Core Viewpoint - The Chinese lithium mine, which had halted production, is preparing to resume operations faster than expected, leading to a decline in the stock prices of major battery metal producers [1][2]. Group 1: Production Resumption - The Jianshawa lithium mine, a key project in Yichun, China, is set to resume production, which is seen as a market sentiment indicator [1]. - Despite the expiration of the mining license causing a previous halt, there are indications that production may restart sooner than anticipated [1]. Group 2: Market Impact - The announcement of the mine's planned resumption has resulted in significant stock price drops for major lithium producers, with SQM and Albemarle experiencing declines of 8.8% and 11% respectively [1]. - Analysts from Jefferies noted that the early resumption of the Jianshawa mine could disrupt the market rebalancing process in the short term [1]. Group 3: Regulatory Context - The halt in production was initially interpreted as part of a national policy to control overcapacity, reflecting a shift towards supply-side discipline [1]. - There is ongoing uncertainty regarding the issuance of a new mining license by local authorities, although the company anticipates an early recovery of production [1].

Report Industry Investment Rating - Unilateral: Cautiously bearish [4] - Inter - period: None [4] - Cross - variety: None [4] - Spot - futures: None [4] - Options: Buy put options [4] Core Viewpoints - The futures market of lithium carbonate may decline due to the news of mine restart and weak overall commodity sentiment. The price will gradually return to the fundamentals if the previously shut - down mines resume production [2][3]. Summary by Related Content Market Analysis - On September 9, 2025, the main contract 2511 of lithium carbonate opened at 74,740 yuan/ton and closed at 72,900 yuan/ton, a - 2.62% change from the previous settlement price. The trading volume was 591,675 lots, and the open interest was 351,340 lots (364,137 lots the previous day). The current basis was - 300 yuan/ton, and the number of lithium carbonate warehouse receipts was 38,101 lots, a change of 650 lots from the previous day [2]. - According to SMM data, the price of battery - grade lithium carbonate was 73,700 - 75,500 yuan/ton, and industrial - grade lithium carbonate was 71,750 - 72,950 yuan/ton, both unchanged from the previous day. The price of 6% lithium concentrate was 850 US dollars/ton, also unchanged. The market is in the peak demand season with downstream rigid demand, but procurement activities slowed slightly this week as the futures price rebounded. The supply side shows a structural differentiation, with lithium carbonate produced from spodumene accounting for over 60% and that from lepidolite dropping to 15%. In September, supply and demand are both increasing, but demand is growing faster, and overall supply is expected to be tight [3]. Strategy - The futures market declined significantly after oscillation, affected by weak commodity sentiment and the possible approval of Jiangxi manufacturers. The short - term spot supply - demand pattern is good, with reduced inventory and production. If the previously shut - down mines resume production, the price will return to fundamentals, and the futures market may decline. Attention should be paid to mine operation, and participants should manage risks [3].

