Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - This week, the price of lithium carbonate futures contracts showed a range-bound trend. The 2511 contract closed at 72,880 yuan/ton, down 1,080 yuan/ton week-on-week, and the 2601 contract closed at 72,820 yuan/ton, down 1,220 yuan/ton week-on-week. The spot price increased by 100 yuan/ton to 73,600 yuan/ton [1]. - The supply of lithium ore increased, with the weekly output reaching a new high of 20,516 tons. The demand from the domestic energy storage market exceeded expectations, but the cathode materials maintained inventory accumulation. The weekly lithium carbonate inventory decreased to 136,800 tons, and the de-stocking speed slowed down for three consecutive weeks [2]. - In the future, it is expected that the price will maintain a range-bound trend. The de-stocking speed of lithium carbonate has slowed down, and the downstream inventory preparation for the National Day is almost over. However, the demand on the consumer electronics and energy storage sides is expected to remain strong [3]. - For single - sided trading, the price of the futures main contract is expected to run in the range of 70,000 - 76,000 yuan/ton. For cross - period trading, due to strong demand but increasing warehouse receipts, arbitrage is not recommended. For hedging, considering the significant price fluctuations caused by the change of lithium ore mining rights, it is recommended to increase the hedging ratio and use options for hedging [4][5][6]. 3. Summary by Relevant Catalogs 3.1 Market Data - The report presents various price data of lithium - related products, including the prices of lithium ore, lithium salts, electrolytes, positive electrode materials, and lithium batteries, as well as their week - on - week changes [9]. 3.2 Lithium Salt Upstream Supply - Side (Lithium Ore) - The shipment volume of Australian lithium ore increased significantly, with 230,000/441,000 tons shipped in the first four weeks of August and September respectively. The price of lithium ore was firm but not significantly stronger [2]. - The weekly production of lithium carbonate reached a new high of 20,516 tons. The disk profit and spot profit weakened, but the spot price remained strong. The shipment volume of lithium salts from Chile was 25,600/27,400 tons in August and September [2]. 3.3 Lithium Salt Mid - stream Consumption - Side (Lithium Salt Products) - The report provides multiple charts showing the price trends, production, inventory, and import - export volume of lithium carbonate, including battery - grade and industrial - grade lithium carbonate, as well as the price difference between battery - grade and industrial - grade lithium carbonate [10][11][12]. 3.4 Lithium Salt Downstream Consumption - Side (Lithium Batteries and Materials) - The report shows the apparent consumption, inventory available days, monthly production, and monthly operating rates of lithium - battery - related products such as lithium iron phosphate, ternary materials, and various types of lithium batteries through multiple charts [15][16][17].

Group 1 - Tianqi Lithium's 30,000-ton battery-grade lithium hydroxide project has been completed, with a ceremony held on September 25 [1] - The project is located in the Zhangjiagang Free Trade Zone, specifically in the Jiangsu Yangtze River International Chemical Industrial Park [1] - This facility is Tianqi Lithium's second fully automated battery-grade lithium hydroxide (lithium carbonate) plant in Zhangjiagang [1]

Group 1: Report's Core View - The short - term lithium carbonate market is expected to maintain a volatile and slightly stronger trend, with strong price resilience in the context of increasing supply and demand, but lacking a breakthrough driver [3] - The lithium carbonate market in September shows a situation where supply and demand increase simultaneously, but the demand growth rate is faster, and it is expected to experience a period of tight supply [6] Group 2: Daily Market Summary Carbonate Lithium Futures Market Data Changes - **Main Contract and Basis**: On September 25, the lithium carbonate main contract closed at 74,040 yuan/ton, up 1,160 yuan from the previous day's 72,880 yuan/ton, and the basis weakened significantly from 620 yuan/ton on September 24 to - 540 yuan/ton [1] - **Position and Trading Volume**: On September 25, the position of the main contract slightly expanded to 261,141 lots, an increase of 487 lots from the previous day, and the trading volume slightly shrank to 342,719 lots, a decrease of 2,502 lots from the previous day [1] Supply - Demand and Inventory Changes in the Industrial Chain - **Supply Side**: On September 19, the capacity utilization rate of lithium carbonate rose to 71.31%, a 4.9 - percentage - point increase from 66.41% on September 12. The price of spodumene concentrate was stable at 6,390 yuan/ton, and that of lepidolite concentrate remained at 3,400 yuan/ton. However, lithium ore imports decreased by 17.5% month - on - month in August, and future supply increments may be restricted by tight raw materials [2] - **Demand Side**: From September 1 to 21, new - energy vehicle retail sales reached 697,000 units, a year - on - year increase of 10%. The price of lithium hexafluorophosphate rose to 58,000 yuan/ton, and the price of power ternary materials increased to 120,750 yuan/ton. But pre - holiday stockpiling is nearing the end, and demand may decline after October [2] - **Inventory and Warehouse Receipts**: On September 19, lithium carbonate inventory decreased to 137,531 physical tons, a reduction of 981 tons from 138,512 physical tons on September 12, indicating a tight balance between supply and demand [2] Group 3: Industrial Chain Price Monitoring - On September 25, the lithium carbonate main contract was 74,040 yuan/ton, up 1,160 yuan from the previous day; the basis was - 540 yuan/ton, down 1,160 yuan from the previous day; the main contract position was 261,141 lots, an increase of 487 lots from the previous day; the main contract trading volume was 342,719 lots, a decrease of 2,502 lots from the previous day [5] - From September 19 to September 12, the capacity utilization rate of lithium carbonate increased from 66.41% to 71.31%, and the inventory decreased from 138,512 physical tons to 137,531 physical tons [5] Group 4: Industry Dynamics and Interpretation Spot Market Quotes - On September 25, the SMM battery - grade lithium carbonate index price was 73,678 yuan/ton, down 106 yuan/ton from the previous working day. The market is in the peak demand season, pre - holiday stockpiling by downstream material factories is nearing the end, and market sentiment is turning cautious. In September, the market shows a situation where supply and demand increase simultaneously, but the demand growth rate is faster, and there may be a period of tight supply [6] Downstream Consumption - From September 1 to 21, the retail sales of new - energy vehicles in the national passenger car market reached 697,000 units, a year - on - year increase of 10%, and the penetration rate was 58.5%. The wholesale volume was 724,000 units, a year - on - year increase of 10%, and the penetration rate was 55.4% [7] Industry News - On September 11, a "Lithium Belt in Asia" was discovered in China, spanning four provinces and regions [9] - On September 10, news of the potential restart of Ningde Times' Jianxiawo lithium mine spread, and the company planned to restart production in November, but the outcome is uncertain [9]

Core Viewpoint - Donghua Technology announced the signing of an EPC contract and an operation contract for a lithium carbonate project in Tibet, marking a significant step in enhancing its performance in the lithium market [1] Group 1: Project Details - The company signed an EPC contract with Tibet Shigatse Zabuye Lithium Industry Co., Ltd. for the comprehensive development and utilization of a 10,000-ton battery-grade lithium carbonate project [1] - The EPC contract stipulates that the company is responsible for the design, procurement, and construction until the completion of the factory's mechanical commissioning and readiness for production [1] - The operation contract outlines the company's responsibility for daily production operations and safety management during the three-year operational period following the project's readiness for production [1] Group 2: Project Timeline and Milestones - The project is set to complete a 120-hour functional assessment from September 20 to 24, 2025, which will signify the official commencement of production [1] - Successful completion of the functional assessment will further enhance the company's engineering construction achievements in the lithium market [1]

