Core Viewpoint - The 2025 11th Qidian Lithium Battery Industry Annual Conference aims to address technological advancements and challenges in the lithium battery sector, providing a platform for industry professionals to discuss and collaborate on future developments [2][3]. Industry Developments - In early 2025, BMW announced the upcoming installation of large cylindrical batteries in 2026, prompting a surge in the industry to develop 46-series large cylindrical batteries [1] - The Ministry of Industry and Information Technology released new safety standards for electric vehicle batteries, sparking widespread discussions on battery performance [1] - Several companies have begun mass production of full-tab cylindrical batteries, which are expected to find applications in electric vehicles, tools, and smart home devices due to their high rate and long lifespan advantages [1] - Solid-state batteries continue to gain attention for their high safety and energy density, maintaining high interest levels throughout 2025 [1] Storage Sector Insights - The cancellation of mandatory storage policies by the government has raised concerns about future demand for storage batteries [1] - The 314Ah battery is gradually replacing the 280Ah as the mainstream cell, with companies like CATL and EVE Energy introducing cells with capacities exceeding 500Ah, indicating a trend towards larger capacity storage batteries [1] - The U.S. tariff policy has impacted the global storage industry, creating challenges for market players [1] Emerging Applications - The debut of humanoid robots at the Spring Festival Gala in early 2025 has led to increased interest in batteries for humanoid robots, becoming a new focus for battery companies [1] - Various local policies promoting low-altitude economies are accelerating the development of the eVTOL industry [1] Material Innovations - The 9-series ultra-high nickel ternary cathodes are being widely adopted, while lithium manganese iron phosphate cathodes are being tested in commercial vehicles and two-wheeled vehicles [1] - The application of silicon-based anodes in conjunction with full-tab technology is increasing [1] Event Highlights - The conference will feature over 1500 attendees and 30000 online viewers, making it the largest event of the year [3] - It will include a combination of forums and exhibitions, facilitating precise resource matching [3] - The 11th Qidian Golden Ding Award will be presented, establishing benchmarks for the new energy industry [3] Agenda Overview - The event will cover various specialized topics, including fast-charging ecosystems for cylindrical batteries, advancements in square battery technology, and innovations in soft-pack batteries [5][6] - Specific sessions will focus on battery materials, equipment, and safety technologies, addressing critical industry challenges [6][7] Award Details - The Qidian Golden Ding Award aims to recognize outstanding brands in the new energy battery industry, encouraging innovation and sustainable development [7] - The award selection process includes online voting and expert reviews, culminating in the announcement of winners during the conference [8] Participating Companies - Notable companies in attendance will include CATL, BYD, LG Energy, and EVE Energy, among others, representing various sectors of the lithium battery industry [10][11]

Core Viewpoint - The article discusses the escalating trade tensions initiated by the U.S. government, particularly focusing on the significant increase in tariffs and its implications for global trade dynamics, especially concerning Southeast Asia and the lithium battery industry. Group 1: U.S. Tariff Increases - The U.S. government has announced a substantial increase in tariffs starting August 1, targeting 14 countries including Japan, South Korea, and ASEAN nations, with a focus on goods rerouted to evade tariffs [2] - Vietnam's exports to the U.S. have surged since 2018, while its imports from China have also increased, indicating a potential "trade rerouting" that the U.S. aims to address with high tariffs [2] - Goods