Core Viewpoint - The article highlights significant developments in the lithium battery industry, including advancements in lithium iron phosphate production, strong financial performance from LG Energy, and new product launches from battery manufacturers, indicating a dynamic market landscape. Industry Highlights - Rongbai Technology officially enters the lithium iron phosphate sector, planning to establish Europe's first 10,000-ton high-end production line, while also reinforcing its leadership in ternary materials and exploring new applications in low-altitude economy and solid-state batteries [1] - LG Energy expects a 152% year-on-year increase in operating profit for Q2, driven by strong battery sales, with projected profits reaching 492.2 billion KRW [2] - Lishen Battery launched six new cylindrical cells featuring full-tab design, with the 46120-55Ah product achieving an energy density of over 330Wh/kg, targeting eVTOL and humanoid robot applications [3] - Hunan Province has discovered a super-large lithium mine with an estimated 490 million tons of lithium ore and 1.31 million tons of lithium oxide resources [4] Lithium Battery Material Market Conditions - Lithium carbonate prices showed slight fluctuations, with a general bearish outlook for the second half of the year, despite limited demand growth in July [5] - As of July 11, battery-grade lithium carbonate is priced at 62,500-63,500 CNY/ton, while industrial-grade is at 60,300-60,800 CNY/ton [6] - The ternary material market remains stable, with limited growth expected as the industry enters a traditional off-season [6] - As of July 11, prices for ternary materials range from 121,000-129,000 CNY/ton for 5-series single crystal and 142,000-147,000 CNY/ton for 8-series 811 type [7] - Phosphate lithium prices are stable, with production slightly increasing, and Rongbai Technology's new production line expected to enhance capacity [7] - As of July 11, phosphate lithium prices are 29,900-31,000 CNY/ton for power type and 28,600-29,460 CNY/ton for energy storage type [8] Other Material Markets - The negative pressure on separator companies is evident as many face profitability challenges due to declining prices [10] - As of July 11, separator prices range from 0.55-0.825 CNY/sqm for 9μm wet process and 0.35-0.5 CNY/sqm for 16μm dry process [11] - The electrolyte market shows positive performance, particularly in energy storage, although there are signs of price weakness due to market conditions [12] - As of July 11, lithium hexafluorophosphate electrolyte is priced at 48,500-51,000 CNY/ton [12] Downstream Demand for Lithium Batteries - The domestic lithium battery market remains stable, with a focus on lithium iron phosphate for power applications, while ternary materials see limited changes [13] - In the first half of the year, global lithium battery production reached 986 GWh, influenced by U.S. policy fluctuations [13] - The new energy vehicle market shows a year-on-year increase of 22.9% in July, with a penetration rate of 51.84% [14] - In June, new energy storage installations reached 2.33 GW/5.63 GWh, with a strong overall growth trend despite a slight decline in June [14]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On July 10, 2025, the 2509 contract of lithium carbonate futures dropped 0.43% to 64,180 yuan/ton. The average price of battery - grade lithium carbonate increased by 350 yuan/ton to 63,650 yuan/ton, and the average price of industrial - grade lithium carbonate also rose by 350 yuan/ton to 62,050 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) remained at 57,420 yuan/ton. The warehouse receipt inventory decreased by 90 tons to 13,191 tons [3]. - In July, the supply of lithium carbonate is expected to increase by 3.9% month - on - month to 81,150 tons, and the weekly output increased by 690 tons to 18,813 tons. The increase is mainly from lithium extraction from spodumene, followed by lithium extraction from mica. From May to June, the export of lithium salts from Chile was basically flat, and the import of lithium carbonate in July is expected to change little month - on - month. In terms of demand, the production schedule in July 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]. - Currently, the overall market sentiment has warmed up, the warehouse receipts are 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 the market news, which have short - term stimulated the price increase. However, the warehouse receipt inventory increased slightly on July 10. In the future, attention should be paid to the pressure level of 65,000 yuan/ton. In the long run, 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 salts 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 decline of prices, and the price may show a wide - range oscillation pattern [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - Futures price: The 2509 contract of lithium carbonate futures dropped 0.43% to 64,180 yuan/ton [3]. - Spot price: The average price of battery - grade lithium carbonate increased by 350 yuan/ton to 63,650 yuan/ton, and the average price of industrial - grade lithium carbonate rose by 