据介绍，该矿区锂矿石资源总量达4.9亿吨，折合碳酸锂当量约324.43万吨。矿区规划年开采规模为2000 万吨，预计年产碳酸锂8万吨，将采用"采、选、冶一体化"开发模式，为打造锂电新能源全产业链奠定 坚实基础。 近日，湖南省临武县鸡脚山锂矿获自然资源部正式核发《采矿许可证》，是全省首宗探矿权直接转采矿 权的锂矿项目，标志着湖南锂资源开发步入新阶段。 "采矿许可是推动矿业发展的关键凭证。"湖南大中赫锂矿有限公司负责人表示，"公司将加快推进项目 建设，确保完成一期每年2000万吨采选、2万吨碳酸锂生产的目标。"同时，采用"先露天后地下"的开采 方式，既保障资源开采的连续性，又实现开发过程的可持续性；同步启动锂渣无害化综合利用项目，采 用先进的锂渣处理技术，有效推动绿色开发。 湖南省自然资源厅相关负责人表示，此次采矿证的获批，是新矿产资源法"权证分离"制度的一次具体实 践。探矿权经专业评估后直接转为采矿权，显著简化了审批流程，并通过了国家级储量评审与严格的环 保方案审核，为全国矿产资源的高效、合规开发提供了参考。（彭小云 胡懿） ...

格隆汇11月28日丨川能动力(000155.SZ)在投资者互动平台表示，公司目前拥有两个锂业厂，其中鼎盛 锂业1.5万吨/年，德阿锂业3万吨/年；李家沟锂矿项目原矿采选能力为105万吨/年，锂精矿产能约18万 吨。 ...

Group 1 - Ganfeng Lithium conducted a block trade of 70,000 shares on November 27, with a transaction amount of 4.2889 million yuan, accounting for 0.13% of the total transaction volume for the day [1][2] - The transaction price was 61.27 yuan, which was in line with the market closing price of 61.27 yuan [1][2]

碳酸锂近期供需情况及展望 20251125 摘要 2026 年碳酸锂当量有效增量预计达 39 万吨，为历年最高，主要来自澳 洲塔里森、皮尔巴拉等金矿项目投产及产能提升，以及 Covanta 氢氧化 铝工厂的潜在增量。 国内锂矿增量主要来自新疆大红柳滩和四川李家沟的产能爬坡，预计分 别增加 1.5 万吨碳酸锂当量，但其他项目释放需待 2026 年春季或下半 年，南美地区则受资金问题制约。 非洲将成为 2026 年锂矿增量主要来源，马里地区的 Bogoni 和赣锋项 目预计贡献显著增量，津巴布韦的雅化、青山和萨达瓦那合作项目也有 增长预期。 预计 2026 年澳洲锂辉石碳酸锂当量增长约 8%，国内增长至 12.7 万吨， 其他地区（含南美和非洲）增长至 34.9 万吨，其中非洲贡献最大。 国内盐湖提锂 2026 年碳酸锂当量预计至少可达 22.1 万吨，主要来自察 尔汗盐湖股份新项目及青海汇信、五矿等公司扩张，但西藏地区进展或 受环保及边疆问题影响。 Q&A 2026 年碳酸锂的供应端有哪些主要增量项目？ 2026 年，碳酸锂供应端将有显著增量。首先，非洲矿山的成本敏感点大约在 75,000 人民币左右，澳洲矿山 ...

