Report Industry Investment Rating - Not provided Core Viewpoints - On September 17, 2025, the lithium carbonate futures market showed a volatile trend. The short - term supply - demand pattern is favorable, but downstream purchasing willingness is low. It is expected to continue to fluctuate in the short term and may decline after the mine resumes production and consumption weakens [1][3] - In September, the market shows a situation where supply and demand increase simultaneously, but the demand growth rate is faster, and it is expected that there will be a stage of tight supply this month [2] Market Analysis - On September 17, 2025, the lithium carbonate main contract 2511 opened at 73,160 yuan/ton and closed at 73,640 yuan/ton, with a 0.03% change from the previous day's settlement price. The trading volume was 343,863 lots, and the open interest was 294,624 lots (compared to 300,437 lots the previous day). The basis was 170 yuan/ton, and the number of warehouse receipts was 39,234 lots, a change of 410 lots from the previous day [1] - According to SMM data, the price of battery - grade lithium carbonate is 72,300 - 74,000 yuan/ton, a change of 300 yuan/ton from the previous day; the price of industrial - grade lithium carbonate is 70,300 - 71,500 yuan/ton, also a 300 - yuan/ton change. The price of 6% lithium concentrate is 825 US dollars/ton, a change of 5 US dollars/ton [2] Strategy - Unilateral: Short - term range trading, sell - hedging on rallies [5] - Inter - period: None [5] - Cross - variety: None [5] - Spot - futures: None [5] - Options: None [5]

Report Summary 1. Report Industry Investment Rating - The report does not provide an industry investment rating [1] 2. Core View of the Report - The demand for energy storage is strong, and lithium carbonate is oscillating [1] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: For the 2511 contract, the closing price was 73,640 yuan, with a change of 460 yuan compared to T - 1; the trading volume was 343,863 lots, a decrease of 156,404 lots from T - 1; the open interest was 294,624 lots, a decrease of 5,813 lots from T - 1. For the 2601 contract, the closing price was 73,800 yuan, up 460 yuan from T - 1; the trading volume was 73,016 lots, a decrease of 37,744 lots from T - 1; the open interest was 175,407 lots, an increase of 1,532 lots from T - 1 [1] - **Spot and Basis Data**: The spot - 2511 basis was - 490 yuan, a change of - 160 yuan from T - 1; the spot - 2601 basis was - 650 yuan, a change of - 160 yuan from T - 1; the 2511 - 2601 basis was - 160 yuan, with no change from T - 1 [1] - **Raw Material and Lithium Salt Data**: The price of spodumene concentrate (6%, CIF China) was 857 yuan, up 4 yuan from T - 1; the price of lithium mica (2.0% - 2.5%) was 1,815 yuan, with no change from T - 1. The price of battery - grade lithium carbonate was 73,150 yuan, up 300 yuan from T - 1; the price of industrial - grade lithium carbonate was 70,900 yuan, up 300 yuan from T - 1 [1] 3.2 Macro and Industry News - **Lithium Carbonate Price**: The SMM battery - grade lithium carbonate index price was 73,116 yuan/ton, a daily increase of 281 yuan/ton. The average price of battery - grade lithium carbonate was 73,150 yuan/ton, up 300 yuan/ton from the previous workday; the average price of industrial - grade lithium carbonate was 70,900 yuan/ton, up 300 yuan/ton from the previous workday [2] - **Energy Storage Project Procurement**: In August 2025, 289 domestic energy storage projects were procured and landed, with a scale of 28GW/89GWh and a capacity year - on - year increase of 232%. From January to August 2025, the newly added procurement and landing scale of energy storage projects reached 302.8GWh, a year - on - year increase of 203% [3] 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral view [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On September 3, 2025, the lithium carbonate futures 2511 contract dropped 3.1% to 71,880 yuan/ton. The average price of battery - grade lithium carbonate decreased by 1,600 yuan/ton to 75,900 yuan/ton, the average price of industrial - grade lithium carbonate fell by 1,600 yuan/ton to 73,600 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) declined by 350 yuan/ton to 76,000 yuan/ton. The warehouse receipt inventory increased by 2,111 tons to 34,118 tons [3]. - On the supply side, weekly production continued to slow down with a narrowing decline. Weekly output decreased by 108 tons to 19,030 tons. Lithium extraction from spodumene increased by 70 tons to 12,249 tons, while lithium extraction from lepidolite decreased by 150 tons to 2,500 tons. In September, lithium carbonate production is expected to increase by 1.7% to 86,730 tons, mainly due to an increase in lithium extraction from spodumene and a small amount from recycling, while lithium extraction from lepidolite and salt lakes is expected to decline. On the demand side, in