350 yuan/ton to 62,050 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) remained unchanged at 57,420 yuan/ton [3]. - Warehouse receipt inventory: It decreased by 90 tons to 13,191 tons [3]. - Supply: July output is expected to increase by 3.9% month - on - month to 81,150 tons, and weekly output increased by 690 tons to 18,813 tons. The increase is mainly from spodumene and mica. The import in July is expected to change little month - on - month [3]. - Demand: The production schedule in July 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 [3]. - Inventory: Weekly inventory increased by 2,446 tons to 140,793 tons, with a significant increase in the intermediate links [3]. - Market outlook: Short - term price increase is stimulated by various factors, but attention should be paid to the 65,000 yuan/ton pressure level. In the long run, there is hedging pressure, and short - selling opportunities can be considered. The price may show a wide - range oscillation pattern [3]. 3.2 Daily Data Monitoring - Futures: The closing price of the main contract decreased by 220 yuan/ton to 64,180 yuan/ton, and the closing price of the continuous contract decreased by 320 yuan/ton to 64,380 yuan/ton [5]. - Lithium ore: The price of lithium ore such as lithium spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone increased to varying degrees [5]. - Lithium carbonate: The average price of battery - grade lithium carbonate increased by 350 yuan/ton to 63,650 yuan/ton, and the average price of industrial - grade lithium carbonate increased by 350 yuan/ton to 62,050 yuan/ton [5]. - Lithium hydroxide: The price of battery - grade lithium hydroxide (coarse particles) remained unchanged at 57,420 yuan/ton, and the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) decreased by 0.05 dollars/kg to 8 dollars/kg [5]. - Lithium hexafluorophosphate: The price decreased by 500 yuan/ton to 51,050 yuan/ton [5]. - Price difference: The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged at 1,600 yuan/ton, and the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 350 yuan/ton to - 6,230 yuan/ton [5]. - Precursor and cathode materials: The prices of most precursor and cathode materials increased slightly [5]. - Battery: The prices of most battery products remained unchanged [5]. 3.3 Chart Analysis - Ore price: Charts show the price trends of lithium spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone from 2024 to 2025 [6][9] - Lithium and lithium salt price: Charts show the price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [10][14] - Price difference: Charts show the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc. from 2024 to 2025 [16][20] - Precursor and cathode materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate from 2024 to 2025 [22][26] - Lithium battery price: Charts show the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobaltate cells, and square lithium iron phosphate batteries from 2024 to 2025 [28][32] - Inventory: Charts show the inventory trends of downstream, smelters, and other links from November 2024 to July 2025 [34][37] - Production cost: Charts show the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [38][39]

Core Viewpoint - The central government's emphasis on "anti-involution" aims to address the chaotic price competition in the new energy sector, particularly in the photovoltaic and lithium battery industries, which are currently facing severe profit margin compression [1][2]. Group 1: Industry Challenges and Responses - The "anti-involution" policy is seen as a corrective measure to the unreasonable conditions in the industry and is crucial for promoting high-quality development [2]. - The photovoltaic industry is experiencing supply-demand mismatches, and "anti-involution" may alleviate these issues through capacity mergers, elimination of outdated production capacity, and regulation of low-price competition [2]. - The core goal of "anti-involution" is to help the industry escape from long-term cash outflows and continuous losses, aiming for a healthy and sustainable development [2]. Group 2: Impact on Market Dynamics - The "anti-involution" initiative focuses on the pain points of the new energy sector, specifically the "supply-demand structure mismatch and vicious price wars," guiding companies to stabilize expectations, prices, and confidence to avoid systemic risks [3]. - The primary beneficiaries of the "anti-involution" policy are expected to be upstream leading enterprises with resource advantages, while midstream sectors with low barriers to entry may face marginalization or even elimination risks [3]. - The "anti-involution" is viewed as a prelude to rebalancing industrial order, facilitating a transition towards increased concentration and value return in the market [3]. Group 3: Future Outlook - The core of "anti-involution" lies in promoting technological innovation and industry consolidation, aiming to curb vicious low-price competition through market-oriented measures [3]. - As the policy is implemented, the new energy sector may evolve into a development pattern driven by technological advancement [3].