Report Industry Investment Rating - No investment rating for the industry is provided in the report [1] Core Viewpoint - The current supply and demand are both strong. The news of the resumption of lithium mines in Jiangxi is inconsistent, and the weekly production of lithium carbonate has reached a new high. The downstream market remains hesitant, but the spot market trading has picked up. The power demand is weakening, and the exchange is taking measures to cool down the market. It is expected that the lithium price will fluctuate weakly. The trading strategy is to short at high prices [1] Summary by Relevant Catalog Futures Market - On November 25, the main contract of lithium carbonate futures fluctuated upwards. The trading volume was 511,279 lots (+56,667), and the open interest was 343,199 lots (-21,879) [1] - The prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts all increased compared to the previous day. The price increases were 5,140 yuan/ton, 4,920 yuan/ton, 4,860 yuan/ton, and 4,860 yuan/ton respectively [1] Spot Market - The average price of SMM battery - grade lithium carbonate was 92,050 yuan/ton (-100), and the average price of industrial - grade lithium carbonate was 89,650 yuan/ton (-100) [1] - The average price of lithium spodumene concentrate (6%, CIF China) was 1,067 US dollars/ton (-4), and the mica prices remained flat [1] Supply and Demand - Supply side: Last week, the production of lithium carbonate increased, including the production from all raw materials. In November, the production of lithium carbonate increased, while the production of lithium hydroxide decreased [1] - Downstream demand: Last week, the production of lithium iron phosphate and ternary materials increased. In November, the production of energy - storage batteries increased. The production of power batteries decreased last week [1] - Terminal demand: In October, the year - on - year and month - on - month growth rates of new - energy vehicle production and sales slowed down, and the 3C product shipments weakened [1] Inventory - The registered warehouse receipts were 26,615 tons (+105), and the social inventory decreased. The inventories of smelters and downstream decreased, while other inventories increased [1] Industry News - Pioneer Lithium on the Australian Securities Exchange announced that as the global economy shows initial signs of stabilizing after a long - term slump, the company has initiated internal planning to restart the on - site operations of its Root Lake lithium mine project in Ontario, Canada [1]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - On November 25th, the main contract of lithium carbonate futures fluctuated upwards, with trading volume at 511,279 lots (+56,667) and open interest at 343,199 lots (-21,879). The spot market trading picked up, and the basis changed from positive to negative. The price of spodumene concentrate decreased, while the mica price remained flat. On the supply side, the lithium carbonate output increased last week, with both types of production rising. In terms of downstream demand, the output of lithium iron phosphate and ternary materials increased last week. In November, the production of lithium carbonate increased, while the production of lithium hydroxide decreased. The output of power batteries decreased last week. In terms of terminal demand, the month - on - month and year - on - year growth rates of new energy vehicle production and sales slowed down in October; the 3C shipments weakened; the production of energy - storage batteries increased in November. In terms of inventory, the registered warehouse receipts were 26,615 tons (+105), and the social inventory declined. Both smelters and downstream industries reduced inventory, while others remained stable. Currently, both supply and demand are strong. There are repeated reports of the resumption of production in Jiangxi lithium mines, and the weekly output of lithium carbonate reached a new high. Downstream market sentiment remains cautious, but the spot market trading has picked up. The power demand is weakening, and the exchange has taken measures to cool down the market. It is expected that the lithium price will fluctuate weakly. The trading strategy is to short on rallies [1]. 