September, ternary materials are expected to decrease by 1.5% to 72,330 tons, and lithium iron phosphate is expected to increase by 5.96% to 335,250 tons. In terms of inventory, the total inventory continued to decline slightly on a weekly basis, with a decrease of 407 tons to 141,136 tons. Downstream and intermediate links showed signs of restocking, while upstream continued to destock [3]. - Recently, prices have dropped rapidly. In the short term, the market is continuously digesting the price increase caused by the suspension of production at Jianxiakeng. After the digestion is complete, the market may re - price the expectations regarding mining permits. The fundamentals in September are relatively good, but attention should be paid to September 30, as Jiangxi lithium mining projects need to complete report compilation and submission by this date, and there may be a conclusion regarding the mining permit issues of other projects at that time [3]. 3. Summary According to the Directory 3.1 Daily Data Monitoring - The report provides price data for various products in the lithium - battery industry chain on September 3 and 2, 2025, including futures, lithium ores, lithium carbonates, lithium hydroxides, hexafluorophosphate lithium, and some battery materials. For example, the closing price of the main futures contract decreased from 72,620 yuan/ton on September 2 to 71,880 yuan/ton on September 3, and the price of lithium spodumene concentrate (6%, CIF China) dropped from 887 US dollars/ton to 872 US dollars/ton [5]. 3.2 Chart Analysis 3.2.1 Ore Prices - Charts show the price trends of lithium spodumene concentrate (6%, CIF), lepidolite with different Li₂O contents, and amblygonite with different Li₂O contents from 2024 to 2025 [6][8]. 3.2.2 Lithium and Lithium Salt Prices - Charts display the price trends of metallic lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and hexafluorophosphate lithium from 2024 to 2025 [11][13][14]. 3.2.3 Price Spreads - Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and some other price spreads from 2024 to 2025 [17][19][20]. 3.2.4 Precursor and Cathode Materials - Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2025 [24][26][28]. 3.2.5 Lithium Battery Prices - Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][33]. 3.2.6 Inventory - Charts show the inventory trends of downstream, smelters, and other links of lithium carbonate from January to August 2025 [37][39]. 3.2.7 Production Cost - The chart shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉, 外购磷酸铁锂极片黑粉, lithium mica concentrate, and lithium spodumene concentrate from 2024 to 2025 [43].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On September 1, 2025, the lithium carbonate futures 2511 contract dropped 2.73% to 75,560 yuan/ton. The average price of battery - grade lithium carbonate decreased by 1,300 yuan/ton to 78,350 yuan/ton, and the average price of industrial - grade lithium carbonate also dropped by 1,300 yuan/ton to 76,050 yuan/ton. The battery - grade lithium hydroxide (coarse particles) fell by 250 yuan/ton to 76,650 yuan/ton. The warrant inventory increased by 1,310 tons to 31,197 tons [3]. - According to the semi - annual report of Salt Lake Co., Ltd. on August 29, the overall progress of its 40,000 - ton/year lithium salt project reached 71%. The adsorption lithium extraction device completed the intermediate handover acceptance on June 3. It is expected that the project will start trial production by the end of September, and the company will achieve a production scale of 80,000 tons/year of lithium salt [3]. - In terms of supply, the weekly production continued to slow down with a narrowing decline. The weekly output decreased by 108 tons to 19,030 tons. Among them, lithium extraction from spodumene increased by 70 tons to 12,249 tons, lithium extraction from lepidolite decreased by 150 tons to 2,500 tons, lithium extraction from salt lakes decreased by 37 tons to 2,515 tons, and lithium extraction from recycled materials increased by 9 tons to 1,766 tons. In terms of demand, according to the production scheduling data of market consulting agencies, the production scheduling of cathode materials in September increased by 5 - 6% month - on - month. In terms of inventory, the total inventory continued to decline slightly on a weekly basis, decreasing by 407 tons to 141,136 tons. The downstream inventory increased by 1,293 tons to 52,800 tons, the intermediate link inventory increased by 1,810 tons to 45,000 tons, and the upstream inventory decreased by 3,510 tons to 43,336 tons. The downstream and intermediate links showed signs of replenishing inventory, while the upstream continued to destock [3]. - Last week, news - related factors led to a rapid decline in prices, digesting part of the increase caused by the shutdown of Jianxiawo. The market may re - price the expectations regarding mining permits. Currently, considering