1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The price of lithium carbonate futures 2605 dropped 3.53% to 161,940 yuan/ton yesterday. The average price of battery - grade lithium carbonate, industrial - grade lithium carbonate, and battery - grade lithium hydroxide (coarse particles) all increased by 3,500 yuan/ton. The warehouse receipt inventory increased by 260 tons to 27,158 tons [2]. - Brazilian lithium mining giant Sigma Lithium announced the sale of 100,000 tons of high - purity lithium concentrate powder on January 13 and updated the latest situation of mining restart activities [2]. - On the supply side, the weekly output increased by 115 tons to 22,535 tons, but the lithium carbonate output in January 2026 is expected to decline 1.2% to 97,970 tons. On the demand side, the output of ternary materials, ternary power batteries, and iron - lithium power batteries in January 2026 is expected to decline, while the output of iron - lithium energy storage is expected to increase 0.99% to 63.15 GWh. The weekly social inventory of lithium carbonate increased by 337 tons to 109,942 tons [2]. - Considering factors such as export tax rebate adjustment, strong terminal expectations, anti - involution of battery factories, and upward revision of production schedules by cathode material manufacturers, even if the sharp rise in raw material prices may suppress terminal demand, it is difficult to disprove in the short term. Under the trading logic of low downstream inventory and long - term bullish on lithium prices, the overall price is likely to rise rather than fall, and short - term capital disturbances should be vigilant [2]. 3. Summary by Relevant Catalogs 3.1 Research View - **Price Changes**: The lithium carbonate futures 2605 fell 3.53% to 161,940 yuan/ton. The average price of battery - grade lithium carbonate, industrial - grade lithium carbonate, and battery - grade lithium hydroxide (coarse particles) rose 3,500 yuan/ton [2]. - **News**: Brazilian lithium mining giant Sigma Lithium announced the sale of 100,000 tons of high - purity lithium concentrate powder and updated mining restart information [2]. - **Supply - Demand - Inventory**: Supply: weekly output increased by 115 tons, but January 2026 output is expected to decline 1.2%. Demand: the output of most products in January 2026 is expected to decline, except for iron - lithium energy storage. Inventory: weekly social inventory increased by 337 tons [2]. - **Price Outlook**: The price is likely to rise rather than fall, and short - term capital disturbances should be vigilant [2]. 3.2 Daily Data Monitoring - **Futures**: The closing price of the main contract decreased by 5,040 yuan/ton, while the continuous contract increased by 3,540 yuan/ton [4]. - **Lithium Ore**: The prices of lithium ore such as lithium spodumene concentrate and lithium mica increased to varying degrees [4]. - **Lithium and Lithium Salts**: The prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, and battery - grade lithium hydroxide increased by 3,500 yuan/ton, while the price of lithium hexafluorophosphate decreased by 500 yuan/ton [4]. - **Price Differences**: Some price differences remained unchanged, while some changed slightly [4]. - **Precursors and Cathode Materials**: The prices of most precursors and cathode materials increased [4]. - **Cells and Batteries**: The prices of some cells and batteries increased slightly [4]. 3.3 Chart Analysis - **Ore Prices**: Charts show the price trends of lithium spodumene concentrate, lithium mica, and other ores from 2024 to 2026 [5][8]. - **Lithium and Lithium Salt Prices**: Charts present the price trends of metal lithium, battery - grade lithium carbonate, and other lithium products from 2024 to 2026 [11][13][17]. - **Price Differences**: Charts display the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, etc., from 2024 to 2026 [19]. - **Precursors and Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, and other products from 2024 to 2026 [25][27][29]. - **Lithium Battery Prices**: Charts present the price trends of 523 square ternary cells, square lithium iron phosphate cells, etc., from 2024 to 2026 [31][34]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links from May 2025 to January 2026 [36][39]. - **Production Costs**: Charts display the production profit trends of different raw materials from 2024 to 2026 [40].