Report Industry Investment Rating - The report does not provide an industry investment rating. Core Viewpoints of the Report - The overall view of lithium carbonate is that it presents a pattern of increasing supply, high demand, and inventory depletion. The market is hot, and the supply - demand tension is marginally alleviated but there is still a gap. It is expected that the price will fluctuate strongly in December [2]. - The risk points are the resumption of mica ore production and the slowdown of demand growth [3]. Summary According to the Table of Contents I. Market Review (1) November Futures Market Trend of Lithium Carbonate - In November 2025, the futures price of lithium carbonate showed a significant upward trend. Affected by factors such as increased energy - storage demand, the price was supported at 80,000 yuan and strengthened. After the speech of the chairman of Ganfeng Lithium, the futures price rose by the daily limit on November 17th. However, due to exchange policy regulation and Goldman Sachs' bearish report, the price dropped sharply on November 21st. Then, after the speech of the chairman of Tianqi Lithium, the LC2605 price rose by 5% [6][7][8]. - The monthly cumulative trading volume of lithium carbonate futures was 26.99 million lots, and the open interest was 1.07 million lots, setting a record high since listing. The monthly increase of the main contract LC2605 in November reached 19.42% [9]. (2) November Spot and Basis of Lithium Carbonate - In November, the spot price of lithium carbonate continued to rise. The average price of electric - grade lithium carbonate was 93,700 yuan/ton, and that of industrial - grade lithium carbonate was 91,300 yuan/ton, with a 17% increase from the previous month. The price of lithium hydroxide increased by 8 - 9%, and the price difference between lithium carbonate and lithium hydroxide widened, indicating strong demand for lithium carbonate [12]. - The basis once expanded to - 10,000 yuan/ton and then fell back to - 2,500 yuan/ton at the end of November. The spot price closely followed the futures price, and the price difference reached a new high since February last year [18]. (3) Price Trends of the Upstream and Downstream of the Lithium Carbonate Industry Chain - In November, the prices of the upstream and downstream of lithium carbonate generally increased. The price of Australian SC6 spodumene increased by 24% to 1,217 US dollars/ton. The price of lithium hexafluorophosphate increased by 58%, driving the electrolyte price up by 36%. The monthly increase of lithium iron phosphate was nearly 10%, and that of ternary materials was 3 - 5% [20]. II. Upstream Analysis of Lithium Carbonate (1) Lithium Ore Price Trend and Lithium Carbonate Production Profit - In November, the price of Australian SC6 spodumene concentrate increased from 985 US dollars/ton to 1,217.5 US dollars/ton, with a 23.6% increase. The prices of spodumene concentrates from Brazil and Africa also rose significantly. The price of lithium mica concentrate increased to 2,600 yuan/ton, with a 19.3% monthly increase [21]. - The production profit of purchasing spodumene fell back to near the break - even point, and the loss of purchasing mica decreased as the lithium price rose [25]. (2) Lithium Ore Supply, Demand, and Inventory - In November, as the price of lithium carbonate continued to rise, the supply of lithium ore gradually increased. Although the available inventory in warehouses was low, the inventory of port traders continued to rise. The inventory of lithium salt plants recovered compared with before. The supply of mica ore was still tight due to production suspension in Jiangxi. The current upstream resource supply mainly came from salt lakes and spodumene [28]. - The Jiaxiaowo lithium mine in Jiangxi was still shut down, and it was expected to resume production at the end of December or early next year at the earliest [33]. III. Supply Analysis of Lithium Carbonate (1) Lithium Carbonate Production - In November, the production of lithium carbonate was about 95,000 tons, a month - on - month increase of 3,000 tons. The production of battery - grade lithium carbonate was 70,000 tons, and that of industrial - grade lithium carbonate was 25,000 tons. The main production source was spodumene, with an output of nearly 58,000 tons [34][38]. - The overall capacity utilization rate of lithium carbonate was 56%. The capacity utilization rates of spodumene and salt - lake sources were higher than the average, while that of lithium mica was low [43]. (2) Lithium Carbonate Import and Export - In October, the import of lithium carbonate was 23,900 tons, and the export was 