Core Viewpoint - Donghua Technology has signed contracts for a lithium carbonate project in Tibet, marking a significant step in its engineering and operational capabilities in the lithium market [1] Group 1: Project Overview - In September 2021, Donghua Engineering Technology Co., Ltd. signed an EPC contract and an operation contract with Tibet Shigatse Zabuye Lithium Industry High-Tech Co., Ltd. for a lithium carbonate project [1] - The EPC contract stipulates that the company is responsible for the design, procurement, and construction until the factory is ready for production [1] - The operation contract outlines the company's responsibilities for daily production operations and safety management for three years after the project is ready for production [1] Group 2: Project Progress - The project has successfully completed a 120-hour functional assessment from September 20 to 24, 2025, indicating that it is ready for official production [1] - This project is notable for being the world's first large-scale industrial facility to use membrane separation and MVR technology for lithium extraction from salt lakes [1] - The project involves complex technical adjustments, environmental adaptations, and product validations, particularly challenging due to its location in a high-altitude region [1] Group 3: Market Implications - The successful completion of the functional assessment enhances the company's engineering performance in the lithium market [1]

Group 1 - The company has successfully completed the industrialization preparation for lithium sulfide, a core material for the next generation solid-state batteries [1] - The company has developed a new battery-grade lithium sulfide micro-powder, which shows significant improvements in uniformity and activity compared to existing high-purity lithium sulfide products [1] - The development of a recycling purification technology has significantly reduced the production costs of lithium sulfide [1] Group 2 - A pilot project for an annual production of 50 tons of lithium sulfide has been initiated in Meishan, Sichuan, utilizing the company's proprietary high-purity lithium sulfide preparation technology [1] - The new "slurry reduction method" technology allows for the feasibility of lithium sulfide synthesis reactions under medium and low-temperature conditions, offering advantages such as low risk and rapid scalability [1] - The company has provided samples to over ten downstream customers, receiving positive feedback [1]

Group 1 - The company reported total operating revenue of 4.833 billion yuan in H1 2025, a year-on-year decrease of 24.71% [1] - The net profit attributable to shareholders was 84 million yuan in H1 2025, a year-on-year increase of 101.62% [1] - The company achieved a net profit of 132 thousand yuan after deducting non-recurring gains and losses, a year-on-year increase of 100.03% [1] Group 2 - In Q2 2025, the company recorded operating revenue of 2.248 billion yuan, a quarter-on-quarter decrease of 12.99% [1] - The net profit attributable to shareholders in Q2 2025 was -20 million yuan, a quarter-on-quarter decrease of 119.05% [1] - The net profit after deducting non-recurring gains and losses in Q2 2025 was -43 million yuan, a quarter-on-quarter decrease of 197% [1] Group 3 - Lithium prices have been declining rapidly, increasing the company's profit pressure, with the average price of battery-grade lithium carbonate at 65,300 yuan per ton in Q2 2025, a quarter-on-quarter decrease of 14% [1] - Greenbush achieved a net profit of 1.742 billion yuan in H1 2025, with Tianqi's attributable net profit of 584 million yuan [1] - In Q2 2025, Greenbush's lithium concentrate production was 340,000 tons, remaining stable quarter-on-quarter, while sales increased by 12% to 412,000 tons [1] Group 4 - SQM reported a net profit of 1.621 billion yuan in H1 2025, with lithium salt sales of 108,100 tons [2] - In Q2 2025, SQM's lithium salt sales were 53,100 tons, with an average selling price of 8,384 USD per ton [2] - SQM's net profit in Q2 2025 was 88.4 million USD, a quarter-on-quarter decrease of 36% [2] Group 5 - The lithium salt smelting segment reported a loss of 530 million yuan in H1 2025, with Q2 2025 losses improving to approximately 244 million yuan [2] - The company has established lithium chemical product capacity of approximately 91,600 tons per year, with plans for a total capacity of 122,600 tons per year [2] - Non-recurring gains and losses included a provision for inventory impairment of 185 million yuan in H1 2025, with additional impairment of 164 million yuan in Q2 2025 due to falling lithium salt prices [3]

