1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - No explicit core view presented in the report. It mainly provides comprehensive data on the lithium carbonate futures and spot markets, including price, volume, and cost - profit information. 3. Summary by Sections 3.1 Futures Data - **Price and Volatility**: The strong support level of the lithium carbonate futures main contract is 120,000 yuan/ton. The current 20 - day rolling volatility is 81.8%, and the historical percentile (3 - year) is 96.5% [2]. - **Futures Contract Indicators**: The main contract's closing price is 160,500 yuan/ton, with a daily increase of 13,240 yuan (8.99%) and a weekly decrease of 6,480 yuan (-3.88%). The trading volume is 451,074 lots, with a daily increase of 121,948 lots (37.05%) and a weekly decrease of 157,103 lots (-25.83%). The open interest is 415,351 lots, with a daily increase of 4,020 lots (0.98%) and a weekly decrease of 44,930 lots (-9.76%) [3]. - **Spread Data**: LC2605 - LC2607 is -860 yuan/ton, with a daily increase of 320 yuan (59.26%) and a weekly increase of 240 yuan (38.71%); LC2605 - LC2609 is -1,400 yuan/ton, with a daily decrease of 640 yuan (-31.37%) and a weekly decrease of 820 yuan (-36.94%); LC2607 - LC2609 is -540 yuan/ton, with a daily decrease of 960 yuan (-64.00%) and a weekly decrease of 1,060 yuan (-66.25%) [3]. - **Warehouse Receipts**: The Guangzhou Futures Exchange's lithium carbonate warehouse receipts are 27,681 lots, with a daily decrease of 17 lots (-0.06%) and a weekly increase of 783 lots (2.91%) [3]. 3.2 Spot Data - **Lithium Ore**: Lithium mica (2 - 2.5%) is priced at 4,710 yuan/ton (no daily change), lithium spodumene (3 - 4%) is 8,295 yuan/ton (a daily increase of 70 yuan, 0.85%), lithium spodumene (5 - 5.5%) is 14,075 yuan/ton (a daily increase of 125 yuan, 0.90%), etc. [20]. - **Lithium Salts**: Industrial - grade lithium carbonate is 149,000 yuan/ton (a daily increase of 1,500 yuan, 1.02%), battery - grade lithium carbonate is 152,500 yuan/ton (a daily increase of 1,500 yuan, 0.99%), etc. [20]. - **Cell Materials**: Energy - storage lithium iron phosphate (2.5g) is 54,740 yuan/ton (a daily increase of 360 yuan, 0.66%), power lithium iron phosphate (2.5g) is 54,140 yuan/ton (a daily increase of 360 yuan, 0.67%), etc. [21]. - **Exchange Rate**: The US dollar to RMB exchange rate is 6.961, with a daily decrease of 0.0031 (-0.04%) [21]. - **Spot Spreads**: The spread between battery - grade and industrial - grade lithium carbonate is 3,500 yuan/ton (no change), the spread between battery - grade lithium carbonate and battery - grade lithium hydroxide is -12,800 yuan/ton (a daily increase of 1,680 yuan, 15.11%), etc. [25]. 3.3 Basis and Warehouse Receipt Data - **Basis**: The main continuous contract basis and near - month contract basis of lithium carbonate are presented in historical trend charts [30][31]. - **Brand Basis**: The basis quotes of different lithium carbonate brands such as Shengxin Lithium Energy, Tianqi Lithium, etc., for the LC2601 contract are provided, with most having no daily change [32]. - **Warehouse Receipt Seasonality**: The lithium carbonate warehouse receipt seasonality chart is shown, and the total warehouse receipt quantity is 27,698 lots, with a daily decrease of 17 lots [34][35]. 3.4 Cost - Profit Data - **Production Profits**: The production profits of lithium carbonate from purchased lithium ore (lithium spodumene concentrate and lithium mica concentrate) and the production profits of lithium hydroxide by causticization and smelting methods are presented in trend charts [37]. - **Delivery and Trade Profits**: The theoretical delivery profit of lithium carbonate, the export profit of lithium hydroxide, and the import profit of lithium carbonate are shown in trend charts [38][40].

