1. Report's Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Since the policy cooled down the capital enthusiasm last week and lithium carbonate hit the daily limit down, the market has been filled with news related to lithium carbonate again. The market for lithium carbonate will experience wide - amplitude fluctuations at high levels in the near future, and attention should be paid to the news and exchange policies [7] - The spot market's buying sentiment has increased after the price correction, and downstream industries still have restocking needs [7] 3. Summary According to Related Contents 3.1 Mining License Information - There are two mining license information. One has the license number XC3609002022087110154013, with a mining area of 2.5029 square kilometers, and is valid from November 28, 2025, to November 27, 2047. The other has the license number XC36002022117110154366, with a mining area of 0.2546 square kilometers, and is valid from November 28, 2025, to November 9, 2037 [1][2] 3.2 Market Conditions of Lithium Carbonate Futures - As of the close on January 20, the main contract of lithium carbonate hit the daily limit up at 160,500 yuan/ton, with a daily increase in open interest of 4,020 lots and a trading volume of 450,000 lots. Starting from the settlement on January 21, 2026, the daily limit range of lithium carbonate futures contracts will be adjusted, the trading margin standard will be adjusted to 11%, and the speculative trading margin standard will be adjusted to 13% [3][7] 3.3 Policy and Industry Events - The CSRC has launched an investigation into Rongbai Technology's announcement of a "supply agreement for more than 120 billion yuan worth of 305 tons of lithium iron phosphate cathode materials", which helps to regulate the authenticity of listed companies' announcements and promote the reasonable transmission of industrial chain prices [7] - The progress of license renewal for lithium mines in Yichun has attracted attention again. After Shixiawo and Guoxuan submitted license renewal applications at the end of November 2025, Shixiawo has entered the environmental assessment public notice stage, and multiple department approvals and obtaining a safety license are still required for normal mining. The entire license renewal process has higher requirements, takes a long time, and may require suspension of production, reducing the supply elasticity of lithium carbonate in Yichun [7]

Core Viewpoint - Tianqi Lithium's future development strategy includes solidifying its upstream lithium resource layout, focusing on global high-quality lithium resource projects while considering various factors for evaluation [1] Group 1: Strategic Focus - The company maintains an open and cooperative attitude towards global lithium resource projects [1] - Key evaluation factors include economic viability of mining, resource endowment assessment, development costs, local political and business environment, valuation levels, and management operational capabilities [1] Group 2: Project Development - The company is continuously advancing resource exploration and potential excavation of existing projects [1] - Efforts are aimed at enhancing the security and efficiency of already established resources [1] Group 3: Market Adaptability - The company seeks to flexibly identify opportunities amid industry dynamics [1] - The goal is to reinforce its leading position in lithium resources and ensure long-term stable high-quality resource self-sufficiency [1]

Group 1 - The core viewpoint of the article is that Yongxing Materials (002756.SZ) is actively advancing its mining expansion project while maintaining normal production operations [1][2]. Group 2 - An investor inquired about the delay in the expansion project despite receiving the expansion permit in January 2024, which has been two years [3]. - The investor expressed concern that the company's lithium valuation is only half of that of other companies in the same sector, indicating potential production halts in 2026 [3].

Core Viewpoint - The Zabuye Phase II project of Tibet Mining is set to officially commence production in September 2025, utilizing the world's first large-scale lithium extraction technology combining "membrane separation + MVR" [1] Group 1: Project Details - The Zabuye Phase II project has overcome significant challenges related to high altitude and harsh natural environments [1] - The project is currently in the capacity ramp-up phase, with ongoing efforts to optimize processes [1] - The company emphasizes a cautious approach to any technological modifications, ensuring that any changes undergo rigorous technical and economic evaluations to enhance overall project efficiency rather than discarding existing assets [1] Group 2: Investor Concerns - Investors have raised concerns regarding the lengthy five-year timeline for the Zabuye Phase II project to commence production, noting it has recorded the worst performance globally [3] - Questions have been posed about the potential abandonment of the pre-sun pool built for the project if the company opts to implement an adsorption method for lithium concentration [3] - There are inquiries about the feasibility of accommodating new adsorption equipment within the existing Phase II facility and the timeline required for such modifications, as well as the expected increase in production capacity [3]