3. Summary by Relevant Catalogs 3.1 Futures Market Data - **Contract Closing Prices**: The closing prices of the near - month contract, consecutive - one contract, consecutive - two contract, and consecutive - three contract on November 25, 2025, were 95,340.00, 95,400.00, 95,640.00, and 95,640.00 yuan/ton respectively, showing an increase compared to the previous day [1]. - **Trading Volume and Open Interest**: The trading volume of the active contract of lithium carbonate futures was 511,279 lots (+56,667), and the open interest was 343,199 lots (-21,879) [1]. - **Inventory**: The inventory was 26,615 tons (+105) [1]. - **Spreads**: The spreads between different contracts and the basis also changed. For example, the spread between the near - month and consecutive - one contracts was - 60.00 (+220.00) [1]. 3.2 Spot Market Price Data - **Lithium Ore**: The average price of spodumene concentrate (6%, CIF China) was 1,067.00 dollars/ton (-4.00), and the prices of various types of lithium mica and phospho - lithium - aluminum stone remained stable [1]. - **Lithium Compounds**: The average prices of battery - grade lithium carbonate (99.5%/domestic) and industrial - grade lithium carbonate (99.2%/domestic) decreased by 100.00 yuan/ton to 92,050.00 and 89,650.00 yuan/ton respectively. The prices of different types of lithium hydroxide also decreased by 100.00 yuan/ton [1]. - **Other Materials**: The average price of lithium hexafluorophosphate (99.95%/domestic) increased by 2,500.00 yuan/ton to 160,500.00 yuan/ton. The prices of various ternary precursors and materials, lithium iron phosphate, and other materials also had different degrees of changes [1]. 3.3 Industry News - Pioneer Lithium, listed on the Australian Securities Exchange, announced that as the global economy shows initial signs of stabilization after a long - term slump, the company has initiated internal planning to restart the on - site operations of its Root Lake lithium mine project in Ontario, Canada. The company said it saved capital during the low - price cycle while retaining the option to advance its highest - quality assets when market conditions improve. With the recovery of market sentiment, Pioneer is now evaluating the plan to re - start the Root Lake geophysical exploration program [1]. 3.4 Supply and Demand Analysis - **Supply**: The lithium carbonate output increased last week, with both types of production rising. The production of lithium carbonate increased in November, while the production of lithium hydroxide decreased [1]. - **Downstream Demand**: The output of lithium iron phosphate and ternary materials increased last week. The output of power batteries decreased last week. In terms of terminal demand, the month - on - month and year - on - year growth rates of new energy vehicle production and sales slowed down in October; the 3C shipments weakened; the production of energy - storage batteries increased in November [1]. 3.5 Inventory Analysis - The registered warehouse receipts were 26,615 tons (+105), and the social inventory declined. Both smelters and downstream industries reduced inventory, while others remained stable [1]. 3.6 Investment Strategy - The trading strategy is to short on rallies [1].

Group 1 - Tianqi Lithium Industries saw a stock increase of 5.02%, reaching 54.18 CNY per share, with a trading volume of 3.923 billion CNY and a turnover rate of 5.07%, resulting in a total market capitalization of 88.92 billion CNY [1] - The company, established on October 16, 1995, and listed on August 31, 2010, is primarily engaged in the production and sales of lithium concentrate products and lithium compounds and their derivatives [1] - The revenue composition of Tianqi Lithium is as follows: lithium compounds and derivatives account for 50.54%, lithium ore for 49.25%, and other products for 0.21% [1] Group 2 - According to data from the top ten holdings of funds, one fund under Bosera Asset Management holds a significant position in Tianqi Lithium [2] - The Bosera CSI Nonferrous Metals Mining Theme Index A Fund (018132) held 110,100 shares in Tianqi Lithium, representing 3.13% of the fund's net value, ranking it as the tenth largest holding [2] - The fund has achieved a year-to-date return of 69.6%, ranking 54 out of 4,206 in its category, and a one-year return of 57.32%, ranking 134 out of 3,983 [2] Group 3 - The fund manager of Bosera CSI Nonferrous Metals Mining Theme Index A is Wang Xiang, who has been in the position for 9 years and 26 days [3] - The total asset size of the fund is 60.847 billion CNY, with the best return during Wang's tenure being 215.62% and the worst return being -47.82% [3]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Strategy: For unilateral trading, maintain a long - position mindset, monitor price movements at previous high levels (take profit if there is a sharp rally), and set stop - profit points. For options, hold out - of - the - money short put options with a light position and manage risks (rolling operations are possible). For calendar spreads, stay on the sidelines [4]. - Supply: Yichun's lithium mines are less likely to stop production. The Zhenkouli - Jianxiawo mine in Jiangxi is unlikely to resume production this year, eliminating supply concerns. Overall, supply is expected to increase steadily as expected. Also, new warehouse receipts registration volume may be a concern due to high demand and large open interest [5]. - Demand: Energy storage cell production is full, with independent energy storage contributing significant growth. New energy vehicles are in the peak production and sales season, and demand is expected to remain high in Q4 2025. Lithium prices are supported by strong demand, but supply growth may increase price volatility [5]. - Hedging: Lithium salt producers should conduct low - proportion short hedging, and downstream enterprises can conduct medium - proportion long hedging based on orders to lock in procurement costs [5]. - Basis: Hold cash - and - carry arbitrage portfolios with a light position and manage risks [5]. Summary by Related Catalogs 1. Market Review - As of November 13, battery - grade lithium carbonate increased by 3950 yuan week - on - week to 84350 yuan/ton, and industrial - grade lithium carbonate increased by 3800 yuan to 82000 yuan/ton. Battery - grade lithium hydroxide (coarse particles) increased by 500 yuan to 76180 yuan/ton. The price difference between battery - grade and industrial - grade lithium carbonate was 2350 yuan/ton, and the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 8170 yuan/ton [9]. - As of November 13, the closing price of the lithium carbonate 2601 contract increased by 5540 yuan (+6.73%) week - on - week to 87840 yuan/ton, and the weighted open interest increased by 128,300 lots to 1,037,300 lots [9]. 2. Supply - Side Analysis 2.1 Lithium Ore Production and Import - In October 2025, the output of Chinese sample lithium spodumene was 7350 tons, a month - on - month increase of 550 tons (+8%); the total output of Chinese lithium mica was 12,700 tons, a month - on - month decrease of 450 tons (-3%) [12]. - In September 2025, China's lithium spodumene imports reached 711,000 physical tons, a month - on - month increase of 14.8%, equivalent to about 67,000 tons of lithium carbonate equivalent (LCE). Imports from Australia were 347,000 tons, a significant month - on - month increase of 64.1%; imports from Nigeria were about 120,000 tons, a month - on - month increase of 14.4%; imports from Zimbabwe were 109,000 tons, a month - on - month decrease of 7.8% [12]. - From November 3 to November 9, 2025, the total shipment of Mysteel's Australian lithium concentrate to China was 76,000 tons, a week - on - week decrease of 27,000 tons. The weekly average shipment to China was 68,000 tons, and the global shipment that week was 76,000 tons [12]. 2.2 Lithium Ore Price and Inventory - As of November 13, the price of Australian lithium spodumene concentrate increased by 125 dollars week - on - week to 1050 dollars/ton, and the price of lithium mica (2.0% - 2.5%) increased by 195 yuan to 2280 yuan/ton. As of November 7, the available inventory of lithium ore was 100,000 tons (82,000 tons in the previous period, increasing for three consecutive weeks) [15]. - As of November 13, the cash cost of producing lithium carbonate from imported lithium spodumene was 84,065 yuan/ton, with a production loss of 907 yuan/ton; the cash cost of producing lithium carbonate from imported lithium mica was 87,365 yuan/ton, and the loss from imported mica production was 6361 yuan/ton. The loss from producing lithium carbonate from imported raw materials deepened [15]. 2.3 Lithium Mine Project Progress - On November 6, 2025, the Natural Resources Department of Jiangxi Province released the "Public Notice of the Assessment Report on the Mining Right Transfer Income of the Zhenkouli - Jianxiawo Mine (Utilized but Unpaid Resources) in Yifeng County, Jiangxi Province". It is estimated that the probability of resuming production this year is low, and concerns about its resumption are weakened in the short term [15]. 2.4 Lithium Carbonate Production - According to SMM statistics, the weekly output of lithium carbonate in the week of November 13 was 21,545 tons, a week - on - week increase of 11 tons. Among them, the output from spodumene decreased by 220 tons to 12,904 tons (accounting for 60%), the output from mica decreased by 70 tons to 2941 tons (accounting for 14%), the output from salt lakes increased by 236 tons to 3555 tons (accounting for 17%), and the output from recycled materials increased by 65 tons to 2145 tons (accounting for 10%) [21]. - In October 2025, the monthly output of domestic lithium carbonate was 92,260 tons, a month - on - month increase of 6% and a year - on - year increase of 55%. The cumulative output from January to October was 780,000 tons, a year - on - year increase of 39%. It is expected that the output of domestic lithium carbonate in November can still maintain the production level of October, with a roughly flat month - on - month change [21]. 