Report Title - Carbonate Lithium Daily Report (June 6, 2025) [1] Report Investment Rating - Not mentioned Core Viewpoints - The previous day, the 2507 contract of lithium carbonate futures fell 0.43% to 60,100 yuan/ton. Spot prices of battery-grade lithium carbonate, industrial-grade lithium carbonate, battery-grade lithium hydroxide (coarse particles), and battery-grade lithium hydroxide (micropowder) all declined. The warehouse receipt inventory decreased by 140 tons to 33,321 tons [3]. - Lithium ore prices continued to fall. On the supply side, the weekly output increased by 891 tons to 17,471 tons, with expected further increase in June. On the demand side, cathode production data was average, but cathode inventory was digested, and terminal sales were strong. The weekly inventory increased by 861 tons to 132,432 tons, with downstream inventory slightly decreasing and upstream and intermediate inventories increasing [3]. - Overall, the fundamentals have not substantially improved, and intensified gaming should be noted at current price levels [3]. Summary by Directory 1. Research Views - **Futures and Spot Prices**: The 2507 contract of lithium carbonate futures fell 0.43% to 60,100 yuan/ton. Battery-grade lithium carbonate average price dropped 50 yuan/ton to 60,200 yuan/ton, industrial-grade lithium carbonate average price fell 50 yuan/ton to 58,600 yuan/ton, battery-grade lithium hydroxide (coarse particles) decreased 150 yuan/ton to 62,270 yuan/ton, and battery-grade lithium hydroxide (micropowder) dropped 150 yuan/ton to 67,415 yuan/ton. Warehouse receipt inventory decreased by 140 tons to 33,321 tons [3]. - **Supply - Side Analysis**: Weekly output increased by 891 tons to 17,471 tons. Lithium extraction from spodumene, mica, and salt lakes increased, while that from recycled materials decreased. With some enterprises planning to resume production in June, the output is expected to increase by 9.4% to 78,900 tons [3]. - **Demand - Side Analysis**: Cathode production data was average, but cathode inventory was continuously digested, especially the inventory turnover days of lithium iron phosphate significantly decreased. The cell end continued to slow down, but terminal sales were still remarkable, and the penetration rate remained high [3]. - **Inventory Analysis**: Weekly inventory increased by 861 tons to 132,432 tons. Downstream inventory decreased slightly, while upstream and intermediate inventories increased [3]. 2. Daily Data Monitoring - **Lithium - Related Product Prices**: Most prices of lithium - related products in the lithium - ion battery industry chain declined, such as lithium carbonate, lithium hydroxide, and some precursors. Some prices remained unchanged, like lithium mica, battery - grade lithium hydroxide (CIF China, Japan, and South Korea), and hexafluorophosphate lithium [5]. - **Price Spreads**: The spread between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 350 yuan/ton, while the spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged [5]. 3. Chart Analysis - **Ore Prices**: Charts show the price trends of lithium - containing ores such as spodumene concentrate, lithium mica, and lithiophilite from 2024 to 2025 [6][8]. - **Lithium and Lithium Salt Prices**: Charts present the price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, lithium hydroxide, and hexafluorophosphate lithium from 2024 to 2025 [11][13][15]. - **Price Spreads**: Charts display the spreads between different lithium - related products, including battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc., from 2024 to 2025 [18][19][20]. - **Precursor and Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate from 2024 to 2025 [22][24][27]. - **Lithium Battery Prices**: Charts present the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobaltate cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][32]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other sectors from October 2024 to May 2025 [35][37]. - **Production Costs**: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [39][40]