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The lithium carbonate market is in a stage of slight increase in supply and cautious demand. The raw material lithium ore prices are rising with the increasing price of lithium carbonate, and there may be hedging space. The smelters may maintain an active production state, while downstream battery cathode material manufacturers have low acceptance of high - priced lithium and mainly purchase based on rigid demand, resulting in strong market wait - and - see sentiment [2]. - The put - call ratio of option positions is 172.54%, up 28.5949% month - on - month, indicating a bearish sentiment in the options market with a slight increase in implied volatility. Technically, the 60 - minute MACD shows that the double lines are above the 0 - axis with the emergence of green bars. The report suggests light - position oscillating trading and controlling risks by paying attention to trading rhythm [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract is 161,940 yuan/ton, down 5,040 yuan; the net position of the top 20 is - 125,517 lots, up 10,594 lots; the position of the main contract is 452,583 lots, down 7,698 lots; the spread between near - and far - month contracts is 4,720 yuan/ton, up 9,080 yuan; the Guangzhou Futures Exchange warehouse receipt is 27,158 lots, up 260 lots [2]. Spot Market - The average price of battery - grade lithium carbonate is 163,000 yuan/ton, up 3,500 yuan; the average price of industrial - grade lithium carbonate is 159,500 yuan/ton, up 3,500 yuan; the basis of the Li₂CO₃ main contract is 1,060 yuan/ton, up 8,540 yuan [2]. Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 1,880 US dollars/ton, up 130 US dollars; the average price of amblygonite is 18,500 yuan/ton, unchanged; the price of lepidolite (2 - 2.5%) is 6,500 yuan/ton, unchanged [2]. Industry Situation - The monthly output of lithium carbonate is 56,820 tons, up 2,840 tons; the monthly import volume is 22,055.19 tons, down 1,825.51 tons; the monthly export volume is 759.24 tons, up 513.33 tons; the monthly operating rate of lithium carbonate enterprises is 49%, up 2%. The monthly output of power batteries is 176,300 MWh, up 5,700 MWh; the price of lithium manganate is 42,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 157,500 yuan/ton, unchanged; the price of lithium cobalt oxide is 396,500 yuan/ton, up 3,500 yuan; the price of ternary material (811 type) in China is 189,000 yuan/ton, up 4,000 yuan; the price of ternary material (622 power type) in China is 172,500 yuan/ton, up 4,000 yuan [2]. Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China is 185,500 yuan/ton, up 4,000 yuan; the monthly operating rate of ternary cathode materials is 50%, down 1%; the price of lithium iron phosphate is 47,100 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 60%, down 3%. The monthly production of new energy vehicles is 1,880,000 units, up 108,000 units; the monthly sales volume is 1,823,000 units, up 108,000 units; the cumulative sales penetration rate of new energy vehicles is 47.48%, up 0.74%; the monthly export volume is 300,000 units, up 44,000 units; the cumulative sales volume is 14,780,000 units, up 3,518,000 units; the cumulative export volume is 2,315,000 units, up 1,174,000 units. The 20 - day average volatility of the underlying is 69.82%, up 2.96%; the 40 - day average volatility is 62.58%, down 1.54% [2]. Option Situation - The total call position is 67,007 lots, up 1,587 lots; the total put position is 115,613 lots, up 21,445 lots; the put - call ratio of total positions is 172.54%, up 28.5949%; the at - the - money implied volatility (IV) is 0.72%, up 0.0619% [2]. Industry News - In early January 2026 compared with late December 2025, 27 out of 50 important production materials monitored by the National Bureau of Statistics saw price increases, 20 decreased, and 3 remained flat, with lithium iron phosphate (ordinary power type) up 11.3% [2]. - In 2025, the transaction volume of China's used - car market exceeded 20 million for the first time, reaching 20.108 million, a year - on - year increase of 2.52%, and the transaction volume of new - energy used cars was 1.6 million, accounting for 7.9% [2]. - Rongbai Technology signed a 120 - billion - yuan procurement cooperation agreement for lithium iron phosphate cathode materials with CATL [2]. - A US - backed company, Dobra Lithium Holdings, won the mining rights for the Dobra lithium mine in Ukraine, and Ukraine hopes to attract Western capital and strengthen relations with the US [2]. - Sichuan Province issued an action plan to build a full - cycle and full - process green manufacturing system, aiming to strengthen the comprehensive utilization of new solid waste and build a recycling system for waste power batteries [2]. - The China Association of Automobile Manufacturers announced positive results in the Sino - EU electric vehicle anti - subsidy case, with the EU Commission taking steps towards a "soft landing" of the case [2].

