on - month decrease of 720 tons. Among them, the smelter inventory was 17,476 tons, a month - on - month decrease of 906 tons; the downstream inventory was 43,757 tons, a month - on - month increase of 3,736 tons; other inventories were 38,140 tons, a month - on - month decrease of 3,550 tons. The overall inventory is still in a de - stocking pattern. [1] Consumption End - According to Baichuan data, the production of lithium iron phosphate increased by 16.47% month - on - month, ternary materials increased by 21.45% month - on - month, lithium cobalt oxide increased by 39.53% month - on - month, lithium manganate increased by 6.05% month - on - month, and lithium hexafluorophosphate increased by 10.44% month - on - month. [2] Strategy - **Overall Strategy**: The rapid growth of lithium carbonate demand in materials and cell production schedules leads to continuous inventory reduction, but the terminal demand of new - energy vehicles and energy storage needs further verification. The current futures price is greatly affected by market sentiment, and short - term interval operation is recommended. [3] - **Single - side**: Short - term wait - and - see is the main strategy. [4] - **Inter - period**: No strategy provided. - **Inter - variety**: No strategy provided. - **Futures - spot**: No strategy provided. - **Options**: No strategy provided.

Market Overview - The A-share market saw the Shanghai Composite Index fluctuate and turn positive in the morning session, while the ChiNext Index rose over 2% during the day [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.67 trillion yuan, an increase of 70.2 billion yuan compared to the previous trading day [1] Sector Performance - The green energy sector experienced a significant surge, with Green Power gaining two consecutive trading limits and energy-saving wind power stocks hitting the daily limit [2] - The energy storage concept remained active, with Zhejiang Chint Power hitting the daily limit and Sungrow Power increasing by over 10% [2] - The lithium mining sector showed strong performance, with Weiling Co. achieving two trading limits in four days [2] - The chemical sector rebounded, with Jinpu Titanium Industry, Guangdong Guanghua, and Baichuan Co. all hitting the daily limit [2] - Conversely, the gas turbine sector weakened, with companies like Jereh and Tunan experiencing collective declines [2] Closing Summary - At the close, the Shanghai Composite Index rose by 0.05%, the Shenzhen Component Index increased by 0.85%, and the ChiNext Index gained 1.74% [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - In the short term, lithium carbonate prices may fluctuate under hedging pressure due to increased risk - aversion sentiment of funds and the need for short - term profit - taking, but the fundamentals are supportive as supply and demand both increase and downstream continuous restocking supports prices [3] Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 154,750 yuan, down 500 yuan; SMM industrial - grade lithium carbonate average price is 151,250 yuan, down 500 yuan [1] - For lithium carbonate futures contracts, the closing price of lithium carbonate 2603 is 148,500 yuan, down 3.37%; lithium carbonate 2604 is 160,500 yuan, up 2.45%; lithium carbonate 2605 is 161,060 yuan, up 2.94%; lithium carbonate 2606 is 160,320 yuan, up 2.19%; lithium carbonate 2607 is 160,900 yuan, up 2.97% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) average price is 2170 yuan, up 15 yuan; lithium mica (Li20: 1.5% - 2.0%) is 3455 yuan; lithium mica (Li20: 2.0% - 2.5%) is 5190 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 12,975 yuan, up 150 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 14,150 yuan, up 150 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 54,685 yuan, down 125 yuan; the average price of ternary material 811 (polycrystalline/power type) is 209,500 yuan; ternary material 523 (single - crystal/power type) is 182,050 yuan; ternary material 613 (single - crystal/power type) is 183,750 yuan [2] Price Spreads - The price difference between battery - grade and industrial - grade lithium carbonate (electro - carbon - industrial - carbon) is 3500 yuan; the price difference between electro - carbon and the main contract is - 6310 yuan, down 5400 yuan; the price difference between the near - month and the next - month contract (near - month - continuous one) is - 560 yuan, down 260 yuan; the price difference between the near - month and the second - next - month contract (near - month - continuous two) is 180 yuan, up 420 yuan [2] Inventory - The total inventory (weekly, tons) is 99,373 tons, down 720 tons; the smelter inventory (weekly, tons) is 17,476 tons, down 906 tons; the downstream inventory (weekly, tons) is 43,757 tons, up 3736 tons; other inventory (weekly, tons) is 38,140 tons, down 3550 tons; the registered warehouse receipts (daily, tons) is 36,861 tons, up 531 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 155,468 yuan, and the profit is - 2786 yuan; the cash cost of purchasing lithium mica concentrate externally is 154,659 yuan, and the profit is - 5474 yuan [3] Industry Situation - In January 2026, the new - energy vehicle market ran smoothly, with production and sales of 1.041 million and 0.945 million vehicles respectively, a year - on - year increase of 2.5% and a certain percentage (not fully given in the context). In January, new - energy vehicle exports maintained high - speed growth, with 0.302 million vehicles exported, a year - on - year increase of 100% [3]

Core Viewpoint - The A-share market shows a positive trend with significant gains in the ChiNext index, driven by a rebound in technology stocks and specific sectors like computing hardware and innovative pharmaceuticals [2][3]. Market Performance - As of midday, the Shanghai Composite Index rose by 0.39%, the Shenzhen Component Index increased by 1.57%, and the ChiNext Index surged by 2.47% [2]. - The total market capitalization reached 90,876 billion, with a trading volume of 1.6 trillion, down by 190 billion from the previous trading day [4]. Sector Highlights - Technology stocks experienced a broad rebound, particularly in the computing hardware industry, with notable gains in CPO and circuit board sectors [3]. - The human-robot concept saw active trading, with stocks like Shoukai Co. and Fenglong Co. hitting the daily limit [5]. - The cultivated diamond sector showed strength, with stocks like Huanghe Xuanfeng and Sifangda rising over 10% following price increase announcements from manufacturers [6]. - The commercial aerospace sector also saw initial gains, with stocks like Xinjin Gang and Guanglian Aviation rising significantly [6]. Stock Movements - The ChiNext Index opened at 3,281.94, with a high of 3,298.01 and a low of 3,272.99, reflecting a market PE ratio of 40.8 and a PB ratio of 5.615 [3]. - The oil and gas sector faced significant declines, with multiple stocks hitting the daily limit down, influenced by a drop in crude oil prices [7][9]. Opening Trends - The A-share market opened positively, with all three major indices showing gains, particularly the ChiNext Index which opened up by 2.29% [8]. - The Hong Kong market also opened strong, with the Hang Seng Index rising by 1.31% and technology stocks performing well [11].