Group 1 - The core viewpoint is that the new energy vehicle market is expected to continue outperforming, with strong sales trends in China and Europe as of April 2025, driven by solid-state batteries and other new technologies [1] - The domestic energy storage growth rate is slowing year-on-year, while the U.S. maintains relatively high growth [1] - The lithium battery sector is expected to benefit from both market prosperity and new technology advancements in 2025, with leading companies in segmented tracks being the best investment strategy [1] Group 2 - The green electricity direct connection policy has been implemented nationwide, which will help meet the green electricity consumption and traceability needs of end users, especially export-oriented enterprises [2] - This policy is expected to assist companies in reducing electricity costs and broaden the consumption methods for green electricity, particularly renewable energy [2] - It is recommended to seize the pivotal opportunities in the renewable energy generation sector [2] Group 3 - The industrialization of L4 autonomous driving is identified as a clear industry trend, with the robotics sector and new vehicle cycles remaining the main investment lines in the automotive sector [3] - The robotics sector is expected to outperform market expectations due to prolonged market neglect, while the new vehicle cycle relies on structural growth from new cars and exports [3] - The domestic passenger car insurance sales data is currently flat, with automakers increasing promotional efforts, making performance expectations and new car forecasts the core support for the sector [3]

Group 1 - The core focus of Chuaneng Power is on green energy, with main businesses including renewable energy generation and lithium battery operations [1] - The company has a total installed capacity of approximately 1.45 million kilowatts and expects to generate 5.079 billion kilowatt-hours of electricity in 2024 [1] - Chuaneng Power controls the Lijiagou lithium mine, with an annual production of approximately 180,000 tons of concentrate, and the Ding Sheng Lithium project is expected to produce 11,300 tons of lithium salt products in 2024 [1] Group 2 - The company plans to add 2.0708 million kilowatts of wind and solar power capacity in 2025, with no current plans for upgrades to existing wind farms and solar power stations [1] - The settlement method with grid companies remains unchanged, but future electricity prices for renewable energy will undergo market-oriented reforms [1] - The policy environment for lithium mining is stable, but sales of lithium products are significantly affected by market prices [1] Group 3 - The Lijiagou lithium mine project is expected to begin trial operations in the fourth quarter of 2024, with specific production ramp-up timelines dependent on trial runs [1] - The company has encouraged its controlling shareholder to increase shareholdings and has implemented cash dividends, with plans to explore market value management measures in the future [1]

Core Viewpoint - Lithium prices have dropped below 60,000 yuan/ton, leading to a trend of capacity reduction in the industry, particularly among cross-industry companies that have entered the lithium battery sector [1][2] Industry Trends - The trend of capacity reduction is becoming more pronounced, especially among companies that have crossed into the lithium battery industry, as they face operational difficulties due to falling lithium prices and increased cost pressures [1][2] - The lithium industry is experiencing a shift, with traditional lithium iron phosphate (LFP) competition becoming more intense, leading to the potential exit of underperforming capacities [3] Company Actions - Zhongke Titanium White has announced the termination of its 500,000-ton/year lithium iron phosphate project, which had previously seen an investment of 1.309 billion yuan, with only 100,000 tons/year of capacity completed [2] - Other companies, such as Jinpu Titanium Industry and Huiyun Titanium Industry, have also paused or terminated their lithium iron phosphate project investments, reflecting a broader trend among titanium dioxide and phosphate chemical companies [2] - Despite the downturn, some companies like Ganfeng Lithium and Yahua Group have increased their lithium carbonate production by approximately 24% and 10%, respectively, indicating a divergence in operational strategies within the industry [5] Market Dynamics - The lithium market is currently facing an oversupply, with an estimated surplus of 32,200 tons of lithium carbonate equivalent (LCE) expected for the year, which has been revised upward [5] - The production of lithium carbonate, lithium hydroxide, and lithium chloride in China is projected to increase significantly, with year-on-year growth rates of 35.35%, 29.54%, and 37.14%, respectively [4] - The overall capacity utilization rates for companies like Cangge Mining and Salt Lake Co. have reached 116% and 100%, respectively, indicating that some low-cost lithium producers are operating at full capacity despite the market downturn [5][6] Future Outlook - The lithium carbonate price has plummeted from a peak of 500,000 yuan/ton in early 2023 to below 60,000 yuan/ton, raising concerns about the sustainability of current production levels [6] - The demand for lithium carbonate is uncertain due to fluctuating market conditions and potential changes in U.S. tariff policies, which may impact the supply-demand balance in the medium to long term [6]