2.5 Lithium Carbonate and Hydroxide Import and Export - According to Chilean customs data, in October 2025, Chile exported 25,000 tons of lithium carbonate, a month - on - month increase of 56%; the amount exported to China was 16,200 tons, a year - on - year decrease of 4% and a month - on - month increase of 46%. From January to October 2025, Chile exported a total of 189,400 tons of lithium carbonate, a year - on - year decrease of 5.3%, and the amount exported to China was 137,100 tons, a year - on - year decrease of 15% [27]. - According to customs data, in September 2025, China's lithium carbonate imports were about 19,600 tons, a month - on - month decrease of 10.3%, mainly affected by previous concentrated arrivals and domestic inventory digestion rhythms. Among them, 10,800 tons were imported from Chile, accounting for 55.2%, and 6948 tons were imported from Argentina, accounting for 35.5% [27]. - According to SMM statistics, in October 2025, the output of lithium hydroxide was 29,220 tons, a month - on - month increase of 6% and a year - on - year decrease of 5%. Among them, the smelting output was 24,950 tons, and the causticizing output was 4270 tons. It is expected that the overall output of lithium hydroxide in November will have a slight upward trend, with a roughly flat year - on - year performance [28]. - According to customs data, China's lithium hydroxide imports in September 2025 were 1473 tons, a month - on - month increase of 20.3%, mainly due to the moderate recovery of high - nickel ternary material demand; exports were 6526 tons, a month - on - month increase of 15% and a year - on - year decrease of 48.7% [28]. 3. Demand - Side Analysis 3.1 New Energy Vehicle Market - In October 2025, the production and sales of new energy vehicles were 1.772 million and 1.715 million respectively, a year - on - year increase of 21.1% and 20%, and a month - on - month increase of 9.6% and 6.9% respectively. From January to October, the cumulative production and sales of new energy vehicles were 13.015 million and 12.943 million respectively, a year - on - year increase of 33.1% and 32.7% respectively [33]. - In 2025, from January to October, the sales of new energy heavy - duty trucks in China exceeded 119,600, a year - on - year increase of 198%. In September 2025, 392,000 new energy vehicles were sold in Europe, a year - on - year increase of 33% and a month - on - month increase of 62%, with a market penetration rate of 31.7% [33]. - In October 2025, new energy vehicle exports were 256,000, a month - on - month increase of 15% and a year - on - year increase of 100%. From January to October, the cumulative exports were 1.983 million, a year - on - year increase of 87.4% [33]. - As of November 13, 17 mainstream automobile brands have launched purchase tax subsidy plans, which will ease the cliff - like decline in vehicle sales across the year to some extent [33]. 3.2 Energy Storage Market - Domestic energy storage cell supply is growing steadily, and demand from diversified investment entities is increasing. Overseas energy storage orders are also growing due to tariff relief and favorable policies [36]. - The "New Energy Storage Large - scale Construction Special Action Plan (2025 - 2027)" sets a goal of reaching an installed capacity of over 180 million kilowatts by 2027, driving direct investment of about 250 billion yuan [36]. - Australia, the UK and other countries have introduced policies to support the development of energy storage, ensuring sufficient energy storage orders [36]. 3.3 Lithium Battery Production - According to SMM statistics, in October 2025, China's lithium battery output was 192.9 GWh, a month - on - month increase of 8%. Among them, the output of power cells increased by 11% to 125 GWh, the output of energy storage cells increased by 3% to 54 GWh, and the output of consumer and other cells increased by 3% to 14 GWh [43]. - From November 7, 2025, to November 10, 2026, the implementation of 6 export control measures related to strategic fields such as rare earths, lithium batteries, and super - hard materials will be suspended [43]. - According to大东时代智库, in November 2025, the production of power + energy storage batteries in Chinese battery factories was 193 GWh; the production of lithium battery A was 71.4 GWh, the production of lithium battery B was 31.4 GWh, and the production of lithium battery C was 14.9 GWh. The production of consumer - type batteries in the Chinese market was about 16 GWh. The production of power + energy storage + consumer - type batteries in the Chinese market in November 2025 was 209 GWh, a month - on - month increase of 12.4% and a year - on - year increase of 64.6% [47]. 