Report Industry Investment Rating No relevant content provided. Core View - On August 20, the main contract of lithium carbonate futures hit the daily limit down. The physical market saw rigid - demand procurement, and the basis changed from discount to premium. In the short - term, both supply and demand are strengthening, with the situation at the Jiangxi mine end remaining active, and the short - term fundamentals showing little change. It is necessary to guard against the decline of the "anti - involution" sentiment, and the lithium carbonate price is expected to fluctuate widely. Operationally, it is recommended to conduct short - term range trading and appropriately buy options for protection [3]. Summary by Related Catalog Futures Market Data - **Prices**: On August 20, the closing prices of near - month, consecutive - one, consecutive - two, consecutive - three contracts and the overall closing price of lithium carbonate futures decreased compared to August 19, with declines ranging from 6,540 to 6,560 yuan/ton. The average price of lithium spodumene concentrate (6%, CIF China) was 951 dollars/ton, down 27 dollars/ton from the previous day; the average prices of various lithium - containing raw materials such as lithium mica also decreased [3]. - **Volume and Open Interest**: The trading volume of lithium carbonate futures was 838,879 lots, an increase of 103,950 lots compared to August 19. The open interest was 395,102 lots, a decrease of 18,995 lots [3]. - **Inventory**: The inventory was 24,045 tons, an increase of 430 tons compared to August 19 [3]. - **Spreads**: The spreads between different contracts and the basis showed various changes. For example, the near - month - consecutive - one spread was 40 yuan/ton, an increase of 60 yuan/ton; the basis changed from a discount to a premium, increasing by 6,560 yuan/ton [3]. Industry News - In June, the domestic mobile phone shipments were 22.598 million units, a year - on - year decrease of 9.3% [3]. - Charger Metals announced the inferred mineral resource estimate (MRE) of the Medcalf deposit in its Lake Johnston project in South Australia. The Medcalf deposit has an inferred mineral resource of 8.2 million tons with a lithium oxide (Li₂O) grade of 1.0% and a cut - off grade of 0.5%. The Medcalf West exploration area is expected to have a resource of 3 - 5 million tons with a Li₂O grade of 1.0% - 1.1%, and the mineralization in both areas is not closed at depth [3]. Supply and Demand - **Supply**: Last week, the lithium carbonate production increased. The prices of spodumene concentrate and lithium mica decreased [3]. - **Demand**: Last week, the production of lithium iron phosphate and ternary materials increased. In August, the production schedule of lithium cobalt oxide decreased, while that of lithium carbonate increased. Last week, the production of power batteries increased. In July, although the year - on - year growth rate of new energy vehicle production and sales continued, the sales volume decreased month - on - month, and the 3C shipments were average. In August, the production schedule of energy - storage batteries increased [3]. Inventory - The registered warehouse receipts were 24,045 tons (an increase of 30 tons). The social inventory situation was that smelters reduced inventory, while downstream and other sectors increased inventory [3].