Core Insights - The discovery of a million-ton lithium mine in the Ganzi Prefecture of Sichuan is a significant event in the context of global competition for new energy resources, particularly lithium, which is crucial for electric vehicles and energy storage [2][4]. Resource Discovery - The Gajiaka lithium mine is notable for its rare resource endowment and favorable mining conditions, with confirmed lithium reserves reaching a million tons, making it a large-scale lithium resource globally [4][6]. - The mine's shallow mineral deposits and stable geological structure provide a natural foundation for subsequent development, which is rare in hard rock lithium mining [4][6]. Mining Advantages - Gajiaka lithium mine combines high-grade hard rock lithium with advantageous mining conditions, allowing for large-scale open-pit mining, which is more efficient and cost-effective compared to traditional deep mining methods [6][8]. - The low development threshold of the resource is crucial, as it reduces construction time and upfront costs while avoiding safety risks associated with deep mining [8][10]. Strategic Importance - The discovery of the Gajiaka lithium mine strengthens China's position in the global lithium resource landscape, providing a stable and controllable resource base that reduces dependence on overseas lithium and mitigates risks from international market fluctuations and geopolitical changes [10][14]. - The mine's strategic significance extends beyond resource supply, as it offers long-term material security for China's battery industry, enhancing self-sufficiency and resilience against external pressures [14][18]. Industry Impact - The stable supply of lithium resources is expected to accelerate the formation of an industrial cluster around the Gajiaka mine, involving battery manufacturing, lithium salt processing, and recycling facilities, which will enhance operational efficiency and promote technological innovation [20][22]. - The development of the Gajiaka lithium mine will also drive the establishment of a closed-loop system for lithium resource utilization, improving recycling efficiency and supporting sustainable development in the industry [24][28]. Regional Economic Development - The mining project is anticipated to act as a new engine for economic development in the western Sichuan plateau, necessitating infrastructure improvements and creating local employment opportunities [26][28].

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：国投期货 行情简述： 事件分析 碳酸锂周一开盘的直接涨停主要原因在于周末突发出口退税调整相关消息——4月1日起，电池产品（含 锂离子蓄电池等）的增值税出口退税率将从9%降至6%，并于2027年1月1日完全取消。市场认为该政策 将导致如下影响：锂离子电池相关的海外客户将抢在一季度原有窗口期结束之前，集中下单以锁定出口 退税政策红利，带动电池及正极材料排产持续上修。一季度碳酸锂供需平衡将出现较大级别的需求上 修，进而导致碳酸锂现货供需缺口持续。此外近期碳酸锂市场其他方面的供应扰动陆续出现，非洲马 里、卢旺达近期安全形势较为紧张，非洲矿生产运输传有不利扰动，马里的古拉米纳锂辉石项目（赣锋 锂业主导）的二期扩建计划至2025年11月已受武装袭击严重影响，生产活动受到干扰。 基本面与建议 从基本面角度来看，碳酸锂上游锂盐厂的销售策略正发生转变，散单出货的意愿增强，而长协订单的交 付量则相应收缩。部分锂盐厂散单出货意愿增强，但也有企业惜售观望。下游正极材料厂对当前高价位 的接受度普遍较低，观望情绪渐浓，实际成交稍显清淡。上周可见库存出现首周增库，市场 ...