the potential disturbing factors on the supply side, the relatively firm price of lithium ore, and the booming demand, the downside space may be limited, and the price may show wide - range fluctuations. It is necessary to pay attention to September 30, when Jiangxi lithium ore projects need to complete report compilation and submission. By then, there may be a conclusion regarding the mining permit issues of other projects [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract decreased from 77,180 yuan/ton on August 29 to 75,560 yuan/ton on September 1, a decrease of 1,620 yuan/ton. The closing price of the continuous contract dropped from 77,000 yuan/ton to 75,540 yuan/ton, a decrease of 1,460 yuan/ton [5]. - **Lithium Ore**: The price of spodumene concentrate (6%, CIF China) increased by 4 US dollars/ton to 898 US dollars/ton. The prices of lepidolite (Li₂O: 1.5% - 2.0%), lepidolite (Li₂O: 2.0% - 2.5%), and lithiophilite (Li₂O: 6% - 7%, Li₂O: 7% - 8%) decreased to varying degrees [5]. - **Lithium Carbonate and Lithium Hydroxide**: The prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide (coarse particles), battery - grade lithium hydroxide (micropowder), and industrial - grade lithium hydroxide (coarse particles) all decreased, while the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) remained unchanged [5]. - **Lithium Hexafluorophosphate**: The price of lithium hexafluorophosphate remained at 56,200 yuan/ton [5]. - **Price Spreads**: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged at 2,300 yuan/ton. The price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate increased by 1,050 yuan/ton to - 1,700 yuan/ton. The difference between CIF China, Japan, and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide increased by 288 yuan/ton [5]. - **Precursors and Cathode Materials**: The prices of ternary precursors 523 (polycrystalline/power type), 523 (single - crystal/consumer type), 622 (polycrystalline/consumer type), and 811 (polycrystalline/power type) increased to varying degrees. The prices of ternary materials 523 (polycrystalline/consumer type), 523 (single - crystal/power type), and cobaltous acid lithium decreased, while the price of ternary material 622 (polycrystalline/consumer type) and 811 (power type) remained unchanged. The prices of lithium iron phosphate (power type), lithium iron phosphate (mid - to - high - end energy storage), and lithium iron phosphate (low - end energy storage) decreased, while the prices of lithium manganate (power type) and lithium manganate (capacity type) remained unchanged [5]. - **Cells and Batteries**: The price of 523 cylindrical ternary batteries increased by 0.01 yuan/piece, the price of cobaltous acid lithium cells increased by 0.2 yuan/Ah, and the price of square lithium iron phosphate batteries increased by 0.001 yuan/Wh. The prices of other cells remained unchanged [5]. 3.2 Chart Analysis - **Ore Prices**: Includes charts of spodumene concentrate (6%, CIF) and lepidolite (1.5% - 2.0%, 2.0% - 2.5%) and lithiophilite (6% - 7%, 7% - 8%) prices, showing price trends from January 2024 to September 2025 [6][8]. - **Lithium and Lithium Salt Prices**: Covers charts of metallic lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate prices, presenting price trends from January 2024 to September 2025 [11][13][14]. - **Price Spreads**: Comprises charts of price spreads such as battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, and others, showing price spread trends from January 2024 to September 2025 [17][18][19]. - **Precursors and Cathode Materials**: Includes charts of ternary precursor, ternary material, lithium iron phosphate, lithium manganate, and cobaltous acid lithium prices, demonstrating price trends from January 2024 to September 2025 [24][26][28]. - **Lithium Battery Prices**: Covers charts of 523 square ternary cell, square lithium iron phosphate cell, cobaltous acid lithium cell, and square lithium iron phosphate battery prices, showing price trends from January 2024 to August 2025 [30][33]. - **Inventory**: Includes charts of downstream inventory, smelter inventory, and other - link inventory, showing inventory trends from January to August 2025 [37][39]. - **Production Cost**: Features a chart of production costs, including the cash production profit of lithium carbonate from purchased ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and spodumene concentrate, showing profit trends from January 2024 to September 2025 [41][43].