transiting through Vietnam will face a 40% tariff, including lithium batteries, highlighting the U.S. strategy to combat perceived tariff evasion [2] Group 2: Regional Responses and Implications - Indonesia has agreed to impose a 19% tariff on exports to the U.S., with additional punitive measures for rerouted goods [3] - Other ASEAN countries may face tariffs ranging from 32% to 40%, nearing punitive levels for rerouting [4] - The U.S. has not clearly differentiated between "transshipment" and "greenfield investment," complicating the situation for Chinese companies investing in Southeast Asia [4][5] Group 3: Broader Trade Dynamics - The current tariff increases are seen as a significant shift in global trade dynamics, the largest since the Smoot-Hawley Tariff Act of 1930, with average effective tariffs expected to exceed 20% [6] - The U.S. trade policy is driven by three core principles: countering China's industrial policy, reviving domestic manufacturing, and addressing trade deficits [6] - This approach contradicts WTO principles of "most-favored-nation" treatment, raising concerns about the multilateral trade system [7] Group 4: Economic Impact - The tariff increases are projected to raise consumer prices by 2.1%, costing U.S. households approximately $2,800 and potentially reducing GDP by 0.5% [8] - The geopolitical shift is leading to a fragmented global supply chain, with trade growth between pro-U.S. and pro-China groups slowing by nearly 5 percentage points compared to intra-group trade [8] Group 5: Market Reactions and Future Outlook - Despite the tariff warnings, financial markets have remained relatively calm, attributed to "tariff fatigue" and companies adjusting their strategies [9] - The delayed impact of tariffs is expected to manifest in late 2023, with rising costs affecting global corporate profits [9] - The lithium battery industry in China, heavily reliant on the U.S. market, faces significant risks, with potential losses exceeding $15 billion if exports are fully replaced [9][10] Group 6: Strategic Shifts for Chinese Companies - Chinese companies are shifting from "trade rerouting" to "deep localization" in response to changing trade rules, with significant investments in local production facilities [13] - The strategy of deep localization may not be sufficient to mitigate risks associated with geopolitical tensions and evolving trade regulations [13][14] - Future challenges may include stricter origin rules and non-tariff barriers, necessitating continuous adaptation by Chinese enterprises in a fragmented global landscape [14]

Core Viewpoint - The UK government announced a £650 million electric vehicle subsidy plan to stimulate demand and support the transition to zero-emission vehicles (ZEV) in response to regulatory requirements and current market conditions [1][2]. Summary by Sections Subsidy Background - The subsidy targets the ZEV regulations set for 2024-2035, which require increasing ZEV penetration rates from 22% in 2024 to 100% by 2035. As of 2024, the actual penetration rate for battery electric vehicles (BEV) in the UK is 19.6%, with 225,000 BEVs sold in the first half of 2025, a year-on-year increase of 34.6% [1][2]. Penalties and Compliance - Manufacturers failing to meet ZEV targets will incur fines of £15,000 per vehicle. However, the new policy introduces a three-year grace period allowing manufacturers to "borrow" up to 25% of their future quotas if they cannot meet current year requirements from 2024 to 2026, with repayment required between 2027 and 2030 [2]. Subsidy Comparison - The current subsidy is more substantial than previous cycles, with discounts per vehicle reaching up to £3,750, compared to £1,500-£3,000 during the 2020-2022 period [2]. Impact Assessment - The £650 million subsidy is expected to support the sale of approximately 173,000 electric vehicles over the next 2.5 years, averaging about 69,000 vehicles per year. Assuming the total number of passenger cars remains stable, the BEV penetration rate could reach 28.1% in 2025 with the subsidy, compared to a projected 26.3% without it [2].

