Report Industry Investment Rating - Not provided in the report Core Viewpoints - The lithium carbonate market sentiment weakened today, with futures hitting the daily limit during the session and the main contract LC2511 closing at the limit price of 80,980. The sharp decline in the market was mainly due to the overall weakening of the macro - environment and capital stampede, while the fundamentals showed no obvious turning signal. The short - term seasonal support maintains a tight balance in the fundamentals, while the medium - term industrial supply and demand remain relatively loose. The lithium carbonate price is still greatly affected by short - term news, with limited downward space, and the main contract may find support between 75,000 - 80,000. It is expected to fluctuate widely in the short term [1][3][6] Summary by Related Content Market Performance - Today, the overall sentiment in the lithium carbonate market weakened. After a sharp low opening in the morning, the market continued to trade downward. Futures hit the daily limit across the board during the session. Some contracts opened during the afternoon session, but the overall market remained weak. The main contract LC2511 closed at the daily limit price of 80,980 [1] Factors Affecting the Market - **Macro and Sentiment Factors**: The sharp decline in the market was mainly due to the overall weakening of the macro - environment and capital stampede. After the main contract broke through 90,000 on Monday but failed to hold, some funds left the market in advance. Yesterday, the market sentiment adjusted, combined with the weakening macro - atmosphere and less - than - expected policy statements. The commodity night market was generally in the red, and negative news also triggered market discussions, intensifying capital stampede [3] - **Supply - related News**: Jiangte Motor announced that Yichun Yinli will resume production, which is in line with the previous 26 - day maintenance plan and has little impact on the overall supply. The Trump administration said it will highly prioritize law enforcement in several new industrial sectors including lithium, mainly related to product exports from Xinjiang. However, lithium projects in Xinjiang have not been scaled up, and the proportion of lithium - battery exports to the US has declined, so the actual impact may be limited. The results of mining rights issues in other mining areas in Jiangxi (except Jiaxiaowo) before September 30 and the resumption of production in Qinghai Salt Lake are still unclear, which may provide trading opportunities [3] Fundamental Situation - **Supply**: The fundamentals have maintained a tight balance recently. The smelting end has short - term inventory support, and supply has not significantly declined. Last week's production data was mainly driven by an increase in subcontracting. However, there is an expectation of a short - term contraction in domestic supply, which is expected to be gradually reflected in this week's data. In July, the total import of spodumene was 750,651 tons, a month - on - month increase of 30.35%, and the import volume increased due to price incentives. The total export of lithium carbonate from Argentina in July was 10,300 tons, of which 9,000 tons were exported to China, with a significant month - on - month increase in exports, which supplemented the reduction in domestic supply to some extent [4] - **Demand**: Demand is showing a stable and optimistic trend, gradually entering the peak season. Most orders for lithium iron phosphate have increased. The production of ternary materials has also increased due to the increase in customer - supplied demand from the cell end. The overall orders for electrolytes are good. However, the sustainability of the actual demand boost under the inventory pressure of the material industry chain still needs to be tracked. Last week, there was a slight de - stocking across the board. The inventory of upstream smelters continued to decrease, while downstream and other trading sectors had a certain amount of restocking. As of August 14, the total weekly inventory in the SMM sample was 142,256 tons, with smelter inventory at 49,693 tons, downstream inventory at 48,283 tons, and inventory in other sectors at 44,280 tons [5] Market Outlook - The short - term price of lithium carbonate is still greatly affected by news, with limited downward space. The main contract may find support between 75,000 - 80,000. It is expected to fluctuate widely in the short term as the fundamentals are in a tight balance in the short term due to seasonal support, while the medium - term industrial supply and demand remain relatively loose. After the third quarter, there are still project expectations for African mines, South American and domestic salt lakes to increase production [6]