Report Information - Report Title: Carbonate Lithium Daily Review 20250821: Fluctuations Amplify Again, Protect Positions [2] - Report Date: August 21, 2025 1. Industry Investment Rating - Not provided in the document 2. Core Viewpoints - On August 20, the main contract of carbonate lithium futures hit the daily limit down. The spot market had rigid - demand purchases, and the basis changed from discount to premium. The cost of lithium spodumene concentrate and mica decreased. Last week, the production of carbonate lithium, lithium iron phosphate, and ternary materials increased. In August, the production schedule of lithium cobalt oxide decreased, while that of lithium carbonate increased. The production of power batteries increased last week. In July, although the year - on - year growth rate of new energy vehicle production and sales continued, the sales decreased month - on - month, and the 3C shipments were average. In August, the production schedule of energy - storage batteries increased. The profit margin expanded, production and downstream demand both rose, and social inventory decreased. Short - term supply and demand both strengthened, and the situation in the Jiangxi mining end remained active. The short - term fundamentals changed little. It is necessary to guard against the decline of the "anti - involution" sentiment, and the price of carbonate lithium is expected to fluctuate widely. It is recommended to conduct short - term range trading and appropriately buy options for protection [3] 3. Summary by Relevant Catalogs 3.1 Futures Market Data - **Prices**: On August 20, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of carbonate lithium futures decreased compared to August 19, with a decrease of about 6,500 - 6,560 yuan/ton. The average closing price also decreased by 6,560 yuan/ton [3] - **Volume and Open Interest**: The trading volume of carbonate lithium futures on August 20 was 838,879 lots, an increase of 103,950 lots compared to August 19. The open interest was 395,102 lots, a decrease of 18,995 lots [3] - **Inventory**: The registered warehouse receipt inventory on August 20 was 24,045 tons, an increase of 430 tons compared to August 19 [3] - **Spreads**: The basis changed from - 1,840 yuan/ton on August 19 to 4,720 yuan/ton on August 20, an increase of 6,560 yuan/ton. The near - month - consecutive - one spread was 40 yuan/ton, an increase of 60 yuan/ton compared to August 19 [3] 3.2 Spot Market Data - **Raw Material Prices**: The average price of lithium spodumene concentrate (6%, CIF China) on August 20 was 951 US dollars/ton, a decrease of 27 US dollars/ton compared to August 19. The average price of lithium mica decreased, and the average price of lithium phosphate aluminum stone also decreased [3] - **Lithium Salt Prices**: The average prices of battery - grade and industrial - grade carbonate lithium remained unchanged on August 20 compared to August 19. The average prices of battery - grade and industrial - grade lithium hydroxide also remained unchanged [3] - **Other Product Prices**: The average prices of some lithium - related products such as ternary precursors, ternary materials, lithium iron phosphate, and lithium cobalt oxide remained stable or had small changes [3] 3.3 Industry News - In June, the domestic mobile phone shipments were 22.598 million units, a year - on - year decrease of 9.3% [3] - Charger Metals announced the Measured Mineral Resources Estimate (MRE) of the Medcalf deposit in its Lake Johnston project in South Australia. The inferred mineral resources of the Medcalf deposit are 8.2 million tons, with a lithium oxide (Li₂O) grade of 1.0% and a cut - off grade of 0.5%. The Medcalf West exploration area is expected to have resources between 3 - 5 million tons, with a lithium oxide grade of 1.0% - 1.1%. The mineralization of both areas is not closed at depth [3] 3.4 Supply and Demand and Inventory - **Supply**: Last week, the production of carbonate lithium increased [3] - **Demand**: The production of lithium iron phosphate and ternary materials increased last week. In August, the production schedule of lithium cobalt oxide decreased, while that of lithium carbonate increased. The production of power batteries increased last week. In July, although the year - on - year growth rate of new energy vehicle production and sales continued, the sales decreased month - on - month, and the 3C shipments were average. In August, the production schedule of energy - storage batteries increased [3] - **Inventory**: The registered warehouse receipt inventory increased by 430 tons to 24,045 tons. The social inventory situation was that smelters reduced inventory, while downstream and other sectors increased inventory [3]

