1. Report Industry Investment Rating - The investment rating for lithium carbonate is "oscillating" [3] 2. Core View of the Report - The price of lithium carbonate is likely to be more likely to rise than fall overall under the support of demand and disruptions at the mine end. Although the current price increase has almost completely eroded the profits of the downstream industry chain, the reality of inventory reduction and the passive purchasing of downstream enterprises cannot refute the logic of speculative funds, and it will take time for the industrial negative feedback to materialize. The strategy should still be a bullish one, but attention should be paid to position control and risk management [1][14] 3. Summary by Directory 3.1 Funds with High Expectations and Pressured Profits in the Downstream Industry - This week (January 19 - 23), lithium salt prices continued to rise significantly. The closing price of LC2605 increased by 24.2% week - on - week to 181,500 yuan/ton. The spot average prices of SMM battery - grade and industrial - grade lithium carbonate increased by 8.2% and 8.4% week - on - week to 171,000 and 167,500 yuan/ton respectively. The price of lithium hydroxide fluctuated accordingly [10] - There have been continuous news from the mining end. In China, the issue of license renewal and environmental assessment for Jiangxi mica mines resurfaced last Sunday. Overseas, Nigeria's new mining royalty policy has been officially implemented, significantly increasing the tax burden on strategic minerals such as lithium ore. The prices of ore and salt move in the same direction, supporting each other to rise [11] - From late January to February, some lithium salt plants have annual maintenance plans, but due to rising lithium prices and strong demand, the maintenance plans may be adjusted. This week, the production of lithium carbonate decreased by 388 tons week - on - week, and the total sample inventory decreased by 783 tons week - on - week [12] - The off - season demand shows a strengthening non - off - season characteristic. Although the downstream trading volume has weakened significantly compared with last week after the sharp rise in the market this week, downstream material manufacturers continue to replenish inventory at low prices due to rigid demand. Considering that the downstream raw material inventory days are still low (9.6 days), the demand for Spring Festival inventory replenishment is still expected [12] - The core issue of the rising lithium carbonate price lies in price transmission. Second - tier enterprises can bear a lithium carbonate price of about 156,000 yuan. If the lithium carbonate price rises to 200,000 yuan, leading new - energy vehicle manufacturers may have no net profit. For energy storage, the impact varies by region. In high - yield provinces such as Inner Mongolia, the internal rate of return (IRR) may drop to about 6.5% if the lithium carbonate price rises to 200,000 yuan [14] 3.2 Weekly Industry News Review - In December 2025, China imported 23,989 tons of lithium carbonate and 788,500 tons of spodumene. The import volume of lithium carbonate increased by 8.77% month - on - month and decreased by 14.43% year - on - year. Chile and Argentina were the main sources of imports [15] - The Guangzhou Futures Exchange announced the addition of Tianqi Lithium Industry Co., Ltd.'s "Tianqi Lithium" brand as a registered brand for lithium carbonate futures, effective February 2, 2026 [16] 3.3 Key High - Frequency Data Monitoring of the Industrial Chain 3.3.1 Resource End: Lithium Concentrate Prices Rise with the Market - Lithium concentrate prices increase as the market goes up [17] 3.3.2 Lithium Salt: The Market Rises Significantly, and Spot Prices Follow Passively - The market of lithium salt rises significantly, and spot prices follow the upward trend passively [19] 3.3.3 Downstream Intermediate Products: Cost Drives Upstream Prices - The prices of downstream intermediate products rise due to cost factors [48] 3.3.4 Terminal: Pay Attention to the Negative Feedback of the Industrial Chain - Attention should be paid to the negative feedback situation of the industrial chain at the terminal [64]

Core Viewpoint - The company announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% during the trading days from January 21 to January 23, 2026, but no significant information affecting the stock price was found [1] Group 1 - The company confirmed that its production and operations are normal [1] - The company is planning to issue A-shares to specific investors, which has been approved by the board of directors and the shareholders' meeting, pending review by the stock exchange and registration with the securities regulatory commission [1] - The controlling shareholder and actual controller did not buy or sell the company's stock during this period [1]