Report Title - The title of the report is "Carbonate Lithium Weekly Report: Short - term expectations are fully reflected, and carbonate lithium fluctuates at a high level" [1] Report Information - The analyst is Zhang Qing, with a consulting account number Z0019679, from the Research Institute of Zhonghui Futures. The report date is January 16, 2026 [2] Market View Summary Macroeconomic Overview - In December, China's exports increased by 2.3% year - on - year (expected 3%), imports decreased by 3.1% year - on - year (expected 2.9%), and the trade surplus was $75.34 billion. The export growth rate slowed down, and the import decline widened. The 1 - year LPR was reported at 3.45%, and the 5 - year LPR was reported at 4.2%, remaining unchanged for the 9th consecutive month. The central bank announced a 0.25 - percentage - point cut in the interest rates of structural monetary policy tools such as re - loans for supporting agriculture and small businesses and rediscounts starting from January 19. M2 increased by 8.7% year - on - year in December. The increase in social financing scale was 2.45 trillion yuan, and the new RMB loans were 1.4 trillion yuan. In December, the US CPI increased by 2.7% year - on - year, the core CPI increased by 2.7% year - on - year, and increased by 0.38% month - on - month. The Fed's interest rate cut was postponed. The Prime Minister of Canada visited China this week to promote China - Canada economic and trade cooperation in the fields of agriculture and energy [3]. Supply Side - This week, the production of carbonate lithium decreased slightly, but the weekly production remained above 24,000 tons, and the average industry operating rate was above 50% [3]. Demand Side - From January 1st to 11th, the retail sales of new - energy passenger vehicles in the Chinese market were 117,000 units, a year - on - year decrease of 38% compared with the same period in January last year and a 67% decrease compared with the same period last month. The cumulative retail sales this year were 117,000 units, a year - on - year decrease of 38%. The wholesale volume of new - energy passenger vehicles by manufacturers was 167,000 units, a year - on - year decrease of 30% compared with the same period in January last year and a 51% decrease compared with the same period last month. The cumulative wholesale volume this year was 167,000 units, a year - on - year decrease of 30% [4]. Cost and Profit - This week, the prices of lithium ore increased. The price of African SC 5% lithium ore was $1,750 per ton, a week - on - week increase of $120 per ton; the CIF price of Australian 6% spodumene was $2,250 per ton, a week - on - week increase of $368 per ton; the market price of lithium mica was 6,050 yuan per ton, a week - on - week increase of 450 yuan per ton. The profit of the carbonate lithium industry was 39,668 yuan per ton, a week - on - week increase of 8,593 yuan [4]. Total Inventory - As of January 15th, the total inventory was 109,679 tons, a decrease of 263 tons from last week. The inventory of upstream smelters was 19,727 tons, a week - on - week increase of 1,345 tons [4]. Market Outlook - The basis between futures and spot prices remained stable this week. The discount of battery - grade carbonate lithium was concentrated between 500 - 2,400 yuan per ton, and that of industrial - grade carbonate lithium was concentrated between 1,900 - 3,300 yuan per ton. The actual transaction discount of battery - grade carbonate lithium was between 2,000 - 3,000 yuan per ton. Upstream lithium salt producers were active in selling, and traders were active in purchasing. Downstream buyers were mostly on the sidelines due to cost pressure. The main contract of carbonate lithium fluctuated greatly this week. At the beginning of the week, it rose for two consecutive days due to the news of canceling the export tax rebate on lithium batteries. However, with the overall decline of the non - ferrous metal sector and the exchange's new position - limit measures leading to capital outflows, the price of carbonate lithium dropped significantly. The fundamental situation has not changed much. Upstream lithium salt producers are highly motivated to start production due to high prices, and the warehouse - receipt inventory in the futures market continues to rise. The change in the export tax - rebate policy has triggered an expectation of "rush to export", and the market remains optimistic about the demand in the first quarter. However, the new - energy vehicle market shows obvious off - season characteristics, and the high - frequency data in January has shown a significant decline. In 2026, new