Report Overview - Report Title: Supply and Demand Improve, but the Actual Magnitude is Limited. Lithium Carbonate is Difficult to Maintain Long - Term and Significant Increases - Lithium Carbonate Industry Chain Weekly Data Report [1] - Report Date: August 20, 2025 [1] 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The shutdown of the Jianxiawo Mine has brought lithium carbonate prices to a new level, and the marginal change from passive inventory accumulation to passive inventory depletion in lithium carbonate supply and demand has significantly improved the market expectations in the first half of the year, with the price center expected to rise. However, the expected annual inventory depletion of 1 - 2 million tons after the shutdown is limited compared to the current market inventory of 14 million tons. If the market continues to rise significantly, it may open the profit window for imported lithium mines such as those from Australia and Africa, quickly making up for the supply reduction caused by the shutdown of the Jianxiawo Mine and attracting hedging funds, so it may experience short - term significant increases but is difficult to maintain in the long term [4]. 3. Summary by Directory 3.1 Weekly Report Summary 3.1.1 Fundamental Overview - Lithium Ore: The price of spodumene has risen rapidly, leading the increase in ore prices. Affected by administrative orders in Jiangxi and Qinghai, the operating rates of lithium mica and salt lake sectors have significantly declined in July. After the confirmation of the shutdown of Jianxiawo, the market demand for lithium mica has significantly decreased, and the price of spodumene, as an alternative, has led the increase in the lithium ore market. Attention should be paid to the quantity of imported spodumene supplemented due to high prices [3]. - Lithium Salt: It has continued to take advantage of the situation, and the upper integer price levels may be the targets of long - positions. The news of the shutdown of Jianxiawo last week pushed the lithium carbonate LC futures contract to the price range of 80,000 yuan. The marginal reduction may change the domestic lithium carbonate supply - demand from passive inventory accumulation to passive inventory depletion. The market long - positions continue to take advantage of the market rumors of the shutdown of the salt lake sector to drive up prices, with the upper levels of 90,000 and 100,000 yuan being the next targets of long - positions. However, with a high inventory of 14 million tons, it is difficult for lithium carbonate to maintain high prices in the long term [3]. - Cathode Materials and Lithium Batteries: The impact of anti - involution is gradually fading. The impact of anti - involution focused on the new energy vehicle market is gradually fading. Recently, lithium carbonate has been indirectly affected by the sentiment of industries such as photovoltaics, with limited substantial impact [3]. 3.1.2 Market Summary - The shutdown of the Jianxiawo Mine has brought lithium carbonate prices to a new level. The marginal change in supply and demand has improved market expectations, but the expected inventory depletion is limited compared to the current inventory. If the market rises significantly, it may attract imported lithium mines and hedging funds, making it difficult to maintain long - term high prices [4]. 3.2 Supply - Demand Balance Sheet 3.2.1 Lithium Carbonate Balance Sheet - Slowing Inventory Accumulation - From July 2024 to July 2025, the supply, demand, import, export, inventory change, and cumulative balance of lithium carbonate showed different trends. For example, in July 2025, the supply was 81,530 tons, demand was 96,275 tons, import was 18,000 tons, export was 573 tons, inventory change was 2,682 tons, and the cumulative balance was 164,565 tons [8]. 3.2.2 Lithium Hydroxide Balance Sheet - From August 2024 to July 2025, the supply, demand, import, export, inventory change, and cumulative balance of lithium hydroxide also showed different trends. For example, in July 2025, the supply was 25,170 tons, demand was 22,969 tons, import was 750 tons, export was 6,100 tons, inventory change was - 3,149 tons, and the cumulative balance was 25,163 tons [12]. 3.3 Upstream Ore Supply, Demand, and Price 3.3.1 Spodumene Import - From December 2023 to June 2025, the import volume and average import price of lithium concentrate from different countries (Australia, Brazil, etc.) showed different trends. For example, in June 2025, the total import volume was 427,626 tons, with 255,506 tons from Australia and 39,811 tons from Brazil, and the average import price was 639 US dollars per ton [19]. 3.3.2 Chinese Lithium Ore - Spodumene Quotation Leading the Increase - From December 2023 to July 2025, the production of sample lithium mica mines and spodumene mines showed different trends. For example, in July 2025, the production of lithium mica was 16,100 tons with a month - on - month decrease of 4.17%, and the production of spodumene was 6,500 tons with a month - on - month increase of 0.78% [24]. 3.4 Lithium Salt Supply, Demand, and Price 3.4.1 Lithium Salt Spot and Futures Prices - Obvious Impact of Lithium Ore Shutdown - From July 1, 2025, to August 15, 2025, the prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, and the price differences between them showed different trends. For example, on August 15, 2025, the price of battery - grade lithium carbonate was 84,000 yuan, industrial - grade was 83,000 yuan, battery - grade lithium hydroxide was 77,875 yuan, the difference between battery - grade and industrial - grade lithium carbonate was 1,000 yuan, and the difference between lithium carbonate and lithium hydroxide was 6,125 yuan [27]. 3.4.2 Production Cost and Profit - Spodumene Expected to Supplement Market Gap - From July 9, 2025, to August 15, 2025, the production costs and profits of lithium carbonate produced from spodumene, low - grade mica, and high - grade mica showed different trends. For example, on August 15, 2025, the production cost of lithium carbonate from spodumene was 73,053 yuan per ton, with a profit of 10,947 yuan; the production cost from low - grade mica was 91,674 yuan per ton, with a loss of 7,674 yuan; and the production cost from high - grade mica was 53,983 yuan per ton, with a profit of 30,017 yuan [41]. 3.4.3 Lithium Carbonate Production - From July 2023 to July 2025, the weekly and monthly production of lithium carbonate showed different trends. For example, in July 2025, the total monthly production was 81,530 tons, a year - on - year increase of 26% and a month - on - month increase of 4% [50]. 3.4.4 Operating Rate - Obvious Decline in Operating Rates of Mica and Salt Lake Sectors in July - From July 2022 to July 2025, the operating rates of lithium salt, lithium carbonate, and lithium hydroxide showed different trends. The operating rates of lithium carbonate production from different raw materials (spodumene, lithium mica, salt lake) also showed different trends [52][55]. 3.4.5 Lithium Carbonate Monthly Import Volume - From December 2021 to June 2025, the total import volume of lithium carbonate and the import volumes from Argentina and Chile showed different trends. For example, in June 2025, the total import volume was 17,698 tons, with 5,094 tons from Argentina and 11,853 tons from Chile [60]. 3.4.6 Lithium Carbonate Inventory - Attention Needed on the Sustainability of Inventory Depletion - From December 2022 to July 2025, the inventory of lithium carbonate in downstream and smelting plants, weekly inventory, and the number of registered futures warehouse receipts showed different trends [62][63][65]. 3.5 Lithium Salt Downstream Production and Demand 3.5.1 Lithium Iron Phosphate - Slowing Production Growth - From November 2019 to July 2025, the production and operating rate of lithium iron phosphate showed different trends. For example, in July 2025, the production was 290,700 tons, a year - on - year increase of 50.00% and a month - on - month increase of 1.86%, and the operating rate was 57.00% [70]. 3.5.2 Ternary Materials Production and Operating Rate - From December 2023 to July 2025, the production and operating rate of ternary materials showed different trends. For example, in July 2025, the production was 68,640 tons, a year - on - year increase of 16.70% and a month - on - month increase of 5.80% [75]. 3.5.3 Ternary Materials Import and Export Volume - From December 2021 to June 2025, the import, export, and net import volumes of ternary materials showed different trends. For example, in June 2025, the import volume was 5,349 tons, the export volume was 10,636 tons, and the net import volume was - 5,287 tons [80]. 3.5.4 New Energy Vehicle Production and Sales - From November 2021 to July 2025, the production of pure - electric vehicles, plug - in hybrid vehicles, and the inventory warning index of automobile dealers showed different trends. For example, in July 2025, the production of pure - electric vehicles was 807,000, the production of plug - in hybrid vehicles was 436,000, and the inventory warning index was 57.2 [81].