Group 1 - The core point of the article is that Shengxin Lithium Energy's stock experienced an abnormal fluctuation, with a cumulative price increase exceeding 20% over three consecutive trading days [1] - The company confirmed that there is no need to correct or supplement previously disclosed information and that there are no undisclosed significant events affecting the stock price [1] - The company is planning to issue A-shares to specific investors, which has been approved by the board and shareholders but still requires approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission [1] Group 2 - During the period of abnormal stock fluctuation, the controlling shareholder and actual controller did not buy or sell the company's stock [1]

Group 1 - The core viewpoint of the article indicates that lithium carbonate futures have shown a significant increase in price and trading volume, reflecting a bullish market sentiment driven by demand and supply dynamics [1][4]. Group 2 - As of January 23, 2026, the main contract for lithium carbonate futures closed at 181,520 CNY/ton, with a weekly increase in open interest by 22,595 contracts [1]. - During the week of January 19-23, the opening price for lithium carbonate futures was 147,600 CNY/ton, reaching a high of 182,000 CNY/ton and a low of 142,200 CNY/ton, resulting in a weekly price change of 18.55% [1]. Group 3 - On January 23, the price range for high-quality lithium carbonate was adjusted to 166,800-172,500 CNY/ton, with an increase of 2,950 CNY from the previous working day [2]. - The total inventory of lithium carbonate decreased slightly by 0.71% (783 tons) to approximately 108,900 tons [2]. Group 4 - Market sentiment is optimistic due to strong demand and supply disruptions, with short-term expectations for lithium carbonate to maintain a strong oscillating trend [4]. - Recent rumors suggest that CATL (Contemporary Amperex Technology Co., Limited) is expected to resume production after the Spring Festival, while some lithium mica mines in Jiangxi may halt production due to environmental issues [4].

Core Viewpoint - The recent surge in lithium carbonate futures prices is attributed to a combination of domestic supply contraction expectations and positive demand trends [2][3]. Group 1: Supply Dynamics - Concerns over supply contraction are heightened due to stricter regulations and potential production halts in the Jiangxi region, which is a key lithium production area [2]. - Current lithium carbonate weekly production is approximately 22,200 tons, a decrease of 388 tons from the previous week, indicating a tightening supply situation [4]. - The inventory of lithium carbonate has been decreasing, with a weekly inventory of about 108,900 tons, down 783 tons from the previous week, suggesting strong demand despite the supply constraints [4]. Group 2: Demand Factors - The continuation of subsidies for new energy vehicles has improved market expectations, with the National Development and Reform Commission and the Ministry of Finance announcing policies that maintain previous subsidy levels for heavy trucks and buses [3]. - Strong orders in the energy storage sector, combined with adjustments to export tax rebates for battery products, are expected to support the lithium carbonate market in the early months of the year [3]. - Downstream demand remains robust, with no significant signs of weakness during the traditional "off-season," as indicated by the current low inventory levels [4]. Group 3: Market Sentiment and Price Trends - There is a growing divergence in market sentiment, with downstream companies showing limited acceptance of high prices and a cautious approach to purchasing [5]. - The current high prices are seen as a double-edged sword, potentially stimulating the re-entry of previously halted production capacities into the market [5]. - The rising prices of lithium carbonate are expected to impact demand, particularly in the energy storage sector, where costs are more sensitive to price changes [6]. Group 4: Future Outlook - The market is entering a phase of "weak expectations" versus "strong expectations," with the current price levels stimulating supply increases while demand needs to be closely monitored [7]. - Analysts suggest that while short-term demand may support prices, the sustainability of this demand and the potential for price stabilization remain uncertain [7]. - The focus will be on the actual realization of demand and the potential for systemic price corrections as the market adjusts to high price levels [7].