production capacities of material manufacturers will be put into operation on a large scale. There will be rigid - demand purchasing support after the lithium price drops. In the short term, the upward trend of the price will slow down under the influence of capital and market sentiment. Wait for the opportunity to go long after a sufficient correction [5]. Price Changes | Product | Price Index | Unit | Price as of January 16th | Price on January 9th | Increase/Decrease Rate | | --- | --- | --- | --- | --- | --- | | Spodumene | 6%CIF | USD/ton | 2,250 | 1,948 | 15.50% [6] | | | African SC 5% | USD/ton | 1,750 | 1,630 | 7.36% [6] | | Lithium Mica | ≥2.5% | CNY/ton | 6,050 | 5,600 | 8.04% [6] | | Lithium Metal | ≥99% | CNY/ton | 875,000 | 725,000 | 20.69% [6] | | Carbonate Lithium | Battery - Grade | CNY/ton | 157,000 | 140,000 | 12.14% [6] | | | Industrial - Grade | CNY/ton | 155,000 | 138,000 | 12.32% [6] | | Lithium Hydroxide | Battery - Grade | CNY/ton | 150,000 | 135,000 | 11.11% [6] | | | Industrial - Grade | CNY/ton | 142,500 | 125,000 | 14.00% [6] | | Lithium Hexafluorophosphate | | CNY/ton | 153,000 | 156,000 | - 1.92% [6] | | Ternary Materials | 523 | CNY/ton | 177,400 | 166,400 | 6.61% [6] | | | 622 | CNY/ton | 175,650 | 159,650 | 10.02% [6] | | | 811 | CNY/ton | 193,800 | 181,800 | 6.60% [6] | | | 111 | CNY/ton | 168,250 | 157,250 | 7.00% [6] | | Ternary Precursors | 523 | CNY/ton | 103,725 | 101,255 | 2.44% [6] | | | 622 | CNY/ton | 96,350 | 93,120 | 3.47% [6] | | | 811 | CNY/ton | 116,750 | 113,465 | 2.90% [6] | | Lithium Iron Phosphate | Energy - Storage Type | CNY/ton | 54,100 | 49,700 | 8.85% [6] | | | Power Type | CNY/ton | 56,100 | 51,800 | 8.30% [6] | | Iron Phosphate | | CNY/ton | 11,210 | 11,020 | 1.72% [6] | | Lithium Cobalt Oxide | 4.35v | CNY/ton | 400,000 | 391,000 | 2.30% [6] | | Lithium Manganate | Capacity Type | CNY/ton | 56,500 | 53,000 | 6.60% [6] | | | Power Type | CNY/ton | 57,500 | 54,000 | 6.48% [6] | | Artificial Anode Materials | High - End | CNY/ton | 53,500 | 53,500 | 0.00% [6] | | | Mid - End | CNY/ton | 27,500 | 27,500 | 0.00% [6] | | | Low - End | CNY/ton | 20,000 | 20,000 | 0.00% [6] | | Natural Anode Materials | High - End | CNY/ton | 50,000 | 50,000 | 0.00% [6] | | | Mid - End | CNY/ton | 31,000 | 31,000 | 0.00% [6] | | | Low - End | CNY/ton | 21,250 | 21,250 | 0.00% [6] | | Electrolytes | Lithium Iron Phosphate | CNY/ton | 35,500 | 35,500 | 0.00% [6] | | | Ternary/Conventional Power Type | CNY/ton | 37,250 | 37,250 | 0.00% [6] | Market Review - As of January 16th, the LC2605 contract closed at 146,200 yuan per ton, a 1.9% increase from last week. The spot price of battery - grade carbonate lithium was 157,000 yuan per ton, a 12% increase from last week. The basis changed from discount to premium, and the open interest of the main contract was 420,000. This week, the main contract hit a new high. Affected by the news of canceling the export tax - rebate subsidy for lithium batteries over the weekend, the market was optimistic about the expectation of rush to export. With the pre - positioning of demand and the slow release of upstream production, the price soared to 174,000 yuan. However, the sales volume of the terminal new - energy vehicle market was average in January, and overseas production resumed. The price of carbonate lithium dropped significantly due to weakening expectations [7]. Production Situation Carbonate Lithium - As of January 16th, the production of carbonate lithium was 24,510 tons, a week - on - week decrease of 710 tons. The enterprise operating rate was 54.3%, a week - on - week increase of 2.59%. A few lithium salt producers carried out maintenance plans this week, leading to a slight decline in production. However, the industry operating rate remained above 50%, and the ramping - up of new production capacities continued to contribute to the increase. South American lithium salt producers will resume partial production at the end of January, and the supply is expected to be loose [9]. Lithium Hydroxide - As of January 16th, the production of lithium hydroxide was 6,715 tons, a week - on - week increase of 325 tons. The enterprise operating rate was 36.99%, a week - on - week increase of 1.79%. This week, the raw material prices fluctuated greatly, and downstream buyers generally adopted a wait - and - see attitude. However, the profit inversion of upstream enterprises restricted their enthusiasm for starting production, and some production lines were still under maintenance. The market remained in a tight - balance state [11]. Lithium Iron Phosphate - As of January 16th, the production of lithium iron phosphate was 97,203 