冠通期货分析称，基本面上，据SMM数据，截至8月14日当周，碳酸锂周度产量约2万吨，较前一周上 升424吨。锂辉石现货价报1045元/吨，成本端不断攀升，支撑碳酸锂价格。需求端，市场拿货情绪增 加，价格不断反弹，市场出现挺价惜售情绪，近期供需紧平衡下，盘面上涨动能主要系供应端收缩的影 响，后续进入金九银十旺季，近期矿端扰动频繁，短期碳酸锂价格高位震荡。 目前来看，碳酸锂行情呈现震荡下行走势，盘面表现偏弱。对于碳酸锂后市行情将如何运行，相关机构 观点汇总如下： 国元期货指出，近期江西某矿山因采矿证原因停产落地，叠加青海某在产盐湖有停产预期，资源端扰动 加剧导致锂价大幅上行。从实际情况来看，马里Goulamina矿山第一批发运预计8月到港，澳矿整体维持 增产，叠加国内前期投产矿山仍有提产空间，实际国内矿石供应较难出现紧缺，而正极材料排产的温和 增长已被市场计价，短期内需求端支撑较为有限。考虑到国内矿山及盐湖停产尚未落地，资源端扰动尚 未平息，预计锂价或宽幅震荡 新湖期货表示，短期碳酸锂市场有所隆温，波动率回落。现阶段碳酸锂市场交易核心仍在供给端扰动， 除枧下窝项目外，市场对国内云母端、青海盐湖端、以及智利盐湖端均 ...