Summary of Conference Call Records Industry or Company Involved - The conference call primarily discusses the lithium battery industry and related sectors, including solid-state batteries and the broader energy technology landscape. Core Points and Arguments 1. **Market Trends and Focus Areas** The focus for the year is on high-growth sectors such as IPC and solid-state batteries, which are expected to attract significant market attention [1][2][3] 2. **CIBF Conference Impact** The China International Battery Technology Exchange Conference (CIBF) is highlighted as a key event for the lithium battery industry, showcasing new technologies and products from various companies [2][3] 3. **Emerging Technologies** Companies like Guoxuan and others are launching new products, indicating a clear trend towards innovation within the domestic lithium battery supply chain [3][4] 4. **Investment Recommendations** The report recommends focusing on companies like Xiawu New Energy, which is noted for its leading position in lithium battery materials and solid-state electrolyte technologies [7][8] 5. **Market Recovery and Performance** There is a noticeable recovery in high-risk sectors post the May Day holiday, with significant rebounds in previously underperforming areas such as humanoid robots and IC electronics [4][5] 6. **Technological Advancements** The report emphasizes the importance of technological iterations in the lithium battery sector, particularly in solid-state electrolytes and conductive additives [5][6] 7. **AI and Data Center Trends** The call discusses the implications of AI advancements on data centers, with a focus on HVDC and ACDC systems as key areas for future investment [9][10] 8. **Humanoid Robotics Sector** The humanoid robotics sector is identified as a growing area, with companies like Keda Li and Fulin Jin Gong showing strong performance and potential for future growth [11][12][13] 9. **Renewable Energy Outlook** The renewable energy sector, particularly solar and wind, is expected to see significant advancements due to new technologies and government policies [15][16] 10. **Market Catalysts** Upcoming events and product launches are expected to serve as catalysts for market movements, particularly in the lithium battery and renewable energy sectors [8][17] Other Important but Possibly Overlooked Content - The call highlights the importance of monitoring the competitive landscape and technological advancements in the lithium battery supply chain, as these factors will significantly influence market dynamics [4][5][6] - The discussion on the impact of global economic cycles and government policies on the energy sector indicates a broader context for investment strategies [17]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On July 15, 2025, the lithium carbonate futures 2509 contract rose 0.21% to 66,660 yuan/ton. The average price of battery - grade lithium carbonate increased by 250 yuan/ton to 64,900 yuan/ton, and the average price of industrial - grade lithium carbonate rose 250 yuan/ton to 63,300 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) remained at 57,420 yuan/ton. The warehouse receipt inventory decreased by 1 ton to 11,203 tons [3]. - In July, the production is expected to increase by 3.9% month - on - month to 81,150 tons, and the weekly production increased by 690 tons to 18,813 tons. The increase is mainly from lithium extraction from spodumene, followed by lithium extraction from mica. In terms of imports, lithium salt exports from Chile were basically flat from May to June, and the overall imports of lithium carbonate in July are expected to change little month - on - month. In July, the production schedule increased slightly month - on - month, and the consumption of lithium carbonate by the two major main materials increased by 3% month - on - month to about 80,800 tons. The weekly inventory increased by 2,446 tons to 140,793 tons, with a significant increase in the intermediate links [3]. - Market sentiment is affected by news speculation. Warehouse receipts remain at a low level, the transaction price of lithium ore has increased, lithium salt plants have announced shutdowns for maintenance and technological transformation, and there are many disturbances in market news, which short - term stimulate price increases. However, hedging pressure will follow. As of now, there are no signs of production cuts at the mine end, and the social inventory of lithium ore and lithium salt is high. Short - selling opportunities after the sentiment turns can still be considered. If