Report Summary 1. Investment Rating The provided report does not mention the industry investment rating. 2. Core Viewpoints - On August 19, 2025, the 2511 contract of lithium carbonate futures dropped 1.79% to 87,540 yuan/ton. The average price of battery - grade lithium carbonate rose 1,100 yuan/ton to 85,700 yuan/ton, and the average price of industrial - grade lithium carbonate also increased 1,100 yuan/ton to 83,400 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) went up 1,000 yuan/ton to 77,740 yuan/ton. The warehouse receipt inventory increased 60 tons to 23,615 tons [3]. - Jiangte Motor's subsidiary, Yichun Yinli, will resume production after equipment maintenance. The weekly output of lithium carbonate increased by 424 tons to 19,980 tons. It is expected that the supply in August will increase by 3% to 84,200 tons. The lithium consumption of two major cathode materials in August is expected to increase by 8% to 86,000 tons LCE. The total social inventory decreased by 162 tons to 142,256 tons, with upstream destocking and restocking in other and downstream sectors [3]. - The suspension of mining operations has slightly adjusted the oversupply of resources, but there are still uncertainties in other mines. The lithium ore price has exceeded $1,000/ton, providing some support for lithium prices. The price reached over 90,000 yuan/ton this week. With the news of resumption of production and increased imports, there may be a short - term correction, but further attention should be paid to supply disruptions in the resource end [3]. 3. Section Summaries 3.1 Ore Prices The report presents charts of prices for various lithium ores such as lithium spodumene concentrate (6%, CIF China), lithium mica (with different Li₂O contents), and phospho - lithium - aluminum stone (with different Li₂O contents) from 2024 to 2025 [6][8][10]. 3.2 Lithium and Lithium Salt Prices Charts show the prices of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [12][14][16]. 3.3 Price Spreads The report includes charts analyzing price spreads such as the difference between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and price differences between domestic and CIF prices for lithium hydroxide and lithium carbonate, as well as the basis from 2024 to 2025 [18][20][21]. 3.4 Precursor & Cathode Materials Charts display the prices of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobalt oxide from 2024 to 2025 [22][25][28]. 3.5 Lithium Battery Prices The report provides charts of prices for 523 square ternary cells, square lithium iron phosphate cells, lithium cobalt oxide cells, and square lithium iron phosphate batteries from 2024 to 2025 [31][33][34]. 3.6 Inventory Charts show the downstream, smelter, and other环节 inventories of lithium carbonate from December 26, 2024, to August 14, 2025 [35][37][38]. 3.7 Production Costs A chart presents the production costs and profits of lithium carbonate from different raw materials such as purchased ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and lithium spodumene concentrate from 2024 to 2025 [39][40][41]. 4. Research Team - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, a senior precious metals researcher, and has won multiple industry awards [43]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, focusing on aluminum and silicon [44]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, focusing on lithium and nickel [44]. 5. Contact Information - Company address: 6th Floor, Building 1, Lujiazui Century Financial Plaza, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone - Company phone: 021 - 80212222 - Fax: 021 - 80212200 - Customer service hotline: 400 - 700 - 7979 - Zip code: 200127 [47]

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - On August 18, the main contract of lithium carbonate futures fluctuated at a high level. The market showed rigid - demand procurement, and the basis discount widened. In the short - term, both supply and demand strengthened, with the profit margin expanding, lithium carbonate production rebounding, downstream demand rising, and social inventory being depleted. However, it is necessary to guard against the "reversal" sentiment decline. It is expected that the price of lithium carbonate will fluctuate widely. The operation suggestion is short - term range operation and appropriate purchase of options for protection [3] 3. Summary by Relevant Catalogs 3.1 Futures Market Data - **Closing Prices**: On August 18, the closing prices of the near - month contract, consecutive - one contract, consecutive - two contract, and consecutive - three contract of lithium carbonate futures were 89,300.00 yuan/ton, 89,280.00 yuan/ton, 89,240.00 yuan/ton, and 89,240.00 yuan/ton respectively, showing an increase compared