Group 1 - The report highlights a significant decline in US Treasury yields, driven by rising global risk aversion and expectations of a potential interest rate cut by the Federal Reserve due to weakening economic data [7][9][27] - European long-term government bond yields have reached near-decade highs, particularly in the UK, France, and Germany, influenced by fiscal expansion and political uncertainties, leading to a sell-off in European bonds [8][9][10] - The report suggests a shift in global capital flows, indicating increased risk aversion and a preference for high-quality, liquid bonds amid diverging monetary policies across major economies [8][9][10] Group 2 - The US Treasury yield curve has shifted downward, with the 10-year yield falling to 4.08% and the 30-year yield decreasing by 16.8 basis points to 4.76%, reflecting heightened demand for safe-haven assets [9][10][11] - In contrast, UK 30-year government bond yields have surged to their highest levels since 1998, with significant increases in yields for French and German bonds as well, indicating a divergence in bond market performance [9][10][11] - The report notes that Asian government bonds have remained stable, with limited yield fluctuations, highlighting a risk diversion effect in the market [9][10][11] Group 3 - The issuance of credit bonds has primarily involved high-rated entities, focusing on sectors such as infrastructure, real estate, and transportation, with maturities mainly between 1-3 years [17][19] - The offshore RMB bond market has shown a slight widening of the yield spread between dim sum bonds and domestic bonds, indicating a stable long-term outlook for offshore RMB liquidity [15][16][21] - The report emphasizes the importance of maintaining a diversified credit exposure, particularly in high-rated corporate bonds and sovereign debt, while being cautious of over-concentration in any single sector or credit rating [33][34]

Group 1 - Lithium carbonate futures weakened on September 10, dropping over 6%, with lithium mining stocks like Tianqi Lithium and Ganfeng Lithium also declining significantly [1] - The average price of battery-grade lithium carbonate in Shanghai on September 10 was reported at 72,000 yuan per ton, a decrease of 1,500 yuan from the previous day [1] - CATL's subsidiary, Yichun Times New Energy Mining Co., held a meeting to advance the resumption of operations at the Jiangxiawo lithium mine, which is expected to restart soon due to smooth approval progress for mining rights and licenses [1] Group 2 - The Jiangxiawo mine's suspension was seen as a significant signal for "de-involution" in the industry, leading to a temporary surge in lithium carbonate futures prices, which once exceeded 80,000 yuan [2] - The market volatility was attributed to two main factors: the lack of a noticeable reduction in lithium supply following the mine's short-term suspension and the increase in spodumene imports leading to inventory accumulation [2] - The Jiangxiawo mine is the largest lithium mica mine in Yichun, with a resource amount of approximately 960 million tons and a lithium oxide resource of 2.6568 million tons, equivalent to about 6.57 million tons of lithium carbonate [2]

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 9 月 10 日上午， A 股三大股指震荡收涨。截至午间收盘，沪指报 3813.78 点，涨 0.17% ，深证成指涨 0.24% ，创业板指涨 1.14% 。科创 50 涨逾 1% 。 沪深两市半日成交额为 1.29 万亿元，与上个交易日基本持平。个股跌多涨少，市场共 2433 只个股上涨， 46 只个股涨停， 2821 只个股下跌。 从板块看，电信、通信设备、电子元器件、餐饮旅游领涨市场，覆铜板、 6G 、光模块（ CPO ）等概念股活跃；固态电池板块在连续 3 日上涨后出现回调，锂矿、锂电正极、动力电 池等概念板块纷纷走低；贵金属、化肥农药板块领跌。 | | | Wind热门概念指数 | V 20格 | | Wind中国行业指数 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 覆铜板 | 光模块(CPO) | 电路板 | 6G | 通信设备 | 电信 | 电子元器件 | 电脑硬件 | | 4.36% | 3.11% | 2.8 ...

Group 1 - The core viewpoint of the news is that Yongshan Lithium Industry has experienced fluctuations in its stock performance and financial metrics, indicating potential investment opportunities and risks [1][2]. - On September 5, Yongshan Lithium Industry's stock rose by 4.62%, with a trading volume of 255 million yuan, while the financing net purchase was negative at -5.45 million yuan [1]. - As of September 5, the total margin balance for Yongshan Lithium Industry was 223 million yuan, accounting for 4.27% of its market capitalization, which is above the 70th percentile of the past year [1]. Group 2 - As of June 30, the number of shareholders for Yongshan Lithium Industry was 44,400, a decrease of 8% from the previous period, while the average circulating shares per person increased by 8.7% to 11,539 shares [2]. - For the first half of 2025, Yongshan Lithium Industry reported a revenue of 2.392 billion yuan, a year-on-year decrease of 28.63%, and a net profit attributable to shareholders of -144 million yuan, a significant decline of 315.62% [2]. - Since its A-share listing, Yongshan Lithium Industry has distributed a total of 282 million yuan in dividends, with 207 million yuan distributed over the past three years [2].