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - This week, the sentiment in the commodity market has warmed up, with the Wenhua Industrial Products Index rising by 2.69%. Lithium carbonate has rebounded continuously, breaking through last week's high. Currently, the "rush to export" of batteries supports the off - season demand. The domestic production of lithium salt plants has reached a short - term high after maintenance, and the SMM domestic lithium carbonate inventory continues to decline. In the short term, there are many disturbances in the mining end, and the supply uncertainty is strong. The overall commodity market fluctuates greatly. The rapid rise of lithium prices hides the risk of correction. It is recommended to wait and see or try with a light position. Attention should be paid to the market atmosphere, demand policies, downstream purchasing willingness, and changes in the position on the disk [12]. 3. Summary According to the Directory 3.1 Week - to - Week Assessment and Strategy Recommendation - On January 23, the evening quotation of the Five - Mineral Steel Union Lithium Carbonate Spot Index (MMLC) was 174,830 yuan, with a weekly increase of 8.16%. The average price of MMLC battery - grade lithium carbonate was 175,250 yuan. On the same day, the closing price of LC2605 on the Guangzhou Futures Exchange was 181,520 yuan, with a weekly increase of 7.55% [12]. - On January 22, the weekly output of domestic lithium carbonate reported by SMM was 22,217 tons, a month - on - month decrease of 1.7%. In December 2025, China imported 23,989 tons of lithium carbonate, a month - on - month increase of 8.8% and a year - on - year decrease of 14.5%. In 2025, the total import volume of lithium carbonate in China was about 243,000 tons, a year - on - year increase of 3.4%. In December 2025, Chile exported 11,704 tons of lithium carbonate to China, a month - on - month decrease of 20.3% and a year - on - year decrease of 12.4% [12]. - From January 1 - 18, the retail sales of the new - energy passenger vehicle market nationwide were 312,000 units, a year - on - year decrease of 16% compared with the same period in January last year and a 52% decrease compared with the same period last month. The cumulative retail sales this year were 312,000 units, a year - on - year decrease of 16%. From January 1 - 18, the wholesale volume of new - energy vehicles by national passenger vehicle manufacturers was 348,000 units, a year - on - year decrease of 23% compared with the same period in January last year and a 46% decrease compared with the same period last month. The cumulative wholesale volume this year was 348,000 units, a year - on - year decrease of 23%. The first quarter is a critical window period for "rush to export" of batteries, and the off - season demand is expected to increase. The decline in material production scheduling is narrower than previously expected [12]. - On January 22, the weekly inventory of domestic lithium carbonate was reported at 108,896 tons, a month - on - month decrease of 783 tons (-0.7%). The inventory days of lithium carbonate were about 27.8 days. On January 23, the registered warehouse receipts of lithium carbonate on the Guangzhou Futures Exchange were 28,886 tons, a weekly increase of 6.2% [12]. - The change in lithium salt prices is transmitted upstream. On January 23, the quotation of SMM Australian imported SC6 lithium concentrate was 2,150 - 2,400 US dollars per ton, with a weekly increase of 9.11%. In December, the domestic import of lithium concentrate was 628,000 tons, a year - on - year increase of 30.2% and a month - on - month decrease of 7.3%. In 2025, the domestic import of lithium concentrate was 6.209 million tons, a year - on - year increase of 9.0%. In 2025, the import of lithium concentrate from Australia increased by 8.0% year - on - year, and the import of lithium concentrate from Africa increased by 14.3% year - on - year. The supply of high - cost hard - rock mines is accelerating, and the import of lithium mines is significantly supplemented [12]. 