Core Viewpoint - The lithium carbonate market is experiencing significant fluctuations due to supply-demand dynamics, with prices showing a "V-shaped" trend in 2025, initially declining to a low of 58,000 yuan/ton before rebounding to around 120,000 yuan/ton by year-end [2][4][5]. Group 1: Market Dynamics - In 2025, lithium carbonate prices surged by 200.77% from their low, driven by supply constraints from regulatory changes and increased demand from energy storage [2]. - The first half of 2025 saw a decline in lithium prices due to weak consumption and falling overseas mining costs, while the second half experienced price increases due to supply concerns and unexpected demand from energy storage [2][4]. - The global lithium resource supply structure is highly concentrated, with Australia, South America, and China being key players, while Africa is emerging as a significant growth area [6][12]. Group 2: Supply and Production - In 2025, global lithium resource production is expected to increase significantly, with new projects coming online, particularly in China and Africa, while production in South America is anticipated to slow down [19][22]. - The total new lithium production capacity from 2023 to 2025 is projected to be 132.2 million tons, primarily from domestic salt lake projects and lithium spodumene production [19][20]. - By 2026, the lithium supply is expected to peak, with a potential shift towards a supply shortage by 2027 due to insufficient new projects [22][42]. Group 3: Demand Trends - The demand for lithium is expected to grow, particularly in the electric vehicle and energy storage sectors, with the latter's share of lithium demand increasing from 11% in 2023 to 15% in 2025 [25][36]. - In 2025, China's new energy vehicle sales are projected to reach 16.78 million units, with a significant portion being electric vehicles, supported by government incentives [26][29]. - The global energy storage market is also experiencing rapid growth, with China's new energy storage installations expected to reach 135 GWh in 2025, reflecting a 23% year-on-year increase [36][40]. Group 4: Regulatory and Policy Impact - Regulatory changes in various countries, including China and Nigeria, are impacting lithium mining operations, with Nigeria tightening regulations on illegal mining and China adjusting export tax policies [12][13][44]. - The Chinese government is implementing policies to support the recycling and replacement of old vehicles, which is expected to bolster the demand for new energy vehicles and, consequently, lithium [26][44]. - The anticipated reduction in export tax rebates for battery products in 2026 may lead to increased production and demand for lithium resources in the short term [44].

互动平台上，投资者关心A股锂矿相关公司的最新产能、技术发展及国外持有矿产的风险等，全景为您 精选来自上市公司最真实的声音。（以下内容均摘自深交所互动易、上证e互动、上市公司公告等） 公司现在锂矿自给率大概是多少？ 雅化集团 [002497] ：公司津巴布韦锂矿已批量运回国内并用于生产，公司锂矿自给率将有所提升。同 时公司目前仍在积极推进国内外优质锂资源的考察工作，将严格遵循"多维度论证、全流程调研、审慎 化决策"的原则推进相关工作。 网传公司购买的宜春锂矿与永兴材料的距离太近存在纠纷？是否公司的宜春锂矿由于纠纷没法开采了？ 这20多亿投资是否不能落地了？纠纷是否有进展或已经达成协议？ 天华新能 [300390] ：公司子公司宜春盛源于2025年3月取得江西省奉新县金子峰—宜丰县左家里矿区陶 瓷土（含锂）矿《采矿许可证》，该矿的锂矿石资源量为5.47亿吨，平均品位为0.31%，氧化锂为168.6 万吨，目前按照当地政府部门要求提交的资源量报告已获得通过，未来将努力在2027年上半年建成并于 下半年实现采选矿生产。具体情况请以公司在指定信息披露媒体公开披露的信息为准。 近期玻利维亚寻求终止中国锂矿合作转身投入美国 ...

Group 1 - Lithium carbonate prices have surged to over 140,000 yuan per ton in early 2026, marking a 19% increase from the end of 2025 and an 83% rise compared to the same date in 2025 [1] - The rapid price increase is attributed to a combination of international expectations, policy disruptions, and industry behaviors, with geopolitical tensions raising concerns about supply chain stability [1] - Brazil's recent decision to freeze new mining rights auctions has heightened market fears regarding lithium resource supply tightening, further influencing price expectations [1] Group 2 - Domestic policies and capacity factors are tightening supply, with the State Council's action plan aimed at promoting sustainable development potentially increasing environmental costs for lithium mining [2] - Short-term supply of lithium is significantly constrained, with production delays from key mines leading to a monthly supply gap of 5,000 to 8,000 tons [2] - The overall inventory of lithium ore in domestic main ports has slightly decreased to 142,000 tons, supporting upward price movement despite some production increases in lithium spodumene and recycling [2] Group 3 - The demand for lithium carbonate remains strong due to the booming electric vehicle market, with battery manufacturers actively procuring lithium to meet production needs [3] - Some downstream companies have announced production line maintenance, which may impact lithium carbonate prices to varying degrees [3] - The short-term fundamentals for lithium carbonate are expected to support prices, with a strong upward trend likely to continue [3]

Group 1 - The company is currently in the trial production phase of its "Baqian Cuo" lithium extraction project, producing industrial-grade or battery-grade lithium carbonate [2] - The project is undergoing a gradual process of equipment operation debugging and production efficiency enhancement [2] - The company has not disclosed specific details regarding the purity of lithium carbonate or the resolution of challenges related to high-altitude operations [2]