Group 1 - The company, Jiuwu High-Tech, announced on September 23 that it received a bid notification for the "Comprehensive Utilization and Capacity Expansion Project of Lithium Extraction from the Old Brine of the Lop Nur Salt Lake" from State Investment Xinjiang Lithium Industry Co., Ltd [2] - The company has signed a procurement contract for the membrane treatment system related to the aforementioned project with State Investment Xinjiang Lithium Industry Co., Ltd [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The lithium carbonate market is currently in a state of supply - demand imbalance, with over - supply leading to a downward trend that is difficult to reverse. The main logic is capacity mismatch, resulting in strong supply and weak demand. There are both positive and negative factors in the market. Positive factors include manufacturers' production cut plans, a decrease in lithium carbonate imports from Chile, and a decline in lithium spodumene imports. Negative factors include continuous high supply at the ore/salt lake end with limited decline, and insufficient willingness of power battery manufacturers to take delivery [8][9][10][11] 3. Summary According to the Directory 3.1 Daily Viewpoints - **Fundamentals**: Last week, the inventory of lithium iron phosphate sample enterprises was 96,217 tons, a week - on - week increase of 0.81%, and the inventory of ternary material sample enterprises was 17,545 tons, a week - on - week increase of 0.09%. The cost of externally purchased lithium spodumene concentrate was 75,527 yuan/ton, a daily increase of 0.13%, with a production loss of 3,096 yuan/ton. The cost of externally purchased lithium mica was 78,845 yuan/ton, a daily increase of 1.94%, with a production loss of 8,402 yuan/ton. The quarterly cash production cost at the salt lake end was 31,745 yuan/ton, with sufficient profit margins [8] - **Basis**: On September 19, the spot price of battery - grade lithium carbonate was 73,500 yuan/ton, and the basis of the 11 - contract was - 460 yuan/ton, with the spot at a discount [8] - **Inventory**: The smelter inventory was 34,456 tons, a week - on - week decrease of 4.85%, lower than the historical average. The downstream inventory was 59,495 tons, a week - on - week increase of 2.09%, higher than the historical average. The total inventory was 137,531 tons, a week - on - week decrease of 0.70%, higher than the historical average [8] - **Market Chart**: The MA20 of the market chart was downward, and the futures price of the 11 - contract closed below the MA20, showing a bearish trend [8] - **Main Position**: The net short position of the main players decreased, showing a bearish trend [8] - **Expectation**: In August 2025, the lithium carbonate production was 85,240 physical tons, and it is predicted that next month's production will be 86,730 physical tons, a month - on - month increase of 1.75%. The import volume in August was 17,000 physical tons, and it is predicted that next month's import will be 19,500 physical tons, a month - on - month increase of 14.71%. It is expected that demand will strengthen next month, inventory may be reduced, and the price of lithium carbonate 2511 will fluctuate in the range of 72,740 - 75,180 [8] 3.2 Market Overview - **Lithium Ore**: The price of 6% lithium spodumene was 859 US dollars/ton, a daily increase of 0.12%. The price of lithium mica concentrate (2 - 2.5%) was 1,880 yuan/ton, a daily increase of 3.58% [14] - **Lithium Salt**: The price of battery - grade lithium carbonate was 73,500 yuan/ton, a daily increase of 0.07%. The price of industrial - grade lithium carbonate was 71,250 yuan/ton, a daily increase of 0.07% [14] - **Positive Electrode Materials and Lithium Batteries**: The prices of most positive electrode materials and lithium batteries showed small fluctuations, with some products remaining unchanged [14] 3.3 Supply - Lithium Ore - **Price and Production**: The price of lithium ore has shown certain fluctuations, and the production of lithium spodumene and lithium mica mines has different trends in different periods [23] - **Import and Export**: The import volume of lithium concentrate has increased, and the export volume has also changed to a certain extent. The supply - demand balance of domestic lithium ore shows different situations in different months [26] 3.4 Supply - Lithium Carbonate - **Production and Capacity**: The weekly and monthly production and capacity of lithium carbonate from different sources (lithium spodumene, lithium mica, salt lake, and recycling) have different changes [29] - **Import and Export**: The import volume of lithium carbonate from different countries has changed, and the supply - demand balance of lithium carbonate also shows different results in different months [35] 3.5 Supply - Lithium Hydroxide - **Production and Capacity Utilization**: The weekly capacity utilization rate and monthly production of lithium hydroxide from different