3.4 Lithium Battery Material Market - Lithium iron phosphate: In October 2025, the output of lithium iron phosphate was 394,350 tons, a month - on - month increase of 10.5% and a year - on - year increase of 51%. It is expected that the production in November will increase by 8% month - on - month to 425,898 tons [49]. - Ternary materials: In October 2025, the output of ternary materials was 84,090 tons, a month - on - month increase of 11.6% and a year - on - year increase of 43%. It is expected that the market demand will continue to improve in November, and the production plan will continue to rise slightly, with a month - on - month increase of 1.37% and a year - on - year increase of 39.76% [49]. - According to SMM statistics, in October 2025, China's electrolyte output increased by 4.8% month - on - month to 207,580 tons, a year - on - year increase of 29%. From January to October, the cumulative output was 1.655 million tons, a year - on - year increase of 52.3% [50]. - According to SMM research, in October 2025, China's lithium hexafluorophosphate output increased by 14% month - on - month to 25,420 tons, a year - on - year increase of 29%. From January to October, the cumulative output was 200,000 tons, a year - on - year increase of 38.4% [50]. 4. Inventory Analysis - As of November 13, the lithium carbonate inventory decreased by 3481 tons week - on - week to 120,500 tons. Among them, the smelter inventory decreased by 2445 tons to 28,000 tons, the downstream inventory decreased by 3236 tons to 48,800 tons, and the inventory of other sectors such as traders increased by 2200 tons to 43,400 tons [54]. - As of November 13, the warehouse receipt volume was 26,420 tons, a week - on - week increase of 176 tons and a month - on - month decrease of 2384 tons. New warehouse receipts registration volume may be a concern due to high demand and the forced cancellation of non - compliant warehouse receipts at the end of November [54]. 5. Basis Analysis - The holding cost for 1 - month is about 1838 yuan/ton, and for 2 - month is about 2460 yuan/ton. Hold cash - and - carry arbitrage portfolios and manage risks [56]. 6. Spread Analysis - The 11 - 12 spread showed a reverse - arbitrage trend approaching the November delivery month. Pay attention to the reverse - arbitrage opportunity of the 03 - 04 spread approaching the March delivery month [58].

Core Viewpoint - Tianqi Lithium Industries has filed an appeal to the Chilean Supreme Court regarding a lawsuit stemming from a partnership agreement between its investee SQM and Codelco, which may impact its investment returns and shareholder rights in SQM in the long term [1][2][3] Group 1: Legal Proceedings - Tianqi Lithium's subsidiary, Inversiones TLC SpA, has appealed to the Chilean Supreme Court against a ruling from the Santiago Court of Appeals, which is not expected to significantly impact the company's current or future profits [1] - The lawsuit originated from a partnership agreement between SQM and Codelco concerning the operation and development of the Salar de Atacama from 2025 to 2060 [1][2] - Tianqi Lithium believes that the partnership agreement requires approval from a special shareholders' meeting of SQM, leading to a series of legal actions including an administrative review and subsequent lawsuit [2] Group 2: Financial Implications - The partnership agreement allows Codelco to hold a majority stake in the joint venture, which may result in SQM losing control over its core lithium business in the Salar de Atacama starting in 2031 [3] - The agreement also proposes an extension of lithium mining rights from 2030 to 2060 and an increase in production quotas from 2025 to 2030, but the shift in control could affect Tianqi Lithium's investment returns and dividends from SQM [3] - Tianqi Lithium will continue to monitor developments related to SQM and assess financial impacts dynamically, ensuring timely information disclosure [3]

