Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The short - term lithium carbonate market may continue the pattern of being volatile and slightly strong. In the absence of additional marginal factors, the main LC2511 contract of lithium carbonate is expected to remain in the current range in the next 1 - 2 weeks. If downstream purchases are weak, it may retest the previous low [3] - The recent rebound of futures prices may be affected by the weakening of the basis and the stabilization of spot prices, but the changes in trading volume and open interest show market divergence. The supply side may support prices, and the demand side may bring short - term support, but the cautious procurement and sufficient inventory of downstream enterprises may limit the upside space. The lithium carbonate futures price is expected to maintain a volatile and slightly strong trend [32][33] Group 3: Summary by Relevant Catalogs 1. Daily Market Summary - **Futures Market Data**: On September 16, the price of the main lithium carbonate contract rose slightly to 73,180 yuan/ton, a 0.69% increase from the previous day. The basis widened to - 1,080 yuan/ton, indicating that the futures price was stronger relative to the spot. The open interest of the main contract decreased by 9,009 lots to 300,437 lots, a decrease of 2.91%, while the trading volume expanded by 3.62% to 500,267 lots [1][5][30] - **Supply - demand and Inventory**: On the supply side, the proportion of lithium carbonate produced from spodumene exceeded 60%, becoming the main support for supply, while the proportion of lithium mica decreased to 15%. The long - term supply increase expectation was enhanced, but short - term factors supported the spot. On the demand side, the demand for new energy vehicles was differentiated. The prices of cathode materials and most cell prices increased. Lithium carbonate inventory decreased for four consecutive weeks to 138,512 tons, but the warehouse receipts remained high [2][31] - **Market Summary**: The short - term lithium carbonate market may continue the volatile and slightly strong pattern. The supply side suppresses the upside space, while the demand side has a contradictory cost - pressure transmission, and market wait - and - see sentiment remains [3] 2. Industrial Chain Price Monitoring - The price of the main lithium carbonate contract increased by 0.69% to 73,180 yuan/ton, the basis decreased by 86.21% to - 1,080 yuan/ton, the open interest of the main contract decreased by 2.91% to 300,437 lots, and the trading volume increased by 3.62% to 500,267 lots. The price of battery - grade lithium carbonate remained unchanged at 72,100 yuan/ton, and the prices of some related products such as lithium hexafluorophosphate, power - type ternary materials, and power - type lithium iron phosphate increased slightly [5] 3. Industrial Dynamics and Interpretation - **Spot Market**: On September 16, the SMM battery - grade lithium carbonate index price rose. The futures price fluctuated, and the downstream was cautious. In September, the market showed a situation of simultaneous growth in supply and demand, with demand growing faster, and a temporary supply shortage was expected [6] - **Downstream Consumption**: From September 1 - 7, the retail volume of the new - energy passenger vehicle market decreased by 3% year - on - year, and the wholesale volume increased by 5% year - on - year [7] - **Industry News**: The lithium ore shutdown in Yichun, Jiangxi, may affect the supply, and the industry reshuffle from the supply side of lithium carbonate is coming [9] 4. Industrial Chain Data Charts - There are data charts on the main lithium carbonate futures and basis, battery - grade and industrial - grade lithium carbonate prices, lithium concentrate prices, etc., which visually show the data changes in the industrial chain [10][13][19]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The core contradiction affecting the lithium carbonate futures price stems from the tug - of - war between supply - side expected changes and demand - side peak - season support. The resumption of production at the Jianxiaowo lithium mine under CATL is a key variable. The supply - side dynamics have led to market anticipation of future price declines, while the demand side provides strong support [3]. - The resumption of production at the Jianxiaowo lithium mine is uncertain. Before September 30, the lithium carbonate futures price is likely to remain stable. After that, price fluctuations will depend on "demand fulfillment strength". It is expected that until National Day, the lithium carbonate futures price will fluctuate between 68,000 - 76,000 yuan/ton [4]. - There are both bullish and bearish factors in the market. Bullish factors include potential mine - end production halts in Jiangxi and new policies supporting