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Report Title - "Carbonate Lithium Weekly Report: Market Sentiment Dominates, Carbonate Lithium Awaits Stabilization" [1] Analyst Information - Analyst: Zhang Qing [2] - Consulting Account: Z0019679 [2] - Institution: Zhonghui Futures Research Institute [2] - Date: February 6, 2026 [2] Market View Summary Macroeconomic Overview - In January, China's manufacturing PMI was 49.3 (previous value 50.1), and non - manufacturing PMI was 49.4 (previous value 50.2), both falling below the boom - bust line, indicating weak domestic and foreign demand and potential acceleration of growth - stabilizing policies; the US manufacturing PMI was 52.6, non - manufacturing PMI was 53.8, higher than previous values and expectations, with ADP employment adding 22,000, lower than expectations and previous values. The Fed paused rate cuts, and the new chairman nomination increased uncertainty in future rate - cut paths, leading to sharp corrections in precious metals, non - ferrous metals, and global equity markets [3] Supply Side - This week, carbonate lithium production declined slightly due to the Spring Festival holiday and maintenance. However, in January, Chile exported 16,950 tons of carbonate lithium to China, a 44.82% month - on - month increase, which may offset the domestic supply reduction in February [3] Demand Side - In January, national passenger car retail sales were 1.794 million, a 12.1% year - on - year and 31.9% month - on - month decline. The share of self - owned brands rose to 61%. National new - energy vehicle wholesale was estimated at 900,000, a 1% year - on - year increase. Tesla China's wholesale sales were 69,129 [4] Cost and Profit - This week, ore prices dropped significantly. African SC 5% was quoted at $1,650/ton, a $250/ton week - on - week decline; Australian 6% lithium spodumene CIF was $1,843/ton, a $502/ton decline; lithium mica was priced at 5,900 yuan/ton, an 800 yuan/ton decline. The carbonate lithium industry profit was 36,139 yuan/ton, a 3,529 yuan/ton decrease [4] Total Inventory - As of February 5, the total inventory was 105,463 tons, a 2,019 - ton decrease from last week. Upstream smelter inventory was 18,356 tons, a 647 - ton decrease [4] Market Outlook - The basis strengthened compared to last week. The discount range for battery - grade carbonate lithium was 800 - 2,000 yuan/ton, and for industrial - grade and quasi - battery - grade was 1,600 - 3,000 yuan/ton. In actual transactions, the discount range for battery - grade was 500 - 2,000 yuan/ton. Lithium salt producers were less willing to sell spot orders, while traders were active. Downstream material producers had basically completed pre - holiday inventory preparations. The main carbonate lithium contract dropped sharply, erasing all January gains. Weak external precious metals and non - ferrous sectors, along with insufficient market liquidity, led to the continuous decline of carbonate lithium prices in search of support. The fundamentals showed no obvious negative factors, with inventory reduction continuing during the off - season. Downstream buyers were active in price - fixing when prices dropped sharply, with large volumes traded at the limit - down price. Due to the terminal's rush for exports, demand was slightly advanced, and downstream mainstream material producers maintained high operating rates, less affected by the Spring Festival. Upstream smelter production declined from the peak, and lithium salt producers' maintenance and production cuts were gradually evident. In February, the overall inventory reduction trend continued. The significant month - on - month increase in Chile's shipments in January led to concerns about inventory accumulation in the peak season in March. Coupled with high pre - holiday market volatility, funds actively left the market to avoid risks, resulting in a continuous decline in carbonate lithium positions. It is recommended to wait for price stabilization before establishing long positions and to hold no positions during the Spring Festival [5] Lithium - Battery Industry Price List - Various lithium - battery products showed price declines from January 30 to February 6, such as lithium spodumene (6% CIF: from $2,345/ton to $1,843/ton, - 21.41%; African SC 5%: from $1,900/ton to $1,650/ton, - 13.16%), lithium mica (from 6,700 yuan/ton to 5,900 yuan/ton, - 11.94%), battery - grade carbonate lithium (from 157,000 yuan/ton to 135,000 yuan/ton, - 14.01%), etc. Some products like metal lithium and certain grades of artificial and natural negative electrode materials remained unchanged [6] Weekly Market Review - As of February 6, the LC2605 contract closed at 132,920 yuan/ton, a 10.3% decline from last week. The spot price of battery - grade carbonate lithium was 135,000 yuan/ton, a 14% decline. The basis changed from discount to premium, and the main contract position was 328,000. The sharp decline