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The main contract of lithium carbonate futures fell 0.17% to 82,760 yuan/ton yesterday. The average price of battery - grade lithium carbonate decreased by 500 yuan/ton to 85,200 yuan/ton, and the average price of industrial - grade lithium carbonate dropped by 500 yuan/ton to 82,900 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) decreased by 50 yuan/ton to 77,690 yuan/ton. The warehouse receipt inventory increased by 275 tons to 24,320 tons [3]. - On the supply side, the weekly output decreased by 842 tons to 19,138 tons. Among them, lithium extraction from spodumene increased by 520 tons to 12,179 tons, lithium extraction from lepidolite decreased by 1,250 tons to 2,650 tons, lithium extraction from salt lakes decreased by 90 tons to 2,650 tons, and lithium extraction from recycled materials increased by 78 tons to 1,757 tons. It is expected that the supply in August will still increase slightly by 3% to 84,200 tons. On the demand side, the lithium consumption of two major cathode materials in August is expected to increase by 8% to 86,000 tons of LCE. On the inventory side, the social inventory decreased by 713 tons to 141,543 tons, with inventory reductions in upstream and other links and continued replenishment by downstream [3]. - Currently, the production problems of known resource projects have basically been resolved. The price reached over 90,000 yuan/ton on Monday and faces short - term callback pressure. In the future, attention should be focused on the mining license issue in Jiangxi. Other projects need to complete report compilation and submission by September 30 [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - Futures, spot prices, and warehouse receipt inventory changes of lithium carbonate and related products [3]. - Supply, demand, and inventory situation analysis [3]. - Short - term price trend judgment and future focus points [3]. 3.2 Daily Data Monitoring - The table shows the price changes of various products in the lithium - battery industry chain from August 20 to August 21, 2025, including futures, lithium ores, lithium carbonates, lithium hydroxides, and other products [5]. 3.3 Chart Analysis 3.3.1 Ore Prices - Charts show the price trends of lithium - containing ores such as spodumene concentrate, lepidolite, and amblygonite from 2024 to 2025 [6][7][8] 3.3.2 Lithium and Lithium Salt Prices - Charts present the price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [11][12][13] 3.3.3 Spreads - Charts display the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, and other spreads from 2024 to 2025 [18][19][21] 3.3.4 Precursor & Cathode Materials - Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2025 [25][26][28] 3.3.5 Lithium Battery Prices - Charts present the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [33][34][35] 3.3.6 Inventory - Charts show the weekly inventory trends of downstream, smelters, and other links of lithium carbonate from January to August 2025 [38][39][40] 3.3.7 Production Costs - The chart shows the production profit trends of lithium carbonate from different raw materials such as purchased ternary pole piece black powder, purchased lithium iron phosphate pole piece black powder, purchased lepidolite concentrate, and purchased spodumene concentrate from 2024 to 2025 [42][43]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report focuses on the fundamentals of lithium carbonate, including price, volume, and position data of different contracts, as well as raw material and lithium salt prices. It also presents macro and industry news, such as the decline in SMM battery - grade lithium carbonate index price and production and shipment data of lithium mines [3][4][5] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Contract Data**: The 2509 contract's closing price was 68,280 yuan, down 2,320 yuan compared to T - 1; its trading volume was 521,849 lots, down 271,060 lots; and its open interest was 229,368 lots, down 43,385 lots. The 2511 contract's closing price was 68,600 yuan, down 1,980 yuan compared to T - 1; its trading volume was 378,788 lots, down 78,470 lots; and its open interest was 195,732 lots, up 10,387 lots [3] - **Warehouse Receipts**: The warehouse receipt volume was 5,545 lots, down 7,586 lots compared to T - 1 [3] - **Basis**: The basis of spot - 2509 was 3,720 yuan, up 1,370 yuan compared to T - 1; the basis of 2509 - 2511 was - 320 yuan, up 20 yuan compared to T - 1 [3] - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 766 US dollars, down 10 US dollars compared to T - 1; the price of lithium mica (2.0% - 2.5%) was 1,750 yuan, down 25 yuan compared to T - 1 [3] - **Lithium Salts**: The price of battery - grade lithium carbonate was 72,000 yuan, down 950 yuan compared to T - 1; the price of industrial - grade lithium carbonate was 69,900 yuan, down 950 yuan compared to T - 1 [3] 3.2 Macro and Industry News - **Price Decline**: The SMM battery - grade lithium carbonate index price was 71,474 yuan/ton, down 1,384 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate was 72,000 yuan/ton, down 950 yuan/ton; the average price of industrial - grade lithium carbonate was 69,900 yuan/ton, down 950 yuan/ton [4] - **Lithium Mine Production and Shipment**: In 2025Q2, Mt Marion