downstream demand. Bearish factors include the risk of insufficient restocking demand during the peak season and the potential resumption of production at the Jianxiaowo lithium mine [4][5][6]. Summary by Sections Futures Data - **Price Prediction**: The strong pressure level for the lithium carbonate main contract is 80,000 yuan/ton, with a current 20 - day rolling volatility of 39.0% and a 3 - year historical percentile of 65.9% [2]. - **Contract Data**: For the main contract, the closing price is 73,640 yuan/ton (up 0.63% daily, 4.13% weekly), trading volume is 343,863 lots (down 31.26% daily, 54.24% weekly), and open interest is 294,624 lots (down 1.93% daily, 13.55% weekly). Similar data are provided for the weighted contract and other contract spreads [9][10]. - **Warehouse Receipts**: The Guangzhou Futures Exchange's lithium carbonate warehouse receipts are 39,234 lots, up 0.0106 daily and 0.0297 weekly [10]. Spot Data - **Lithium Ore**: Different types of lithium ore have varying price changes. For example, the average price of lithium mica (Li2O: 2 - 2.5%) is 1,815 yuan/ton (stable daily, 0% weekly), and lithium辉石 (Li2O: 6% from Australia CIF) is 825 US dollars/ton (up 0.61% daily, 2.48% weekly) [20]. - **Carbon/Hydrogen Lithium**: Industrial - grade and battery - grade lithium carbonate and lithium hydroxide have different price movements. For instance, the industrial - grade lithium carbonate average price is 70,900 yuan/ton (up 0.42% daily, down 0.42% weekly) [24]. - **Price Spreads**: The electric - carbon to industrial - carbon price spread is 2,250 yuan/ton (stable), the electric - hydrogen to electric - carbon spread is 5,820 yuan/ton (down 5.67% daily, 6.43% weekly), and the battery - grade lithium hydroxide CIF Japan and South Korea to domestic spread is - 7,602.85 yuan/ton (up 4.90% daily, 11.72% weekly) [27]. - **Downstream Products**: Various downstream lithium - related products such as phosphoric (manganese) iron lithium, ternary materials, and electrolytes also have their own price changes. For example, the average price of phosphoric iron lithium (power - type) is 33,540 yuan/ton (up 0.21% daily) [29]. Basis and Warehouse Receipt Data - **Basis**: The main - continuous basis of lithium carbonate and brand - specific basis quotes are presented. For example, the basis quotes of some well - known lithium companies like Tianqi Lithium and Ganfeng Lithium are provided, with values ranging from - 1,100 to 300 yuan/ton for different specifications and contracts [31][32]. - **Warehouse Receipts**: The total number of lithium carbonate warehouse receipts is 39,234 lots, an increase of 410 lots from the previous day. Different warehouses show different changes in warehouse receipt quantities [35]. Cost and Profit - **Production Profit**: The production profit from purchasing lithium ore to produce lithium carbonate is presented, including from purchasing lithium mica concentrate (Li₂O: 2.5%) and lithium辉石 concentrate (Li₂O: 6%) [39]. - **Import Profit**: The lithium carbonate import profit is also shown, although specific details are not fully elaborated in the given text [40].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Affected by CATL's meeting related to the resumption of the Jianxiawo lithium mine, the market sentiment is negative, and there is a discussion about whether the eight major mines will shut down simultaneously on September 30. Fundamentally, if they shut down, the impact on the total supply will be limited as other sources can supplement. Emotionally, shutdowns will stimulate the market's bullish sentiment. In the short term, the futures price is expected to fluctuate, and attention should be paid to the end - of - month time node [2] Group 3: Summary According to Related Catalogs Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 72,850, with a change of 400; the average price of SMM industrial - grade lithium carbonate is 70,600, with a change of 400 [1] Futures Contract Prices - The closing price of lithium carbonate 2510 is 73,060, with a 1.25% increase; 2511 is 73,180, with a 1.3% increase; 2512 is 73,320, with a 1.24% increase; 2601 is 73,340, with a 1.27% increase; 2602 is 73,240, with a 1.05% increase [1] Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) is 853, with a change of 5; the price of lithium mica (Li20: 1.5% - 2.0%) is 1105, with a change of 30; (Li20: 2.0% - 2.5%) is 1815, with a change of 40; the price of amblygonite (Li20: 6% - 7%) is 6090, with a change of 115; (Li20: 7% - 8%) is 7205, with a change of 140 [1][2] Cathode Material Prices - The average price of lithium iron phosphate (power type) is 33,470, with a change of 95; the average price of ternary material 811 (polycrystalline/power type) is 146,650, with a change of 200; 523 (single - crystal/power type) is 119,650, with a change of 200; 613 (single - crystal/power type) is 124,150, with a change of 200 [2] Price Spreads - The spread between battery - grade and industrial - grade lithium carbonate is 2250, with a change of 0; the spread between battery - grade lithium carbonate and the main contract is - 330, with a change of - 100; the spread between the near - month and the first - continuous contract is - 120, with a change of 40; the spread between the near - month and the second - continuous contract is - 260, with a change of 100 [2] Inventory - The total weekly inventory is 138,512 tons, with a change of - 1580 tons; the weekly inventory of smelters is 36,213 tons, with a change of - 3262 tons; the weekly inventory of downstream is 58,279 tons, with a change of 3072 tons; the weekly inventory of others is 44,020 tons, with a change of - 1390 tons; the daily registered warehouse receipts are 38,824 tons, with a change of - 139 tons [2] Production Profit - The cash cost of purchasing lithium spodumene concentrate externally is 75,067, and the profit is - 3280; the cash cost of purchasing lithium mica concentrate externally is 77,345, and the profit is - 7539 [2] Industry Policy - The eight departments including the Ministry of Industry and Information Technology issued the "Automobile Industry Steady Growth Work Plan (2025 - 2026)", aiming to promote the industrial application of intelligent and connected technologies, standardize the competition order in the automobile industry, and encourage multi - scenario applications [2]

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - The supply - demand imbalance in the lithium carbonate market persists, with over - supply and weak demand due to capacity mismatch, making it difficult to reverse the downward trend [8][11]. - The lithium carbonate 2511 contract is expected to fluctuate in the range of 71,840 - 74,520 [8]. - There are both positive and negative factors in the market. Positive factors include manufacturers' production cut plans, a decline in lithium carbonate imports from Chile, and a decrease in lithium spodumene imports. Negative factors are the continuous high supply from ore/salt lake sources and insufficient willingness to purchase in the power battery sector [9][10]. 3. Summary by Directory 3.1 Daily Views - **Fundamentals**: Last week, lithium carbonate production was 19,963 tons, a 2.80% week - on - week increase, higher than the historical average. The inventory of lithium iron phosphate sample enterprises increased by 0.72% week - on - week to 95,442 tons, while the inventory of ternary material sample enterprises decreased by 0.65% week - on - week to 17,529 tons. The cost of purchased lithium spodumene concentrate was 75,067 yuan/ton, a 0.40% day - on - day increase, resulting in a loss of 3,280 yuan/ton. The cost of purchased lithium mica was 77,345 yuan/ton, a 1.21% day - on - day increase, resulting in a loss of 7,539 yuan/ton. The cost of the recycling end is close to that of the ore end, with average production enthusiasm. The quarterly cash production cost of the salt lake end is 31,745 yuan/ton, significantly lower than that of the ore end, with sufficient profit margins [8]. - **Basis**: On September 16, the spot price of battery - grade lithium carbonate was 72,850 yuan/ton, and the basis of the 11 - contract was - 330 yuan/ton, with the spot at a discount to the futures [8]. - **Inventory**: The smelter inventory was 36,213 tons, a 8.26% week - on - week decrease, lower than the historical average. The downstream inventory was 58,279 tons, a 5.56% week - on - week increase, higher than the historical average. Other inventories were 44,020 tons, a 3.06% week - on - week decrease. The total inventory was 138,512 tons, a 1.12% week - on - week decrease, higher than the historical average [8]. - **Market**: The MA20 of the market is downward, and the price of the 11 - contract closed below the MA20, showing a bearish trend [8]. - **Main Positions**: The main positions are net short, and short positions are increasing, showing a bearish trend [8]. - **Expectations**: In August 2025, the production of lithium carbonate was 85,240 physical tons, and the predicted production for next month is 86,730 physical tons, a 1.75% month - on - month increase. The import volume in August was 17,000 physical tons, and the predicted import volume for next month is 19,500 physical tons, a 14.71% month - on - month increase. It is expected that the demand will strengthen next month, and inventory may be reduced [8]. 