tons, a week - on - week decrease of 2,174 tons. The enterprise operating rate was 85.62%, a week - on - week decrease of 1.91%. The continuous decline in the production of lithium iron phosphate this week was mainly due to the maintenance of individual large factories and production line technological transformation, combined with the obvious cost pressure on small and medium - sized manufacturers, which actively reduced the device load [14]. Ternary Materials - The raw material prices of ternary materials were high, and enterprises slightly reduced production [16]. Other Cathode Materials - The downstream purchasing willingness of other cathode materials was low, and the industry produced according to sales [23]. Inventory Situation Carbonate Lithium Industry - As of January 15th, the total inventory of the carbonate lithium industry was 109,679 tons, a decrease of 263 tons from last week. The warehouse - receipt inventory was 27,458 tons, a week - on - week increase of 2,098 tons. The total inventory of carbonate lithium decreased again. The inventory of downstream material manufacturers increased, which indirectly confirmed that downstream buyers still maintained rigid - demand purchasing in the traditional off - season. With the rapid price increase, the warehouse - receipt inventory continued to increase [30]. Downstream Lithium Iron Phosphate - As of January 16th, the total inventory of the lithium iron phosphate industry was 30,786 tons, a decrease of 2,313 tons from last week. This week, the finished - product inventory of lithium iron phosphate continued to decline. Downstream cell manufacturers maintained a stable purchasing rhythm. However, due to the high current cost price, downstream buyers only maintained the necessary safety inventory. The operating load of the lithium iron phosphate industry decreased, mainly consuming the existing inventory [33]. Other Downstream Industries - In the off - season of demand, the shipment of ternary materials was not smooth, and the inventory increased slightly. The inventory situations of manganese acid lithium, cobalt acid lithium, and ternary precursors also had corresponding changes [35][37][39]. Cost and Profit Situation Cost Side - As of January 16th, the price of African SC 5% lithium ore was $1,750 per ton, a week - on - week increase of $120 per ton; the CIF price of Australian 6% spodumene was $2,250 per ton, a week - on - week increase of $368 per ton; the market price of lithium mica was 6,050 yuan per ton, a week - on - week increase of 450 yuan per ton. Although the import of lithium ore was abundant, the production capacity of lithium salt producers was full, and the high completion rate of Spring Festival inventory replenishment supported the raw - material prices at a high level [44]. Carbonate Lithium - As of January 16th, the production cost of carbonate lithium was 115,364 yuan per ton, a week - on - week increase of 11,560 yuan. The profit of the carbonate lithium industry was 39,668 yuan per ton, a week - on - week increase of 8,593 yuan. The average production cost of the carbonate lithium industry increased week - on - week due to the significant increase in lithium - ore prices. The profit margins of integrated and salt - lake enterprises expanded significantly, but the profits of processing enterprises relying on external raw - material procurement were meager, and the internal differentiation was relatively serious [46]. Lithium Hydroxide - As of January 16th, the production cost of lithium hydroxide was 108,189 yuan per ton, a week - on - week increase of 13,132 yuan. The profit of the lithium hydroxide industry was 40,022 yuan per ton, a week - on - week increase of 11,047 yuan. This week, the prices of raw materials and carbonate lithium increased significantly, further increasing the cost - side pressure of lithium hydroxide production. The price of lithium hydroxide was affected by carbonate lithium, with scarce low - price goods, and the industry profit further expanded [48]. Downstream Lithium Iron Phosphate - As of January 16th, the production cost of lithium iron phosphate was 55,041 yuan per ton, a week - on - week increase of 4,609 yuan. The loss of lithium iron phosphate was