Core Viewpoint - The lithium carbonate futures market is experiencing significant volatility due to supply-side disruptions and renewed concerns about supply stability, particularly related to the uncertain resumption of the Ningde Times lithium mine [1][2]. Group 1: Supply and Demand Dynamics - The resumption of the Ningde Times Jiangxi mine remains uncertain, leading to market speculation about supply stability [1]. - Recent policy changes, including a reduction in export tax rebates for battery products, are expected to drive short-term demand for lithium carbonate as companies rush to export [2]. - The supply side is tightening, with the Ningde Times mine's production halt since August 2025 and the cancellation of mining rights in Jiangxi, contributing to increased monthly supply gaps [2]. Group 2: Market Sentiment and Price Trends - The lithium carbonate market is characterized by high sensitivity to sentiment, with recent price fluctuations reflecting speculative trading behavior [1]. - Despite recent price drops, downstream demand for replenishment has increased, particularly as prices stabilize at lower levels [1][2]. - Analysts suggest that the current market conditions indicate a tendency for prices to rise rather than fall, supported by low inventory levels among downstream companies and speculative demand [2]. Group 3: Regulatory and Risk Management Measures - The trading environment for lithium carbonate futures has prompted regulatory adjustments, including changes to trading fees and margin requirements to manage volatility [3]. - The futures exchange has implemented measures to adjust the price fluctuation limits and margin standards to mitigate risks associated with speculative trading [3].

Core Viewpoint - The company has successfully launched the Zabuye Phase II project, which is the world's first large-scale lithium extraction project using "membrane separation + MVR" technology, overcoming significant challenges related to high altitude and harsh natural environments [1] Group 1: Project Details - The Zabuye Phase II project officially commenced production in September 2025 [1] - The project is currently in the capacity ramp-up phase [1] - The company is committed to a cautious approach regarding future process optimizations, ensuring that any technical modifications undergo rigorous technical and economic evaluations [1] Group 2: Strategic Focus - The core objective of the company is to enhance the overall efficiency of the project rather than simply discarding existing assets [1] - Various details regarding the project are still under in-depth research, indicating the presence of uncertainties [1]