Summary of Conference Call Records Industry Overview - The market is currently influenced by positive factors such as the 3D benefit resonance, favorable domestic and international macro environments, and improved China-US relations. Investor sentiment is high, leading to a total market turnover of 1.5 trillion [1][2]. Core Insights and Arguments - The market has seen significant gains recently, with a need for correction due to the previous strong performance. Over 80% of stocks are above the 60-week moving average, indicating a warning signal for potential pullbacks [3][4]. - The largest risk identified is the structural issues arising from excessive prior gains, rather than systemic risks. The market outlook remains optimistic, with opportunities for low-position investments during corrections [5][6]. - July's investment opportunities are expected to focus on the upcoming Politburo meeting and mid-year earnings reports. Policies may target issues such as insufficient domestic demand, weak consumption, low prices, and overcapacity [6][7]. Key Sectors and Themes - The "anti-involution" policies are expected to focus on the photovoltaic and lithium battery industries. The approach to these policies may vary, with market-driven solutions posing challenges for the photovoltaic sector, while administrative measures could benefit it [6][7]. - Consumer-related policies, including childcare subsidies, are anticipated to positively impact consumption-related industries [6][7]. - Strong performing sectors in the first half of the year include computing power, gaming, wind power, aquaculture, and innovative pharmaceuticals, which are highlighted as areas of focus [6][7]. - Seasonal themes due to hot summer weather may present investment opportunities in electricity demand, low coal prices, and products like beer and tea [3][7]. Additional Important Points - The market is expected to continue its upward trend, supported by historical weak dollar opportunities, capital market policy support, and liquidity easing [2][3]. - The potential for a short-term rebound in the dollar and ongoing tariff negotiations could exert pressure on the market, but these are not seen as critical risks [3][4].

Group 1 - The first two data center REITs have completed inquiries and will start subscriptions from July 14 to 15, indicating a growing market for REITs with quality assets [1] - The REITs market is expected to be further activated by the dual drive of "initial issuance + expansion" as relevant systems are optimized and the market matures [1] - High-net-worth individual investors have increasingly participated in ETF initial subscriptions, marking a shift from stock selection to index-based investment tools [1] Group 2 - As of July 9, 197 funds have ended fundraising early this year, with equity funds making up a significant portion, indicating a strong recovery in equity fund issuance [2] - The total issuance of newly established funds reached 5303.47 billion units in the first half of the year, with stock funds accounting for 35.46%, showing a substantial increase compared to the previous year [2] Group 3 - China's monetary policy has implemented moderate easing measures to support macroeconomic stability, achieving multiple goals such as growth stabilization and risk prevention [3] - The introduction of lithium supplement agents in the battery industry is gaining traction, with prices significantly higher than traditional materials, enhancing competitiveness for material companies [3] Group 4 - Global bank sector indices have seen significant increases, with the global index rising by 52% and the Chinese index by 59%, reflecting a revaluation of banks as stable assets [4] - The ongoing interest rate hikes in major economies have contributed to the attractiveness of banks, combining high shareholder returns with growth potential [4] Group 5 - The Hong Kong stock market has seen a surge in equity financing, nearing 3000 billion HKD, with IPOs showing remarkable growth, particularly in the technology and consumer sectors [5][6] - The market is characterized by a dual drive from technology and consumption, with significant activity in emerging consumer sectors and advanced technology fields [6] Group 6 - In 2024, 3667 A-share listed companies reported overseas business income, totaling 9.52 trillion yuan, a 56.58% increase from 2020, with manufacturing companies leading the growth [7] - Key sectors driving this growth include new energy vehicles, lithium batteries, and photovoltaics, highlighting the importance of industry chain and ecosystem expansion [7] Group 7 - As of July 9, the express delivery business in China has surpassed 1 trillion pieces, reflecting strong economic resilience and the growing scale of the consumer market [8] - The increase in express delivery volume is attributed to the rising e-commerce penetration and the expanding consumer market [8] Group 8 - Regulatory bodies have intensified oversight of delisted companies, with 19 companies receiving penalties this year, indicating a stricter regulatory environment [9]