the warehouse receipt inventory remains at a low level, it may hinder the smooth price correction [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract was 66,660 yuan/ton, up 180 yuan from the previous day; the closing price of the continuous contract was 66,860 yuan/ton, up 660 yuan [5]. - **Lithium Ore**: The price of spodumene concentrate (6%, CIF China) was 681 US dollars/ton, down 1 US dollar; the price of lithium mica (Li2O: 1.5% - 2.0%) was 890 yuan/ton, unchanged; the price of lithium mica (Li2O: 2.0% - 2.5%) was 1450 yuan/ton, unchanged; the price of amblygonite (Li2O: 6% - 7%) was 4605 yuan/ton, down 45 yuan; the price of amblygonite (Li2O: 7% - 8%) was 5450 yuan/ton, down 50 yuan [5]. - **Lithium Carbonate and Lithium Hydroxide**: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 64,900 yuan/ton, up 250 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 63,300 yuan/ton, up 250 yuan; the price of battery - grade lithium hydroxide (coarse particles/domestic) was 57,420 yuan/ton, unchanged; the price of battery - grade lithium hydroxide (micropowder) was 62,570 yuan/ton, unchanged; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 51,970 yuan/ton, unchanged; the price of battery - grade lithium hydroxide (CIF China, Japan and South Korea) was 8 US dollars/kg, unchanged [5]. - **Lithium Hexafluorophosphate**: The price was 49,900 yuan/ton, down 650 yuan [5]. - **Price Spreads**: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate was 1600 yuan/ton, unchanged; the price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 7480 yuan/ton, down 250 yuan; the difference between CIF China, Japan and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide was - 221.6 yuan/ton, up 6 yuan [5]. - **Precursors and Cathode Materials**: The price of ternary precursor 523 (polycrystalline/power type) was 75,275 yuan/ton, down 130 yuan; the price of ternary precursor 523 (single - crystal/consumer type) was 75,710 yuan/ton, down 150 yuan; the price of ternary precursor 622 (polycrystalline/consumer type) was 71,340 yuan/ton, down 130 yuan; the price of ternary precursor 811 (polycrystalline/power type) was 89,445 yuan/ton, down 350 yuan; the price of ternary material 523 (polycrystalline/consumer type) was 106,270 yuan/ton, down 90 yuan; the price of ternary material 523 (single - crystal/power type) was 115,165 yuan/ton, down 90 yuan; the price of ternary material 622 (polycrystalline/consumer type) was 110,970 yuan/ton, down 100 yuan; the price of ternary material 811 (power type) was 142,630 yuan/ton, down 250 yuan; the price of lithium iron phosphate (power type) was 31,330 yuan/ton, up 55 yuan; the price of lithium iron phosphate (mid - to - high - end energy storage) was 29,905 yuan/ton, up 60 yuan; the price of lithium iron phosphate (low - end energy storage) was 27,650 yuan/ton, up 60 yuan; the price of lithium manganate (power type) was 32,500 yuan/ton, up 250 yuan; the price of lithium manganate (capacity type) was 29,500 yuan/ton, up 250 yuan; the price of cobalt acid lithium (60%, 4.35V/domestic) was 220,400 yuan/ton, unchanged [5]. - **Cells and Batteries**: The price of 523 square ternary cells was 0.383 yuan/Wh, unchanged; the price of 523 soft - pack ternary cells was 0.4 yuan/Wh, unchanged; the price of 523 cylindrical ternary batteries was 4.31 yuan/piece, up 0.01 yuan; the price of square lithium iron phosphate cells was 0.321 yuan/Wh, unchanged; the price of square lithium iron phosphate cells (small power type) was 0.33 yuan/Wh, unchanged; the price of cobalt acid lithium cells was 5.52 yuan/Ah, up 0.01 yuan; the price of square lithium iron phosphate batteries was 0.3 yuan/Wh, up 0.001 yuan [5]. 3.2 Chart Analysis - **Ore Prices**: Charts show the price trends of spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and amblygonite (6% - 7%, 7% - 8%) from 2024 to 2025 [6][8]. - **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 [12][14][16]. - **Price Spreads**: Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China, Japan and South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, battery - grade lithium carbonate (CIF Asia) and domestic battery - grade lithium carbonate, and the basis from 2024 to 2025 [19][20][21]. - **Precursors and Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2025 [23][26][29]. - **Lithium Battery Prices**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [32][34]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links from November 2024 to July 2025 [37][39]. - **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 [41][42].