246 tons, with a net import of 23,600 tons, a month - on - month increase of nearly 4,200 tons. Chile and Argentina were the main import sources, accounting for over 90% of the total import. The average import price in October was 8,931 US dollars/ton, a 300 - US - dollar increase from the previous month [46][51]. (3) Production and Apparent Demand of Lithium Hydroxide - In November, the production of lithium hydroxide was nearly 30,000 tons, almost the same as last year and a month - on - month increase of 650 tons. In October, the net export of lithium hydroxide was 1,597 tons. Assuming the same net - export situation in November, the apparent demand was 28,000 tons, at a relatively high historical level [52]. IV. Downstream Demand Analysis of Lithium Carbonate (1) Sales of New - Energy Vehicles - In October, the sales of new - energy vehicles were 1.72 million, a 20% year - on - year increase. From January to October, the cumulative sales were 12.91 million, a 33% year - on - year increase. From January to October, the cumulative export was 1.93 million, an 86% year - on - year increase, accounting for 15% of the total sales. Pure - electric vehicles accounted for 65%, and the penetration rate of new - energy vehicle sales reached 51.6%, exceeding that of traditional vehicles [54][59]. (2) Production of Lithium Batteries and Cells - In November, the production of lithium batteries by sample enterprises was nearly 200 GWh, of which lithium iron phosphate batteries accounted for 77% with a production of 154 GWh. The production of power cells in November was 128 GWh, a 35% increase from the end of last year, and that of energy - storage cells was 58 GWh, a 53% increase. The inventory - to - sales ratio of cells continued to decline [60][63]. (3) Production of Cathode Materials and Electrolytes - Since the middle of this year, the demand for lithium iron phosphate cathode materials has "exploded". In November, the production was 413,000 tons, a 44% year - on - year increase. From January to November, the production of ternary materials was 738,000 tons, a 17% increase from the same period last year. The operating rates of lithium iron phosphate and ternary materials continued to rise [67][68]. - In November, the price of lithium hexafluorophosphate increased by 58%, and the price of electrolyte increased by 36%. In October, the production of electrolyte was 210,000 tons, a month - on - month increase of 10,000 tons, and the production of lithium hexafluorophosphate was 25,000 tons, a month - on - month increase of 3,000 tons [72]. V. Lithium Carbonate Inventory - As of the end of November, the sample social inventory of lithium carbonate was 116,000 tons, a decrease of 27,000 tons from the peak in late July. The inventory days decreased from the maximum of 45 days to 26 days. The refinery inventory decreased to 24,000 tons, and the inventory days were 5.5 days, a new low in more than a year [73]. - From July to November is the destocking season, and then the inventory will rise until June. Due to strong demand, lithium carbonate may continue to be destocked in December, but the destocking speed will slow down. The exchange inventory has been lower than the same - period level this year, especially from October to November when it decreased significantly [76][80]. VI. Summary and Future Forecast of Lithium Carbonate - In November, lithium carbonate and related industries showed a significant upward trend. In December, the supply - demand contradiction still exists, but it will be marginally alleviated. There is still a supply - demand gap [83][84]. - In terms of supply, the production of lithium carbonate in November was about 95,300 tons, a 5.9% month - on - month increase. It is expected that after mid - December, the production in Jiangxi's core mining areas will gradually resume, with a 3% increase in December. The import volume in December is expected to reach about 26,000 tons. The production of lithium hydroxide is expected to remain at about 30,000 tons. The total production of lithium carbonate and lithium hydroxide will reach a new high in December, with a total supply of 150,000 tons in terms of LCE [84]. - In terms of demand, the demand is mainly from the explosive growth of energy - storage demand. In December, the demand is expected to decline slightly, but the new capacity of Hubei Bangpu Yichang Base will support the overall supply [85]. - In terms of inventory, the inventory is lower than the historical average. In December, lithium carbonate may continue to be destocked, but at a slower pace. Overall, lithium carbonate will maintain a fluctuating and strong trend in the future [87].