会议预告 第十八届高工锂电产业峰会 —— 产业链格局重整 全场景应用共振 ● 动力与 储能 产业协同融合发展 ， 电动化趋势下，将带动以动力电池为核心的新能源制造业规 模化发展，而储能的发展，则关系到区域性能源转型与碳中和目标实现，二者协同融合，将成为国 内各区域未来几年重点发展的方向，常州金坛作为率先发展新能源的区域，一定要率先抢占高地。 ● 锂电产业链结构性调整。 核心材料价格触底反弹，电芯价格趋向稳定，产业链供需优化，产能 出清与企业淘汰并行。产业链各环节企业竞争格局调整，重点企业整合与调整。产业链各环节进入 盘整与优化阶段。 ● 新材料新工艺加速应用， 动力及储能电池差异化进一步凸显，围绕场景需求，电池性能加速迭 代，倒逼新材料加速应用，复合集流体、硅基负极、新型锂盐等材料具备规模化应用条件，同时， AI4S推动电池新材料开发，推动新电池体系开发。 ● 常州新能源产业发展新阶段， 在新能源产业方面具备良好的基础和巨大的发展潜力。通过抓住 市场机遇，加强技术创新，推动产业协同，常州有望在新能源领域实现更大的突破，成为全球新能 源产业的领先基地。 峰会亮点 ● 高工锂电年度品牌会议，新能源领域顶级行业峰会 ...

会议预告 第十八届高工锂电产业峰会 —— 产业链格局重整 全场景应用共振 主办单位： 高工锂电、高工产业研究（GGII） 峰会 时间： 2025年6月25-26日 峰会地点： 常州·金坛万豪酒店 峰会背景 ● 全场景电动化加速推进。 中国电动化渗透率突破50%临界点，带动产业链上下游开启新的产业 周期。同时，电力市场、船舶、商用车、人形机器人、eVTOL等赛道的发展成为锂电出货增长新 的驱动力。 ● 动力与 储能 产业协同融合发展 ， 电动化趋势下，将带动以动力电池为核心的新能源制造业规 模化发展，而储能的发展，则关系到区域性能源转型与碳中和目标实现，二者协同融合，将成为国 内各区域未来几年重点发展的方向，常州金坛作为率先发展新能源的区域，一定要率先抢占高地。 核心议程 | | 6月25日 | | --- | --- | | 时间 | 核心议题 | | 9:00"12:00 | 开幕式专场: | | . | 全球电动化新阶段竞逐风云 | | . | 全场景电动化产品研发与生态构建攻略 | | . | 动力电池技术. 价格与营销"激战" | | . | 下一代电池技术卡位与抢夺的激烈角逐 | | . | 装备企 ...

6月会议预告 2025高工钠电 产业峰会 主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 会议时间： 6月9日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 在全球新能源转型加速的背景下，锂离子电池作为储能与电动汽车的核心部件，其需求呈井喷式增 长。 据高工产研锂电研究所（ GGII）统计数据显示，2024年中国锂电池出货量达到1175GWh，同比 增长32.6%。 负极材料作为锂电池的关键组件，其海外供应链本土化的需求日益迫切。 当前，欧洲、中东及东南亚等地正密集布局新能源产业园区，推动锂电产业链区域化重构。凭借技 术积累与产能优势，中国负极材料企业正加速出海，抢占市场空白。 在这样的行业机遇下，中科电气的全球化布局迈出了关键一步。 6月4日，中科电气宣布以全资子公司中科星城香港为主体，在阿曼投资建设年产 20 万吨锂离子 电池负极材料一体化基地项目并正式签约，这标志着全球最 ...

