Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The report analyzes various aspects of Huangmaizhu, including its prices, production volumes, and market shares. It also provides data on related products such as wheat and Shanmaizhu [3][4]. 3. Summary by Relevant Catalogs Huangmaizhu - **Price**: The price of Huangmaizhu is -4550 per ton, with a change of 6.53 yuan per ton [3]. - **Production Volume**: The production volume of Huangmaizhu in different periods shows fluctuations. For example, in May 2025, the production volume is 75,500 tons [4]. - **Market Share**: The market share of Huangmaizhu also varies over time. In May 2025, the market share of Huangmaizhu is 21% [4]. Wheat - **Price**: The price of wheat shows changes in different periods. For example, from May to September 2025, the price change is +774.7 - 472 yuan per ton [3]. - **Production Volume**: The production volume of wheat in different periods also shows fluctuations. For example, in May 2025, the production volume is 523 thousand tons [3]. Shanmaizhu - **Production Volume**: The production volume of Shanmaizhu in different periods shows fluctuations. For example, in May 2025, the production volume is -1922 tons [3].

Investment Rating - The report maintains a cautious view on lithium in the near term due to the ongoing downtrend in lithium prices and inventory buildup [1]. Core Insights - Lithium carbonate and lithium hydroxide average selling prices (ASP) decreased by 4% and 2% week-over-week (WoW) respectively as of May 8, 2025 [2]. - Lithium production in China is projected to increase by 2% month-over-month (MoM) and 21% year-over-year (YoY) to approximately 75,500 tons in May 2025, which is lower than the growth rates of downstream cathode and battery production [1][2]. - The total inventory of lithium carbonate is around 130,000 tons, contributing to downward pressure on ASP due to increased imports from low-cost brine regions [1]. Summary by Sections Lithium Prices - As of May 8, 2025, the ASP for lithium carbonate is quoted at Rmb62,300 per ton and for lithium hydroxide at Rmb66,500 per ton, down from Rmb68,000 and Rmb67,600 respectively on April 30, 2025 [2]. Production Data - China's lithium carbonate production increased by 27% WoW to 18,349 tons last week, with significant contributions from brine, lepidolite, spodumene, and recycling processes [2]. - The production output variations are attributed to the differing day counts during the Labor Holiday, affecting the weekly production figures [2]. Inventory Levels - The total inventory of lithium carbonate stands at 131,569 tons, with downstream players' inventory decreasing by 7%, while smelters' inventory increased by 7% [2].