sources (smelting and causticizing) have changed, and the export volume has also shown different trends in different years [38] - **Supply - Demand Balance**: The supply - demand balance of lithium hydroxide shows different situations in different months [40] 3.6 Lithium Compound Cost - Profit - **Cost and Profit of Lithium Spodumene and Lithium Mica**: The production cost and profit of externally purchased lithium spodumene concentrate and lithium mica concentrate have changed, and the processing cost is composed of multiple parts [43] - **Import and Other Profits**: The import profit of lithium carbonate, the profit of recycling and producing lithium carbonate, and the profit of lithium hydroxide processing and exporting have all changed [43][45][48] 3.7 Inventory - **Lithium Carbonate Inventory**: The weekly and monthly inventory of lithium carbonate in smelters, downstream, and other aspects has different trends [50] - **Lithium Hydroxide Inventory**: The monthly inventory of lithium hydroxide in downstream and smelters has changed [50] 3.8 Demand - Lithium Battery - **Price and Production**: The price of lithium batteries has shown small fluctuations, and the monthly production, shipment volume, and export volume of lithium batteries have different trends [54] - **Inventory and Bidding**: The inventory of lithium battery cells and the EPC bidding situation of energy storage systems have changed [56] 3.9 Demand - Ternary Precursor - **Price and Cost**: The price of ternary precursors has changed, and the cost and profit of different types of ternary precursors have different trends [59] - **Capacity Utilization and Supply - Demand Balance**: The capacity utilization rate of ternary precursors has changed, and the supply - demand balance also shows different situations in different months [59][62] 3.10 Demand - Ternary Material - **Price and Cost - Profit**: The price of ternary materials has changed, and the cost - profit trend of different types of ternary materials has different characteristics [64] - **Production and Inventory**: The production and weekly inventory of ternary materials have changed [64][66] 3.11 Demand - Phosphorus Iron/Phosphorus Iron Lithium - **Price and Cost - Profit**: The price of phosphorus iron/phosphorus iron lithium has changed, and the cost - profit situation of phosphorus iron lithium has different trends [68] - **Production and Inventory**: The production and weekly inventory of phosphorus iron and phosphorus iron lithium have changed [68][71] 3.12 Demand - New Energy Vehicle - **Production, Sales, and Export**: The production, sales, and export volume of new energy vehicles have different trends, and the sales penetration rate has also changed [76] - **Retail - Wholesale Ratio and Inventory Index**: The retail - wholesale ratio of hybrid and pure - electric new energy vehicles and the inventory warning and inventory indexes of dealers have changed [80]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The overall operation of the lithium carbonate market this week was stable, in line with previous expectations. The news of illegal waste disposal by Xinghua Lithium Salt Co., Ltd. in Qinghai triggered concerns about environmental compliance, but it has not yet had a substantial impact on the supply - demand fundamentals. The core contradiction of lithium carbonate futures price trends in the next month will focus on supply - side factors such as the resumption of production at Jiuxiaowo, potential disruptions at Qinghai lithium salt enterprises due to environmental inspections, and market sentiment regarding the "930" node in Jiangxi, as well as demand - side factors such as the support of downstream restocking demand during the peak season [1]. - If the "930" shutdown expectation in Jiangxi is not fulfilled after the National Day holiday, some long positions in the futures market may face closing pressure, potentially suppressing prices in the short term. The evolution of demand will also significantly affect prices. If demand support persists, prices are expected to remain in a reasonable range; otherwise, prices may weaken. By the end of October, if the resumption of production at Jiuxiaowo exceeds market expectations, prices will show a weakening trend [2]. - From a national industrial policy perspective, the demand of downstream lithium - battery material enterprises is expected to increase month - on - month by the end of the year, which may provide phased support for lithium carbonate futures prices. It is estimated that before the National Day holiday, lithium carbonate