Group 1 - The company has successfully completed the trial production line for lithium hydroxide at the Chaka site, with a capacity of 3,300 tons [2] - The company confirmed that the production line has met design parameters and is feasible for transitioning to stable commercial production [2] - Relevant procedures for further development are currently being advanced [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report No clear core viewpoints are explicitly stated in the provided content. The report seems to be a comprehensive data - driven analysis of the lithium carbonate market, presenting various data on futures, spot, basis, and cost - profit aspects. 3. Summary by Relevant Catalogs 3.1 Futures Data - The strong support level of the lithium carbonate main contract is 120,000 yuan/ton, with a 20 - day rolling volatility of 68.4% and a 3 - year historical percentile of 94.9% [3] - The closing price of the main contract is 161,940 yuan/ton, down 5,040 yuan (3.02%) daily and up 19,640 yuan (13.80%) weekly. The trading volume is 589,019 lots, down 19,158 lots (3.15%) daily and up 168,612 lots (40.11%) weekly. The open interest is 452,583 lots, down 7,698 lots (1.67%) daily and down 53,937 lots (10.65%) weekly [4] - The closing price of the weighted - index contract is 162,418 yuan/ton, down 5,025 yuan (3.00%) daily and up 19,892 yuan (13.96%) weekly. The trading volume is 1,086,844 lots, down 95,128 lots (8.05%) daily and up 349,719 lots (47.44%) weekly. The open interest is 886,318 lots, down 15,033 lots (1.67%) daily and down 77,914 lots (8.08%) weekly [4] - The price differences between different contracts (e.g., LC2605 - LC2607, LC2605 - LC2609, LC2607 - LC2609) have different daily and weekly changes [4] - The Guangzhou Futures Exchange's lithium carbonate warehouse receipts are 26,898 lots, up 928 lots (3.57%) daily and up 3,757 lots (16.24%) weekly [4] 3.2 Spot Data - In the lithium ore segment, prices of various lithium ores such as lithium mica, lithium spodumene from different sources have different daily and weekly changes. For example, the latest average price of 2 - 2.5% lithium mica is 4,990 yuan/ton, up 40 yuan (0.81%) daily [22] - In the lithium salt segment, prices of industrial - grade and battery - grade lithium carbonate and lithium hydroxide all increased. For example, the price of industrial - grade lithium carbonate is 159,500 yuan/ton, up 3,500 yuan (2.24%) daily [22] - For cell materials, prices of some materials increased while others remained unchanged. For example, the price of energy - storage lithium iron phosphate is 57,190 yuan/ton, up 950 yuan (1.69%) daily [23] - The US dollar to RMB exchange rate is 6.978, up 0.0033 (0.05%) [23] - The differences between battery - grade lithium carbonate and industrial - grade lithium carbonate, battery - grade lithium carbonate and battery - grade lithium hydroxide, and battery - grade lithium hydroxide CIF in Japan, South Korea and domestic prices also have corresponding daily and weekly changes [26] 3.3 Basis and Warehouse Receipt Data - The basis of the main continuous contract of lithium carbonate and the near - month contract of lithium carbonate are presented in the form of historical charts [29][30] - Different lithium carbonate brands have different basis quotes for the LC2601 contract, with some having zero daily changes and some having non - zero changes [31] - The total number of warehouse receipts is 26,898 lots, up 928 lots. Different storage locations have different changes in warehouse receipt quantities [35] 3.4 Cost - Profit Data - The production profits of lithium carbonate from外购 lithium ore (lithium spodumene and lithium mica) are presented in historical charts [37] - The production profits of lithium hydroxide by causticizing method and smelting method are presented in historical charts [37] - The theoretical delivery profit of lithium carbonate, the export profit of lithium hydroxide, and the import profit of lithium carbonate are presented in historical charts [38][39]

Core Viewpoint - Yahua Group has successfully transported lithium ore from Zimbabwe back to China for the production of lithium hydroxide, indicating a stable and increased supply of raw materials, which may enhance production capacity and affect market dynamics negatively for lithium hydroxide prices [1][4]. Group 1: Company Developments - Yahua Group announced on January 13 that it has returned a bulk shipment of lithium ore from Zimbabwe for domestic production [1][4]. - The return of lithium ore is expected to stabilize and potentially increase the production of lithium hydroxide, which is crucial for battery manufacturing [1][4]. Group 2: Market Implications - The increase in raw material supply is likely to enhance market expectations for lithium hydroxide supply, potentially leading to downward pressure on spot prices due to alleviated shortages [2][5]. - The overall market sentiment is rated as slightly bearish (-1), as the substantial increase in supply is expected to negatively impact prices, despite not reaching an extreme level [2][5].