to previous days [3] - **Volume and Open Interest**: The trading volume of the active contract of lithium carbonate futures on August 18 was 1,036,328.00 lots, an increase of 167,517.00 lots from the previous day. The open interest was 421,106.00 lots, an increase of 19,967.00 lots [3] - **Inventory**: The inventory on August 18 was 23,555.00 tons, an increase of 70.00 tons from the previous day [3] - **Spreads**: The spread between the near - month and consecutive - one contracts was 20.00 yuan/ton, the spread between the consecutive - one and consecutive - two contracts was 40.00 yuan/ton, and the spread between the consecutive - two and consecutive - three contracts was 0.00 yuan/ton [3] - **Basis**: The basis of the SMM battery - grade lithium carbonate average price minus the closing price of the active contract of lithium carbonate futures was - 4,640.00 yuan/ton on August 18 [3] 3.2 Spot Market Data - **Lithium Ore Prices**: The average price of lithium spodumene concentrate (6%, CIF China) was 978.00 US dollars/ton on August 18, an increase of 38.00 US dollars/ton from the previous day. The average price of lithium mica (Li2O: 1.5% - 2.0%) was 1,385.00 yuan/ton, an increase of 65.00 yuan/ton [3] - **Lithium Salt Prices**: The average price of battery - grade lithium carbonate (99.5%, domestic) was 84,600.00 yuan/ton on August 18, an increase of 1,900.00 yuan/ton from the previous day. The average price of industrial - grade lithium carbonate (99.2%, domestic) was 82,300.00 yuan/ton, an increase of 1,900.00 yuan/ton [3] - **Other Lithium - Related Product Prices**: The prices of various lithium - related products such as lithium hydroxide, ternary precursors, ternary materials, lithium iron phosphate, cobalt - based materials, and negative electrode materials also showed different degrees of changes [3] 3.3 Supply and Demand Information - **Supply**: The weekly production of lithium carbonate increased. The SMM lithium carbonate inventory was 142,256 tons in total, with the inventory of smelters at 49,693 tons, showing a decreasing trend [3] - **Demand**: In the downstream, the production of lithium iron phosphate and ternary materials increased last week. The production of cobalt - based lithium decreased in August, while the production of manganese - based lithium increased. The production of power batteries increased last week. In July, the year - on - year growth rate of new - energy vehicle production and sales continued, but the sales volume decreased month - on - month. The 3C shipment volume was average, and the production plan of energy - storage batteries increased in August [3] 3.4 Company News - Nengdongli stated on the interactive platform on August 18 that since the self - operation of its Lijiagou lithium mine, the operation has been good, and it is currently in the production - capacity climbing stage. De'ayi Industry successfully produced qualified battery - grade lithium salts in July 2025 [3] - Australian Covalent Lithium Company started producing lithium hydroxide at its 50,000 - ton/year Kwinana refinery on August 15, confirming that the commissioning has entered the trial - production stage, but its expansion plan has been shelved [3]

Core Viewpoint - Rongjie Co., Ltd. reported a significant decline in net profit for the first half of 2025, despite an increase in revenue, primarily due to falling lithium salt product prices and reduced investment income from joint ventures [1] Financial Performance - The company achieved a net profit of approximately 85.41 million yuan, a year-on-year decrease of 48.54% [1] - Revenue for the first half of 2025 was approximately 303 million yuan, reflecting a year-on-year growth of 21.06% [1] Business Segments - The lithium mining and selection business saw a substantial increase in lithium concentrate production and sales, with revenue from lithium concentrate products rising by 51.87% compared to the same period last year [1] - In response to the significant drop in sales prices of lithium salt products due to increased supply and concentrated capacity release, the company reduced the production and sales volume of lithium salt products, leading to a substantial decline in revenue from this segment [1] - The decrease in investment income from joint venture lithium salt enterprises also contributed to the overall decline in net profit [1] Market Position - As of August 18, the stock price of Rongjie Co., Ltd. was reported at 36.46 yuan per share, with a total market capitalization of 9.467 billion yuan [1]

