1. Report Title and Period - The report is "Carbonate Lithium Weekly Report 2026.02.02 - 2026.02.06", focusing on the carbonate lithium market [1] 2. Report Industry Investment Rating - No investment rating information provided 3. Core Viewpoints - The market is in a wide - range shock stage after the high - price collapse. The core contradiction lies in the game between the short - term domestic supply contraction expectation and the long - term import increment and inventory accumulation expectation. Pre - holiday capital flight amplifies price fluctuations, and the weakening spot price and high warehouse receipt inventory put pressure on the market, with overall weak sentiment. It is expected that the high - volatility of the market will continue in the next 1 - 2 weeks, with prices seeking direction in the range of 130,000 - 140,000 yuan/ton, and post - holiday import arrivals and downstream resumption of work need to be closely monitored [3] 4. Summary by Directory 4.1 Lithium Salt Market Introduction - **Price Changes**: Carbonate lithium futures prices dropped 10.31% week - on - week to 132,920 yuan/ton. Battery - grade carbonate lithium spot prices fell 13.23% week - on - week to 138,400 yuan/ton, and industrial - grade carbonate lithium spot prices dropped 13.15% to 136,000 yuan/ton. Hydroxide lithium spot prices also declined, with the price of electric - carbon (coarse - grained) down 6.13% to 145,500 yuan/ton, electric - carbon (fine powder) down 5.93% to 150,700 yuan/ton, and industrial - grade down 6.35% to 140,200 yuan/ton [3][5] - **Premium and Discount Changes**: The premium and discount of various raw materials and enterprises have changed. For example, the premium of辉石料 increased by 250 yuan/ton, and that of Ganfeng Lithium Co., Ltd. increased by 400 yuan/ton [8] 4.2 Lithium Salt Fundamentals 4.2.1 Supply - **Carbonate Lithium Production**: The domestic carbonate lithium capacity utilization rate remained at a high level of 87.14%, but the hydroxide lithium capacity utilization rate decreased 5.41% week - on - week to 35%. Policy disturbances in Jiangxi mica mines and planned overhauls in some lithium salt plants strengthened the market's expectation of supply contraction in February [3] 4.2.2 Demand - **Downstream Consumption**: Downstream demand shows structural support, with the operating rate of energy - storage battery cells rising. However, due to the seasonal slowdown during the Spring Festival, the downstream production plan for February is expected to decline month - on - month, and the procurement of high - price raw materials is cautious [3] 4.2.3 Import and Export - **Lithium Ore Import**: The export volume from Chile increased significantly in January, and the market expects the import volume in March to reach a new high, which has led to concerns about inventory accumulation during the peak season and suppressed prices [3] - **Lithium Ore Transportation Cost**: The transportation costs from most African countries remained stable, with only the container transportation cost from Nigeria increasing by 6.67% week - on - week [29] 4.2.4 Inventory - **Carbonate Lithium Warehouse Receipt Inventory**: The exchange warehouse receipt inventory increased 10.27% week - on - week to 33,777 lots. Warehouses such as COSCO Shipping Nanchang Warehouse and JF Shanghai Warehouse had significant increases, intensifying inventory pressure [3][42] 4.2.5 Cost and Profit - **Carbonate Lithium**: The raw material cost decreased in line with the lithium price. The production cost of externally purchased lithium concentrate/mica decreased 13.07%/12.32% week - on - week. The profit of the externally purchased lithium mica route shrank 29.8% to 5,830 yuan/ton, while the externally purchased lithium concentrate route remained in a loss state [3] 4.3 Lithium Battery Fundamentals - The report also covers the market conditions, supply, demand, import and export, cost - profit, and recycling of lithium battery materials, as well as the production, sales, and other key data of new energy vehicles, but specific data details are not fully presented in the provided content [45]

Core Viewpoint - Tianqi Lithium announced a new H-share placement and convertible bond issuance, along with the sale of stakes in Zhongchuang Innovation and SQM, aiming to raise over 7 billion yuan through these capital operations [2][3]. Group 1: Capital Operations - The company plans to issue 65.05 million new H-shares at a price of 45.05 HKD per share and issue convertible bonds totaling 2.6 billion yuan, with an initial conversion price of 49.56 HKD per share [3]. - If all shares are issued and bonds converted, the net fundraising is expected to reach 5.829 billion HKD, primarily for strategic development in the lithium sector, acquisition of quality lithium assets, and operational funding [3][6]. - The total amount raised and cashed out from these operations is