Report Industry Investment Rating - The investment rating for the lithium carbonate industry is "Oscillation" [2] Core Viewpoints of the Report - Last week (09/01 - 09/05), lithium salt prices were weak. The closing prices of LC2509 and LC2511 decreased by 4.1% and 3.8% respectively. The average spot prices of battery - grade and industrial - grade lithium carbonate dropped by 6.2% and 6.3%. The prices of lithium hydroxide also declined [3]. - In August, Chile's exports of lithium carbonate and lithium hydroxide decreased by 16% month - on - month, and the exports to China decreased by 5% month - on - month, which may lead to a slight decline in China's imports in September [4]. - The recent decline in the futures market is mainly due to the lack of further production cuts in the short term after the previous supply - side shutdown, and the continuous negative impact of explicit data such as warehouse receipts. However, the inventory reduction in September has provided some support for prices. In the short term, lithium prices may fluctuate widely, and it is recommended to wait and see [5]. Summary by Relevant Catalogs 1. Chile's August Shipment Declined Month - on - Month, and Warehouse Receipts Increased Significantly Last Week - Lithium salt prices were weak last week. The closing prices of LC2509 and LC2511 decreased, and the average spot prices of battery - grade and industrial - grade lithium carbonate also dropped. The prices of lithium hydroxide decreased, the electrical - industrial price difference narrowed slightly, and the price of battery - grade lithium hydroxide changed from a discount to a slight premium compared to battery - grade lithium carbonate [3][15]. - In August, Chile exported 2.01 million tons of lithium carbonate and lithium hydroxide, a 16% month - on - month decrease and an 11% year - on - year increase. The exports to China were 1.30 million tons, a 5% month - on - month decrease and a 7% year - on - year increase. From January to August, the total exports were 16.9 million tons, a 4% year - on - year decrease, and the exports to China were 10.98 million tons, a 14% year - on - year decrease. In terms of lithium sulfate, the shipment to China in August was 0.69 million tons (0.35 million tons LCE), a 33% month - on - month decrease and a 2% year - on - year decrease [4][16]. - The recent decline in the futures market is due to the lack of further production cuts and the negative impact of warehouse receipts. Last week, warehouse receipts increased by 6744 tons to 3.66 million tons. In September, domestic lithium carbonate production increased by 0.15 million tons to 8.67 million tons. However, inventory reduction in September has provided some support for prices, and the speed of warehouse receipt generation may slow down [5][21]. 2. Weekly Industry News Review - Sayona Mining completed its merger with Piedmont Lithium. After the merger, Sayona's Australian shares will continue to trade until the end of September, and the company will be renamed Elevra Lithium and listed on the ASX [23]. - Argentina's Salta Province approved Rio Tinto's Rincon lithium project. The project is expected to produce 50,000 tons/year of battery - grade lithium carbonate and will become one of the largest lithium projects in Argentina by 2031 [23]. - Sichuan Energy Investment Power Co., Ltd.'s 30,000 - ton lithium salt project successfully produced qualified battery - grade lithium carbonate products, laying a foundation for full - scale production [24]. - Kodal Minerals obtained an export license for the lithium spodumene concentrate produced at its Bougouni lithium project in southern Mali, with an initial export volume of 125,000 tons [24]. 3. Monitoring of Key High - Frequency Data in the Industry Chain 3.1 Resource End: Spot Quotes of Lithium Concentrate Declined - The spot price of lithium concentrate decreased. For example, the average spot price of lithium spodumene concentrate (6%, CIF China) decreased by 2.6% month - on - month [16]. 3.2 Lithium Salts: The Futures Market Rose and Then Fell - The closing prices of lithium carbonate futures contracts decreased, and the average spot prices of domestic lithium carbonate also declined. The electrical - industrial price difference and the basis of lithium carbonate changed [16]. 