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：中粮期货研究中心 2026年一季度是碳酸锂做多的最佳窗口期，核心逻辑在于"供应滞后+需求刚性+低库存"的三重共振。本周下游电池厂点价接货增加，期现正反馈仍可向 上驱动行情。叠加新能源汽车一季度销量开门红预期修正，锂电池出口退税窗口期抢出口，市场利多氛围持续强化，且在无新增供应与需求负反馈的情况 下，存在进一步上行空间。 一 供应增量释放滞后 短期来看，2026年一季度碳酸锂供应增量有限，成为供需紧平衡的核心支撑。一方面，国内主要矿山及复产项目（如宁德枧下窝项目）增量多集中在3月 后及二季度，一季度难以形成有效供应；另一方面，1月份部分老产线进入年度检修，进一步限制供应增量，同时部分企业存在缺矿问题，导致1-2月累库 规模低于此前预期。 | 一季度累库不及预期 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 时间\分项 | 总产量 | 进口 | 田口 | 总供应 | 总消费 | 过剩量 | 库存量 | 现货月均价 | | 2025-01 ...

公司库存稳定，维持在一个月左右的现货水平，春节期间有例行检修安 排，一季度供应紧张程度较高，需关注下游库存消耗后的原料补充情况。 赣锋集团积极布局磷酸二氢锂、钾肥等新业务，其中钾肥项目规划年产 200 万吨，预计 2027 年投产，储能业务拓展国内外市场，固态电池领 域进行全面布局，推动低空经济等应用。 部不断抬高是大势所趋。从历史角度看，每轮周期底部都比上一轮高。此外， 由于行业开支低于预期导致供给跟不上需求变化，这一逻辑在当前周期再次得 到验证。 行业资本开支意愿及未来项目投产情况如何？ 赣锋锂业 20260112 摘要 赣锋锂业拥有约 5,000 万吨碳酸锂当量资源，计划到 2030 年形成 60 万吨产能，并积极拓展钾、磷等多元矿产资源，实现一体化发展，下游 电池业务预计 2025 年进入景气周期。 近期碳酸锂价格上涨超预期，主要受需求增长和供给不确定性影响，短 期内退税消息或刺激需求，长期来看，行业底部不断抬高，但需警惕非 市场化价格控制带来的风险。 尽管碳酸锂价格上涨，但行业资本开支意愿尚未显著提升，地缘政治因 素增加海外资源不确定性，新项目投产需时，预计 2025 年后的项目或 到 2027-2 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply side is affected by factors such as the non - resumption of the Ningde Jianxiawo mine, and the production enterprises in Yichun and Qinghai receiving notices of mining right transfer review. In December, the domestic lithium carbonate production increased by 3% month - on - month, and in November, the imported lithium concentrate was 729,000 tons, a month - on - month increase of 11.9%. The total import of lithium carbonate in November was about 22,000 tons, a month - on - month decrease of 7.6% and a year - on - year increase of 15%. It is expected that the subsequent import of lithium salts from South America will supplement the supply [5][7]. - The downstream demand is strong, and the de - stocking trend continues. The terminal demand for energy storage continues to be good. The production schedule in January is expected to decline slightly, and the cathode production schedule in November increased by 2% month - on - month. With the continuous risk of mining certificates in Yichun, the production of lithium from ore continues to increase under the background of profit repair, and the cost center moves up. The expectation of the resumption of production of Ningde Jianxiawo within the year has failed. After the joint production cut of cathode material factories, the downstream production schedule is expected to decline, resulting in a small inventory accumulation. Attention should be paid to the disturbances at the Yichun mine end. When downstream purchases lithium carbonate, the inventory of traders accumulates, and the price is expected to continue to fluctuate [7]. 3. Summary According to Relevant Catalogs Weekly Viewpoint Supply - side situation - Production: According to Baichuan Yingfu statistics, last week's lithium carbonate production increased by 50 tons week - on - week to 24,400 tons, and the December production increased by 3% month - on - month. The Ningde Jianxiawo mine has not resumed production, and production enterprises in Yichun and Qinghai have received notices of mining right transfer review, affecting supply. In the third quarter, Australian mines achieved cost control, and the space for further cost reduction of Australian mines is extremely limited. Most mainstream Australian mines have basically reduced their capital expenditure for fiscal year 25 [5]. - Import: In November 2025, China imported 729,000 tons of lithium concentrate, a month - on - month increase of 11.9%. The top three countries in terms of import volume were Australia, Zimbabwe, and Nigeria. The import of lithium concentrate from Australia in November increased by 44% month - on - month, the import from Zimbabwe was 110,000 tons, a month - on - month decrease of 28%, and the import from Nigeria was 92,000 tons, a month - on - month decrease of 16%. In November, 22,055 tons of lithium carbonate were imported, a month - on - month decrease of 7.6%, and the import from Chile was 10,800 tons, accounting for 49% [5]. - Cost: The CIF price of imported lithium spodumene concentrate increased week - on - week. Some manufacturers producing lithium carbonate by purchasing external lithium ore faced cost inversion. Enterprises with their own ore and salt lakes had certain profit support, while lithium hydroxide manufacturers faced greater cost pressure [5]. Demand - side situation - Production schedule: The overall production schedule in January decreased month - on - month, and the production schedule of large - scale cell factories in November increased by 2% month - on - month [6]. - Production, export, and sales of batteries: In November, the total production of power and other batteries in China was 176.3 GWh, a month - on - month increase of 3.3% and a year - on - year increase of 49.2%. The total export of power and other batteries was 32.2 GWh, a month - on - month increase of 14.1% and a year - on - year increase of 46.5%. The sales volume of power and other batteries was 179.4 GWh, a month - on - month increase of 8.1% and a year - on - year increase of 52.2%. The trade - in policy and the extension of the new energy vehicle purchase tax on the policy side are also expected to continuously support the rapid growth of the sales volume of the new energy vehicle market in China [6]. - Inventory: This week, the lithium carbonate inventory showed a slight accumulation state. The factory inventory of lithium carbonate decreased by 849 tons, the market inventory decreased by 3,740 tons, and the futures inventory increased by 5,079 tons [6]. Key Data Tracking - Multiple data charts are provided, including the spot tax - included average price of lithium carbonate, weekly and monthly production of lithium carbonate, weekly and monthly inventory of lithium carbonate, average price of industrial - grade lithium carbonate, average price of imported lithium concentrate, production of power and other batteries, production of lithium carbonate from different raw materials, production and loading volume differences of domestic power batteries, production of lithium iron phosphate and ternary materials, import volume of lithium spodumene, average price of lithium iron phosphate for power use, import volume of lithium carbonate, and market price of ternary materials type 8 NCA. The data sources are Baichuan Yingfu, IFIND, and the Non - ferrous Metals Industry Service Center of Yangtze River Futures [9][10][12][14][18][21][24][25][27][31][33][38][39][41][43]

Summary of Shengxin Lithium Energy Conference Call Company Overview - **Company**: Shengxin Lithium Energy - **Industry**: Lithium Mining and Production Key Points Mining Projects - Shengxin Lithium Energy has obtained a mining license for the Mulong Mine, a high-grade lithium mine in the Sichuan region, with plans to start production in 2028, targeting an annual output of approximately 80,000 tons of lithium carbonate equivalent at an estimated non-tax cost of 40,000 RMB per ton [2][3] - The company plans to increase its stake in the Mulong Mine to significantly enhance its lithium resource self-sufficiency, aiming for nearly complete domestic supply [2][4] - The company’s Sabi Star project in Zimbabwe has a high grade of 1.98%, with a target of achieving 35,000 tons of lithium carbonate equivalent by 2026 at a non-tax cost of around 60,000 RMB per ton [2][7] - The company is exploring surrounding areas to extend the lifespan of the Sabi Star project due to limited reserves [2][7] International Expansion - The lithium salt project in Indonesia aims to expand overseas resources and enhance the company's control over the supply chain, despite slightly higher construction and production costs compared to domestic operations [2][7] - The company has sold over 10,000 tons of goods within four months since sales began in August 2026, indicating a positive market response [2][7] Inventory and Sales Strategy - Shengxin Lithium Energy currently has low inventory levels, with major customers like BYD and Zhongchu Innovation maintaining normal pickup rates, resulting in minimal sales pressure [2][8] - The company anticipates producing around 120,000 tons in 2026, with approximately 40% sourced from its own mines and the remainder through outsourcing and purchases [2][8] Pricing and Customer Relations - The company primarily relies on long-term contracts with major clients, with pricing based on industry averages or futures prices [2][8] - Strategic partnerships with companies like Huayou and Zhongchu Innovation are aimed at resource sharing and strategic collaboration [2][8] Future Development and Financial Planning - The overall strategy involves a dual-circulation model, focusing on both domestic and international resource and smelting capabilities to enhance supply chain control and mitigate geopolitical risks [2][11] - The company plans to invest approximately 4 billion RMB in the Mulong Mine, with 3.3 billion RMB already secured through bank loans [3][14] - A planned capital increase of 3.2 billion RMB is underway to support