Group 1 - The "anti-involution" policy has become a hot topic in the stock and commodity markets, with various industries responding and institutions releasing related research reports [1] - Tianfeng Securities suggests that the "anti-involution" trend may develop in three phases: initial expectations catalyzed by policy, followed by rising prices of resource products, and finally, a prolonged period of high prices for these resources [1] - CITIC Securities identifies three key differences between the current "anti-involution" and the supply-side reform of 2015-2016, including broader industry coverage, better operating conditions for upstream enterprises, and a higher proportion of private enterprises in emerging industries [1] Group 2 - Zhejiang Merchants Fund focuses on two major industrial issues: structural contradictions in capacity and disruptions to fair competition, particularly in the new energy vehicle and photovoltaic sectors, where prices have dropped significantly [2] - Dongwu Securities highlights that the "anti-involution" policy will have a more pronounced effect on correcting vicious competition and benefiting emerging industries, particularly in sectors with high state-owned enterprise representation [2] - Specific sectors to watch include the photovoltaic industry chain, traditional industries facing overcapacity like steel and cement, and emerging non-manufacturing sectors such as e-commerce [2] Group 3 - Huachuang Securities identifies potential beneficiary industries of the "anti-involution" policy based on factors like state-owned enterprise representation, industry concentration, price elasticity, taxation, and employment [3] - Industries likely to benefit include coal mining, coke, ordinary steel, energy metals, glass fiber, steel raw materials, precious metals, and the hospitality sector [3]

Core Viewpoint - The article highlights the strategic advancements of Rongbai Group in the sodium battery sector, emphasizing the launch of a new production line for sodium battery cathode materials and the company's expansion into lithium iron phosphate production [1][2]. Group 1: Project Launch and Investment - Rongbai Group's 6000 tons sodium battery cathode material project in Xiantao, Hubei, commenced with a total investment of 60 million yuan, showcasing the company's rapid execution from signing to groundbreaking in just over 100 days [1]. - The project utilizes an innovative technology system for sodium battery materials, achieving international leading levels in energy density and cycle life [1]. Group 2: Production Efficiency and Economic Impact - The project introduces a unique "raw material processing - finished product sintering" integrated process, which is expected to enhance production efficiency by over 20% [1]. - Upon reaching full production, the annual output value is projected to exceed 200 million yuan, indicating a high return on investment with compact land use [1]. Group 3: Market Position and Future Plans - Rongbai Group has established close partnerships with major domestic and international clients, leading in the sodium battery market with significant annual shipment volumes [2]. - The company has secured orders for 3000 tons of layered oxide cathode materials and hundreds of tons of polycations cathode materials, demonstrating strong competitiveness in the sodium battery sector [2]. - Rongbai is also entering the lithium iron phosphate industry with plans for a high-end production line in Europe, while reinforcing its leadership in ternary materials and exploring new applications in low-altitude economy and solid-state batteries [1].

进固态电池群 ，加小编微信：13248122922 注：添加好友请备注 公司名称、姓名、职务，入群需发送1张您的纸质名片~ END 力神电池作为国内锂电行业的"国家队"和"排头兵"，是国内首家锂离子电池研发与生产企业，拥有28年深 厚的研发生产经验，其产品在国际高端市场占据重要地位，影响力辐射全球。落户苏州高新区十余年来， 苏州力神始终坚持以创新为引领、以市场为导向，持续推动转型升级。此次启用的新一代圆柱型锂离子电 池研发生产基地，总投资28亿元，规划建设5条智能化产线。该项目将显著提升苏州力神在研发创新与产 能规模方面的实力，进一步巩固其在行业中的领先地位。 张强表示，苏州力神作为力神电池在华东地区的重要战略布局，承载着扩大产能规模、提升核心竞争力的 重要使命。接下来，力神电池将扎根苏州高新区深耕布局，持续抢抓市场机遇，坚持创新驱动发展，不断 加大研发投入，充分释放产能，打造长三角地区最具竞争力的锂电产业基地，为高新区新能源产业高质量 发展贡献更多力量。 中铁建工集团江苏分公司总经理祁浩表示，此次启用的基地是中铁建工打造的"标杆工程""精品工程"，更 是央地携手服务国家"双碳"战略的生动实践。中铁建工将持续 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On July 9, 2025, the 2509 contract of lithium carbonate futures rose 0.16% to 64,400 yuan/ton. The average price of battery-grade lithium carbonate increased by 400 yuan/ton to 63,300 yuan/ton, and that of industrial-grade lithium carbonate also rose by 400 yuan/ton to 61,700 yuan/ton. The price of battery-grade lithium hydroxide (coarse particles) dropped 50 yuan/ton to 57,420 yuan/ton. The warehouse receipt inventory increased by 626 tons to 13,281 tons [3]. - In July, the production of lithium carbonate is expected to increase 3.9% month-on-month to 81,150 tons. However, due to maintenance and technological upgrades of some upstream enterprises, the weekly production has slowed down, which may lead to a certain downward adjustment of the expected output. In terms of imports, the exports of lithium salts 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. On the demand side, the production schedule