produced 124,000 tons of lithium concentrate, a 11% quarter - on - quarter decrease, and shipped 134,000 tons, a 3% quarter - on - quarter decrease. Wodgina produced 166,000 tons, a 32% quarter - on - quarter increase, and shipped 136,000 tons, a 17% quarter - on - quarter increase [5] 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral view [5]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The main lithium carbonate futures fluctuated sharply during the session, closing up 0.43%. The spot price slightly declined, with electric carbon dropping by 200 to 72,950. The ore price remained flat. The production profit of salt plants using purchased lithium spodumene decreased by 78 to 2,411 yuan/ton, and the production loss of salt plants using purchased lithium mica narrowed by 186 to 6,782 yuan/ton. The supply is expected to remain high in the short term, and the fundamentals are difficult to support the lithium carbonate price. Due to the market's enthusiasm for the anti - involution theme, the lithium carbonate price is more likely to rise than fall, and the support level for the futures price is around 68,000 [11]. Group 3: Summary by Directory 1. Market Review and Operation Suggestions - The main lithium carbonate futures fluctuated sharply, rising 0.43% at the close. After the Politburo meeting did not mention anti - involution again, the futures turned from rising to falling during the session, with the lowest point at 68,500, but rebounded at the end of the session. The spot price slightly declined, and the current spot price is still at a premium to the futures. The production profit of spodumene - based salt plants decreased, and the production loss of mica - based salt plants narrowed. The supply is expected to remain high in the short term, and the price is supported at around 68,000 [11]. 2. Industry News - Super - battery Group's "Yuanwang Energy Storage Technology Agricultural Photovoltaic Complementary 46MW/92.16MWh Lead - Carbon Energy Storage Project" started in Tai'an, Shandong [14]. - LG Energy Solution won a lithium iron phosphate (LFP) battery supply project worth about 43 billion US dollars (5.9442 trillion won), accounting for 23.2% of its 2024 annual sales. The contract will take effect on August 1, 2025, with a term of three years and can be extended [14]. - Sungrow signed a cooperation agreement with European energy storage solution provider SUNOTEC to provide 2.4GWh of battery energy storage systems for its European solar projects, with the first batch of projects in Bulgaria, etc., which will accelerate the intelligent upgrade of the regional power system [13][15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply - demand imbalance in the lithium carbonate market persists, with over - supply being the main issue due to capacity mismatch, making it difficult to reverse the downward trend [8][11]. - The 2509 contract of lithium carbonate is expected to fluctuate in the range of 71,900 - 73,860 yuan/ton [8]. - There are both positive and negative factors in the market. Positive factors include manufacturers' production cut plans, a decline in lithium carbonate imports from Chile, and a decrease in lithium spodumene imports. Negative factors are the high and stable supply from ore and salt lake sources and the weak willingness of the power battery sector to purchase [9][10]. 3. Summary by Directory 3.1 Daily Viewpoints - **Fundamentals** - Supply: Last week, lithium carbonate production was 19,115 tons, a 1.60% week - on - week increase, higher than the historical average [8]. - Demand: The inventory of sample enterprises of lithium iron phosphate and ternary materials increased week - on - week [8]. - Cost: The cost of purchased lithium spodumene concentrate increased by 1.09% day - on - day, with a profit of 833 yuan/ton; the cost of purchased lithium mica increased by 1.45% day - on - day, resulting in a loss of 5,969 yuan/ton. The cost of the recycling end is close to that of the ore end, and the production enthusiasm is average. The cash production cost of the salt lake end is 31,745 yuan/ton, with sufficient profit margins [8]. - **Basis**: On July 22, the spot price of battery - grade lithium carbonate was 69,100 yuan/ton, and the basis of the 09 contract was - 3,780 yuan/ton, indicating a spot discount to futures [8]. - **Inventory**: The overall inventory was 142,620 tons, a 1.30% week - on - week increase, higher than the historical average [8]. - **Market Chart**: The MA20 of the market chart is upward, and the futures price of the 09 contract closed above the MA20 [8]. - **Main Position**: The net position of the main players is short, and the short position is decreasing [8]. - **Expectation**: In June 2025, lithium carbonate production was 78,090 physical tons, and it is predicted to be 81,150 physical tons next month, a 3.92% increase. The import volume is expected to decrease by 2.22% month - on - month. Next month, demand is expected to strengthen, and inventory may decline. The CIF price of 6% concentrate has increased day - on - day but is lower than the historical average, and the degree of over - supply has intensified [8]. 