Core Viewpoint - The company reported a significant increase in revenue but a substantial decline in net profit, reflecting challenges in the lithium market and operational adjustments [2][3]. Financial Performance - Total revenue for the reporting period reached 303.41 million yuan, a year-on-year increase of 21.06% [2]. - Net profit attributable to shareholders was 85.41 million yuan, a decrease of 48.54% compared to the previous year [2]. - Net profit excluding non-recurring items was 73.59 million yuan, down 48.23% year-on-year [2]. - Basic and diluted earnings per share both stood at 0.3289 yuan, reflecting a decline of 48.55% [2]. - The weighted average return on equity decreased to 2.51%, down 2.51 percentage points from the previous year [2]. Asset Overview - Total assets at the end of the reporting period were 4.41 billion yuan, an increase of 1.87% from the end of the previous year [2]. - Net assets attributable to shareholders were 3.40 billion yuan, up 1.26% from the previous year [2]. Business Operations - The company's main business includes lithium mining, lithium salt production, and lithium battery equipment manufacturing [3]. - The lithium mining segment saw a significant increase in production and sales, with revenue from lithium concentrate rising by 51.87% year-on-year [3]. - However, due to increased supply and a significant drop in lithium salt prices, the company reduced its lithium salt production and sales, leading to a substantial decline in revenue from this segment [3]. - The company also experienced a significant decrease in investment income from joint ventures in lithium salt production [3]. - The lithium battery anode and cathode material projects are still in the construction and planning stages, with no products generated yet [3].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The current market is dominated by the mining license issue in Jiangxi. If it remains unresolved, significant market fluctuations may occur. The market has two logics: one is a potential "futures up - capacity release - increased ore consumption - ore price increase" chain during price rebounds; the other is a "lithium salt down - ore price down - lithium salt down again" negative feedback during price declines. In the second half of the year, the futures market is expected to first rise in Q3 due to improved macro - sentiment, mining license issues, and off - season demand, then fall in Q4 as production increases after technical upgrades [3]. - There are both positive and negative factors in the market. Positive factors include improved macro - sentiment and unresolved mining license issues; negative factors are high future lithium ore production expectations, inventory pressure, continuous inventory accumulation of lithium salt and cells, and cost reduction from technological upgrades [3][5]. 3. Summary by Relevant Catalogs 3.1 Futures Price Interval Prediction - The short - term strong support level for the lithium carbonate futures main contract is 65,000 yuan/ton. The current 20 - day rolling volatility is 42.2%, and its historical percentile in 3 years is 73.5% [2]. 3.2 Risk Management Strategy Recommendations - **Inventory Management**: For high - inventory situations with potential for inventory impairment, sell 20% of LC2511 lithium carbonate futures, sell 20% of call options (both over - the - counter and on - exchange), and buy out - of - the - money put options [2]. - **Procurement Management**: For future procurement plans, buy lithium carbonate forward contracts according to the plan to lock in costs, sell put options, and buy out - of - the - money call options [2]. 3.3 Futures Data - **Futures Main Contract**: The closing price of the lithium carbonate futures main contract is 72,300 yuan/ton, with a daily increase of 2,680 yuan (3.85%) and a weekly increase of 4,020 yuan (5.89%). The trading volume is 766,669 lots (an 80.24% daily increase and 46.91% weekly increase), and the open interest is 289,832 lots (a 12.44% daily increase and 26.36% weekly increase) [8]. - **LC2601 Contract**: The closing price is 72,600 yuan/ton, with a daily increase of 2,560 yuan (3.66%) and a weekly increase of 3,460 yuan (5.00%). The trading volume is 129,077 lots (a 78.65% daily increase and 12.79% weekly increase), and the open interest is 112,441 lots (a 4.61% daily decrease and 12.77% weekly increase) [8]. - **Month - spread Changes**: LC09 - 11 is - 380 yuan/ton, with a daily decrease of 20 yuan (6%) and a weekly decrease of 60 yuan (19%); LC11 - 12 is - 280 yuan/ton, with a daily decrease of 20 yuan (8%) and a weekly increase of 240 yuan (- 46%); LC11 - 01 is - 300 yuan/ton, with a daily increase of 120 yuan (- 29%) and a weekly increase of 240 yuan (- 44%) [10]. 