3.2 Lithium Carbonate Market Overview - **Prices**: The prices of various lithium - related products such as lithium spodumene, lithium mica concentrate, battery - grade lithium carbonate, and industrial - grade lithium carbonate have shown different degrees of increase or remained stable compared to the previous values [14]. - **Supply - side Data**: The weekly and monthly operating rates of lithium carbonate production, production costs, and production volumes have changed to varying degrees. For example, the monthly production of lithium iron phosphate increased by 4.96% month - on - month to 264,720 tons [17]. - **Demand - side Data**: The monthly production, export volume, and inventory of downstream products such as lithium iron phosphate and ternary materials have also changed. For example, the weekly inventory of lithium iron phosphate sample enterprises increased by 0.72% week - on - week to 95,442 tons [17]. 3.3 Supply - Lithium Ore - **Price and Production**: The price of lithium ore has fluctuated over time, and the production of lithium spodumene mines and lithium mica in China has changed year - by - year [24]. - **Import and Self - sufficiency Rate**: The monthly import volume of lithium concentrate has increased, and the self - sufficiency rate of lithium ore has shown different trends for lithium spodumene, lithium ore, and lithium mica [24]. - **Inventory**: The weekly inventory of port traders and unsold lithium ore has changed over the years [24]. 3.4 Supply - Lithium Ore - Supply and Demand Balance Sheet - The supply and demand of domestic lithium ore have been in a state of imbalance in different months from 2024 to 2025, with demand often exceeding production and import, resulting in a negative balance in many months [26]. 3.5 Supply - Lithium Carbonate - **Production and Capacity**: The weekly and monthly production, operating rate, and capacity of lithium carbonate from different sources (lithium spodumene, lithium mica, salt lake, recycling) have changed over time [29]. - **Import**: The monthly import volume of lithium carbonate from different countries (Chile, Argentina, etc.) has changed, and the recycling volume of waste lithium batteries has also been presented [29][33]. 3.6 Supply - Lithium Carbonate - Supply and Demand Balance Sheet - The supply and demand of lithium carbonate have been unbalanced in different months from 2024 to 2025. There were shortages in some months and surpluses in others [36]. 3.7 Supply - Lithium Hydroxide - **Capacity Utilization and Production**: The weekly capacity utilization rate, monthly operating rate, and production of lithium hydroxide from different sources (smelting, causticizing) have changed over time. The export volume of lithium hydroxide has also been presented [39]. 3.8 Supply - Lithium Hydroxide - Supply and Demand Balance Sheet - The supply and demand of lithium hydroxide have been unbalanced in different months from 2024 to 2025, with both shortages and surpluses occurring [42]. 3.9 Lithium Compound Cost and Profit - The cost and profit of various lithium compounds such as purchased lithium spodumene concentrate, lithium mica concentrate, and recycled lithium carbonate have changed over time. The purification profit of industrial - grade lithium carbonate, the carbonation profit of lithium hydroxide to lithium carbonate, and other related profits have also been presented [45][47][50]. 3.10 Inventory - The inventory of lithium carbonate and lithium hydroxide, including weekly and monthly inventory by source (downstream, smelter), has changed over time [52]. 3.11 Demand - Lithium Battery - **Price and Production**: The price of batteries, monthly production, loading volume, and export volume of lithium batteries have changed over time [56]. - **Inventory and Tender**: The inventory of lithium battery cells and the tender volume of energy storage projects have also been presented [58]. 3.12 Demand - Ternary Precursor - **Price, Cost, and Production**: The price, cost, processing fee, capacity utilization rate, and production of ternary precursors have changed over time [61]. - **Supply and Demand Balance**: The supply and demand of ternary precursors have been unbalanced in different months from 2024 to 2025, with both shortages and surpluses occurring [64]. 3.13 Demand - Ternary Material - **Price, Cost, and Production**: The price, cost, profit, operating rate, capacity, and production of ternary materials have changed over time. The import and export volume and inventory of ternary materials have also been presented [67][69]. 3.14 Demand - Iron Phosphate/Iron Phosphate Lithium - **Price, Cost, and Production**: The price, production cost, profit, capacity, operating rate, and production of iron phosphate and iron phosphate lithium have changed over time. The export volume and inventory of iron phosphate lithium have also been presented [71][74]. 3.15 Demand - New Energy Vehicle - **Production, Sales, and Export**: The production, sales, export volume, and sales penetration rate of new energy vehicles have changed over time. The retail - wholesale ratio and dealer inventory index of new energy vehicles have also been presented [79][83].