of the main contract was mainly due to the deep correction in non - ferrous and precious metal sectors, increasing the risk of market panic selling. Exchange position limits and pre - holiday risk - aversion needs led to a shortage of market liquidity. Despite the off - season inventory reduction in the fundamentals, prices continued to decline without new capital inflows [7] Production Situation of Related Products Carbonate Lithium - As of February 6, carbonate lithium production was 23,685 tons, a 375 - ton week - on - week decrease. The enterprise operating rate was 51.44%, a 0.81% decline. Due to the approaching Spring Festival, some enterprises arranged maintenance or holidays, resulting in a seasonal production decrease. The 16,950 - ton increase in Chile's exports to China in January offset the domestic reduction [9] Lithium Hydroxide - As of February 6, lithium hydroxide production was 6,450 tons, a 90 - ton week - on - week decrease. The enterprise operating rate was 43.28%, a 0.61% decline. Affected by the Spring Festival and enterprise maintenance, the operating rate remained low. Downstream material producers mainly fulfilled long - term contracts, and with sharp price fluctuations, they only made rigid purchases [11] Lithium Iron Phosphate - As of February 6, lithium iron phosphate production was 97,653 tons, a 1,950 - ton week - on - week decrease. The enterprise operating rate was 86.01%, a 1.72% decline. Affected by the decline in power orders and some enterprises' production load reduction and Sichuan's maintenance, production decreased slightly, but mainstream enterprises still maintained high operating rates [13] Ternary Materials - The report mentions that demand for ternary materials was slightly advanced, and production operating rates increased, but specific production data is not detailed [15] Other Cathode Materials - In the traditional off - season of consumer electronics, the production and operating rates of manganese acid lithium and cobalt acid lithium declined, but detailed production change data is not provided in a comprehensive manner [23][28] Inventory Situation Carbonate Lithium Total Inventory - As of February 5, the total carbonate lithium industry inventory was 105,463 tons, a 783 - ton decrease from last week, and the warehouse - receipt inventory was 33,777 tons, a 3,146 - ton increase. The total inventory has been declining for four consecutive weeks. As prices fell, lithium salt producers' off - season inventory reduction accelerated. Terminal demand was advanced due to export rush, and the Spring Festival had limited impact on production. After price drops, traders were active in purchasing, leading to an increase in warehouse receipts [32] Downstream Inventory - For lithium iron phosphate, as of February 6, the total industry inventory was 27,293 tons, a 785 - ton decrease. The finished - product inventory continued to decline. Downstream energy - storage demand provided support, promoting enterprises to actively sell goods. Most enterprises prioritized shipping existing inventory to accelerate inventory reduction, but the risk of inventory accumulation due to the continuous decline in power demand should be noted [35] - For ternary materials, the report only shows the inventory trend chart, and there is no specific description of the inventory change situation. For manganese acid lithium, cobalt acid lithium, and ternary precursors, the same situation exists, with only inventory trend charts provided and no detailed change descriptions [38][40][45] Cost and Profit Situation Cost - Side - As of February 6, the African SC 5% ore was quoted at $1,650/ton, a $250/ton week - on - week decline; the Australian 6% lithium spodumene CIF was $1,843/ton, a $502/ton decline; the lithium mica market price was 5,900 yuan/ton, an 800 yuan/ton decline. Lithium salt producers' inventory replenishment was basically completed, and new purchases were few. The basis of lithium ore remained stable. The Australian ore shipment volume was moderately low, and the raw - material supply was still tight [46] Profit - Side - For carbonate lithium, as of February 6, the production cost was 121,050 yuan/ton, a 5,056 - yuan week - on - week decrease, and the industry profit was 29,550 yuan/ton, a 14,452 - yuan decrease. Lithium ore prices dropped significantly following the market, reducing the cost pressure on enterprises using imported ore, while the profits of enterprises with their own mines and salt lakes were not significantly affected. The lithium mica processing fee increased slightly, and the industry was still in the profit range [48] - For lithium hydroxide, as of February 6, the production cost was 110,259 yuan/ton, a 7,536 - yuan week - on - week decrease, and the industry profit was 37,972 yuan/ton, a 5,072 - yuan decrease. This week, the spot trading of aluminum hydroxide was light, downstream procurement basically ended, and the sharp