Group 1 - The market experienced a sudden downturn after a brief rally, indicating weak momentum and a likely return to lower levels [2][4] - The real estate sector is facing significant challenges, with a long-standing issue now becoming widely recognized, leading to a continuous decline in bond values [4] - The lithium mining sector showed signs of weakness, as it failed to maintain upward momentum during the market rebound, suggesting internal problems [5] Group 2 - The liquor industry has seen prices drop below previous levels, indicating a lack of market confidence in current valuations [6] - There may be opportunities for investment at lower price points, but caution is advised due to market uncertainties [6][7]

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 供给端来看，上周碳酸锂产量为21865吨，环比减少1.19%,高于历史同期平均水平。 需求端来看，上周磷酸铁锂样本企业库存为104341吨，环比增加1.71%,上周三元材料样本企业库存为 19361吨，环比增加0.37%。 成本端来看，外购锂辉石精矿成本为93461元/吨，日环比增长1.67%,生产所得为-1012元/吨，有所亏 损；外购锂云母成本为94750元/吨，日环比增长0.24%,生产所得为-4604元/吨，有所亏损；回收端生产 成本普遍大于矿石端成本，生产所得为负，排产积极性较低；盐湖端季度现金生产成本为31477元/吨，盐 湖端成本显著低于矿石端，盈利空间充足，排产动力十足。 1、基本面: 中性。 供给端，2025年10月碳酸锂产量为92260实物吨，预测下月产量为92080实物吨，环比减少0.19%,2025年 10月碳酸锂进口量为23881实物吨，预测下月进口量为27000实物吨，环比增加13.06%。需求端，预计下 月需求有所强化，库存或将有所去化。成本端，6%精矿CIF价格日度环比有所增长，低于历史同期平均水 平，需求持续走 ...

Market Overview - The A-share market opened slightly lower on December 2, with the Shanghai Composite Index at 3908.46 points, down 0.14% [2] - By midday, all three major indices were in the red, with the Shanghai Composite Index down 0.29%, Shenzhen Component down 0.27%, and ChiNext down 0.19% [3] Sector Performance - The oil and petrochemical, home appliance, and banking sectors showed positive performance, while the media, non-ferrous metals, and pharmaceutical sectors struggled [4] - Notable declines were observed in the non-ferrous metals sector, with companies like Huaxi Nonferrous Materials down over 6% [10][11] Specific Stock Movements - *ST Lifan experienced a significant drop, hitting the daily limit down of 19.94% due to severe financial fraud allegations, with a stock price of 2.69 CNY [15][16][18] - In contrast, local stocks from Fujian province saw a rally, with companies like Jiarong Technology hitting the daily limit up of 20.01% [19][20][21] Concept Stocks - The concept stocks related to the Hainan Free Trade Port showed weakness, with companies like Haide Co. and Hainan Ruize dropping over 7% and 6% respectively [9][13] - The lithium mining sector also faced a downturn, with recent approvals for lithium mining licenses not boosting stock performance [12] Notable Trends - The market showed a trend of funds clustering around recently popular stocks, with Jinfu Technology achieving a seven-day consecutive rise [23][24]

Core Viewpoint - The company has significant lithium production capacity and is advancing its projects in Qinghai and Tibet, indicating strong growth potential in the lithium market [1] Group 1: Production Capacity - The company has an annual production capacity of 10,000 tons of lithium carbonate at the Qarhan Salt Lake in Qinghai [1] - The company is also involved in the Tibet Mami Cuo Salt Lake project, which has commenced the construction of a phase one project with an annual production capacity of 50,000 tons of lithium carbonate, expected to be completed within 9 to 12 months [1] Group 2: Project Development - The phase one construction of the Tibet Mami Cuo Salt Lake project is set to be fully operational by the third quarter of 2025, and the project is progressing as planned [1]

格隆汇12月2日丨藏格矿业(000408.SZ)在投资者互动平台表示，公司在青海察尔汗盐湖拥有年产1万吨 碳酸锂的产能。此外，公司参股的西藏麻米错盐湖项目已于2025年第三季度正式启动一期年产5万吨碳 酸锂工程的全面建设，目前项目正按计划有序推进，预计建设周期为9至12个月。 ...