future growth, with participation from strategic investors [3][14] Solid-State Battery and Metal Business - Shengxin Lithium Energy has existing capacity of 500 tons in its metal business and plans to add 2,500 tons to meet the demand in the solid-state battery sector [2][9] - The company has developed advanced technology for ultra-thin metal strips and maintains communication with downstream customers to capitalize on market opportunities [2][9] Environmental and Regulatory Considerations - The company acknowledges the challenges of mining in the Sichuan region due to environmental and safety regulations but believes its experience in complex environments will aid in the development of the Mulong Mine [2][5][6] Employee Incentives - Since entering the lithium industry in 2017, the company has invested significantly in employee incentives, conducting four rounds of incentives to boost morale and performance [2][12] Resource Acquisition Strategy - Shengxin Lithium Energy aims to focus on resource acquisition in regions like Sichuan, South America, and Africa, with a preference for solid minerals while remaining open to opportunities in salt lake projects [2][15][16]

Summary of Tianqi Lithium's Conference Call Company Overview - **Company**: Tianqi Lithium - **Industry**: Lithium production and processing Key Points Production and Capacity - Tianqi Lithium expects Talisman lithium concentrate production to increase in 2026, primarily due to the capacity release of the CGP 3 project, with a projected ramp-up rate of approximately 60% [2][3] - The initial product quality and impurity levels may fluctuate, but products will be blended with others to meet customer specifications [2] - The company plans to secure half of Talisman's total output, with a production budget for Wenfei not exceeding 1.8 million tons in 2026 [2][5] - The Kunana plant is still ramping up and is unlikely to reach full production by the end of 2026 [2][8] Market Dynamics - The company has not discussed adjustments to lithium concentrate pricing mechanisms with joint venture partners like Albemarle, and Albemarle's procurement volume may fall below the upper limit of 950,000 tons [2][5] - Other Australian projects that are currently inactive may consider resuming production if lithium prices stabilize above $1,200 per ton for 3-6 months [6] Supply Chain and Inventory - Domestic factories and the new lithium hydroxide plant in Suzhou are operating smoothly, with tight inventory levels [2][7] - The company anticipates further expansion plans to meet market demand and ensure supply chain stability [7] Environmental and Regulatory Challenges - The Yajiang Cuola project faces strict environmental regulations and local government restrictions, with unclear timelines and budgets for construction [4][10] - The estimated total expenditure for the project is between 2-3 billion RMB [10] Strategic Initiatives - Tianqi Lithium has a long-term contract order ratio of about 70%, with pricing based on ASM prices and adjustments for spot orders according to market conditions [4][17] - The company is actively involved in solid-state battery materials and plans to establish a research and innovation center in Hong Kong [4][24] Financial Outlook - The company has a positive outlook on capital expenditures for 2026, maintaining an open attitude unless faced with significant losses or liquidity issues [20][21] - Tianqi Lithium is focusing on expanding capacity while controlling costs, although it acknowledges limited room for cost reduction [23] Future Prospects - The company is optimistic about the lithium price trend and suggests that investors pay attention to the investment opportunities arising from this market dynamic [25] Legal Matters - Tianqi Lithium is involved in an administrative lawsuit with the Chilean Financial Management Authority regarding SQM's transactions, which could impact future operations [11] Resource Acquisition Strategy - The company remains cautious about new resource acquisitions, evaluating hundreds of projects annually but facing challenges due to high valuations and geopolitical risks [12][14] Production from Other Projects - The Zabuye Salt Lake project, in which Tianqi holds a 20% stake, is producing several thousand tons of lithium carbonate annually, with plans for expansion [15] Conclusion - Tianqi Lithium is positioned to benefit from rising lithium prices and is focused on expanding production capacity while navigating environmental challenges and strategic partnerships [25]