projected to exceed 7 billion yuan [3]. Group 2: Financial Health - Tianqi Lithium does not appear to face significant financial or debt pressure, having achieved a turnaround in performance with a net cash inflow of 2.193 billion yuan in operating cash flow for the first three quarters of 2025 [3]. - As of the end of the third quarter of 2025, the company's debt-to-asset ratio stood at 30.50%, significantly lower than the industry average, including competitors like Ganfeng Lithium [3]. Group 3: Strategic Direction - In April 2024, the new chairman, Jiang Anqi, initiated a long-term strategy focusing on strengthening upstream, midstream, and penetrating downstream sectors [2][7]. - However, shortly after taking over, Jiang Anqi halted the second phase of the hydroxide lithium project in Australia and fully provisioned a 1.484 billion yuan impairment, indicating a cautious approach to new projects [7]. - The sale of stakes in Zhongchuang Innovation, a leading battery manufacturer, suggests a potential retreat from deepening ties with downstream partners, highlighting a strategic shortcoming in the company's approach [7][9]. Group 4: R&D Investment - Tianqi Lithium's R&D spending has been significantly lower than that of Ganfeng Lithium, which has actively developed a comprehensive lithium battery supply chain [7][9]. - Ganfeng Lithium has established a vertically integrated system covering lithium resource development, lithium salt processing, battery manufacturing, and recycling, contrasting with Tianqi's focus on upstream resource gambling [9].

Group 1: Report Industry Investment Rating - No information available Group 2: Core View of the Report - Due to the weakening of macro - sentiment and the chain reaction of liquidity, the lithium carbonate price has experienced a huge shock. In the short term, the downstream pre - holiday stocking demand is basically completed, and the pre - holiday market may be dull. The focus is on the post - holiday situation [3] Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 134,500, down 9,500; SMM industrial - grade lithium carbonate average price is 131,000, down 9,500 [1] Lithium Ore - Lithium spodumene concentrate (CIF China) average price is 1,880, down 10; lithium mica (Li20:1.5% - 2.0%) average price is 2,875, down 125; lithium mica (Li20:2.0% - 2.5%) average price is 4,375, down 175; phospho - lithium - aluminum stone (Li20:6% - 7%) average price is 13,000, down 650; phospho - lithium - aluminum stone (Li20:7% - 8%) average price is 13,900, down 900 [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 49,770, down 2,305; the average price of ternary material 811 (polycrystalline/power type) is 199,000, down 2,500; the average price of ternary material 523 (single - crystal/power type) is 173,500, down 3,000; the average price of ternary material 613 (single - crystal/power type) is 175,500, down 3,000 [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 3,500; the price spread between battery - grade lithium carbonate and the main contract is 1,580, down 9,640; the price spread between the near - month and the first - continuous contract is - 780, down 500; the price spread between the near - month and the second - continuous contract is - 1,200, down 920 [2] Inventory - The total inventory (weekly, tons) is 105,463, down 2,019; the inventory of smelters (weekly, tons) is 18,356, down 647; the inventory of downstream (weekly, tons) is 43,657, up 3,058; the inventory of others (weekly, tons) is 43,450, down 4,430; the registered warrants (daily, tons) is 33,777, down 10 [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 138,350, and the profit is - 5,715; the cash cost of purchasing lithium mica concentrate externally is 136,032, and the profit is - 6,691 [3] Policy and Market News - Canada will allow up to 49,000 Chinese electric vehicles to enter the Canadian market with a preferential tariff rate of 6.1% [3] - From April 1, 2026, to December 31, 2026, the VAT export refund rate for battery products will be reduced from 9% to 6%; from January 1, 2027, the VAT export refund for battery products will be cancelled [3]

Core Viewpoint - The Trump administration has made unprecedented equity investments in at least 10 companies, primarily in critical minerals, with a strategy to support domestic supply chains and potentially expand investments in sectors like chip manufacturing and nuclear reactors [1]. Group 1: U.S. Steel - The Trump administration acquired a "golden share" in U.S. Steel, granting veto power over key business decisions without direct economic equity [1][2]. - This golden share allows the government to block decisions such as closing or relocating plants and changing the company's name [2]. Group 2: MP Materials - MP Materials operates the only commercial rare earth mine in the U.S. and has a market capitalization exceeding $10 billion [3]. - The U.S. Department of Defense agreed