3.4 Spot Data - **Lithium Ore**: The average prices of various lithium ores have different daily and weekly changes. For example, the average price of lithium mica (Li2O: 2 - 2.5%) is 1,750 yuan/ton, with a daily increase of 60 yuan (3.55%) and no weekly change; the average price of lithium spodumene (Li2O: 6%, Brazil CIF) is 750 US dollars/ton, with a daily increase of 12.5 US dollars (1.69%) and a weekly decrease of 15 US dollars (- 1.96%) [16]. - **Carbon/Hydrogen Lithium**: The average price of industrial - grade lithium carbonate is 69,000 yuan/ton (a 0.22% daily increase and - 1.29% weekly decrease), and the average price of battery - grade lithium carbonate is 71,100 yuan/ton (a 0.21% daily increase and - 1.25% weekly decrease) [19]. - **Downstream Products**: The prices of downstream products such as lithium iron phosphate, ternary materials, and electrolytes also have different daily changes. For example, the average price of lithium iron phosphate (power - type) is 32,535 yuan/ton, with a daily decrease of 60 yuan (- 0.18%) [24]. 3.5 Basis and Warehouse Receipt Data - **Basis**: The basis of the lithium carbonate main continuous contract is shown in the chart. The brand - based basis quotes of different companies for the LC2507 contract vary, with most having no daily changes [26][27]. - **Warehouse Receipts**: The total number of lithium carbonate warehouse receipts increased from 15,023 to 16,443, with different changes in each warehouse [30][31]. 3.6 Cost and Profit No specific numerical summaries are provided due to the graphical presentation of cost - profit data, but it includes production profit from purchased lithium ore, theoretical delivery profit, and import profit of lithium carbonate [33].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The lithium carbonate market is currently in a state of complex supply - demand balance. The overall supply is relatively high, and the demand is gradually strengthening. The cost of different raw materials varies, and the profitability also shows differences. The market is expected to shift towards demand - led in the future, with the lithium carbonate 2511 contract expected to fluctuate in the range of 67,980 - 71,260 [8]. - The main logic is that capacity mismatch leads to a situation of strong supply and weak demand, and the downward trend is difficult to change [11]. 3. Summary According to the Directory 3.1 Daily Views - **Fundamentals**: Last week, lithium carbonate production decreased by 7.31% week - on - week, higher than the historical average. The inventory of sample enterprises of lithium iron phosphate and ternary materials decreased. The cost of purchased lithium spodumene concentrate decreased by 1.08% day - on - day, with a profit of 2,248 yuan/ton. The cost of purchased lithium mica decreased by 0.61% day - on - day, with a loss of 6,781 yuan/ton. The production cost of the recycling end is close to that of the ore end, and the production scheduling enthusiasm is average [8]. - **Basis**: On August 6th, the spot price of battery - grade lithium carbonate was 70,950 yuan/ton, and the basis of the 11 - contract was 1,330 yuan/ton, with the spot at a premium to the futures [8]. - **Inventory**: The total inventory decreased by 1.00% week - on - week, higher than the historical average. The inventory of smelters decreased by 6.18% week - on - week, while the downstream inventory increased by 7.18% week - on - week [8]. - **Disk**: The MA20 of the disk is upward, and the price of the 11 - contract closed below the MA20, showing a neutral situation [8]. - **Main Position**: The net short position of the main position increased, showing a bearish situation [8]. - **Expectation**: In the future, supply is expected to increase, with production and imports expected to rise. Demand is expected to strengthen, and inventory may be depleted. The supply - demand pattern will shift towards demand - led, and the lithium carbonate 2511 contract is expected to fluctuate in the range of 67,980 - 71,260 [8]. 3.2 Market Overview - **Lithium Ore**: The price of 6% lithium spodumene decreased by 1.58% to 748 US dollars/ton, and the price of 2.5% lithium mica concentrate decreased by 1.17% to 1,690 yuan/ton [14]. - **Lithium Compounds**: The price of battery - grade lithium carbonate decreased by 0.35% to 70,950 yuan/ton, and the price of industrial - grade lithium carbonate decreased by 0.36% to 68,850 yuan/ton [14]. - **Positive and Negative Factors**: Positive factors include manufacturers' production cut plans, a decrease in the import volume of lithium carbonate from Chile, and a decline in the import volume of lithium spodumene. Negative factors include continuous high supply at the ore/salt lake end with limited decline, and insufficient willingness to take delivery at the power battery end [9][10]. 3.3 Supply - Side Data - **Lithium Ore**: The monthly import volume of lithium concentrate decreased by 17.25% to 427,626 tons, and the monthly import volume of lithium carbonate decreased by 16.31% to 17,697.62 tons [17]. - **Lithium Carbonate**: The weekly production decreased by 1.01% to 141,726 tons, and the monthly production increased by 4.41% to 81,530 tons [17]. - **Lithium Hydroxide**: The monthly production increased by 2.94% to 25,170 tons, and the monthly net export volume increased by 0.73% to 4,777.73 tons [17]. 