Summary of Zhongmin Resources Conference Call Industry and Company Overview - The conference call pertains to Zhongmin Resources, focusing on the lithium and copper mining sectors, as well as emerging materials like germanium and methanol [2][3][7]. Key Points and Arguments Lithium Segment - Zhongmin Resources plans to complete production line upgrades by the end of 2025, with a focus on resuming operations at the Zimbabwe spodumene production line, aiming to increase sales by 20,000 tons, bringing total sales to 70,000 tons by 2026 [2][3]. - By 2027, the company aims to add 30,000 tons of lithium carbonate corresponding to 60,000 tons of lithium sulfate, achieving a total production capacity of 100,000 tons [2][3]. - The company expects production costs to decrease due to the upgrades and new projects, enhancing overall profitability [2][5]. Copper Mining Plans - Zhongmin Resources plans to launch a copper mining project in July 2026, with a smelting project expected to start in Q1 2027 [2][6]. - The company targets to produce over 50,000 tons of copper metal by 2027, with a total cost (C3) controlled at $5,300 per ton [2][6]. - Current copper prices are around $11,000 per ton, indicating potential for significant revenue growth from this segment [6]. Cost Control Measures - The company reported a total cost of approximately 70,000 yuan in Q3, with production costs around 40,000 yuan [5]. - Future cost reductions are anticipated as new projects come online, which will also help lower period expenses [5]. Emerging Fields and Production Capacity - Zhongmin Resources is expanding into methanol production and perovskite materials to meet future demand [7]. - The first germanium production line, with a capacity of 15 tons per year, is set to commence operations soon, with an additional 18 tons expected next year, leading to a total capacity of 33 tons by 2027 [7]. - The new projects are projected to contribute 1.4 billion yuan in annual revenue with a high gross margin [7]. Transportation and Economic Considerations - The spodumene production line's revival will primarily supply the domestic market, with transportation costs significantly impacting overall costs due to lower grade materials [4][8]. - The lithium sulfate production line is expected to mitigate economic issues related to spodumene, reducing transportation costs by several thousand yuan per ton [9]. Future Growth and Strategic Goals - Zhongmin Resources has set ambitious targets of achieving 100,000 tons of lithium salt, 100,000 tons of copper, and 1 billion yuan in net profit from the small metals sector in the coming years [13]. - The company anticipates a balanced supply-demand relationship for lithium carbonate over the next two years, with a stable demand growth rate [14]. Market Pricing and Trends - The company views the pricing of lithium carbonate as being influenced by supply-demand dynamics, with a cost pricing range below 100,000 yuan, while prices above this level are affected by market sentiment and short-term mismatches [14]. Additional Important Information - Zhongmin Resources is actively exploring new copper mining opportunities in Zambia, with plans to increase exploration efforts and potentially acquire additional projects [12]. - The company has completed 10,000 meters of drilling in Zambia and aims to achieve an annual copper extraction of 100,000 tons through strategic partnerships and acquisitions [12].