to a landmark deal involving a $400 million preferred stock purchase, potentially making it the largest single shareholder with a 15% stake [3]. Group 3: Intel - The U.S. Department of Commerce purchased 433.3 million shares of Intel at $20.47 per share, acquiring a 10% stake funded by government grants [4]. - The shares acquired do not carry voting rights or governance rights [4]. Group 4: Lithium Americas - Lithium Americas is a startup planning to develop a lithium mine in Nevada and has received a debt repayment deferral from the Department of Energy in exchange for equity [5]. - The government aims to mitigate taxpayer risk by acquiring a small equity stake [5]. Group 5: Trilogy Metals - Trilogy Metals is another startup focused on mining in Alaska, with the government investing $35.6 million for a 10% equity stake and additional warrants for more shares [6]. Group 6: USA Rare Earth - USA Rare Earth is developing a magnet manufacturing facility and has received a $1.3 billion loan offer from the Department of Commerce in exchange for equity [7]. - The government could hold between 8% to 16% of the company depending on warrant exercise [7]. Group 7: Westinghouse - Westinghouse, a private nuclear reactor developer, received funding for an $80 billion nuclear power plant project, with the government acquiring participation rights [8]. - The government may become an 8% shareholder if the company's value exceeds $30 billion [8]. Group 8: Vulcan Elements - Vulcan Elements is establishing a domestic rare earth magnet supply chain and has secured $6.2 billion in loans and incentives from the government [9]. - The Department of Commerce will receive a $50 million equity investment and the Department of Defense will obtain warrants [9]. Group 9: XLight - XLight is developing free-electron lasers for semiconductor manufacturing and has been offered up to $150 million in federal incentives in exchange for equity [10]. Group 10: L3 Harris Technologies - L3 Harris Technologies, valued over $65 billion, announced a partnership with the government for a $1 billion investment in its missile systems [12]. - The investment will convert into common stock during an anticipated IPO in late 2026 [12].

1. Report Industry Investment Rating - The rating for lithium carbonate is "Oscillating" [4] 2. Core Viewpoints of the Report - The actual fundamentals of lithium carbonate are positive, but the futures market is significantly affected by macro - sentiment and capital flows. After the Spring Festival, the fundamentals are expected to show a simultaneous increase in supply and demand. From March to Q2, lithium carbonate is still expected to experience inventory reduction. After the supply increases in Q3, there may be inventory accumulation, but considering the demand growth, the inventory days are expected to decrease to less than one month. The price center of lithium carbonate may still be significantly higher than before. A bullish strategy is recommended, and investors should look for opportunities to go long at low prices after the trading volume and volatility stabilize [2][16] 3. Summary by Relevant Catalogs 3.1 1 Month Chilean Shipment Exceeded Expectations, and the Futures Market Declined Significantly - **Price Changes**: This week (2/2 - 2/6), lithium salt prices dropped significantly. The closing price of LC2605 decreased by 10.3% week - on - week to 132,900 yuan/ton. The average spot prices of SMM battery - grade and industrial - grade lithium carbonate decreased by 16.2% and 16.6% week - on - week to 134,500 and 131,000 yuan/ton respectively. The price of lithium hydroxide fluctuated accordingly [11] - **Chilean Exports**: In January 2026, Chile exported a total of 25,400 tons of lithium carbonate and lithium hydroxide, a 26% increase month - on - month and an 8% decrease year - on - year. Exports to China were 17,000 tons, a 44.8% increase month - on - month and an 11% decrease year - on - year. In January 2026, Chile shipped 27,800 tons (13,900 tons LCE) of lithium sulfate to China, a 475% increase month - on - month and a 1222% increase year - on - year. This large shipment may be due to pulse shipments considering the Spring Festival [1][12] - **Supply and Demand and Inventory**: According to SMM forecasts, the lithium carbonate production in February is 81,930 tons, a 16% decrease month - on - month. In the demand side, the production schedules of cathodes and cells also decreased in February, but the decline was lower than that of lithium salts. It is expected that lithium carbonate will continue to reduce inventory in February. This week, the total inventory of the SMM lithium carbonate sample decreased by 2019 tons week - on - week [13] - **Terminal Market**: In the power battery sector, in January 2026, the estimated wholesale volume of new energy passenger vehicles by national manufacturers was 900,000 units, a 1% year - on - year