Core Viewpoint - The article discusses the resurgence of the Hong Kong stock market as a global hub for IPOs, highlighting its transformation from a "financial wasteland" to a leading destination for capital investment in China within a year [4][21]. IPO Boom - In 2024, 70% of new IPOs in Hong Kong experienced first-day price drops, but by the following year, retail investors were eagerly participating in IPOs, indicating a significant shift in market sentiment [5]. - In the first half of the year, 240 companies entered the Hong Kong market, with 220 more in the pipeline as of June 30 [5][17]. - Hong Kong's IPOs raised a total of HKD 1,067.1 billion, surpassing Nasdaq's HKD 713 billion, reclaiming the top position globally [6][15]. Historical Context - The article reflects on Hong Kong's historical role as a financial center, noting its decline during the pandemic and subsequent recovery driven by mainland Chinese enterprises [6][22]. - The influx of Chinese companies into Hong Kong is seen as a strategic move to access international capital markets, with the city serving as a critical link for these firms [6][24]. Market Dynamics - The article emphasizes the role of Hong Kong as a "super connector" and "super value creator" in the financial landscape, with increasing ties between mainland China and Hong Kong [7]. - The article notes that the current IPO wave is reminiscent of past trends, such as the return of Chinese companies to the Hong Kong market starting in 2020 [9][10]. Future Outlook - Deloitte predicts that Hong Kong could see 80 new IPOs in 2023, raising HKD 200 billion, further solidifying its position as a global financial leader [20]. - The article suggests that the Hong Kong market is poised for continued growth, driven by reforms and the increasing presence of mainland Chinese enterprises [48][49]. Competitive Landscape - The article highlights the dominance of Chinese financial institutions in the IPO space, with major players like China International Capital Corporation leading the way [27][28]. - The shift in capital dynamics is evident, with mainland Chinese funds increasingly participating in Hong Kong's market, accounting for 43.9% of trading volume [34].

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤固态电池 资讯~ 2025年全球锂电产业链分布图 I C C S I N O 分布图内容 从覆盖行业角度，本分布图细致入微地描绘了全球锂电产业从原材料、四大主材、电池制造到终端 应用的全链条生态。从覆盖地域角度，本分布图包含中国、北美、欧洲、日韩东南亚四大锂电产业 主要聚集区。 分布图领取资格 转发本文到朋友圈 ，添加小编免费领取， 13248122922 （微信同）。 分布图快递详情 正在按照登记顺序，依次派发中...... 分布图领取 ▼ 分布图尺寸：1.5米X1米 ...

电动车中期策略：稳健增长低估值，聚焦锂电龙头和固态 新技术 20250715 摘要 全球电动车市场保持增长，预计 2025 年增长 21%至 2,070 万辆， 2026 年增长 16%以上。中国市场受政策刺激，预计 2025 年增长 25% 以上；欧洲市场表现超预期，全年预计增长 27%；美国市场增长有限， 新兴市场增速较快，预计增长 35%。 全球储能需求强劲增长，预计 2025 年达到 1.8 TWh，同比增长 31%，2026 年达到 2.1-2.2 TWh，同比增长 20%以上。中国储能装 机量预计增长 20%-30%，欧洲和新兴市场增速最快，美国市场潜力巨 大但受政策影响。 固态电池被认为是未来主流方向，硫化物固态电解质已具备小规模量产 准备，多家头部企业完成 60 安时小试线测试。工信部规划 2027 年实 现小规模量产，2030 年大规模量产，市场目标达到 100GWh 左右。 锂电板块整体需求稳健，估值较低，具备全球竞争力的龙头企业是价值 选择。宁德时代、比亚迪、亿纬锂能和科达利等龙头企业以及璞泰来、 尚太科技、华友钴业等材料领域公司值得关注。 Q&A 锂电行业的中期策略核心观点是什么？ 锂 ...

Core Viewpoint - The article discusses the resurgence of the Hong Kong stock market as a global hub for IPOs, highlighting a significant increase in new listings and capital raised, positioning Hong Kong as a critical player in international finance and investment, particularly for Chinese enterprises [3][4][30]. IPO Boom - In the first half of the year, Hong Kong saw 240 companies enter the market, with 220 more in the pipeline as of June 30 [4][11]. - A total of 43 new stocks were listed, a 43.3% increase compared to the same period in 2024, raising HKD 1,067.1 billion, surpassing Nasdaq [4][10]. - The IPO of Ningde Times raised approximately HKD 357 billion, marking the largest global IPO of the year [8]. Historical Context - The article reflects on the historical evolution of Hong Kong's IPO landscape, from the early days of state-owned enterprises to the current influx of tech and consumer companies [6][14]. - The return of Chinese companies to Hong Kong, particularly in the wake of the pandemic and geopolitical tensions, has revitalized the market [4][30]. Market Dynamics - The article notes that the Hong Kong stock market has become a vital link for Chinese companies seeking international capital, with a significant portion of new listings being from mainland enterprises [4][30]. - The dominance of Chinese financial institutions in underwriting new listings is highlighted, with major players like CICC and CITIC leading the way [16][18]. Investment Trends - The influx of capital from mainland investors has increased, with southbound funds contributing HKD 730 billion, raising their market share to 43.9% [21][22]. - New consumer brands and innovative companies are capturing investor interest, with examples like Moutai and Bubble Mart showcasing unique business models that resonate with global investors [9][20]. Future Outlook - Predictions suggest that Hong Kong could see up to 80 new IPOs in 2024, raising HKD 200 billion, reinforcing its status as a leading global financial center [13][30]. - The article emphasizes the ongoing reforms in Hong Kong's financial market, including the introduction of SPACs and support for tech companies, which are expected to attract more listings and investments [30].