Core Viewpoint - Rongjie Co., Ltd. is currently in the construction phase for its cathode materials business and in the planning phase for its anode materials business, with updates to be provided through company announcements or regular reports [1] Group 1: Business Operations - The subsidiary Rongda Lithium Industry is operating normally, while other projects under the company in Kangding have not yet been completed [1] - The company has addressed its competition with the controlling shareholder primarily in the lithium salt business since 2021 through a entrusted management approach [1] Group 2: Future Developments - Investors are encouraged to monitor the company's announcements or regular reports for further developments regarding its projects [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The current valuation of lithium carbonate is high, and the price is expected to oscillate and decline. The short - term fundamentals of lithium carbonate show a pattern of strong supply and demand, but downstream demand growth has stagnated, and the exchange has taken measures to cool the market. It is expected that the lithium carbonate price still has room for correction. The recommended investment strategy is to sell short on rallies, with an operating range of 80,000 - 104,000 [6][97] 3. Summary by Relevant Catalogs 1.1 Carbonate Lithium Market Review - The basis is at a discount of 2,670 yuan/ton [10] 1.2 Supply Side Lithium Ore - In October, China's lithium spodumene production was 7,350 tons of LCE, a month - on - month increase of 8.1%; lithium mica production was 7,700 tons of LCE, a month - on - month decrease of 5.5% [14] - In October, the import volume of lithium concentrate increased to 531,000 tons, a month - on - month increase of 2.0% and a year - on - year increase of 5.3% [18] - In October, the volume of lithium spodumene shipped from Port Hedland to China decreased to 73,800 tons, a month - on - month decrease of 60.4% and a year - on - year decrease of 32.4% [22] Lithium Battery Recycling - In November, the expected recycling volume of waste lithium batteries was 30,164 tons, a month - on - month decrease of 0.1% and a year - on - year increase of 19.4% [26] Carbonate Lithium - Last week, the production of lithium carbonate was 21,865 tons, a month - on - month decrease of 1.2% - In October, the import volume of lithium carbonate increased to 23,881 tons, a month - on - month increase of 21.9% and a year - on - year increase of 3.0% - In October, the volume of lithium carbonate exported from Chile to China was 16,210 tons, a month - on - month increase of 46.0% and a year - on - year decrease of 4.5% [31][33] Lithium Hydroxide - In December, the operating rate of lithium hydroxide was 43%, with a scheduled production of 28,900 tons, a month - on - month decrease of 3.3% and a year - on - year increase of 23.1% - In October, the export volume of lithium hydroxide was 2,876 tons, a month - on - month decrease of 55.9% and a year - on - year decrease of 63.3% [40] 1.3 Downstream Demand Lithium Iron Phosphate - Last week, the production of lithium iron phosphate was 95,713 tons, a month - on - month increase of 5.2% - In November, the scheduled production of iron phosphate was 341,300 tons, a month - on - month increase of 3% and a year - on - year increase of 46% [43] Ternary Materials - Last week, the production of ternary materials was 19,261 tons, a month - on - month increase of 1.4% - In October, the import volume decreased and the export volume increased [49] Ternary Precursors - In December, the operating rate of ternary precursors was 43%, with a scheduled production of 80,650 tons, a month - on - month decrease of 7.8% and a year - on - year increase of 4.3% - In October, the export volume increased slightly [54] Manganese Acid Lithium and Cobalt Acid Lithium - In December, the operating rate of manganese acid lithium was 44%, with a scheduled production of 12,470 tons, a month - on - month decrease of 4% and a year - on - year increase of 3% - In December, the operating rate of cobalt acid lithium was 69%, with a scheduled production of 13,235 tons, a month - on - month decrease of 1% and a year - on - year increase of 75% [55] Electrolyte - In November, the scheduled production of electrolyte was 210,780 tons, a month - on - month increase of 1.5% and a year - on - year increase of 28.0% - In October, the export volume of lithium hexafluorophosphate decreased [62] 1.4 Terminal Demand Power Batteries - In October, the production of power batteries was 170.6 GWh, a month - on - month increase of 12.8% and a year - on - year increase of 50.8% - In October, the installed