Group 1: Report Overview - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: September 17, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] - Research Team: Non-ferrous Metals Research Team [4] Group 2: Market Review and Operation Suggestions - Market Performance: Carbonate lithium futures rose and then fell. The market continued to trade on the anti-involution signal released by the article "Deeply Promote the Construction of a National Unified Market" in Qiushi, but the upward momentum was limited without specific policies. The total open interest decreased while the total trading volume increased slightly, indicating an increasing willingness of funds to leave the market [11]. - Spot Price: The spot price of electric carbon increased by 400 to 72,850. The premium of the futures price over the spot price widened. As the Double Festival approaches, downstream buyers have a demand for stocking up at low prices, which supports the spot price of carbonate lithium [11]. - Raw Material Price: The price of Australian ore increased by 10 to $820 per ton, and the price of lithium mica increased by 40 to 1,815 yuan per ton. The production loss of salt plants using purchased lithium spodumene narrowed to 3,280 yuan per ton, while the production loss of salt plants using purchased lithium mica widened to 7,539 yuan per ton [11]. - Supply and Demand: Although salt plants are currently operating at a loss, it does not affect their production enthusiasm. The weekly production of carbonate lithium last week was close to the historical high, and the supply pressure remains. The demand is in the peak season. The short-term focus is on the mineral type change of the mines in production in Yichun by the end of the month and the resumption progress of the Jianxiaowo Mine. Before the variables at the mine end are settled, the market sentiment is still difficult to make a clear directional choice [11]. Group 3: Industry News - Production Capacity Upgrade: On September 16, Salt Lake Co., Ltd. (000792.SZ) stated on the investor interaction platform that the original annual production capacity of 30,000 tons of carbonate lithium in Lanke Lithium Industry has been increased to 40,000 tons after technological upgrading. The company will continue to benchmark against the industry's advanced level to further improve resource extraction and utilization efficiency and promote high-quality industrial development [12]. - Battery Technology: Fuan Technology stated on the interaction platform that its third-generation semi-solid-state battery introduces solid electrolytes into the positive and negative electrodes and uses in-situ solidification technology to further reduce the electrolyte content in the battery cells. It is planned to be mass-produced in 2026. The energy density of the current soft-pack battery cells has reached 400Wh/kg. The reduction of electrolyte and the introduction of solid oxide electrolytes are beneficial to improving the safety of the battery cells. The compatibility of solid electrolytes with high-energy-density active materials helps to ultimately achieve a high-safety all-solid-state battery with an energy density of over 500Wh/kg [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a net profit attributable to shareholders of 209 million yuan in Q2 2025, a year-on-year decrease of 30% and a quarter-on-quarter increase of 9%. The non-recurring net profit was 145 million yuan, down 51% year-on-year and down 20% quarter-on-quarter [2][4]. - Despite the continuous decline in lithium prices in the first half of 2025, the company demonstrated significant cost advantages and resilient profitability. The sales volume of lithium salts reached approximately 12,050 tons, with an average price of battery-grade lithium carbonate at 70,400 yuan per ton, a year-on-year decrease of 32%. The gross margin for the lithium battery new energy business was 29.76%, a decrease of 2.94 percentage points year-on-year [10]. - The company has ample cash reserves, with cash on hand amounting to 5.224 billion yuan and almost no long-term debt. The dividend payout ratio reached 40%, with a total dividend of 159 million yuan in the first half of 2025 [10]. - The company possesses high-quality upstream lithium ore resources, ensuring stable raw material costs for lithium salt production. The mining rights of its subsidiary cover an area of 1.8714 square kilometers, with confirmed ceramic soil mineral resources of 49.22521 million tons [10]. - As a cost-effective lithium extraction enterprise, the company is expected to enhance profitability through the expansion of production capacity and the implementation of a 10,000-ton battery-grade lithium carbonate technical transformation project [10]. Financial Summary - In the first half of 2025, the company achieved total operating revenue of 28.31 billion yuan, a year-on-year decrease of 6.28%, with a gross margin of 11.52%, down 0.79 percentage points year-on-year [10]. - The financial forecasts indicate total operating revenue of 80.11 billion yuan for 2025, with a projected net profit of 903 million yuan [16].