3.4 Demand - Side Data - **Lithium Batteries**: The monthly output of lithium iron phosphate increased by 9.70% to 252,200 tons, and the monthly output of lithium iron phosphate lithium batteries increased by 1.86% to 290,700 tons [17]. - **New Energy Vehicles**: The monthly production decreased by 0.16% to 1,268,000 vehicles, and the monthly sales increased by 1.68% to 1.329 million vehicles [17].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - After the market sentiment subsided, lithium prices fell from their highs. The market's focus is on the uncertainty of whether the Jianxiaowo mine will shut down. After the concentrated destocking of warehouse receipts, there is a certain amount of re - inflow, but the current total remains low. In the long term, attention should be paid to the further cost - reduction and production - increase actions of overseas mines [4] - On the supply side, the weekly production continued to slow down, with a weekly decrease of 1,362 tons to 17,268 tons. However, with the price rebound, it is expected that the supply in August will still increase slightly by 3% to 84,200 tons. On the demand side, the lithium consumption of the two major cathode materials in August is expected to increase by 8% month - on - month to 86,000 tons of LCE. In terms of inventory, the social inventory saw its first destocking since the end of May last week, but there is still about 142,000 tons [4] 3. Summary by Relevant Catalogs 3.1 Research Views - Yesterday, the 2509 contract of lithium carbonate futures fell 2.65% to 67,680 yuan/ton. In terms of spot prices, the average price of battery - grade lithium carbonate decreased by 150 yuan/ton to 71,200 yuan/ton, the average price of industrial - grade lithium carbonate decreased by 150 yuan/ton to 69,100 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) decreased by 80 yuan/ton to 65,540 yuan/ton. In terms of warehouse receipts, there was a concentrated cancellation of warehouse receipts yesterday, and the inventory increased by 1,840 tons to 14,443 tons [4] - In terms of news, on August 5th, according to Cailian Press, the Australian Resources Minister said that Australia is considering setting a price floor to support key mineral projects; Xinyu High - tech Ecological Environment Bureau released the "Pre - approval Publicity of the Annual Expansion Project of 30,000 Tons of High - Purity Lithium Salt in Zhongkuang Resources (002738) (Jiangxi) Lithium Industry Co., Ltd."; Core's restart research shows that it can reduce costs and increase production, and it also terminated the off - take agreement with Yahua [4] 3.2 Daily Data Monitoring - In the futures market, the closing price of the main contract decreased by 1,080 yuan/ton to 67,840 yuan/ton, and the closing price of the continuous contract decreased by 1,900 yuan/ton to 67,300 yuan/ton. Among lithium ores, the price of lithium mica (Li2O: 2.0% - 2.5%) remained unchanged at 1,710 yuan/ton, while the price of phosphorus - lithium - aluminum ore (Li2O: 6% - 7%) decreased by 75 yuan/ton to 5,275 yuan/ton [5][6] - For lithium salts, the price of battery - grade lithium carbonate decreased by 150 yuan/ton to 71,200 yuan/ton, and the price of industrial - grade lithium carbonate decreased by 150 yuan/ton to 69,100 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) decreased by 80 yuan/ton to 65,540 yuan/ton [6] - In terms of price differences, the price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged at 2,100 yuan/ton, while the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased by 70 yuan/ton to - 5,660 yuan/ton [6] 3.3 Chart Analysis - **Ore Prices**: Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and phosphorus - lithium - aluminum ore (6% - 7%) from 2024 to 2025 [7][9] - **Lithium and Lithium Salt Prices**: Charts display the price trends of metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2025 [10][14] - **Price Differences**: Charts present the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China - Japan - South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide, etc., from 2024 to 2025 [17][18] - **Precursors & Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobalt oxide from 2024 to 2025 [21][26] - **Lithium Battery Prices**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobalt oxide cells, and square lithium iron phosphate batteries from 2024 to 2025 [28][31] - **Inventory**: Charts show the inventory trends of downstream, smelters, and other sectors from December 12, 2024, to July 31, 2025 [33][36] - **Production