3.2 Market Overview - **Futures Closing Price**: The closing prices of various contracts have increased to different extents, with the 09 contract increasing by 2.24% [13]. - **Basis**: The basis of most contracts has changed, with the 09 contract showing a 15.24% change [13]. - **Upstream Prices**: The prices of lithium ore, lithium carbonate, and other products have changed. For example, the price of lithium spodumene (6%) increased by 1.64%, and the price of battery - grade lithium carbonate increased by 1.62% [13]. 3.3 Supply - Related - **Lithium Ore** - Price: The price of lithium ore has fluctuated over time [20]. - Production: The production of lithium spodumene and lithium mica mines has shown different trends in different years [20]. - Import and Export: The monthly import volume of lithium concentrate has changed, and there is a supply - demand balance table showing the relationship between demand, production, import, and export [20][23]. - **Lithium Carbonate** - Production: The weekly and monthly production of lithium carbonate from different sources (lithium spodumene, lithium mica, salt lake, recycling) has changed over time [26]. - Import and Export: The monthly import volume of lithium carbonate from different countries has changed, and there is a supply - demand balance table [26][30]. - **Lithium Hydroxide** - Production: The production capacity, utilization rate, and output of lithium hydroxide from different sources (causticization and smelting) have changed [33]. - Import and Export: There is a supply - demand balance table for lithium hydroxide, showing the relationship between demand, production, import, and export [35]. 3.4 Cost - Profit of Lithium Compounds - The cost and profit of purchasing lithium spodumene concentrate, lithium mica concentrate, and recycling different types of lithium - containing materials for lithium carbonate production have changed over time [38][41]. - The import profit of lithium carbonate, the profit of purifying industrial - grade lithium carbonate, and the profit of carbonizing lithium hydroxide to lithium carbonate have also changed [38][41]. 3.5 Inventory - The inventory of lithium carbonate and lithium hydroxide, including monthly and weekly inventory by source (downstream, smelter), has changed over time [46]. 3.6 Demand - Related - **Lithium Battery** - Price: The price of lithium batteries has changed over time [50]. - Production: The monthly production of battery cells has changed, including power ternary, power lithium iron phosphate, and energy - storage batteries [50]. - Export: The export volume of lithium batteries has changed over the years [50]. - **Ternary Precursor** - Price: The price of ternary precursors has changed over time [56]. - Production: The monthly production of ternary precursors has changed, and there is a supply - demand balance table [56][59]. - **Ternary Material** - Price: The price of ternary materials has changed over time [62]. - Production: The production capacity, output, and export volume of ternary materials have changed [62][64]. - **Phosphoric Acid Iron/Phosphoric Acid Iron Lithium** - Price: The price of phosphoric acid iron and phosphoric acid iron lithium has changed over time [66]. - Production: The monthly production and export volume of phosphoric acid iron and phosphoric acid iron lithium have changed [66][69]. - **New Energy Vehicles** - Production, Sales, and Export: The production, sales, and export volume of new energy vehicles have changed over time [74]. - Penetration Rate: The sales penetration rate of new energy vehicles has changed [75].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - On July 8, 2025, the 2509 contract of lithium carbonate futures rose 0.69% to 63,880 yuan/ton. The average price of battery - grade lithium carbonate increased by 350 yuan/ton to 62,900 yuan/ton, and the average price of industrial - grade lithium carbonate increased by 350 yuan/ton to 61,300 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) decreased by 50 yuan/ton to 57,470 yuan/ton. The warehouse receipt inventory decreased by 2,900 tons to 12,655 tons [3]. - In July, the production is expected to increase by 3.9% month - on - month to 81,150 tons. However, due to the maintenance and technological transformation of some upstream enterprises, the weekly production has slowed down, and the expected production may be adjusted downward. In terms of imports, the exports of lithium salts from Chile were basically flat from May to June, and the overall import of lithium carbonate in July is expected to change little month - on - month. In the demand side, the production schedule in July increased