Group 1: Pilbara Minerals (ASX: PLS) - Morgan Stanley increased its stake in Pilbara Minerals from 7.3% to 9.0% [3] - AustralianSuper raised its holding from 15.69% to 17.54% [4] - Pilbara Minerals reported a slight increase in spodumene concentrate production to 755,000 tons, a 4% year-on-year growth, but revenue decreased by 39% to AUD 769 million due to a 43% drop in actual prices [4] - The company maintains a strong balance sheet with approximately AUD 1 billion in cash and AUD 1.6 billion in total liquidity [4] - CEO Dale Henderson believes that despite short-term market volatility, the long-term fundamentals of the lithium industry remain strong, indicating potential supply tightness in the future [5] Group 2: Bubs Australia (ASX: BUB) - Bubs Australia appointed Paul Jensen as the new chairman and Joe Coote as the managing director and CEO [11] - The company achieved its first profit and surpassed AUD 100 million in revenue in the fiscal year [11] - Bubs has seen a 50% increase in its stock price this year, with a focus on expanding into the U.S. market [12] - Jensen aims to ensure the board has the right skills and experience to implement the company's strategy [12] Group 3: Avita Medical (ASX: AVH) - Avita Medical announced that its RECELL GO product received CE marking under EU medical device regulations [17] - The product is expected to support treatment for acute wound injuries in European burn centers [17] - Following the announcement, Avita Medical's stock surged by 10.08% [17] Group 4: Resolution Minerals (ASX: RML) - Resolution Minerals reported significant results from soil sampling at its Horse Heaven project, with samples showing up to 49.8% antimony and 1,420 g/t silver [22] - The stock price increased by 25%, with a year-to-date gain of 650% [22] - The project is adjacent to Perpetua Resources' large antimony-gold project, indicating strong potential [22] Group 5: Theta Gold Mines (ASX: TGM) - Theta Gold Mines has commenced construction on its flagship TGME gold project in South Africa, with significant earthworks and infrastructure development underway [25] - The company has secured contracts with leading construction firms and aims to employ 70% of its workforce from local communities [25][28] - The project is expected to begin production in Q1 2027, with an estimated annual output of 110,000 ounces of gold in the first three years [25][36] - The total cost for earthworks and construction is estimated at USD 10 million (approximately AUD 15 million) [34]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On September 15, the main contract of lithium carbonate futures rose 2.31% to 72,680 yuan/ton. The average price of battery - grade lithium carbonate remained at 72,450 yuan/ton, the average price of industrial - grade lithium carbonate remained at 70,200 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) dropped 100 yuan/ton to 74,150 yuan/ton. The warehouse receipt inventory increased 338 tons to 38,963 tons [3]. - On September 12, Sigma Lithium denied any misconduct in its Grota do Cirilo lithium spodumene project in Brazil after being accused by the Brazilian Federal Prosecutor's Office MPF. On September 14, analysts led by Rebecca Wen raised their profit forecast for CATL by about 10% [3]. - In terms of supply, the weekly output increased 544 tons to 19,963 tons. In terms of demand, the weekly output of ternary materials decreased 22 tons to 16,491 tons, and the weekly output of lithium iron phosphate increased 980 tons to 77,513 tons. In terms of inventory, the weekly inventory decreased 1,580 tons to 138,512 tons [3]. - Although the long - position logic is weakened under the expectation of project复产, currently, inventory destocking is accelerating. Before the actual project复产, with strong demand and pre - holiday stocking for the National Day, downstream procurement demand will support prices. The actual situation of projects in Jiangxi needs further attention [3]. 