increase. Considering the Spring Festival effect in the same period last year, this data is not optimistic. In the energy storage sector, in January 2026, there were 152 energy storage bidding and winning projects. On January 30, the National Development and Reform Commission and the National Energy Administration issued a notice to improve the capacity price mechanism on the power generation side, which is beneficial to the energy storage yield [2][15] 3.2 Weekly Industry News Review - Sigma Lithium resumed the mining operation of the Grota do Cirilo lithium mine on February 3, 2026. This mine is Sigma's only operating asset and the largest lithium mine in Brazil, with an annual production capacity of 270,000 tons of lithium concentrate [17] - Tianqi Lithium plans to dispose of no more than 3,565,970 Class A shares of SQM, accounting for no more than 1.25% of SQM's total shares [17] 3.3 Key High - Frequency Data Monitoring of the Industry Chain 3.3.1 Resource End: The Price Trends of Ore and Salt are Consistent - The report presents data on the average spot price of lithium concentrate and the monthly inventory of lithium ore samples [19][21] 3.3.2 Lithium Salts: The Futures Market Fell from High Levels, and the Basis Fluctuated Significantly - The report shows data on the closing price of the GFEX lithium carbonate main contract, the term structure of GFEX lithium carbonate, domestic weekly lithium carbonate production, SMM weekly lithium carbonate inventory, domestic average spot price of lithium carbonate and the electric - industrial price difference, lithium carbonate basis, domestic average spot price of lithium hydroxide, the price difference between domestic and overseas lithium hydroxide, the price difference between domestic battery - grade lithium hydroxide and lithium carbonate, and the theoretical production profit of lithium salt plants [24][31][34] 3.3.3 Downstream Intermediates: The Production Schedules in February are Good - The report includes data on the monthly production of SMM ternary materials, SMM lithium iron phosphate, the price trend of lithium iron phosphate, the average price of lithium iron phosphate cells (power type), the price trend of ternary materials, the average price of 523 square ternary cells (power type), the price trend of lithium cobalt oxide, and the average price of lithium cobalt oxide cells (consumer type) [48][53][57] 3.3.4 Terminal: Pay Attention to the Negative Feedback in the Industry Chain - The report provides data on China's power battery installation volume and year - on - year growth rate, the monthly installation proportion of China's power batteries, China's new energy vehicle production and sales year - on - year growth rate, and China's new energy vehicle penetration rate [62][66][68]

Core Viewpoint - The escalation of geopolitical tensions between the US and Iran has led to a significant increase in gold prices, with spot gold rising above $4900 per ounce, benefiting the non-ferrous metal sector and related ETFs [1][3]. Group 1: Market Performance - The non-ferrous ETF Huabao (159876) saw a maximum intraday increase of 1.53%, ultimately closing up 0.18%, indicating resilience in the market [1]. - Over 10 billion yuan of main capital has flowed into the non-ferrous metal sector, with Huabao ETF attracting 40.93 million yuan in the previous two days [1]. - Key stocks in the sector include Hunan Gold, which surged over 9%, Shengxin Lithium Energy up over 6%, and Guocheng Mining rising over 5% [1]. Group 2: Geopolitical and Economic Factors - The US-Iran geopolitical situation has intensified, with Iran warning it can easily access US military bases, prompting the US to advise its citizens to leave Iran [3]. - Recent US employment data fell short of expectations, increasing speculation about potential interest rate cuts by the Federal Reserve, which is favorable for gold prices [3]. Group 3: Supply and Demand Dynamics - According to Citic Futures, the short-term outlook for precious metals is mixed due to fluctuating investor expectations regarding Federal Reserve policies, but pre-holiday stocking demand may support prices [3]. - Guojin Securities highlights significant changes in the fundamentals of non-ferrous metals, with supply, demand, and inventory all undergoing important shifts [3]. - National Securities predicts that the combination of supply-demand mismatch, macroeconomic easing, and industrial upgrades will sustain high profitability in the non-ferrous sector for 3-5 years [3]. Group 4: Investment Strategies - The Huabao non-ferrous ETF and its linked funds cover a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, making it an efficient tool for investors to gain exposure to the non-ferrous metal sector [4][5]. - It is suggested to allocate 10%-20% of investment portfolios to the non-ferrous metal sector to benefit from potential price increases while diversifying risk [3].