Costs**: The chart shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉 (Li: 5.5% - 6.5%),外购磷酸铁锂极片黑粉 (Li: 3.2% - 4.2%),外购锂云母精矿 (Li₂O: 2.5%), and外购锂辉石精矿 (Li₂O: 6%) from 2024 to 2025 [37][38] 3.4 Research Team Introduction - Zhan Dapeng, a science master, is the director of non - ferrous research at Everbright Futures Research Institute, a senior precious metals researcher, a gold intermediate investment analyst, an excellent metal analyst of the Shanghai Futures Exchange, and the best industrial futures analyst of Futures Daily & Securities Times. He has more than a decade of commodity research experience, serves many leading spot enterprises, and has published dozens of professional articles in public newspapers and magazines [41] - Wang Heng, a master of finance from the University of Adelaide in Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon research [42] - Zhu Xi, a science master from the University of Warwick in the UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel research [42]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The report shows that lithium carbonate is oscillating with a significant increase in warehouse receipts, and its trend strength is rated as neutral [1][3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: For the 2509 contract, the closing price was 68,920, with a decrease of 4,200 compared to T - 5; the trading volume was 247,898, a decrease of 757,497 compared to T - 5; the open interest was 207,770, a decrease of 170,702 compared to T - 5. For the 2511 contract, the closing price was 69,040, a decrease of 2,380 compared to T - 5; the trading volume was 288,386, a decrease of 39,459 compared to T - 5; the open interest was 215,949, an increase of 47,213 compared to T - 5 [1] - **Warehouse Receipts**: The warehouse receipt volume was 12,603, an increase of 5,998 compared to T - 1 and 327 compared to T - 5 [1] - **Basis**: The basis between spot and 2509 contract was 2,430, and between spot and 2511 contract was 2,310 [1] - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 760, with a decrease of 45 compared to T - 5; the price of lithium mica (2.0% - 2.5%) was 1,710, a decrease of 95 compared to T - 5 [1] - **Lithium Salts**: The price of battery - grade lithium carbonate was 71,350, a decrease of 2,550 compared to T - 5; the price of industrial - grade lithium carbonate was 69,250, a decrease of 2,450 compared to T - 5 [1] 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 71,127 yuan/ton, a daily increase of 102 yuan/ton; the average price of battery - grade lithium carbonate was 71,350 yuan/ton, unchanged from the previous workday; the average price of industrial - grade lithium carbonate was 69,250 yuan/ton, also unchanged [2] - On August 4, 2025, Albemarle's auction of 15,732 tons of chemical - grade lithium spodumene concentrate from the Wodgina mine in Australia ended at a price of 810 US dollars/ton (SC6/CIF price) [3] - Yichun Ecological Environment Bureau approved the first - phase project of Fengxin Jiuling Lithium Industry's annual production of 50,000 tons of lithium - ion battery materials on July 30. The project, with a total investment of 1 billion yuan, will build a production line with an annual output of 20,000 tons of battery - grade lithium carbonate in the first phase, and achieve co - production of rubidium and cesium salts and by - product recovery [3] 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral outlook [3]

Report Overview - Report Title: Carbonate Lithium Weekly Report: Cooling Production Cut Expectations, Price Under Pressure to Correct - Report Date: August 4, 2025 - Report Author: Li Ni from Yangtze River Futures' Industrial Service Headquarters - Non - ferrous Metals Center 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The supply of carbonate lithium is affected by factors such as mine project restarts and mine - right transfer reviews. Although the production in June increased, the future supply situation remains uncertain. The import volume of lithium ore and lithium salt decreased in June [4]. - The demand for carbonate lithium shows an upward trend. The overall production schedule in July increased, and the production, export, and sales of power and other batteries in June all increased. Policies are expected to support the growth of the new energy vehicle market [5]. - The inventory of carbonate lithium showed a cumulative state this week. The factory inventory decreased, while the market inventory increased, and the futures inventory decreased [5]. - It is expected that the short - term price of carbonate lithium has support, but the downstream procurement is relatively cautious. The price is expected to continue wide - range fluctuations. It is recommended to trade cautiously and pay attention to the upstream enterprise production cut situation and the cathode material factory production schedule [5]. 