Core Viewpoint - The company has announced that the Zhabuye Phase II project will officially commence production in September 2025, marking it as the world's first large-scale lithium extraction project from salt lakes using the "membrane separation + MVR" technology [1] Group 1: Project Details - The Zhabuye Phase II project has overcome significant challenges such as high altitude and harsh natural environments [1] - The project is currently in the capacity ramp-up phase [1] Group 2: Technical and Economic Considerations - The company emphasizes a cautious approach to any future process optimizations, ensuring that all technical modification proposals undergo rigorous technical and economic evaluations [1] - The core objective of these evaluations is to enhance the overall efficiency of the project rather than simply discarding existing assets [1] - Many details regarding the project are still under in-depth research, indicating a level of uncertainty [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Supply side: Last week, lithium carbonate production decreased by 710 tons to 24,510 tons week - on - week, and December production increased by 3% month - on - month. The Ningde Jianxiawo mine has not resumed production. Enterprises in Yichun and Qinghai received notices for the re - review of mining rights transfer, affecting supply. In November 2025, China imported 729,000 tons of lithium concentrate, a month - on - month increase of 11.9%. The import volume of lithium carbonate in November was about 22,055 tons, a month - on - month decrease of 7.6% and a year - on - year increase of 15%. The cost of some lithium carbonate manufacturers using imported lithium ore is inverted. [5][6] - Demand side: The overall production schedule in January is expected to decline month - on - month, while that of large battery cell manufacturers increased by 2% in November. In December, the combined output of power and energy - storage batteries in China was 201.7GWh, a month - on - month increase of 14.4% and a year - on - year increase of 62.1%. The combined export was 32.6GWh, a month - on - month increase of 1.3% and a year - on - year increase of 49.2%. The sales volume was 199.3GWh, a month - on - month increase of 11.1% and a year - on - year increase of 57.5%. Policies are expected to support the growth of the new - energy vehicle market. [6] - Inventory: This week, lithium carbonate inventory showed a slight accumulation. Factory inventory decreased by 476 tons, market inventory decreased by 1,593 tons, and futures inventory increased by 2,098 tons. [6] - Strategy: Supply is affected by mine production and imports, and demand is strong but may decline in January. There is a risk of Yichun mining license, and cost is rising. It is expected that the import of South American lithium salts will supplement supply, and prices will continue to fluctuate. [6] 3. Summary by Relevant Catalogs 3.1. Weekly Views - **Supply**: Production decreased last week but increased in December. Mines in some areas are affected, and imports of lithium concentrate and lithium carbonate have different trends. The cost of some manufacturers is under pressure. [5] - **Demand**: Production schedules vary in different months. Battery output, export, and sales are growing, and policies support new - energy vehicle sales. [6] - **Inventory**: There is a slight accumulation of inventory with different changes in factory, market, and futures inventories. [6] - **Strategy Suggestion**: Considering supply, demand, and cost factors, prices are expected to continue to fluctuate, and attention should be paid to the impact of Yichun mining end disturbances. [6] 3.2. Key Data Tracking - **Price Data**: There are data on the spot price of lithium carbonate, the average price of industrial - grade lithium carbonate, and the average price of lithium concentrate. [8][16][18] - **Production Data**: There are data on the weekly and monthly production of lithium carbonate, the production of different raw - material - based lithium carbonate in December 2024, the production of power and other batteries, and the production of cathode materials such as lithium iron phosphate and ternary materials. [9][11][20][21] - **Inventory Data**: There are data on the weekly and monthly inventory of lithium carbonate, including factory inventory. [13][16] - **Import Data**: There are data on the import volume of lithium concentrate, lithium carbonate, and lithium spodumene. [5][35][38] - **Other Data**: There are data on the difference between domestic power - battery output and installed capacity, and the prices of cathode materials such as lithium iron phosphate and ternary materials. [23][37][39]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - This week (2026.1.9 - 2026.1.16), the spot price of lithium carbonate continued to rise, with the benchmark spot price reaching 156,250 yuan/ton on January 16, 2026, a 12.33% increase from January 9, 2026. The main contract of lithium carbonate in the futures market fluctuated upwards, with a weekly increase of 1.94% and a closing price of 146,200 yuan/ton [11]. - The supply of lithium carbonate increased slightly this week. Although a few lithium salt plants scheduled maintenance, the actual impact on production was limited, and most enterprises maintained stable production. The overall industry operating rate remained high, and new production capacity contributed to the growth [11]. - The downstream demand scheduling decreased. The demand expectation in the energy storage field remained strong, but the power battery was in a seasonal off - peak season, and some material plants' maintenance suppressed the current spot procurement demand. Downstream material plants were cautious about the current high - price spot and mainly purchased for rigid demand [11]. - This week, the industry cost remained stable, and the industry profit turned from loss to profit. The overall industry inventory level was low, and the inventory might continue to accumulate this week. Lithium salt plants were more willing to sell scattered orders, the inventory in the trader link increased, and the downstream inventory remained low or decreased [11]. - The supply and demand of lithium carbonate are both strong. The positive policy expectation has not been falsified, and the supply side still has uncertainties, which support the price. However, the weak spot - market transactions and the strengthened exchange supervision measures also resist the price increase. The current upward momentum comes from the demand expectation, and attention should be paid to the wide - range fluctuations in the market caused by changes in capital sentiment due to exchange risk control [11]. - The unilateral strategy considers range - bound operations for LC2605, with the contract reference range at (130,000, 170,000); or buy put options [11]. Summary by Relevant Catalogs 1. Week - ly Views and Hot News - **Hot News** - From April 1, 2026, the VAT export tax rebate