capacity of power batteries was 84.1 GWh, a month - on - month increase of 10.7% and a year - on - year increase of 42.1% - Last week, the production of ternary power cells was 7.46 GWh, a month - on - month increase of 0.1%; the production of lithium iron phosphate power cells was 22.21 GWh, a month - on - month increase of 3.1% [65][66] New Energy Vehicles - In October, the production of new energy vehicles was 1.772 million, a month - on - month increase of 9.6% and a year - on - year increase of 21.1% - In October, the sales of new energy vehicles were 1.715 million, a month - on - month increase of 6.9% and a year - on - year increase of 19.9% [71] Energy Storage - In December, the scheduled production of energy - storage batteries was 57.4 GWh, a month - on - month decrease of 0.2% and a year - on - year increase of 50.1% - In October, the power scale of energy - storage bids was 6.07 GW, a month - on - month decrease of 5.9% and a year - on - year increase of 65.8%; the capacity scale of energy - storage bids was 16.35 GWh, a month - on - month increase of 0.1% and a year - on - year increase of 67.5% [77] Consumer Electronics - In October, China's smartphone production was 116.93 million, a month - on - month decrease of 4.7% and year - on - year flat - In October, China's micro - computer production was 24.22 million, a month - on - month decrease of 21.8% and a year - on - year decrease of 15.2% [80] 1.5 Cost - Lithium ore prices have risen. The price of lithium spodumene concentrate has increased by 61 US dollars/ton, and the price of lithium mica has increased by 50 yuan/ton [85] 1.6 Inventory - The total inventory of lithium carbonate has decreased by 2,452 tons. Structurally, smelters' inventory has decreased by 1,780 tons, downstream inventory has decreased by 2,452 tons, and other inventory has increased by 1,780 tons - Last week, the inventory of lithium iron phosphate has increased by 1,757 tons, and the inventory of ternary materials has increased by 71 tons [92][93] 1.7 Market Outlook - The recommended investment strategy is to sell short on rallies, with an operating range of 80,000 - 104,000 - In the resource end, the supply of lithium mica mines in Jiangxi is still at a low level, lithium spodumene production has increased, and lithium ore imports have risen - In the supply end, last week's weekly production of lithium carbonate declined, mainly due to the decrease in salt - lake production and the increase in lithium carbonate production from other raw materials; the import volume of lithium salts has increased, the export volume of lithium salts from Chile has increased, and the recycling end has maintained stable growth - In the demand end, the growth rate of new energy vehicle production and sales has slowed down, the weekly production of power cells has rebounded, last week lithium iron phosphate and ternary materials have accumulated inventory; the scheduled production of energy - storage batteries has stagnated, and the scale of energy - storage bids has declined - In the cost end, the prices of lithium spodumene concentrate and lithium mica have increased - In terms of inventory, the overall inventory has decreased, smelters and downstream have reduced inventory, and other inventory has increased [97]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - From the weekly data, the decrease in supply and increase in demand led to a decline in the total inventory turnover days to 26.3 days. However, from the perspective of future market trends, considering the expected复产 and preliminary downstream production schedules, the fundamentals may show a situation of increasing supply and decreasing demand, resulting in a slowdown in the de - stocking speed or inventory accumulation, and the marginal strength of bullish factors is weakening. Therefore, there is a significant risk in continuing to chase the current price increase. The significant deviation of the position - to - inventory ratio on Friday was mainly due to the centralized cancellation, which was caused by a large reduction in the warehouse receipt inventory on November 28th, and the return situation needs to be monitored. From a capital perspective, the current weighted contract position basically remains above 1 million lots. If the price stops rising, a decline in the position may have a significant impact on the futures price [6]. 3. Summary by Catalog 3.1 Price - The monthly price of lithium carbonate futures increased by 19%, and all links in the industrial chain strengthened. The closing price of the lithium carbonate main contract rose from 80,780 yuan/ton on October 31, 2025, to 96,420 yuan/ton on November 28, 2025, an increase of 15,640 yuan/ton. Prices of various products in the lithium - battery industrial chain also showed different degrees of increase [8][9]. 