3.3 Downstream Intermediates: Quotes Slightly Rebounded - The prices of downstream intermediate products such as lithium iron phosphate, ternary materials, and lithium cobalt oxide showed different trends, with some prices slightly increasing and some decreasing [16]. 3.4 Terminal: China's New Energy Vehicle Penetration Rate Slightly Increased in July - In July, China's new energy vehicle penetration rate slightly increased, and the installed capacity of power batteries and the production and sales of new energy vehicles also showed certain trends [51].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since August, lithium carbonate contracts have been significantly affected by sentiment. After supply disruptions in lithium mines such as Jianxiawo, lithium prices soared, with the main contract once reaching the 90,000 yuan mark. Recently, funds have rationally returned to the fundamentals, sentiment has continuously cooled, and the market has adjusted weakly. [11] - As the lithium - battery industry enters the traditional peak season, downstream demand has been released. Domestic lithium mica production has declined, the supply - demand relationship of lithium carbonate has improved, and social inventories of lithium carbonate have continuously decreased. [11] - In the first week of September, the lithium - battery sector in the equity market performed strongly, and the optimistic sentiment may drive the lithium carbonate futures to stabilize and rebound. At the same time, the resource supply in regions such as Jiangxi, Qinghai, and Africa is unstable, and attention should be paid to the impact of industry news on the market. [11] 3. Summary by Relevant Catalogs 3.1 Monthly Assessment and Strategy Recommendation - **Spot and Futures Market**: On September 5, the MMLC spot index of lithium carbonate reported 73,657 yuan in the morning, down 4.44% week - on - week and up 5.5% compared to early August. The average price of MMLC battery - grade lithium carbonate was 74,000 yuan. On the same day, the closing price of LC2511 on the GZFE was 74,260 yuan, down 3.78% within the week. [12] - **Supply**: On September 5, SMM's weekly domestic lithium carbonate production was 19,419 tons, a 2% increase from the previous week. The estimated monthly production of lithium carbonate from lithium mica dropped to around 10,000 tons, basically in line with the expectation of large - mine shutdowns. The production of lithium carbonate from lithium spodumene continued to reach new highs, compensating for the reduction in mica production. In August 2025, domestic lithium carbonate production was 85,240 tons, a 4.6% increase from the previous month and a 39.5% increase year - on - year. The cumulative output in the first eight months increased by 40.4% year - on - year. In July and August 2025, Chile's lithium carbonate export volumes were 20,900 tons and 16,900 tons respectively, with exports to China being 13,600 tons and 13,000 tons, a 13% year - on - year decrease and a 6.9% year - on - year increase respectively. [12] - **Demand**: The Passenger Car Association estimated that the wholesale sales of new - energy passenger vehicles by domestic manufacturers in August were 1.3 million, a 24% year - on - year increase and a 10% month - on - month increase. From January to August this year, the cumulative wholesale sales were 8.93 million, a 34% year - on - year increase. The combined production of domestic lithium iron phosphate and ternary materials has remained at a high level since March. As the traditional peak season for lithium batteries approaches, the growth of lithium - battery demand has accelerated. In August, the production of lithium iron phosphate increased by 7.7% month - on - month, and it is expected to reach a new high in September. [12] - **Inventory**: On September 5, the weekly domestic lithium carbonate inventory was reported at 140,092 tons, a decrease of 1,044 tons (- 0.7%) from the previous week. On September 4, the registered warehouse receipts of lithium carbonate on the GZFE were 34,948 tons, a 20.7% increase from the previous week. The early industrial hedging products were accelerating into the warehouse. [12] - **Cost**: The ore price adjusted following the lithium salt price. On September 5, the SMM quoted the price of imported Australian SC6 lithium concentrate at 830 - 870 US dollars per ton, a 5.03% decrease from the previous week and a 14.09% increase compared to early August. The supply pressure of high - cost hard - rock mines in Africa has recently begun to ease. The lithium