3. Summary by Directory 2. Daily Data Monitoring - **Futures**: The closing price of the main contract was 72,680 yuan/ton, up 1,520 yuan from September 12; the closing price of the continuous contract was 72,520 yuan/ton, up 1,340 yuan [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) was 848 US dollars/ton, up 6 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) remained at 1,075 yuan/ton [5]. - **Lithium Carbonate**: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) remained at 72,450 yuan/ton, and the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) remained at 70,200 yuan/ton [5]. - **Lithium Hydroxide**: The price of battery - grade lithium hydroxide (coarse particles/domestic) dropped 100 yuan/ton to 74,150 yuan/ton [5]. - **Other Products**: The price of lithium hexafluorophosphate was 56,500 yuan/ton, up 500 yuan; the prices of some ternary precursors and cathode materials also had certain increases [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%), lithium mica (2.0% - 2.5%), and phospho - lithium - aluminum stone (6% - 7%) from 2024 to 2025 [7][8][9][10]. 3.2 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, and lithium hexafluorophosphate price from 2024 to 2025 [11][12][13][14][15][16]. 3.3 Spreads - Charts present the price difference trends of battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc. from 2024 to 2025 [18][20][21][24]. 3.4 Precursor & Cathode Materials - Charts show the price trends of ternary precursors and ternary materials from 2024 to 2025, including different types such as 523 (polycrystalline/power type) and 622 (polycrystalline/consumer type) [25][26]. - Charts also display the price trends of lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [28][29][30][32]. 3.5 Lithium Battery Prices - Charts show 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 [34][35][36][37]. 3.6 Inventory - Charts present the inventory trends of downstream, smelters, and other links of lithium carbonate from January to September 2025 [39][40][41][42]. 3.7 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,外购磷酸铁锂极片黑粉,外购锂云母精矿, and外购锂辉石精矿 from 2024 to 2025 [43][44].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - On September 15, the main contract of lithium carbonate futures fluctuated upward. The current supply and demand are both strong, and the inventory pressure of upstream is not large. With the active promotion of the resumption of key mines, the expectation of supply contraction weakens. It is expected that the price of lithium carbonate will fluctuate at a low level. The trading strategy is to short at high prices [1]. Group 3: Summary by Related Catalogs Futures Market - On September 15, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures increased compared with September 12. The trading volume was 482,790 lots (+71,801), and the open interest was 309,446 lots (+44). The registered warehouse receipts were 38,963 (+338) tons [1]. Spot Market - The spot market trading was weak, and the basis changed from premium to discount. The price of spodumene concentrate increased, while the mica price remained stable. The prices of some lithium - related products such as lithium phosphate aluminum stone and ternary precursor also changed to varying degrees [1]. Supply and Demand - Supply side: Last week, the output of lithium carbonate increased, and the output of lithium carbonate from different raw materials all increased. In September, the scheduled production of lithium carbonate increased. - Demand side: Last week, the output of lithium iron phosphate increased, the output of ternary materials decreased, and the output of power batteries increased. In August, the year - on - year growth rate of new energy vehicle production slowed down, the 3C shipments were average, and the production of energy - storage batteries in September will increase [1]. Inventory - Social inventory decreased. Refineries and other sectors reduced inventory, while downstream sectors accumulated inventory. The total SMM lithium carbonate inventory decreased by 1,580 tons compared with the previous week [1]. Important Information - On September 15, Savama Resources Plc, a London - listed company, said that after completing additional exploration work, the reserve estimate of its lithium mine project in northern Portugal increased by 40%. The pegmatite reserve of Barroso resources is now expected to exceed 39 million tons, up from the previous estimate of 28 million tons, becoming the largest pegmatite deposit in Europe [1].

Core Viewpoint - The price of battery-grade lithium carbonate has increased by 500 yuan, with an average price reported at 72,500 yuan per ton [1] Industry Summary - The current market trend shows a significant rise in the price of battery-grade lithium carbonate, indicating potential demand growth in the battery manufacturing sector [1]