slightly month - on - month, and the consumption of lithium carbonate by the two major main materials increased by 3% month - on - month to about 80,800 tons. In the inventory side, the weekly inventory continued to accumulate, and the current inventory of lithium salts + lithium ore is high, about 380,000 tons of LCE according to Steel Union data [3]. - Currently, the overall market sentiment has warmed up, the warehouse receipts are at a low level, the transaction price of lithium ore has increased, lithium salt plants have announced production suspension for maintenance and technological transformation, and there are many disturbances in the market news. In the short term, the market may still run strongly. However, in the future, hedging pressure will also follow. As of now, there are no signs of production suspension or reduction at the mine end, and the social inventory of lithium ore and lithium salts is high. Opportunities for short - selling after the sentiment turns can still be observed. If the warehouse receipt inventory remains at a low level, it may hinder the smooth price correction, and the price may show a wide - range shock pattern [3]. 3. Summary According to the Directory 3.1 Daily Data Monitoring - The prices of some lithium ores increased. For example, the price of lithium spodumene concentrate (6%, CIF China) increased by 4 dollars/ton to 658 dollars/ton, and the price of lithium mica (Li2O: 1.5% - 2.0%) increased by 25 yuan/ton to 800 yuan/ton [5]. - Among lithium salts, the prices of battery - grade and industrial - grade lithium carbonate increased by 350 yuan/ton, while the prices of various types of lithium hydroxide mostly decreased by 50 yuan/ton, and the price of lithium hexafluorophosphate remained unchanged [5]. - In terms of price differences, the price difference between battery - grade and industrial - grade lithium carbonate remained unchanged at 1,600 yuan/ton, while the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 400 yuan/ton to - 5,430 yuan/ton [5]. - The prices of some cathode materials and precursors changed slightly. For example, the prices of some ternary precursors remained unchanged, while the prices of some ternary materials and lithium iron phosphate increased slightly, and the price of cobalt acid lithium remained unchanged [5]. - The prices of lithium batteries remained stable, with no change in the prices of various types of lithium battery cells and batteries [5]. 3.2 Chart Analysis 3.2.1 Ore Prices - The report presents charts of the prices of lithium spodumene concentrate (6%, CIF), lithium mica with different Li2O contents over time from 2024 to 2025 [6][7][8] 3.2.2 Lithium and Lithium Salt Prices - Charts show the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [12][13][14] 3.2.3 Price Differences - Charts display the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant price differences from 2024 to 2025, as well as the basis [19][20][21] 3.2.4 Precursors and Cathode Materials - Charts show the price trends of ternary precursors and ternary materials from 2024 to 2025, as well as the prices of lithium iron phosphate, manganese acid lithium, and cobalt acid lithium [23][24][26] 3.2.5 Lithium Battery Prices - Charts present the price trends of 523 square ternary battery cells, square lithium iron phosphate battery cells, cobalt acid lithium battery cells, and square lithium iron phosphate batteries from 2024 to 2025 [31][32][33] 3.2.6 Inventory - Charts show the weekly inventory trends of downstream, smelters, and other links of lithium carbonate from November 2024 to July 2025 [36][37][38] 3.2.7 Production Costs - The chart shows the production profit trends of lithium carbonate from different raw materials such as purchased ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and lithium spodumene concentrate from 2024 to 2025 [40][41] 3.3 Research Team Introduction - The research team includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience in non - ferrous and new energy research, and have obtained relevant professional qualifications and honors [44][45][46]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - On July 7, 2025, the 2509 contract of lithium carbonate futures remained flat at 63,660 yuan/ton compared to the previous trading day. The average price of battery-grade lithium carbonate rose 250 yuan/ton to 62,550 yuan/ton, and the average price of industrial-grade lithium carbonate also rose 250 yuan/ton to 60,950 yuan/ton. However, the price of battery-grade lithium hydroxide (coarse particles) dropped 50 yuan/ton to 57,520 yuan/ton. The warehouse receipt inventory decreased by 5,481 tons to 15,555 tons [3]. - In July, the supply of lithium carbonate is expected to increase 3.9% month-on-month to 81,150 tons. But due to maintenance and technological upgrades of some upstream enterprises, the weekly output has slowed down, which may lead to a