Group 1: Report Overview - Report Title: Carbonate Lithium Weekly Report [2] - Report Date: November 24, 2025 [3] Group 2: Weekly View Supply Situation - Last week, carbonate lithium production increased by 465 tons week-on-week to 24,315 tons, and October production increased by 10% month-on-month to 105,040 tons [5] - Ningde Jianxiawo Mine has been shut down for 3 months, and production enterprises in Yichun and Qinghai have received notices for the re-review of mining rights transfers, affecting supply [5] - In the third quarter, Australian mines achieved cost control, and the space for further cost reduction is extremely limited. Most mainstream Australian mines have reduced their capital expenditure for fiscal year 25 [5] - In October 2025, China imported 652,000 tons of lithium concentrate, a month-on-month decrease of 8.3%. The top three importing countries were Australia, Zimbabwe, and Nigeria. Imports from Australia decreased by 15% month-on-month, those from Zimbabwe increased by 41% to 150,000 tons, and those from Nigeria remained flat at 120,000 tons [5] - In October, carbonate lithium imports were 23,881 tons, a month-on-month increase of 21.9%. Imports from Chile were 14,800 tons, accounting for 62% [5] - The CIF price of imported lithium spodumene concentrate increased week-on-week, and some manufacturers producing carbonate lithium from purchased lithium ore faced cost inversion. Enterprises with their own ore and salt lakes had some profit support, while lithium hydroxide manufacturers faced greater cost pressure [5] Demand Situation - In October, overall production scheduling increased month-on-month. In September, the production scheduling of large battery cell manufacturers increased by 8% month-on-month [6] - In October, the combined production of power and other batteries in China was 170.6 GWh, a month-on-month increase of 12.9% and a year-on-year increase of 50.5%. The combined export was 28.2 GWh, a month-on-month increase of 5.5% and a year-on-year increase of 33.5%. Sales were 166.0 GWh, a month-on-month increase of 13.3% and a year-on-year increase of 50.8% [6] - The trade-in policy and the extension of the new energy vehicle purchase tax on the policy side are expected to continue to support the rapid growth of new energy vehicle sales in the Chinese market [6] Inventory Situation - This week, carbonate lithium inventory showed a destocking state. Factory inventory decreased by 1,430 tons, market inventory increased by 426 tons, and futures inventory decreased by 322 tons [6] Strategy Suggestions - From the supply side, Ningde Jianxiawo Mine is still shut down. In October, domestic carbonate lithium production increased by 10% month-on-month, imports of lithium concentrate were 652,000 tons, a month-on-month decrease of 8.3%, and the total imports of carbonate lithium were about 24,000 tons, a month-on-month increase of 22% and a year-on-year increase of 3%. Downstream demand is strong, and the domestic supply and demand remain in a tight balance. It is expected that subsequent imports of lithium salts from South America will supplement the supply [7] - From the demand side, the terminal demand for energy storage continues to be good. It is expected that the production scheduling of cathode materials in October will increase by 4% month-on-month after an 8% increase in September. The risk of mining licenses in Yichun persists. With profit recovery, lithium production from ore continues to increase, and the cost center moves up. The process of new contract signing and application for Yichun mining enterprises is still undetermined. Downstream production scheduling exceeds expectations, and attention should be paid to the disturbances at the Yichun mining end [7] - Downstream enterprises are actively purchasing carbonate lithium, and destocking continues. It is expected that prices will continue to fluctuate strongly. Attention should be paid to the progress of mining licenses in Yichun mines and the resumption of production at Ningde Jianxiawo Lithium Mine [7] Group 3: Key Data Tracking - The report presents multiple data charts, including the spot tax-included average price of carbonate lithium, weekly and monthly production of carbonate lithium, weekly and monthly inventory of carbonate lithium, factory monthly inventory, average price of lithium concentrate, production of different raw materials for carbonate lithium, production and loading volume differences of domestic power batteries and lithium iron phosphate, average production cost of carbonate lithium, monthly production of lithium iron phosphate and ternary materials, import volume of lithium spodumene, average price of lithium iron phosphate for power use, and average price of ternary materials type 8 NCA [9][10][19]