Group 1 - The company Tianhua New Energy announced that its subsidiary Yichun Shengyuan obtained a mining license for the ceramic clay (containing lithium) mine in Jiangxi Province, with a resource volume of 547 million tons and an average grade of 0.31% lithium oxide, amounting to 1.686 million tons of lithium oxide [1] - The resource volume report submitted to local government authorities has been approved, indicating compliance with regulatory requirements [1] - The company aims to complete the construction of the mining and selection production by the first half of 2027 and achieve production in the second half of 2027 [1]

1. Report's Investment Rating for the Industry - There is no information about the industry investment rating in the report. 2. Core Viewpoints of the Report - The current lithium carbonate market is strongly influenced by capital sentiment. On the supply side, rumors from overseas and Jiangxi mining areas continue to disrupt the supply outlook. On the demand side, while there are optimistic expectations for energy storage demand, there is short - term pressure from the decline in material factory production schedules. The industry's inventory shows an early signal of turning from destocking to restocking, introducing new variables to the market sentiment. The price is expected to move upward, and the recommended strategy is to consider range - bound trading for the LC2605 contract, with a reference range of (130,000, 150,000), or to buy call options [10][12]. 3. Summary of Each Section According to the Table of Contents 3.1 Week - ly Views and Hot News 3.1.1 Hot News - On January 4, 2026, the State Council issued the "Solid Waste Comprehensive Management Action Plan", indicating that lithium resource development will become more "green and intensive" and future lithium salt supply growth may be limited by environmental protection and solid waste treatment capabilities. The resumption process of Jiangxi Jianxiawo Mining Area has raised market concerns again. - On December 26, 2025, the National Development and Reform Commission stated that for the "new three" industries such as new - energy vehicles, lithium batteries, and photovoltaics, the key is to standardize the order and lead innovation, and comprehensively rectify the "involution - style" competition during the "15th Five - Year Plan" period. - On December 25, 2025, Wanrun New Energy announced that it would conduct production - reduction maintenance on some production lines from December 28, 2025, for about one month, which is expected to reduce the production of lithium iron phosphate by 5,000 to 20,000 tons. - On December 24, 2025, it was reported that the lithium mining project of Yichun Times New Energy Mining Co., Ltd. in Zhenkouli, Yifeng County - Jianxiawo, Fengxin County is expected to resume production around the Spring Festival. - The Yichun Tendering Network in Jiangxi Province released the first environmental impact assessment information for the project. - On December 16, 2025, the Yichun Natural Resources Bureau planned to cancel 27 mining licenses [8]. 3.1.2 Weekly Views - **Market Review**: From January 2 to January 9, 2026, the spot price of lithium carbonate rose significantly, with the benchmark spot price reaching 139,100 yuan/ton on January 9, a 18.64% increase from January 2. The main contract of lithium carbonate in the futures market fluctuated downward, with the latest transaction price at 143,420 yuan/ton and a weekly increase of 17.96%. The open interest of the main - month contract is about 510,900 lots. - **Supply**: This week, the production of lithium carbonate increased slightly. Before the Spring Festival, a small number of lithium salt factories plan to conduct maintenance, but the actual impact on production is limited, and most enterprises maintain stable production. The overall operating rate of domestic lithium salt factories remains high, and new projects in production continue to increase output. Geopolitical factors continue to disrupt the stability of overseas lithium resource supply. The "Solid Waste Comprehensive Management Action Plan" has tightened the mine approval standards, affecting the domestic mining supply outlook. - **Demand**: The downstream production schedule declined. The demand outlook for the energy - storage sector remains strong. Some lithium iron phosphate and lithium hexafluorophosphate producers plan to conduct maintenance, and the power - battery industry is in a seasonal off - peak, suppressing short - term raw material procurement demand. Some downstream lithium iron phosphate enterprises have confirmed price increases and propose that the settlement price of lithium carbonate follow the futures trend. Downstream material factories are cautious about the current high - price spot lithium carbonate and mainly purchase for rigid demand. - **Cost, Profit, and Inventory**: The price of lithium concentrate has risen following the futures price of lithium