Core Viewpoint - UBS has significantly raised its lithium price forecasts, with increases up to 74%, and expects global lithium demand to double to 3.4 million tons by 2030 compared to 2025, marking the onset of a third lithium price supercycle [1]. Demand Side: Dual Drivers of Electric Vehicles and Energy Storage - UBS predicts a 14% increase in global lithium demand in 2026 and a 16% increase in 2027, with long-term demand expected to grow from 1.7 million tons in 2025 to 3.4 million tons by 2030, reflecting a compound annual growth rate of 13% before 2035 [2]. - Electric vehicle (EV) demand is projected to accelerate mid-term, with a forecasted global EV penetration rate of 58% by 2035, up from 23% in 2025, despite potential short-term slowdowns due to policy shifts in the U.S. [2]. - The demand for energy storage systems is surging, with UBS raising its 2026-2035 energy storage demand forecast by 30-53%, leading to an increase in lithium consumption share from 8% in 2020 to 42% by 2035 [2]. Supply Response: Growth but Still Insufficient to Meet Demand - Supply is responding but is lagging behind demand growth, with a projected 18% increase in primary supply in 2025, which is still below the 26% demand growth rate [5]. - UBS anticipates a 20% year-on-year increase in risk-weighted supply in 2027, with a 13% increase in 2028, but the market will remain tight due to strong demand growth [5]. - Recycled lithium supply is expected to account for 5.3% of battery demand in 2026, increasing to 6.7% by 2030, but remains a limited contributor [5]. Price Outlook: Significant Increases Yet Within Historical Ranges - UBS has raised its lithium spodumene and chemical price forecasts by up to 74%, with a 2026 spodumene price forecast of $3,131 per ton, significantly above market consensus [11]. - The 2027 price forecasts indicate continued strength, with spodumene at $3,469 per ton and lithium carbonate and hydroxide at $28,525 per ton, reflecting UBS's aggressive stance on supply-demand dynamics [11]. - Long-term price forecasts are more moderate, with spodumene prices expected to decline from $2,750 per ton in 2028 to $1,750 per ton by 2030 [11]. Market Balance: Shortages Supporting Prices - The market is experiencing increasing supply shortages, with an estimated shortfall of 15,000 tons in 2025 and an expected increase to 18,000 tons in 2026, which will support high prices [15]. - Inventory data shows a continuous decline in China's lithium carbonate inventory, indicating a tightening supply chain [15]. - A potential easing of the supply-demand gap is expected in 2027, with a forecasted surplus of 6,100 tons, but the market is projected to revert to shortages in 2029 and 2030 [15].