Research Background - The purpose of the research is to understand the operational status, bottlenecks, and future trends of lithium battery-related companies in the Yangtze River Delta region, especially in light of the pessimistic market sentiment due to lithium carbonate prices dropping below 60,000 yuan/ton [1][3] - The research was conducted from July 7 to July 11, 2025, focusing on companies involved in lithium carbonate consumption, trade, and recycling in Jiangsu, Zhejiang, Shanghai, and Anhui [2] Research Summary - The research covered various types of companies in the lithium battery supply chain, including recycling firms, anode and cathode material producers, and lithium ore and salt traders. Key topics included current development status, business layout, challenges, market price outlook, and future development plans [3] - Upstream producers face cost inversion issues, while downstream anode manufacturers deal with price pressure from battery manufacturers and intense competition. Traders are limited by a flat term structure, reducing profit margins. Despite these challenges, companies remain optimistic about the new energy sector as a strategic industry and are not planning to exit [3][4] Recycling Enterprises - Recycling companies are facing difficulties in raw material procurement and cost inversion, with operating rates generally below 20%. The current oversupply of primary lithium means that the market does not require recycled lithium at this time. A significant recovery in recycling is expected post-2028 as large-scale battery retirements occur [6][8] - Company A has an annual production capacity of 300,000 tons for battery material recycling, with a lithium recovery capacity of 30,000 tons. However, it primarily operates as an OEM due to raw material constraints, with a current operating rate of about 20% [7][8] - Company B is building a comprehensive recycling project with a capacity of 200,000 tons, focusing on ternary lithium batteries. It has achieved a recovery capacity of over 80,000 tons and aims to become an industry leader with an annual output value exceeding 10 billion yuan in five years [9] - Company C plans to reach a recycling capacity of 1 million tons by 2032, with a market share of over 25%. It utilizes a unique process that reduces energy costs by 30% and is currently limited by raw material availability [11] Anode Material Production Enterprises - Anode material production remains dominated by lithium iron phosphate, with ternary materials facing significant competition. Sodium batteries currently lack sufficient application scenarios and are unlikely to replace lithium batteries [12] - Company A has a planned capacity of 500,000 tons for lithium iron phosphate, with the first phase already in production. It is currently not profitable and relies on other production lines for support [13][14] - Company B focuses on high-nickel ternary and sodium battery materials, facing severe price pressure and competition. It plans to maintain a small capacity for ternary materials while increasing sodium battery production [15][16] Lithium Ore and Salt Traders - Domestic lithium ore traders primarily source from Zimbabwe and Nigeria, facing challenges due to poor mining planning and political environments in these countries. The current price of lithium carbonate makes it difficult to source ore profitably [18][21] - Trader A has a significant presence in lithium carbonate trading, with a monthly trade volume of several hundred tons and a recent increase in bid volume to 5,000 tons per day [19] - Trader B has begun trading lithium mica and plans to shift to lithium spodumene, facing challenges in sourcing due to low prices and political instability in Nigeria [21] - Trader D, a major lithium carbonate trader, maintains a stock of 6,000-7,000 tons to support a trade volume of 5,000 tons per month, indicating a cautious outlook for lithium carbonate prices in the second half of the year [24]