decline in carbonate lithium prices led to a lack of support for lithium hydroxide prices and a marginal weakening of industry profits [50] - For lithium iron phosphate, as of February 6, the production cost was 50,655 yuan/ton, a 5,495 - yuan week - on - week decrease, and the loss was 2,056 yuan/ton, a 134 - yuan/ton decrease. This week, the sharp drop in raw - material prices dragged down the lithium iron phosphate price, but due to some enterprises' price - holding and reluctant - to - sell behavior, the transaction price remained relatively high, with a smaller price decline than the raw - material side, leading to a slight narrowing of the industry loss [53] - For ternary materials, the report shows the cost and profit trend charts, but there is no specific description of the cost and profit change data. The same situation exists for cobalt acid lithium, manganese acid lithium, and ternary precursors [57][60][62]

国金证券指出，锂电行业市场或抢跑交易3月排产恢复超预期，应重视电池龙头估值修复及材料涨价相 关标的。特斯拉干电极实现规模化生产，是锂电池生产技术上的一项重大突破，该工艺在液态电池、固 态电池均有较大应用前景，可关注相关设备。此外，近期将举办2026中国全固态电池产学研协同创新平 台年会，论坛将围绕关键材料、电芯创新、工艺装备等展开讨论，建议关注固态电池相关产业机会。楚 能新能源斩获海外储能大单，未来三年相关产品将用于沙特及中东市场的本地化生产与项目建设，总规 模达5.5GWh。 机械ETF国泰（516960）跟踪的是细分机械指数（000812），该指数聚焦于机械设备行业，涵盖工业自 动化、工程机械、专用设备等领域，选取相关领域中具有较高成长性和技术含量的企业证券作为指数样 本，以反映机械设备行业相关上市公司证券的整体表现和市场趋势。 （文章来源：每日经济新闻） ...

Core Viewpoint - The recent performance of the new energy sector indicates a recovery phase, driven by supply-side adjustments, demand recovery, and technological upgrades, creating structural investment opportunities [3][6]. Group 1: Market Performance and Trends - The ChiNext New Energy ETF (159387) saw an intraday increase of over 3.2%, with a net inflow of over 600 million yuan in the past five trading days, indicating a clear sentiment recovery [1]. - The new energy sector is stabilizing after a period of volatility, with signs of bottoming out in the industry chain, particularly in solid-state batteries and space photovoltaic themes [3]. Group 2: Catalysts and Policy Support - Key catalysts for the renewed interest in the new energy sector include advancements in solid-state battery technology and increasing attention on themes like space photovoltaics and energy storage systems [4]. - The new energy sector remains a core focus of the "dual carbon" strategy and the construction of a new power system, with policies emphasizing electric equipment, grid transformation, and new energy storage [5]. Group 3: Supply Chain Adjustments and Profitability - The solar and lithium battery supply chains are showing signs of supply-side adjustments, with significant price corrections leading to a gradual stabilization of the industry [7]. - The lithium carbonate price has significantly dropped, and the profitability of battery manufacturers is recovering, while energy storage demand is emerging as a new growth driver [7]. Group 4: Investment Opportunities and Structural Changes - The current market offers three levels of investment logic: clear cyclical advantages, structural differentiation among companies, and the integration of new energy with AI, electrification, and digitalization [8]. - The new energy industry is expected to unlock new growth spaces due to technological breakthroughs, with the ChiNext New Energy ETF tracking companies involved in clean energy production, storage, and application [9].

Group 1 - The core viewpoint of the article is that Jinyu Co., Ltd. plans to invest approximately 1 billion RMB in a high-performance battery aluminum foil project in Yibin, Sichuan Province, to enhance production capacity and competitiveness [2] - The project will involve the establishment of a wholly-owned subsidiary in Yibin, with details such as the final name, registered capital, and business scope pending approval from market supervision authorities [2] - The board of directors approved the investment proposal on January 20, 2026, which will be submitted for shareholder approval [2] Group 2 - On February 6, 2026, the high-performance battery aluminum foil project was officially signed and launched in the Sanjiang New District of Yibin, Sichuan Province [3]

Group 1 - The core point of the article is the announcement of a framework tender for battery cells by China Energy Construction Corporation's subsidiary, Zhongchu Technology, with an expected procurement capacity of 7GWh for the year 2026 [2] - The tender is divided into two packages: Package 1 for battery cells with a capacity of at least 314Ah and an expected procurement of 5GWh, and Package 2 for battery cells with a capacity of at least 500Ah and an expected procurement of 2GWh [2] - The tender does not guarantee the actual procurement volume and allows for variations in specifications and quantities, with the possibility of actual procurement being lower or higher than the estimated scale [2] Group 2 - Bidders must be manufacturers of battery cells with independent research and development capabilities for lithium iron phosphate energy storage cells, and trading companies are not accepted [2] - Bidders must have a cumulative supply performance of no less than 2GWh for battery cells with a minimum capacity of 314Ah from January 1, 2025, to the bid submission deadline [2]