Core Viewpoint - UBS has significantly raised its lithium price forecasts, with increases up to 74%, and expects global lithium demand to double to 3.4 million tons by 2030 compared to 2025, marking the onset of a third lithium price supercycle [1]. Demand Side: Dual Drivers of Electric Vehicles and Energy Storage - UBS predicts a 14% increase in global lithium demand in 2026 and a 16% increase in 2027, with long-term demand expected to grow from 1.7 million tons in 2025 to 3.4 million tons by 2030, reflecting a compound annual growth rate of 13% before 2035 [2]. - Electric vehicle (EV) demand is projected to accelerate mid-term, with a forecasted global EV penetration rate of 58% by 2035, up from 23% in 2025 [2]. - The demand for energy storage systems is expected to surge, with UBS raising its 2026-2035 energy storage demand forecast by 30-53%, increasing its share of lithium consumption from 8% in 2020 to 42% by 2035 [2]. Supply Response: Growth but Still Insufficient to Meet Demand - Supply is responding but is lagging behind demand growth, with a projected 18% increase in primary supply in 2025, which is still below the 26% demand growth [5]. - UBS anticipates a 20% year-on-year increase in risk-weighted supply in 2027, with a 13% increase in 2028, but the market will remain tight due to strong demand growth [5]. - Recycled lithium supply is expected to account for 5.3% of battery demand by 2026, increasing to 6.7% by 2030, but remains limited [5]. Price Outlook: Significant Increases Yet Within Historical Ranges - UBS has raised its lithium spodumene and chemical price forecasts by up to 74%, with a 2026 spodumene price forecast of $3,131 per ton, significantly above market consensus [9]. - The 2027 price forecast indicates continued strength, with spodumene at $3,469 per ton and lithium carbonate and hydroxide at $28,525 per ton, reflecting UBS's aggressive stance on supply-demand dynamics [9]. - Long-term price forecasts are more moderate, with spodumene prices expected to decline from $2,750 per ton in 2028 to $1,750 per ton by 2030 [9]. Market Balance: Shortage Situation Supporting Prices - The market is experiencing increasing supply shortages, with a projected shortfall of approximately 15,000 tons in 2025 and 18,000 tons in 2026, which will support high prices [13]. - Inventory data shows a continuous decline in China's lithium carbonate inventory, indicating a tightening supply chain [13]. - A potential market surplus of about 61,000 tons is expected in 2027, but shortages are anticipated to return in 2029 and 2030, with deficits of 63,000 tons and 87,000 tons, respectively [13].

Market Overview - On February 6, the A-share market experienced significant volatility, with the three major indices initially rebounding after a low open, but ultimately closing lower. The Shanghai Composite Index fell by 0.25% to 4065.58 points, the Shenzhen Component Index decreased by 0.33% to 13906.73 points, and the ChiNext Index dropped by 0.73% to 3236.46 points. The total market turnover was 2.16 trillion yuan, a decrease of 30.8 billion yuan from the previous trading day, with over 2700 stocks rising [1]. Sector Performance Strong Performing Sectors - The mining and oil sectors saw gains, with stocks like Tongyuan Petroleum and Zhun Oil Co. hitting the daily limit [1]. - The chemical sector, particularly fluorine chemicals, showed strength, with Tianji Co. reaching the daily limit. Lithium mining and battery sectors were also active, with stocks such as Kosen Technology and Dingsheng New Materials hitting the daily limit [1]. - The traditional Chinese medicine sector led the market, with stocks like Te Yi Pharmaceutical and Hansen Pharmaceutical hitting the daily limit, supported by a new development plan from the Ministry of Industry and Information Technology [2]. - The chemical sector experienced a collective surge, driven by rising prices of disperse dyes due to increased costs of upstream intermediates [2]. - The power equipment sector rebounded, with stocks like Jinkong Electric and Sanbian Technology hitting the daily limit, reflecting strong demand in the electricity industry [2]. Weak Performing Sectors - The consumer sector, including liquor, tourism, and retail, faced a collective decline, with stocks like Huangtai Liquor hitting the daily limit down [4]. - Real estate-related concepts declined, with Jingtou Development falling over 5%, amid mixed expectations for industry recovery [5]. - AI application concepts saw a downturn, with various AI-related stocks experiencing declines due to uncertainties in commercialization [6]. - The "中字头" (state-owned enterprises) and financial sectors also retreated, as investors sought safer investment strategies following previous gains [6]. Institutional Insights - CICC remains optimistic about the revaluation of Chinese assets, noting that there are no typical signs of a market top despite external pressures. The firm suggests maintaining an overweight position in Chinese stocks and looking for buying opportunities during market fluctuations [7]. - Tianfeng Securities highlights that market sentiment is fragile, with short-term investors cashing out as a primary reason for recent declines in gold prices. They anticipate a period of volatility for gold but expect it to rebound later in the year [7]. - Huachuang Securities predicts a strong recovery in the consumption market during the 2026 Spring Festival, driven by government-led initiatives and diverse promotional activities, which may exceed market expectations [8].

Group 1 - The lithium mining index increased by 3%, with most constituent stocks showing positive performance [1] - Major companies such as Zhongjin Mining, Guocheng Mining, Shengxin Lithium Energy, Yahua Group, and Zhongkuang Resources saw significant stock price increases of 7.99%, 6.94%, 6.48%, 4.62%, and 4.49% respectively [1]