certain downward adjustment of the expected output. In terms of imports, the exports of lithium salts from Chile from May to June were basically flat, and it is expected that the overall imports of lithium carbonate in July will change little month-on-month. On the demand side, the production schedule in July increased slightly month-on-month, and the consumption of lithium carbonate by the two major main materials increased 3% month-on-month to about 80,800 tons. In terms of inventory, the weekly inventory continued to accumulate, and currently, the inventory of lithium salts and lithium ore is high, approximately equivalent to 380,000 tons of LCE according to Steel Union data [3]. - In the current market, the overall market sentiment has warmed up, the warehouse receipt level remains low, the transaction price of lithium ore has increased, lithium salt plants have announced production suspension, maintenance, and technological upgrades, and there are many disturbances in market news. In the short term, the market may still run strongly. However, in the future, hedging pressure will also follow. As of now, there are no signs of production suspension or reduction at the mine end, and the social inventory of lithium ore and lithium salts is relatively high. Opportunities for short selling after the sentiment turns can still be monitored. If the warehouse receipt inventory remains at a low level, it may hinder the smooth decline of prices, and the prices may show a wide - range oscillation pattern [3] Summary by Directory Research Views - Price changes: The 2509 contract of lithium carbonate futures remained flat, while the prices of battery - grade and industrial - grade lithium carbonate rose, and the price of battery - grade lithium hydroxide (coarse particles) fell. The warehouse receipt inventory decreased [3]. - Supply, demand, and inventory: July supply is expected to increase, but weekly output has slowed. Imports are expected to change little. Demand has a slight month - on - month increase, and inventory continues to accumulate [3]. - Market outlook: Short - term strength due to various factors, but future hedging pressure exists, and prices may oscillate widely [3] Daily Data Monitoring - Futures: The closing price of the main contract increased by 380 yuan/ton, and the closing price of the continuous contract decreased by 100 yuan/ton [5]. - Lithium ore: The price of lithium spodumene concentrate (6%, CIF China) increased by 1 US dollar/ton, while the prices of various types of lithium mica and lithium phosphate aluminum stone remained unchanged [5]. - Lithium carbonate and hydroxide: The prices of battery - grade and industrial - grade lithium carbonate rose by 250 yuan/ton, the prices of battery - grade lithium hydroxide (coarse particles and micro - powder) fell by 50 yuan/ton, and the price of industrial - grade lithium hydroxide (coarse particles) remained unchanged [5]. - Other products: The price of lithium hexafluorophosphate remained unchanged, and the prices of various precursors, cathode materials, and battery cells mostly had small increases or remained unchanged [5] Chart Analysis - Ore prices: There are charts showing the price trends of lithium spodumene concentrate, different types of lithium mica, and lithium phosphate aluminum stone over time [6][8] - Lithium and lithium salt prices: Charts display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate [11][13][15] - Price differences: Charts present the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other related price differences [18][19][20] - Precursor and cathode materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobalt oxide [22][25][28] - Lithium battery prices: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobalt oxide cells, and square lithium iron phosphate batteries [30][32] - Inventory: Charts show the inventory trends of downstream, smelters, and other links [35][37] - Production cost: A chart shows the production profit trends of lithium carbonate from different raw materials [39] Team Member Introduction - Zhan Dapeng: Holds a science master's degree, is the director of non - ferrous research at Everbright Futures Research Institute, a senior precious metals researcher, etc. Has over a decade of commodity research experience and the team has won many awards [43] - Wang Heng: Holds a finance master's degree from the University of Adelaide, Australia, and is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon [44] - Zhu Xi: Holds a science master's degree from the University of Warwick, UK, and is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel [44] Contact Information - Company address: 6th Floor, Building 1, Lujiazui Century Financial Plaza, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone [47] - Company phone: 021 - 80212222, fax: 021 - 80212200, customer service hotline: 400 - 700 - 7979, postal code: 200127 [47]