谢天卉关于新能源2026展望观点的详细总结： 核心观点总览 谢天卉认为，2026年新能源板块是2025年行业积极变化的自然延续，全年看好。 投资逻辑由锂电新周期、固态电池产业化、AI能源需求三大维度共同驱动。 强调投资应基于深度产业研究，而非短期主题炒作。 一、 核心投资方向与逻辑 1. 锂电行业：进入新周期，重点布局 周期判断：行业经 谢天卉关于新能源2026展望观点的详细总结： 核心观点总览 谢天卉认为，2026年新能源板块是2025年行业积极变化的自然延续，全年看好。 投资逻辑由锂电新周期、固态电池产业化、AI能源需求三大维度共同驱动。 强调投资应基于深度产业研究，而非短期主题炒作。 一、 核心投资方向与逻辑 1. 锂电行业：进入新周期，重点布局 周期判断：行业经历三年下行后，于2024年12月确认反转拐点。 设备端订单量显著回升（部分公司2025年订单已超2024全年），材料端产能利用率提升、加工费上涨。 当前配置：持仓锂电设备与材料并重，并动态调整短期涨幅过大的标的。 重点细分： 六氟磷酸锂：2025年需求紧平衡，预计旺季价格回升。 铜箔：扩产周期长，产能趋于饱和，2025年3-6月旺季可能出现紧缺 ...

Summary of Conference Call Records Industry Overview Macro Environment - Trump claims to have achieved the Dow Jones target of 50,000 points three years ahead of schedule, projecting it to reach 100,000 points by the end of his term [1] - Iran states it will not abandon uranium enrichment and missile development [1] - Japan's election results are finalized [1] Artificial Intelligence - Jensen Huang emphasizes that market demand for AI is extremely strong, indicating that large-scale capital expenditure in AI is both appropriate and necessary [1] - Software is evolving into "agent systems" capable of directly utilizing tools [1] - Prices of second-hand GPUs sold six years ago are rising [1] - OpenAI and Anthropic are profitable, with potential for exponential revenue growth if they acquire more computing resources [1] - The largest infrastructure build in human history is in its early to mid-stages and is expected to continue for another 7-8 years [1] - Following Google, Amazon's capital expenditure also exceeded expectations, continuing aggressive investments [1] - China has explicitly outlined the cultivation of three types of data circulation service institutions to support the "AI+" initiative [1] - Musk predicts that within 30 to 36 months, space will become the preferred site for AI infrastructure [1] Satellite Industry - China successfully launched a reusable experimental spacecraft [3] - Shanghai's Economic and Information Commission aims to create a trillion-level industry in smart terminals, commercial space, and low-altitude economy [3] - NASA confirms astronauts can carry the latest iPhone on Crew-12 and Artemis 2 missions to unlock new use cases for commercial consumer electronics [3] - Amazon plans to conduct over 20 satellite launches by 2026 and initiate commercial operations for satellite internet [3] Semiconductor Industry - Major storage chip manufacturers are shifting to unprecedented contract frameworks, moving from long-term fixed-price agreements to short-term or even monthly contracts, with a clear shift in market power towards suppliers [4] - Intel and AMD have officially notified Chinese customers about a shortage of server CPUs [4] Robotics - Musk identifies three main challenges for humanoid robots: real-world intelligence, hand functionality, and scalable manufacturing [4] Autonomous Driving - Tesla's VP states that the company has invested in a local AI training center in China to enhance Tesla's AI training capabilities for local applications [4] Lithium Battery - Market sentiment is optimistic about production schedules, but actual lithium battery production has remained consistently strong [4] - Expected incremental growth in battery exports for heavy trucks and European vehicles in 2026 is projected at 700 million [4] Dye Industry - Following Runhe shares, Zhejiang Longsheng has also issued a price adjustment notice [4] Construction and Real Estate - The State Council plans to promote major projects and engineering in key areas such as infrastructure and urban renewal [4] Gold Market - The central bank has increased its gold holdings for the 15th consecutive month [5] Medical Aesthetics - The peak season for medical aesthetics has started earlier this year, with popular projects and doctor appointment cycles noticeably extended [5] Market Strategy Observations - Trading volume on Friday was 21,457 billion, with a decrease of 305 billion [5] - The index continues to experience low-volume fluctuations, with expectations for a minor rebound before the holiday, as selling pressure eases [5] - Sector performance includes rebounds in oil, petrochemicals, and power equipment (lithium batteries, photovoltaics, AI power) [5] - The focus remains on cyclical sectors such as chemicals, oil and gas, and gold, with structural rebounds in robotics [5] - The upcoming week lacks a strong continuous focus, but holding onto a single point could still yield profits, with key investment directions being AI, cyclical price increases, and gold [5]