concentrate previously held back by Western Australian mining enterprises will be released, and it is expected that subsequent lithium ore imports will be significantly supplemented. [12] 3.2 Spot and Futures Market - The average discount price in the standard electric - carbon trading market of the exchange is about 50 yuan. The net short position of the main contract of lithium carbonate is about 100,000 lots. [23] - The price difference between battery - grade and industrial - grade lithium carbonate is 2,250 yuan. The price difference between battery - grade lithium carbonate and lithium hydroxide is 800 yuan. In September, the lithium carbonate futures declined, while the spot price of lithium hydroxide adjusted with a lag, resulting in an inverted price difference. [26] 3.3 Supply Side - On September 5, SMM's weekly domestic lithium carbonate production was 19,419 tons, a 2% increase from the previous week. In August 2025, domestic lithium carbonate production was 85,240 tons, a 4.6% increase from the previous month, a 39.5% increase year - on - year, and a 40.4% cumulative year - on - year increase in the first eight months. [31] - In August, the production of lithium carbonate from lithium spodumene was 53,330 tons, a 19.0% increase from the previous month, an 83.3% increase year - on - year, and a 71.1% cumulative year - on - year increase in the first eight months. The production of lithium carbonate from lithium mica was 13,700 tons, a 23.9% decrease from the previous month, and a 17.5% cumulative year - on - year increase in the first eight months. [34] - In August, the production of lithium carbonate from salt lakes decreased by 11.5% month - on - month to 10,920 tons, with a 10.8% cumulative year - on - year increase from January to August. Some salt lakes reduced production or shut down, and the production of lithium carbonate from salt lakes showed a year - on - year decline during the peak season. The production of lithium carbonate from the recycling end in August was 7,290 tons, a 14.3% month - on - month increase, and a 21.3% cumulative year - on - year increase from January to August. [37] - In July 2025, China imported 13,845 tons of lithium carbonate, a 21.8% month - on - month decrease and a 42.7% year - on - year decrease. Among them, 8,584 tons were imported from Chile and 3,950 tons from Argentina. From January to July, the total import volume of lithium carbonate in China was about 132,000 tons, a 0.8% year - on - year increase. In July 2025, Chile's lithium carbonate export volume was 20,900 tons, a 43% month - on - month increase and a 4% year - on - year increase. Among them, 13,600 tons were exported to China, a 33% month - on - month increase and a 13% year - on - year decrease. In August, Chile exported 16,903 tons of lithium carbonate, a 19.2% month - on - month decrease. Among them, 12,982 tons were exported to China, a 4.8% month - on - month decrease and a 6.9% year - on - year increase. [40] 3.4 Demand Side - The battery field dominates lithium demand. In 2024, its global consumption accounted for 87%. The main growth point of future lithium salt consumption still depends on the growth of the lithium - battery industry, while the traditional application fields have limited proportion and weak growth. The proportion of lithium used in fields such as ceramic glass, lubricants, flux powder, air - conditioning, and medicine is only 5%. [44] - In July 2025, the global sales volume of new - energy vehicles was about 1.6 million, with a 25.1% cumulative year - on - year increase from January to July. The Passenger Car Association estimated that the wholesale sales of new - energy passenger vehicles by domestic manufacturers in August were 1.3 million, a 24% year - on - year increase and a 10% month - on - month increase. From January to August this year, the cumulative wholesale sales were 8.93 million, a 34% year - on - year increase. [47] - From January to July, the total sales volume of new - energy vehicles in Europe was 2.081 million, a 25.8% year - on - year increase. From January to July, the total sales volume of new - energy vehicles in the United States was 896,000, a 6.9% year - on - year increase. [50] - In July, the combined production of power and other batteries in China was 133.8 GWh, a 3.6% month - on - month increase and a 44.3% year - on - year increase. From January to July, the cumulative production of power