Group 1: Company Overview - The company focuses on green energy, with main businesses including renewable energy generation and lithium battery operations [2] - Total installed capacity for renewable energy is approximately 1.45 million kW, with wind and solar power accounting for 1.2977 million kW [3] - The company has a waste-to-energy capacity of 156,500 kW, processing over 6,800 tons daily, with an expected generation of 1.064 billion kWh in 2024 [3] Group 2: Lithium Operations - The company holds mining rights for the Li Jiagou lithium mine, with proven reserves of 38.812 million tons and an average grade of 1.30% [3] - Annual production capacity is projected at 1.05 million tons of raw ore and approximately 180,000 tons of concentrate [3] - The company aims to produce 11,300 tons of lithium salt in 2024 through a combination of processing and self-production [3] Group 3: Future Plans and Capacity Expansion - In 2025, the company plans to increase its installed capacity for wind and solar power to 2.0708 million kW, with seven projects already under construction [3] - There are no current upgrade plans for existing wind and solar facilities [3] Group 4: Market and Policy Environment - The settlement method with the grid company remains unchanged, with no immediate impact on sales revenue [4] - Future electricity prices for renewable energy will undergo market reforms as per the National Development and Reform Commission's 2025 guidelines [4] - The policy environment for lithium resource development is stable, but market prices significantly affect sales [5] Group 5: Financial Management - The company has previously facilitated a share buyback by the controlling shareholder amounting to approximately 300 million yuan [5] - A cash dividend of 295 million yuan was distributed to all shareholders in 2024 [5] - The company will continue to implement market value management measures in line with state-owned asset supervision policies [5]

Group 1 - The event aimed to address issues in the six major industrial chains in Xinyu, including incomplete standard systems and insufficient quality infrastructure [1][2] - Experts from Jiangxi Provincial Quality Standard Institute provided guidance on enterprise standards, encouraging companies to align with advanced domestic and international standards [1] - Participating companies expressed the training's practical value and intention to apply learned knowledge to enhance product quality and standardization levels [1] Group 2 - The market regulatory bureau and experts conducted on-site research at companies like Ganfeng Lithium and Xinyu Guoke to understand their standardization efforts [2] - Challenges faced by enterprises included long international standard formulation cycles and difficulties in establishing provincial standard innovation bases [2] - The regulatory bureau plans to continue promoting standardization activities and encourage capable companies to participate in national and international standard formulation [2]

碳酸锂日报（2025 年 6 月 5 日） 一、研究观点 碳酸锂日报 点 评 1. 昨日碳酸锂期货 2507 合约涨 2.55%至 61080 元/吨。现货价格方面，电池级碳酸锂平均价跌 50 元/ 吨至 60250 元/吨，工业级碳酸锂平均价跌 50 元/吨至 58650 元/吨，电池级氢氧化锂（粗颗粒）下 跌 400 元/吨至 62420 元/吨，电池级氢氧化锂（微粉）跌 400 元/吨至 67565 元/吨。仓单方面，昨 日仓单库增加 64 吨至 33461 吨。 2. 价格方面，锂矿价格延续下跌。供应端，周度产量环比增加 487 吨至 16580 吨，需要注意的是部分 企业此前经过检修拟在 6 月复产，6 月预计产量仍环比有增加。需求端，正极排产数据来看表现一 般，但正极库存连续消化，特别是磷酸铁锂库存周转天数已经明显下降，电芯端延续放缓，但终端 销售仍然亮眼，渗透率维持高位。库存端，周度库存环比下降 208 吨至 131571 吨，下游库存小幅增 加，上游和中间环节减少。 3. 整体来看基本面没有发生实质好转，当前价格水平之下需要注意博弈加剧。 碳酸锂日报 二、日度数据监测 | | | 锂电产业链产 ...