Summary of Conference Call Records Industry Overview Macro Environment - Trump claims to have achieved the Dow Jones target of 50,000 points three years ahead of schedule, projecting it to reach 100,000 points by the end of his term [1] - Iran states it will not abandon uranium enrichment and missile development [1] - Japan's election results are confirmed [1] Artificial Intelligence - Jensen Huang indicates that market demand for AI is extremely strong, and large-scale capital expenditure in AI is both appropriate and necessary [1] - Software is evolving into "agent systems" capable of directly utilizing tools [1] - Prices of second-hand GPUs sold six years ago are rising [1] - OpenAI and Anthropic are profitable, and with more computing resources, their revenues could grow exponentially [1] - The largest infrastructure build in human history is in its early to mid-stages and is expected to continue for another 7-8 years [1] - Following Google, Amazon's capital expenditure also exceeds expectations, with major companies continuing aggressive investments [1] - China has explicitly defined three types of data circulation service institutions to support the "AI+" initiative [1] - Musk predicts that within 30 to 36 months, space will become the preferred site for AI infrastructure [1] Key Developments in Various Sectors Semiconductor Industry - Major storage chip manufacturers are shifting from traditional long-term fixed-price contracts to short-term or even monthly contracts, introducing a "price retrospective settlement" mechanism, indicating a shift in market power towards suppliers [4] - Intel and AMD have officially notified Chinese customers about a shortage in server CPU supplies [4] Robotics - Musk states that the real challenges for humanoid robots are intelligence in the real world, hand functionality, and scalable manufacturing [4] Autonomous Driving - Tesla's VP mentions that the company has invested in and utilized a local AI training center in China to enhance Tesla's AI training capabilities in the region [4] Lithium Battery Market - Market participants believe that production schedules for lithium batteries have remained strong, with expectations for a neutral increase of 700 million units in battery exports by 2026 [4] Gold Market - Central banks have increased their gold holdings for the 15th consecutive month [5] Medical Aesthetics - The peak season for medical aesthetics has started earlier this year, with popular projects and doctor appointment cycles noticeably extended, leading to more concentrated customer traffic [5] Market Strategy Observations - On a recent Friday, trading volume was 21,457 billion, with a decrease of 305 billion [5] - The index continues to experience low-volume fluctuations, with expectations for a minor rebound before the holiday, although there is limited anticipation for the height of the rebound [5] - Sectors such as oil and petrochemicals, chemicals, and electric equipment (including lithium batteries, photovoltaics, and AI power) have shown signs of rebound [5] - The focus remains on thematic rotations among sectors, with cyclical rebounds in chemicals, oil and gas, and gold [5] - The upcoming week is expected to see continued focus on AI, anti-Japanese themes, and cyclical price increases in oil, dyes, and gold [5]

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Views - The lithium battery sector is expected to transition from a seasonal low to a peak demand period, with significant growth anticipated in 2026 [1] - The report highlights the potential of space photovoltaic technology and solid-state batteries, indicating a promising future for these segments [1] Industry Trends - The power equipment sector saw a 2.2% increase, outperforming the market, with solar energy rising by 3.43% and lithium batteries by 0.77% [3] - In January, the energy storage sector recorded a procurement of 36.3 GWh, with a 42% increase in the average price of 4-hour systems over six months [3] - The demand for energy storage is expected to grow by over 60% in 2026, driven by new policies and market dynamics [3][4] Company Developments - Ningde Times is positioned as a global leader in power and energy storage batteries, with a low valuation and confirmed growth trajectory [4] - Sunpower is recognized as a global leader in inverters, with significant overseas market integration [4] - Other notable companies include Ganfeng Lithium, BYD, and Enjie, all of which are expected to benefit from the ongoing trends in the lithium battery and energy storage markets [4] Investment Strategy - The report emphasizes the importance of energy storage, predicting a compound annual growth rate of 30-50% over the next three years [3] - It recommends focusing on leading companies in the lithium battery and solid-state sectors, such as Ningde Times and Yiwei Lithium Energy, as well as companies involved in energy storage integration [4] - The report also highlights the potential of humanoid robots and automation technologies, suggesting a significant market opportunity in the coming years [4]