据交子期货，目前江西其他七座矿山暂无减产动作，短期需要关注的是江西冶炼厂减停产规模；锂辉石 报价上移，上周锂精矿拍卖成交价CIF1005美金/吨，折算碳酸锂成本8万元/吨左右，这对期货盘面有明 确支撑；碳酸锂库存下降、货权从锂盐厂转移至材料厂，对盘面有提振。LC2511日内偏多交易，关注9 万一线突破有效性。 据西南期货，近期交易逻辑仍旧博弈宜春矿山矿权审批以及矿种变更事件，目前该事件并无定性，不过 采矿合规成本预计上涨，对于价格底部支撑有所抬升，从目前总体锂资源停产规模来看，并未扭转碳酸 锂供需过剩格局，并且炼厂仍具备1—2月原料库存，短期内供应端影响有限，另外全球范围内锂资源较 为丰富，若价格长期保持高位震荡供应端或弹性大。 机构如何看待碳酸锂后市价格走势？ 中财期货：锂电池需求支撑表现相对较好，枧下窝锂矿突发停产，智利雅宝停产，获利盘抛压较大，建 议逢高止盈 利多消息逐步落地，基本面转好，近期偏强。供应方面，锂盐厂产量回升，冶炼端和盐湖端产量提升明 显。国内外锂矿价格受矿山停产挺价。锂盐厂去库幅度较大。需求方面，8月正极材料排产环比改善， 终端新能源汽车销售淡季改善不大，储能出海订单支撑较好，锂电池需求 ...

Group 1 - The core point of the announcement is that Guocheng Mining Co., Ltd. has approved a proposal to provide guarantees for its affiliated company, Malkang Jinxin Mining Co., Ltd., which is seeking a financing credit limit of RMB 50 million from Shanghai Pudong Development Bank Chengdu Branch [9][10] - The company will provide a joint liability guarantee for 48% of the total debt balance, with a maximum principal amount of RMB 24 million [9][10] - The proposal has been approved by the board of directors and will be submitted for review at the upcoming extraordinary general meeting of shareholders [3][4] Group 2 - The board meeting was held on August 18, 2025, with all eight directors present, and the proposal was passed with three votes in favor and five abstentions due to conflicts of interest [1][2] - The independent directors have also reviewed and approved the proposal, stating that it is beneficial for the business development of Jinxin Mining and does not harm the interests of the company or its shareholders [18][19] - The company has confirmed that the total external guarantee balance will not exceed RMB 1.6995382 billion after this guarantee, which represents 56.83% of the company's latest audited net assets [19] Group 3 - The extraordinary general meeting of shareholders is scheduled for September 4, 2025, and will be conducted both in-person and via online voting [22][23] - The meeting will discuss the proposal regarding the guarantee for the affiliated company, and related shareholders will abstain from voting [30][31] - The company has ensured that the meeting complies with all relevant laws and regulations [23][24]

（文章来源：证券日报） 证券日报网讯 8月18日晚间，融捷股份发布公告称，2025年半年度公司实现营业收入303，414，512.07 元，同比增长21.06%；归属于上市公司股东的净利润85，410，938.72元，同比减少48.54%。 ...

（文章来源：证券日报） 证券日报网讯盛新锂能8月18日在互动平台回答投资者提问时表示，公司在中国四川，以及津巴布韦、 阿根廷等地有布局锂矿资源。公司在江西没有锂矿。 ...

融捷股份8月18日晚间发布半年度业绩报告称，2025年上半年营业收入约3.03亿元，同比增加21.06%； 归属于上市公司股东的净利润约8541万元，同比减少48.54%；基本每股收益0.3289元，同比减少 48.55%。 （文章来源：每日经济新闻） ...

格隆汇8月18日丨融捷股份(002192.SZ)公布2025年半年度报告，上半年公司实现营业收入3.03亿元，同 比增长21.06%；归属于上市公司股东的净利润8541.09万元，同比下降48.54%；归属于上市公司股东的 扣除非经常性损益的净利润7358.8万元，同比下降48.23%；基本每股收益0.3289元。 ...