carbonate. Although the import volume of lithium concentrate is sufficient, miners are strongly inclined to hold prices, and the price of spodumene remains firm. The cost side provides rigid support for the spot price. Integrated enterprises with their own mines and salt lakes still have considerable profits at the current high - price level, while processing enterprises relying on purchased raw materials have relatively thin profits. The industry's overall inventory level is low, and this week it turned from continuous destocking to restocking. Lithium salt factories are more willing to sell spot goods, and their inventory has slightly decreased. Downstream enterprises replenish inventory for rigid demand, and the trading sector is more willing to sell. The futures warehouse receipts increased significantly this week, reaching 20,000 tons. - **Outlook**: As mentioned above. - **Strategy**: As mentioned above [10]. 3.2 Industry Structure - The lithium industry chain includes upstream raw materials (such as spodumene, lithium mica, salt - lake brine, and recycled lithium), lithium salt products (carbonate lithium, lithium hydroxide, etc.), materials (ternary materials, lithium iron phosphate, etc.), lithium batteries, and terminal consumption (new - energy vehicles, energy storage, etc.) [16]. 3.3 Futures and Spot Markets 3.3.1 Futures Market - The closing price of the active lithium carbonate contract was 143,420 yuan/ton, a 17.96% increase from the previous period; the trading volume was 469,479 lots, a 19.63% increase; the open interest was 510,874 lots, a 4.22% increase; and the total number of warehouse receipts was 25,360 lots, a 25.04% increase [22]. 3.3.2 Spot Market - There is a seasonal chart and a historical price chart of the lithium carbonate spot price, but no specific data analysis is provided in the summary part [25]. 3.4 Inventory - The total lithium carbonate inventory was 109,405 tons, a 0.0045% increase from the previous period; the market inventory was 65,949 tons, a 5.4% decrease; the factory inventory was 18,096 tons, a 4.5% decrease; and the registered warehouse receipt volume was 25,360 tons, a 25.04% increase [33]. 3.5 Cost and Profit - There are charts of the comprehensive cost and comprehensive profit of lithium carbonate, but no specific data analysis is provided in the summary part [38]. 3.6 Supply 3.6.1 Supply - Side: Production, Capacity, and Import - Export of Lithium Carbonate - There are charts of the monthly production, capacity, and capacity utilization rate of lithium carbonate, as well as its net import volume, but no specific data analysis is provided in the summary part [42]. 3.6.2 Supply - Side: Major Project Tracking (Potential Capacity) - From 2025 - 12 to 2026 - 12, multiple companies in different regions such as Jiangxi, Xinjiang, Inner Mongolia, etc. have planned new lithium - carbonate production - capacity projects, with a total planned new capacity of 211,000 tons [46]. 3.6.3 Supply - Side: Lithium Carbonate Import Situation - There are seasonal charts of monthly lithium carbonate imports, including those from Argentina and Chile, as well as annual cumulative import charts, but no specific data analysis is provided in the summary part [48]. 3.6.4 Supply - Side: Lithium Carbonate Production from Different Raw Materials - There are seasonal charts of monthly lithium carbonate production from different raw materials (spodumene, lithium mica, salt - lake, and recycled materials), but no specific data analysis is provided in the summary part [58]. 3.6.5 Supply - Side: Spodumene Import Situation - There are seasonal charts of monthly spodumene imports from Zimbabwe and Australia, as well as charts of monthly import volume and cumulative import volume, but no specific data analysis is provided in the summary part [69]. 3.7 Demand 3.7.1 Demand - Side: Overall Demand Situation - There are charts of the monthly consumption of lithium carbonate, monthly production of new - energy vehicles, penetration rate of new - energy vehicles, and seasonal chart of monthly power - battery production, but no specific data analysis is provided in the summary part [82]. 3.7.2 Demand - Side: Power Batteries - There are charts of monthly production, installation volume, export, and energy - storage situation of power batteries, as well as the proportion of power - battery installation volume of each vehicle type and the monthly production and demand proportion of cathode materials, but no specific data analysis is provided in the summary part [88]. 3.7.3 Demand - Side: Output of Each Material - There are charts of the output of lithium iron phosphate, ternary materials, cobalt - acid lithium, and manganese - acid lithium, but no specific data analysis is provided in the summary part [98]. 3.8 Supply - Demand Balance Sheet - The report provides a long - term supply - demand balance sheet of lithium carbonate from 1995, including data on total supply, total demand, supply - demand gap, import and export volume, production from different raw materials, output of downstream products, and inventory, but no specific data analysis is provided in the summary part [107].