for products such as photovoltaics will be cancelled. From April 1, 2026, to December 31, 2026, the VAT export tax - rebate rate for battery products will be lowered from 9% to 6%, and from January 1, 2027, the VAT export tax rebate for battery products will be cancelled [8]. - On January 4, the "Solid Waste Comprehensive Management Action Plan" proposed to promote the integrated construction of heavy non - ferrous metal mining and beneficiation, and future lithium salt supply growth may be limited by environmental protection and solid - waste treatment capacity. The resumption process of Jiangxi Jianxiawo Mining Area has raised concerns again [8]. - On December 26, the National Development and Reform Commission stated that for the "new three" industries such as new - energy vehicles, lithium batteries, and photovoltaics, the key lies in standardizing the order and innovation - leading [8]. - On December 25, Wanrun New Energy announced that it would reduce production and conduct maintenance on some production lines from December 28, 2025, for about one month, reducing the production of lithium iron phosphate by 5,000 - 20,000 tons [8]. - On December 24, it was reported that the lithium - mining project of Yichun Times New Energy Mining Co., Ltd. was expected to resume production around the Spring Festival [8]. - The Jiangxi Yichun Tendering Network released the first environmental - impact assessment information for the lithium - mining project of Yichun Times New Energy Mining Co., Ltd. [8] - **Week - ly View** - **Market Review**: The spot price of lithium carbonate rose, and the futures main contract also increased. The current main - month contract had a position of about 416,100 lots [11]. - **Supply**: Production increased slightly, with high operating rates and new - capacity contributions. Geopolitical factors had long - term impacts, but a South American mine planned to resume partial production by the end of January [11]. - **Demand**: Downstream demand scheduling decreased, but the energy - storage demand was strong. The "rush - to - export" expectation due to the tax - rebate policy was optimistic for the first - quarter demand. The power - battery off - peak season and material - plant maintenance suppressed procurement [11]. - **Cost, Profit, and Inventory**: The cost remained stable, and the profit turned from loss to profit. The overall inventory was low, and it might continue to accumulate [11]. - **Outlook**: Supply and demand were both strong. Policy expectations and supply uncertainties supported the price, while weak transactions and exchange supervision resisted the increase. The upward momentum came from demand expectations, and attention should be paid to market fluctuations [11]. - **Strategy**: Consider range - bound operations for LC2605 or buy put options [11] 2. Industry Pattern - The lithium industry chain includes upstream raw materials (lithium spodumene, lithium mica, salt - lake brine, recycled lithium extraction), lithium - salt products (lithium carbonate, lithium hydroxide, etc.), materials (ternary materials, lithium iron phosphate, etc.), lithium - ion batteries, and terminal consumption (new - energy vehicles, 3C digital, energy storage, etc.) [15][16] 3. Futures and Spot Markets - **Futures Market** - The closing price of the active lithium - carbonate contract was 146,200 yuan/ton, a 1.94% increase from the previous period. The trading volume increased by 26.00% to 591,523 lots, and the position decreased by 18.54% to 416,133 lots. The total number of warehouse receipts increased by 8.27% to 27,458 lots [22]. - **Spot Market** - The spot price of lithium carbonate continued to rise. As of January 16, 2026, the benchmark spot price was 156,250 yuan/ton, a 12.33% increase from January 9, 2026 [11] 4. Inventory - The total inventory of lithium carbonate was 109,844 tons, a 0.40% increase from the previous period. The market inventory decreased by 2.42% to 64,356 tons, the factory inventory decreased by 0.36% to 18,030 tons, and the registered warehouse - receipt volume increased by 8.27% to 27,458 tons [33] 5. Cost and Profit - The cost of lithium carbonate was 153,218 yuan/ton, a 0.17% increase from the previous period. The profit was 4,732 yuan/ton, a 137.24% increase from the previous loss of 12,705.2 yuan/ton [40] 6. Supply - **Production Capacity, Output, and Imports/Exports** - The production of lithium carbonate increased slightly this week. The overall industry operating rate remained high, and new production capacity contributed to the growth [11]. - Multiple companies have planned new production - capacity projects, with a total planned new capacity of 211,000 tons [46]. - **Import Situation** - The report shows import - related charts of lithium carbonate, including monthly import season charts, annual cumulative import, and import from different countries [48][49] - **Production from Different Raw Materials** - The report presents monthly production season charts of lithium carbonate from different raw materials such as spodumene, lithium mica, salt lakes, and recycled materials [58][60] - **Spodumene Import** - The report shows monthly import season charts of spodumene from different regions such as Zimbabwe and Australia, as well as import volume and cumulative import [69][72] 7. Demand - **Overall Demand** - The downstream demand scheduling decreased. The energy - storage demand was strong, but the power - battery off - peak season and material - plant maintenance suppressed procurement [11]. - The report shows charts related to the overall demand, such as monthly consumption of lithium carbonate, monthly production of new - energy vehicles, retail penetration rate of new - energy vehicles, and monthly production of power batteries [82][84]. - **Power Batteries** - The report shows charts related to power - battery production, installation, export, energy storage, and the proportion of different vehicle - type power - battery installations [88]. - **Output of Each Material** - The report shows the output of materials such as lithium iron phosphate, ternary materials, lithium cobalt oxide, and lithium manganate [98][100] 8. Supply - Demand Balance Sheet - The report provides the supply - demand balance sheet of lithium carbonate from December 2024 to a certain period in 2025, including total supply, total demand, supply - demand difference, import and export volume, production from different raw materials, output of each material, and inventory [107]

Core Viewpoint - The company is actively monitoring market dynamics and is progressing with its lithium salt lake project in Argentina, which is currently in the exploration and early construction phase [1] Group 1 - The company has acquired a lithium salt lake project in Argentina [1] - Development work on the project is accelerating according to plan [1] - The company will comply with regulatory requirements for information disclosure regarding the project's development plans and progress [1]