3. Summary by Directory 3.1 Weekly Viewpoints Supply - Last week, the production of carbonate lithium decreased by 310 tons to 18,238 tons. In June, the production increased by 10.9% to 80,962 tons. Recently, many mine projects have restarted, but the production enterprises in Yichun and Qinghai have received mine - right transfer review notices, affecting the supply [4]. - In the first quarter, Australian mines achieved cost control, and the further cost - reduction space is extremely limited. Most mainstream Australian mines have reduced their capital expenditure in fiscal year 2025 [4]. - In June 2025, the import volume of lithium ore in China was 576,000 tons, a month - on - month decrease of 4.8%. The top three import countries were Australia, Zimbabwe, and South Africa. The import volume from Australia decreased by 31% month - on - month, while that from Zimbabwe increased by 3% and from South Africa increased by 87%. The import volume of carbonate lithium in June was 18,000 tons, a month - on - month decrease of 16%, with 12,000 tons imported from Chile, accounting for 56% [4]. - The CIF price of imported spodumene concentrate increased week - on - week. Some manufacturers producing carbonate lithium with purchased lithium ore faced cost inversion. Self - owned ore and salt - lake enterprises had certain profit support, while lithium hydroxide manufacturers faced greater cost pressure [4]. Demand - The overall production schedule in July increased month - on - month, with large - scale cell factories' production schedule increasing by 10% [5]. - In June, the total production of power and other batteries in China was 129.2 GWh, a month - on - month increase of 4.6% and a year - on - year increase of 51.4%. The total export of power and other batteries was 24.4 GWh, a month - on - month increase of 27.9% and a year - on - year increase of 22.5%. The sales volume of power and other batteries was 131.4 GWh, a month - on - month increase of 6.3% and a year - on - year increase of 41.7% [5]. - The introduction of the trade - in policy and the extension of the new energy vehicle purchase tax at the policy level are expected to continuously support the rapid growth of the new energy vehicle market sales in China [5]. Inventory - This week, the inventory of carbonate lithium showed a cumulative state. The factory inventory decreased by 130 tons, the market inventory increased by 5,784 tons, and the futures inventory decreased by 5,391 tons [5]. Strategy Suggestions - From the supply side, the renewal of mica mine certificates in Yichun has no further impact. The domestic production of carbonate lithium increased by 10.9% in June. Recently, lithium salt factories have been producing stably. The import volume of lithium concentrate decreased by 5% in June, and the import of lithium salt decreased by 16% month - on - month. It is expected that the future import volume of lithium salt from South America will supplement the supply [5]. - From the demand side, the terminal demand for energy storage is good, and the production schedule of large - scale cell factories increased by 10% in July. Although many mine projects have restarted, the production enterprises in Yichun and Qinghai have received mine - right transfer review notices, and the mine rights of leading enterprises will expire in August, affecting the supply. Under the background of profit repair, the production of lithium extracted from ore continues to increase, and the overall supply is stable. CATL said that the mining work is normal and has submitted materials for approval [5]. - It is recommended to trade cautiously and continuously pay attention to the upstream enterprise production cut situation and the cathode material factory production schedule [5]. 3.2 Key Data Tracking - Multiple sets of trend charts are provided, including the weekly and monthly production of carbonate lithium, weekly and monthly inventory, average price of lithium concentrate, average price of industrial - grade carbonate lithium, monthly factory inventory of carbonate lithium, average production cost of carbonate lithium, production of power batteries, production of different raw - material carbonate lithium, production of cathode materials (phosphate iron lithium, ternary materials), import volume of spodumene, import volume of carbonate lithium, and prices of related materials (phosphate iron lithium, ternary materials 8 - series NCA type) from 2019 to 2025 [7][8][9][13][14][17][18][20][24][25][28][32][33][35][37]. - In 2024, the production of carbonate lithium from different raw materials accounted for 22.56% from salt lakes, 22.05% from lithium mica, and 43.87% from spodumene [19][20].