futures prices will fluctuate between 72,000 - 76,000 yuan/ton [2]. Summary by Directory Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - The current core contradiction in the lithium carbonate market lies in the supply - side factors such as the resumption of production at Jiuxiaowo, potential disruptions at Qinghai lithium salt enterprises due to environmental inspections, and market sentiment regarding the "930" node in Jiangxi, and demand - side factors such as the support of downstream restocking demand during the peak season [1]. - The market focus is first on the "930" shutdown expectation in Jiangxi and further environmental policies. The evolution of demand after the National Day and the resumption of production at Jiuxiaowo in late October will also be crucial for price trends [2]. 1.2 Trading - Type Strategy Recommendations - **Trend Judgment**: Wide - range fluctuations. The price range is 70,000 - 78,000 yuan/ton, with a low - level range of 68,000 - 70,000 yuan/ton and a high - level range of 78,000 - 80,000 yuan/ton [7]. - **Unilateral Strategy**: When the price reaches the high - level range, short positions can be established (preferably above 78,000 yuan/ton) [9]. - **Basis Strategy**: The basis is expected to gradually weaken [9]. - **Calendar Spread Strategy**: Hold the long spread of LC2511 - LC2605 and plan to exit at the end of the month [9]. - **Option Strategy**: Sell LC2511 - P - 70000 or put options with a strike price below 70,000 (preferably enter at a price above 1,000); hold the short position of LC2511 - C - 78000 or call options with a strike price above 78,000 (preferably enter at a price above 1,700) [9]. 1.3 Industry Customer Strategy Recommendations - For lithium - battery enterprises, different hedging strategies are recommended based on different scenarios such as procurement management, sales management, and inventory management, including using futures, on - exchange/over - the - counter options, and different hedging ratios and entry price ranges [11]. Chapter 2: Market Information 2.1 This Week's Main Information - **Positive Information**: The news of illegal waste disposal by Xinghua Lithium Salt Co., Ltd. in Qinghai triggered market concerns; the Ministry of Industry and Information Technology will accelerate the R & D and industrialization of forward - looking technologies; Fulin精工's subsidiary received a 1.5 - billion - yuan prepayment from CATL; Ganfeng Lithium's energy - storage cell production capacity is fully utilized [12]. - **Negative Information**: The Ministry of Industry and Information Technology is researching and formulating the "15th Five - Year Plan for the Development of the New Battery Industry" to prevent low - level redundant construction [13]. 2.2 Next Week's Main Information No relevant information provided. Chapter 3: Futures and Price Data 3.1 Price - Volume and Capital Interpretation - This week, lithium carbonate futures prices fluctuated widely, with a simultaneous decline in trading volume and open interest. The weighted index contract closed at 74,015 yuan/ton on Friday, up 3.84% week - on - week. The trading volume was about 492,300 lots, down 5.89% week - on - week, and the open interest was about 734,900 lots, down 3.61% week - on - week [16]. - Technical indicators suggest that the market is likely to enter a stage of fluctuating decline, but considering the support of moving averages, it is expected to maintain a wide - range consolidation pattern. The implied volatility of at - the - money options has the possibility of a phased increase [16]. - As the National Day holiday approaches, there are signs of short - position withdrawal, and investors are advised to reduce their positions [18]. - The term structure of lithium carbonate has changed from a backwardation to a contango structure, and there is a possibility of further weakening in the future [21]. - This week, the basis of the lithium carbonate main contract fluctuated. Based on historical data and spot - market fundamentals, the basis may weaken after the end of downstream restocking at the end of the month [25]. 