and other batteries in China was 831.1 GWh, a 57.5% cumulative year - on - year increase. [53] - In July, the production of lithium iron phosphate increased by about 3.1% month - on - month. In August, the production of cathode materials increased by 7.7% month - on - month. [56] 3.5 Inventory - On September 5, the weekly domestic lithium carbonate inventory was reported at 140,092 tons, a decrease of 1,044 tons (- 0.7%) from the previous week. On September 4, the registered warehouse receipts of lithium carbonate on the GZFE were 34,948 tons, a 20.7% increase from the previous week. [63] - The inventory cycle of cathode materials is about one week. The inventory - to - sales ratio of power batteries is at a recent median, and the inventory of energy - storage batteries is at a recent low due to export rush. [66] 3.6 Cost Side - The ore price adjusted following the lithium salt price. On September 5, the SMM quoted the price of imported Australian SC6 lithium concentrate at 830 - 870 US dollars per ton, a 5.03% decrease from the previous week and a 14.09% increase compared to early August. [74] - In July, the domestic import of lithium concentrate was 576,000 tons, a 4.8% year - on - year increase and a 34.7% month - on - month increase. From January to July, the domestic import of lithium concentrate was 3.38 million tons, a 0.6% cumulative year - on - year increase. From January to July, the import of lithium concentrate from Australia increased by 7.3% year - on - year, and the import from Africa decreased by 13.7% year - on - year. The supply pressure of high - cost hard - rock mines in Africa has recently begun to ease. The lithium concentrate previously held back by Western Australian mining enterprises will be released, and it is expected that subsequent lithium ore imports will be significantly supplemented. [77]

Core Viewpoint - Tianqi Lithium's financial performance showed improvement in the first half of 2025, with a revenue of 4.833 billion yuan, a year-on-year decrease of 24.71%, but a net profit of 84 million yuan, successfully turning from a loss of 5.206 billion yuan in the same period last year to profit [3][5]. Financial Performance - The company's revenue decreased by nearly 25% year-on-year, while it achieved a net profit turnaround [5]. - In 2024, Tianqi Lithium reported a significant revenue drop of 67.75% to 13.063 billion yuan, with a net profit loss of 7.905 billion yuan, a year-on-year decline of 208.32% [5]. - The average market price for lithium carbonate and lithium hydroxide remained low, between 60,000 to 80,000 yuan per ton, contributing to the overall revenue decline [5][6]. Key Factors for Profitability - Tianqi Lithium attributed its ability to achieve profitability in a declining market to three main factors: 1. Shortened pricing cycles for its subsidiary's lithium products [6]. 2. Increased investment income from its joint venture SQM, contributing 235 million yuan to its earnings [6]. 3. A stronger Australian dollar against the US dollar, which positively impacted foreign exchange gains [6]. Asset Management - The company's asset impairment losses improved from a loss of 292 million yuan in the previous year to 185 million yuan [7]. - Tianqi Lithium is actively expanding production capacity, with a current lithium concentrate capacity of 1.62 million tons per year [7][8]. Production Capacity - The company has five operational lithium chemical product production bases with a total capacity of 91,600 tons per year, which will increase to 122,600 tons per year after the completion of projects in Jiangsu and Chongqing [9][10]. Leadership and Historical Context - The founder, Jiang Weiping, has seen his wealth decline significantly from 51.89 billion yuan in 2022 to 16 billion yuan in 2025 due to market fluctuations [4][24]. - Jiang Weiping stepped down as chairman in April 2022, passing leadership to his daughter, while still retaining control of the company [25][26]. Strategic Response - To combat the cyclical nature of lithium prices, Tianqi Lithium plans to enhance its resource and cost advantages, increase R&D investment, and strengthen collaboration across the lithium supply chain [26].