3.2 Inventory - Weekly inventory decreased by 2,452 tons to 115,968 tons. Downstream inventory decreased by 2,452 tons to 41,984 tons, inventory in other links increased by 1,780 tons to 49,660 tons, and upstream inventory decreased by 1,780 tons to 24,324 tons [6][8][22]. 3.3 Theoretical Delivery Profit and Import - Export Profit - Not specifically summarized in the text, but relevant charts are provided, including charts of lithium carbonate import profit, theoretical delivery profit, etc. [31][32]. 3.4 Lithium Resources and Related Products 3.4.1 Lithium Resources - In October, lithium ore imports increased by 2% month - on - month to 530,000 tons [34]. 3.4.2 Lithium Carbonate - Weekly production decreased by 265 tons to 21,865 tons. Among them, lithium extraction from spodumene increased by 20 tons to 13,364 tons, lithium mica production increased by 50 tons to 3,021 tons, lithium extraction from salt lakes decreased by 400 tons to 3,225 tons, and lithium extraction from recycled materials increased by 65 tons to 2,245 tons. In October, lithium carbonate imports increased by 22% month - on - month to 24,000 tons [5][8][47]. 3.4.3 Lithium Hydroxide - Not specifically summarized in the text, but relevant charts are provided, including charts of lithium hydroxide production by process, capacity, etc. [60][61]. 3.4.4 Lithium Hexafluorophosphate - Not specifically summarized in the text, but relevant charts are provided, including charts of monthly operating rate, production, export, etc. [63][64]. 3.4.5 Waste Recycling - Not specifically summarized in the text, but relevant charts are provided, including charts of waste lithium - battery recycling volume, etc. [66][67]. 3.5 Precursor and Cathode Materials 3.5.1 Ternary Precursor - Not specifically summarized in the text, but relevant charts are provided, including charts of production capacity, production, export, etc. [72][73]. 3.5.2 Ternary Materials - Weekly production increased by 259 tons to 19,261 tons, and inventory increased by 71 tons to 19,361 tons [75]. 3.5.3 Lithium Iron Phosphate - Production increased by 4,690 tons to 95,713 tons, and inventory increased by 1,757 tons to 104,341 tons [77]. 3.5.4 Other Materials - Not specifically summarized in the text, but relevant charts are provided, including charts of production capacity, production, operating rate of lithium manganate and lithium cobaltate, etc. [78][79]. 3.6 Batteries 3.6.1 Power Cells - Not specifically summarized in the text, but relevant charts are provided, including charts of production and production month - on - month change [81][82]. 3.6.2 Lithium - Battery Production - In October 2025, the production of ternary batteries was 34 GWh, lithium iron phosphate batteries was 147.92 GWh, and other types of batteries was 10.99 GWh, with a total of 192.91 GWh. The month - on - month increase was 2%, 10%, 2%, and 8% respectively; the year - on - year increase was 0%, 51%, 133%, and 41% respectively [85]. 3.6.3 Lithium - Battery Installation - Not specifically summarized in the text, but relevant charts are provided, including charts of installation structure, installation volume of different types of lithium batteries [86][87]. 3.6.4 Lithium - Battery Inventory - Not specifically summarized in the text, but relevant charts are provided, including charts of inventory structure, inventory volume of different types of lithium batteries [88][89]. 3.7 End - Users 3.7.1 New - Energy Vehicles - According to the Passenger Car Association, the preliminary estimate of the retail market of narrow - sense passenger cars in November was about 2.25 million units, flat month - on - month and a year - on - year decrease of 8.7%. Among them, new - energy vehicle retail sales could reach about 1.35 million units, and the penetration rate was expected to increase to 60% [5][90]. 3.7.2 Energy Storage - Not specifically summarized in the text, but relevant charts are provided, including charts of production capacity, operating rate, bidding, installation, and winning bid situations of energy - storage batteries [91][92]. 3.8 Supply - Demand Balance - Not specifically summarized in the text, but relevant charts are provided, including charts of monthly supply - demand balance of lithium carbonate and lithium ore [93][94]. 3.9 Options - Not specifically summarized in the text, but relevant charts are provided, including charts of historical volatility, historical volatility cone, put - call ratio of position and trading volume [95][97][98].