3.2 Spot and Futures Market - On January 23, the evening quotation of the Five - Mineral Steel Union Lithium Carbonate Spot Index (MMLC) was 174,830 yuan, with a weekly increase of 8.16%. The average price of MMLC battery - grade lithium carbonate was 175,250 yuan. On the same day, the closing price of LC2605 on the Guangzhou Futures Exchange was 181,520 yuan, with a weekly increase of 7.55% [20]. - The average discount price in the exchange - standard electric carbon trading market is - 1,000 yuan (referring to the main contract LC2605). The net short position of the main seats of the lithium carbonate contract has increased [23]. - The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate is 3,500 yuan. The price difference between battery - grade lithium carbonate and lithium hydroxide is 10,000 yuan [26]. 3.3 Supply Side - On January 22, the weekly output of domestic lithium carbonate reported by SMM was 22,217 tons, a month - on - month decrease of 1.7%. In December 2025, the domestic lithium carbonate output was 99,200 tons, a month - on - month increase of 4.0% and a year - on - year increase of 42.4%. The annual output increased by 43.6% year - on - year [31]. - In December, the output of lithium carbonate from lithium spodumene was 60,850 tons, a month - on - month increase of 5.4% and a year - on - year increase of 48.7%. The annual output increased by 70.3% year - on - year. In December, the output of lithium carbonate from lithium mica was 13,350 tons, a month - on - month decrease of 0.6% and an annual increase of 17.4% year - on - year [34]. - In December, the output of lithium carbonate from salt lakes increased by 3.1% month - on - month to 14,990 tons, with an annual increase of 15.1% year - on - year. In December, the output of lithium carbonate from the recycling end was 10,010 tons, a month - on - month increase of 3.9% and an annual increase of 27.3% year - on - year [37]. - In December 2025, China imported 23,989 tons of lithium carbonate, a month - on - month increase of 8.8% and a year - on - year decrease of 14.5%. In 2025, the total import volume of lithium carbonate in China was about 243,000 tons, a year - on - year increase of 3.4%. In December 2025, Chile exported 11,704.02 tons of lithium carbonate to China, a month - on - month decrease of 20.3% and a year - on - year decrease of 12.4% [40]. 3.4 Demand Side - The battery field dominates the lithium demand. In 2024, the global consumption accounted for 87%. The main growth point of future lithium salt consumption still depends on the growth of the lithium - battery industry, while the proportion of traditional application fields is limited and the growth is weak. The proportion of lithium used in fields such as ceramic glass, lubricants, flux powders, air conditioners, and medicine is only 5% [44]. - From January 1 - 18, the retail sales of the new - energy passenger vehicle market nationwide were 312,000 units, a year - on - year decrease of 16% compared with the same period in January last year and a 52% decrease compared with the same period last month. The cumulative retail sales this year were 312,000 units, a year - on - year decrease of 16%. From January 1 - 18, the wholesale volume of new - energy vehicles by national passenger vehicle manufacturers was 348,000 units, a year - on - year decrease of 23% compared with the same period in January last year and a 46% decrease compared with the same period last month. The cumulative wholesale volume this year was 348,000 units, a year - on - year decrease of 23% [47]. - In 2025, about 3.77 million new - energy vehicles were sold in Europe, a year - on - year increase of 30.5%. In 2025, about 1.6 million new - energy vehicles were sold in the United States, a year - on - year increase of 1.4% [50]. - According to the China Automotive Power Battery Industry Innovation Alliance, in December, the total output of power and energy - storage batteries in China was 201.7 GWh, a month - on - month increase of 14.4% and a year - on - year increase of 62.1%. From January to December, the cumulative output of power and energy - storage batteries in China was 1,755.6 GWh, a cumulative year - on - year increase of 60.1%. In December, the domestic power - battery loading volume was 98.1 GWh, a month - on - month increase of 4.9% and a year - on - year increase of 35.1%. From January to December, the cumulative domestic power - battery loading volume was 769.7 GWh, a cumulative year - on - year increase of 40.4% [53]. - In 2025, the domestic output of lithium iron phosphate increased by 58.8% year - on - year, and the domestic output of ternary materials increased by 23.5% year - on - year. The first quarter is a critical window period for "rush to export" of batteries, and the off - season demand is expected to increase. The decline in material production scheduling is narrower than previously expected [56]. 