3.2 Spot Price Data - The prices of various lithium - related products in the lithium - battery industry chain showed different trends this week, with some raw materials and products experiencing price increases, while others decreased [27]. Chapter 4: Valuation and Profit Analysis 4.1 Profit Tracking of the Upstream and Downstream of the Industrial Chain - The profits of lithium - salt enterprises that purchase lithium ore externally have been marginally weakening this week, but most enterprises still maintain a certain level of profitability due to previous hedging positions. The profits of enterprises purchasing lithium spodumene have increased, while those purchasing lithium mica have decreased, indicating a shortage of mica ore [28]. - The processing profits of lithium - iron phosphate plants and cobalt - acid lithium plants have started to strengthen this week, while the profit growth of ternary - material plants and manganese - acid lithium plants has decreased marginally, indicating an improvement in demand for lithium - iron phosphate cells [28]. 4.2 Import and Export Profits - Recently, the import profit of lithium carbonate has been decreasing marginally, which may affect future import volumes. In contrast, the export profit of lithium hydroxide has been increasing [32]. Chapter 5: Fundamental Situation 5.1 Lithium Ore Supply - **Domestic Mine Production**: No specific production data was provided, but charts showed the seasonal trends of domestic lithium - ore production [35]. - **Overseas Mine Imports**: No specific import data was provided, but charts showed the import volume of lithium concentrate by country and the monthly import volume of lithium spodumene by country [37]. - **Lithium Ore Inventory**: The domestic lithium - ore inventory has decreased this week, including the total available inventory, trade - merchant inventory, warehouse inventory, and port inventory [39]. 5.2 Upstream Lithium - Salt Supply - **Lithium Carbonate Supply**: The total production of sample enterprises this week was 20,363 tons, an increase of 2.00% week - on - week. The production of lithium carbonate from different sources such as lithium spodumene, lithium mica, salt - lake materials, and recycled materials also showed different trends [41]. - **Lithium Carbonate Net Exports**: No specific net - export data was provided, but a chart showed the seasonal trend of net exports [58]. - **Lithium Carbonate Inventory**: The total weekly inventory of lithium carbonate decreased by 0.71% week - on - week, with a decrease in smelter inventory and an increase in downstream inventory [59]. - **Lithium Hydroxide Supply**: No specific production data was provided, but charts showed the monthly production of lithium hydroxide by process, total monthly production, and production by the smelting and causticizing ends, as well as the seasonal trends of production and operating rates [68]. 5.3 Mid - Stream Material Plant Supply - **Material Plant Production**: The production of various materials such as lithium - iron phosphate, ternary materials, cobalt - acid lithium, manganese - acid lithium, and lithium hexafluorophosphate showed different trends this week, with some increasing and some decreasing [73]. - **Material Plant Inventory**: No specific inventory data was provided, but charts showed the seasonal trends of the total weekly inventory of ternary materials, lithium - iron phosphate, and other materials [83]. 5.4 Downstream Cell Supply - **Power Cell Production**: The weekly production of power cells was 26.01 GWh, an increase of 0.08% week - on - week. The production of iron - lithium and ternary power cells also showed different trends [87]. - **Consumption - Type Cell Production**: No specific monthly production data was provided, but charts showed the monthly production of consumption - type cells by category and the seasonal trends of production [88]. - **Lithium - Battery Installation Volume**: No specific installation - volume data was provided, but charts showed the seasonal trends of the total installation volume of lithium batteries and the installation volume of power lithium batteries by vehicle type [91]. 5.5 New - Energy Vehicles - **New - Energy Vehicle Production and Sales**: The production and sales of new - energy vehicles showed different trends, with the weekly sales of domestic new - energy passenger vehicles increasing by 41.99% week - on - week, and the penetration rate of new - energy vehicles reaching 60.00% [95]. - **New - Energy Commercial Vehicle Production**: The production of new - energy commercial vehicles showed different trends, and charts showed the production volume and seasonal trends [99]. - **Automobile Inventory**: No specific inventory data was provided, but a chart showed the seasonal trend of the domestic automobile dealer inventory warning index [104]. 5.6 Energy Storage - The total bid - winning power and capacity of energy - storage projects showed different trends, and charts showed the total bid - winning capacity and its seasonal trend [106].