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The short - term lithium carbonate futures may continue the volatile and weak pattern, with market focus on the开工 dynamics of lithium mines and salt plants in Jiangxi. The futures rebound space is limited by the rapid convergence of the basis. Potential variables include whether CATL's suspension triggers other salt plants to passively support prices and the marginal support of nickel - cobalt salt price increases on ternary material costs [4] Group 3: Summary by Relevant Catalogs 1. Daily Market Summary - **Lithium Carbonate Futures Market Data Changes** - On September 4, the main lithium carbonate contract closed at 73,420 yuan/ton, up 2.14% from the previous trading day. The basis narrowed significantly from 3,620 yuan/ton on September 3 to 1,280 yuan/ton. The main contract's open interest increased to 353,600 lots, and trading volume soared to 712,200 lots, indicating increased market activity [2] 2. Industrial Chain Supply - Demand and Inventory Changes - **Supply Side** - The proportion of lithium carbonate output from the spodumene smelting end has exceeded 60%, while that of lepidolite has dropped to 15%. Although the lithium carbonate capacity utilization rate remained stable at 66.41% in September, the suspension of CATL's Yichun mining area may intensify local supply disturbances, and the resumption rhythm of salt plants needs attention [3] - **Demand Side** - The downstream shows the characteristic of "weak peak season". In August, the retail penetration rate of new - energy passenger vehicles reached 55.3%, but the cost pressure of power batteries was transmitted to the mid - and upstream. The transaction price of lithium iron phosphate battery cells fell to 0.324 yuan/Wh, and the price of ternary materials also declined continuously. The demand for electrolyte and anode materials was boosted by the "Golden September and Silver October" stocking, but over - capacity restricted the price increase space [3] - **Inventory and Warehouse Receipts** - The total lithium carbonate inventory decreased to 141,100 tons, but the absolute value was still at a high level, and the de - stocking speed was slow [3] 3. Market Price Monitoring - On September 4, the main lithium carbonate contract closed at 73,420 yuan/ton, up 2.14% from the previous day. The basis narrowed from 3,620 yuan/ton on September 3 to 1,280 yuan/ton. The battery - grade lithium carbonate market price was 74,700 yuan/ton, down 1.06% from the previous day. The price of power - type ternary materials decreased by 0.08% to 118,700 yuan/ton, and the price of power - type lithium iron phosphate decreased by 0.63% to 33,995 yuan/ton. The lithium carbonate capacity utilization rate remained at 66.41%, and the inventory decreased by 0.29% to 141,136 tons [6] 4. Industrial Dynamics and Interpretation - **Spot Market Quotes** - On September 4, the SMM battery - grade lithium carbonate index price was 74,869 yuan/ton, down 886 yuan/ton from the previous working day. The battery - grade lithium carbonate was priced at 73,400 - 76,600 yuan/ton, with an average price of 75,000 yuan/ton, down 900 yuan/ton. The industrial - grade lithium carbonate was priced at 72,000 - 73,400 yuan/ton, with an average price of 72,700 yuan/ton, down 900 yuan/ton. In September, the market shows a situation of both supply and demand increasing, with demand growing faster, and there will be a stage of tight supply [7] - **Downstream Consumption** - According to preliminary statistics from the Passenger Car Association on September 3, from August 1 - 31, the retail sales of new - energy passenger vehicles in the national market were 1.079 million, a year - on - year increase of 5% and a month - on - month increase of 9%. The retail penetration rate of the new - energy market was 55.3%, and the cumulative retail sales this year were 7.535 million, a year - on - year increase of 25%. The wholesale of new - energy passenger vehicles by national manufacturers was 1.292 million, a year - on - year increase of 23% and a month - on - month increase of 9%. The wholesale penetration rate of new - energy manufacturers was 53.6%, and the cumulative wholesale this year was 8.926 million, a year - on - year increase of 33% [8] - **Industry News** - From August 21 - 28, the spot price of cobalt intermediates continued to rise. Affected by the Congo (Kinshasa) extension policy, China's cobalt intermediates will face raw material shortages in the future, and prices have upward momentum. Since August 10, CATL's Yichun mining area in Jiangxi has been shut down, and the "butterfly effect" has spread throughout the industry chain [9][10][11]