3.5 Inventory - On January 22, the weekly inventory of domestic lithium carbonate was reported at 108,896 tons, a month - on - month decrease of 783 tons (-0.7%). The inventory days of lithium carbonate were about 27.8 days. On January 23, the registered warehouse receipts of lithium carbonate on the Guangzhou Futures Exchange were 28,886 tons, a weekly increase of 6.2% [63]. - Driven by the "rush to export" demand, the inventory of cathode materials has decreased. The inventories of power batteries and energy - storage batteries are at a low level in recent years [66]. 3.6 Cost Side - The change in lithium salt prices is transmitted upstream. On January 23, the quotation of SMM Australian imported SC6 lithium concentrate was 2,150 - 2,400 US dollars per ton, with a weekly increase of 9.11% [73]. - In December, the domestic import of lithium concentrate was 628,000 tons, a year - on - year increase of 30.2% and a month - on - month decrease of 7.3%. In 2025, the domestic import of lithium concentrate was 6.209 million tons, a year - on - year increase of 9.0%. In 2025, the import of lithium concentrate from Australia increased by 8.0% year - on - year, and the import of lithium concentrate from Africa increased by 14.3% year - on - year. The supply of high - cost hard - rock mines is accelerating, and the import of lithium mines is significantly supplemented [76].

Core Viewpoint - The lithium mining sector in the U.S. saw a majority of stocks rise, with Sigma Lithium experiencing a significant increase of over 15% following positive operational updates and sales announcements [1] Group 1: Company Updates - Sigma Lithium has sold an additional 100,000 tons of high-purity lithium powder, with sales prices based on a market pricing mechanism tied to the Shanghai Metals Market index, equating to an adjusted final net price of $140 per ton for lithium oxide content [1] - The company confirmed that its mining operations are progressing as planned and are expected to resume by the end of the month, countering recent media reports of an "operational ban" [1] - Sigma Lithium strongly denied claims from certain media outlets regarding being ordered to cease operations by Brazil's Ministry of Labor and Employment, clarifying that such reports misrepresented the nature of a routine administrative procedure [1] Group 2: Market Reaction - Following the announcements, shares of Sigma Lithium rose over 15%, while other lithium stocks such as SQM and Lithium Americas also saw slight increases, indicating positive market sentiment towards the lithium sector [1]

Group 1 - The core viewpoint of the article highlights the positive performance of lithium mining stocks in the US market on January 23, with significant gains observed in several companies [1] Group 2 - Sigma Lithium experienced an increase of over 17% in its stock price [1] - Lithium Americas saw its stock rise by more than 4% [1] - Chilean mining and chemical companies reported a nearly 1% increase [1]

Core Viewpoint - The lithium mining sector in the U.S. saw a majority of stocks rise, with Sigma Lithium reporting significant sales and clarifying operational status amid recent media speculation [1] Group 1: Company Performance - Sigma Lithium announced the sale of an additional 100,000 tons of high-purity lithium powder, with sales prices based on the Shanghai Metal Market index, translating to an adjusted net price of $140 per ton for lithium oxide [1] - The company confirmed that its mining operations are progressing as planned and are expected to resume by the end of the month [1] Group 2: Operational Clarification - Sigma Lithium strongly denied recent media reports claiming it faced an "operational ban" from Brazil's Ministry of Labor and Employment, clarifying that such reports misrepresented a routine administrative procedure [1] - The company emphasized that its mining resumption timeline aligns with its established plans, and that sales and operational activities are continuing normally [1]

Core Viewpoint - Tianqi Lithium Industries reported that as of January 20, 2026, the number of A-share shareholders is 284,897, with institutional shareholders accounting for 3,883 of these [1]. Group 1 - The total number of A-share shareholders for Tianqi Lithium Industries is 284,897 [1]. - The number of institutional shareholders among A-share shareholders is 3,883 [1].