in July 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. In terms of inventory, the weekly inventory continued to accumulate, and currently the inventory of lithium salts and lithium ore is high, approximately equivalent to 380,000 tons of LCE according to Steel Union data [3]. - Currently, the overall market sentiment has warmed up, the warehouse receipts are at a low level, the transaction price of lithium ore has increased, lithium salt plants have announced production suspension, maintenance, and technological upgrades, and there are many disturbances in the market news, which have short-term stimulated the price increase. However, the warehouse receipt inventory increased slightly on July 9, and the pressure level of 65,000 yuan/ton needs to be monitored. In the future, hedging pressure will also follow. As of now, there are no signs of production suspension or reduction at the mine end, and the social inventory of lithium ore and lithium salts is relatively high. Therefore, 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 decline of prices, and the price may show a wide - range oscillation pattern [3]. Summary by Directory 1. Research Views - The price of lithium carbonate futures and spot prices changed on July 9, 2025, and the warehouse receipt inventory increased [3]. - The supply, demand, and inventory situations of lithium carbonate in July are analyzed, including production, imports, consumption, and inventory accumulation [3]. - The short - term and long - term price trends of lithium carbonate are predicted, and attention points and potential trading opportunities are proposed [3]. 2. Daily Data Monitoring - The prices of various products in the lithium - battery industry chain on July 9, 2025, are presented, including futures, lithium ore, lithium carbonate, lithium hydroxide, and other related products, along with their price changes compared with the previous day [5]. 3. Chart Analysis 3.1 Ore Prices - Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%, 2.0% - 2.5%), and phospho - lithium - aluminum stone (6% - 7%, 7% - 8%) from 2024 to 2025 [6][8] 3.2 Lithium and Lithium Salt Prices - Charts display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [11][13] 3.3 Spreads - Charts illustrate the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant spreads from 2024 to 2025 [18][19] 3.4 Precursor & 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 [22][25] 3.5 Lithium Battery Prices - Charts present 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 [30][32] 3.6 Inventory - Charts show the weekly inventory trends of downstream, smelters, and other links of lithium carbonate from November 2024 to July 2025 [35][37] 3.7 Production Costs - A chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [39][40] 4. Colored Research Team Member Introduction - The team members include Zhan Dapeng, Wang Heng, and Zhu Xi, along with their educational backgrounds, positions, research directions, and professional qualifications [43][44] 5. Contact Information - The company's address, phone number, fax, customer service hotline, and postal code are provided [47]

Core Viewpoint - The article highlights the significant performance improvement of Huayou Cobalt Industry in the lithium battery supply chain, driven by its integrated operational advantages and the recovery of cobalt prices, leading to a notable increase in net profit for the first half of 2025 [2][4][8]. Industry and Company Summary - The fifth "Two-Wheeled Vehicle Battery Swap Conference" will be held on July 11, 2025, in Shenzhen, focusing on the theme "Battery Swap City, Smart Two-Wheelers" [2]. - Huayou Cobalt Industry expects a net profit of 2.6 billion to 2.8 billion yuan for the first half of 2025, representing a year-on-year increase of 55.62% to 67.59% [2][3]. - The company's net profit for Q2 2025 is projected to be between 1.348 billion and 1.548 billion yuan, showing a year-on-year growth of 17.42% to 34.84% [3]. - Huayou Cobalt's stock price has increased by 32.91% since the beginning of the year, reflecting strong market confidence following the earnings forecast [4]. - The company has achieved continuous net profit growth for five consecutive quarters, with 2024 marking its best annual performance to date [4]. - Huayou Cobalt operates across the entire lithium battery materials supply chain, including resource development, green refining, and recycling [4]. - The company has successfully reduced reliance on external raw materials through projects in Indonesia, achieving high production and cost reductions [4][5]. - Huayou Cobalt's overseas revenue reached 36.18 billion yuan in 2024, accounting for 59.36% of total revenue, indicating a strong international market presence [7]. - The company has diversified its resource layout and secured long-term contracts to mitigate market risks associated with cobalt price fluctuations [8]. - Research and development investments have significantly increased, with a total of 4.45 billion yuan spent over the last three years, focusing on high-nickel materials and solid-state batteries [8].