Core Viewpoint - The company expects a positive net profit for the year 2025, with an anticipated increase of 50% compared to the previous year [1] Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [1] - The company has communicated with its accounting firm regarding the performance forecast, and there are no discrepancies [1] Group 2: Performance Drivers - Potassium chloride business showed strong performance with production of 1.0336 million tons and sales of 1.0843 million tons, exceeding annual operational targets [2] - Sales prices for potassium chloride increased year-on-year due to market supply and demand factors, driving revenue and profit growth [2][3] - Cost control measures led to a decrease in the sales cost per ton of potassium chloride, contributing positively to overall performance [3] Group 3: Lithium Carbonate Business - The lithium carbonate business resumed production and achieved an output of 8,808 tons and sales of 8,957 tons, with smooth production and sales coordination [4] - The recovery in lithium carbonate prices in the fourth quarter helped mitigate the impact of previous production halts, supporting profit growth [4] Group 4: Investment Income - The company recognized investment income of approximately 2.68 billion yuan, significantly contributing to net profit [5] - The increase in investment income is primarily due to the company's stake in Tibet Julong Copper Co., which benefited from rising copper prices and capacity release [5]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - This week, the spot and futures prices of lithium carbonate continued to rise, and the industry entered a pattern of inventory accumulation. Although the fundamentals weakened in the short - term, the expected "rush to export" might boost the off - season demand, and the lithium price was expected to remain in a state where it was easier to rise than to fall [1][4] - Unilaterally, it was expected to fluctuate at a high level with the center of gravity moving up, and the price range of the futures main contract was estimated to be between 135,000 and 155,000 yuan/ton. For inter - period trading, a long - short spread strategy was recommended as the "rush to export" demand might drive the near - term contracts stronger. For hedging, due to large fluctuations, upstream and downstream enterprises were advised to use options tools to hedge at appropriate times [4] Summary by Relevant Catalogs 1. Market Data - This week, lithium carbonate futures contracts continued the upward trend after the holiday. The 2601 contract closed at 138,700 yuan/ton, up 18,700 yuan/ton week - on - week; the 2605 contract closed at 143,420 yuan/ton, up 21,840 yuan/ton week - on - week. The spot price rose 21,500 yuan/ton week - on - week to 140,000 yuan/ton. The SMM spot - futures basis (2601 contract) rose 2,800 yuan/ton to + 1,300 yuan/ton, and the Fubao trader's premium and discount quotation was - 1,510 yuan/ton, strengthening 230 yuan/ton week - on - week. The spread between the 2601 and 2605 contracts was - 4,720 yuan/ton, weakening 3,140 yuan/ton month - on - month [1] 2. Supply Side of Lithium Salt Upstream - Lithium Ore - Policy: From April 1, 2026, to December 31, 2026, the VAT export tax - refund rate for battery products will be lowered from 9% to 6%; from January 1, 2027, the VAT export tax - refund for battery products will be cancelled [2] - Supply: The domestic weekly output of lithium carbonate was 22,535 tons, a slight increase of 115 tons from last week. The output in January was expected to remain at a high level. In the first week of 2026, the shipment of Australian lithium ore was 58,000 tons, a decrease of 72,000 tons month - on - month, and the shipment of Chilean lithium salt was 8,640 tons, a decrease of 1,228 tons month - on - month [2] 3. Consumption Side of Lithium Salt Mid - stream - Lithium Salt Products - Demand: The production schedule of cathode materials in January was adjusted upwards, but there were still uncertainties. The production schedule of lithium iron phosphate decreased by 6.5% month - on - month, and that of ternary materials was basically flat month - on - month. The price of battery cells increased, but the increase was still less than that of upstream raw materials, and the inhibitory effect on terminal demand needed further transmission. The domestic demand for new energy vehicles remained weak. In December, the wholesale sales of new energy passenger vehicles reached 1.563 million, a year - on - year increase of 3.3% and a month - on - month decrease of 8.4%. The demand for energy storage continued to grow at a high rate. In December, the winning bid volume was 59.8 GWh, a year - on - year increase of 87.7%. At the beginning of January, many enterprises launched centralized procurement tenders [2] - Inventory: This week, the inventory of lithium carbonate increased again. The industry inventory was 109,942 tons, an increase of 337 tons from last week. The upstream and mid - stream accumulated inventory, while the downstream continued to destock. The speed of new futures warehouse receipts increased this week, with 5,079 new registrations and a total of 25,360 lots [3] 4. Consumption Side of Lithium Salt Downstream - Lithium Batteries and Materials - The report presents multiple charts related to the downstream consumption side, including the monthly output and operating rate of lithium iron phosphate, ternary materials, and various types of lithium batteries, as well as the import and export volume of ternary materials and the installed capacity of Chinese lithium batteries, but no specific data analysis and conclusions are provided in the text [29][30][31]

Group 1: Investment Rating - The走势 rating for lithium carbonate is "oscillation" [1] Group 2: Core Views - Last week (1/5 - 1/9), lithium salt prices continued to rise. LC2601's closing price increased by 15.6% week - on - week to 139,000 yuan/ton, and LC2605's closing price rose by 18% to 143,000 yuan/ton. SMM's average spot prices of battery - grade and industrial - grade lithium carbonate increased by 18.1% and 18.2% respectively [2][12] - On January 9th, two departments announced a reduction in the VAT export tax - rebate rate for battery products from 9% to 6% from April 1st, 2026, to December 31st, 2026, and the cancellation of the VAT export tax rebate from January 1st, 2027. This will lead to a short - term rush to export batteries, increasing battery production and benefiting lithium carbonate. In the long run, it reflects the country's "anti - involution" policy. Lithium salt prices are expected to remain strong [3][13] - The second "anti - involution" meeting in the terminal battery industry aims to rectify irrational behaviors such as blind capacity construction and low - price competition. Cell prices may be more likely to rise than fall, facilitating the price - passing mechanism in the lithium - battery industry chain [3][13] - Inventory data shows off - season accumulation, but the production schedules of cathode factories have been revised upwards by multiple third - party institutions, indicating that the feature of non - weak demand in the off - season is becoming stronger [3][13][14] - Currently, high market sentiment and the rush to export strengthen the expectation of non - weak demand in the off - season. Lithium salt prices may continue to rise, showing a tendency to be more likely to rise than fall. Existing long positions can be held, while new long positions need to be carefully protected [3][14] Group 3: Summary by Directory 1. Policy Stimulates Short - term Battery Export Rush, Lithium Salt Demand Not Weak in Off - season - Lithium salt prices continued to rise last week. LC2601 and LC2605 closing prices, as well as SMM's average spot prices of battery - grade and industrial - grade lithium carbonate and lithium hydroxide, all increased significantly. The electric - industrial price difference widened, and the price discount of battery - grade lithium hydroxide to battery - grade lithium carbonate narrowed [2][12][13] 2. Weekly Industry News Review - Zhongkuang Resources' 30,000 - ton high - purity lithium salt technical renovation project was ignited for trial operation on January 2nd, 2026. After the project is put into production, the company will have a total annual production capacity of 71,000 tons of battery - grade lithium salt [15] - Two lithium iron phosphate listed companies confirmed price increases of 1,500 - 2,000 yuan/ton [15] - The first batch of price negotiations for lithium iron phosphate in the new year has landed. Most customers have accepted a processing fee increase of 1,000 yuan/ton, and there are two options for lithium carbonate settlement [16] - On January 9th, 2026, the Ministry of Finance and the State Taxation Administration announced adjustments to the VAT export tax - rebate policy for battery products [13][16] 3. Key High - frequency Data Monitoring of the Industry Chain 3.1 Resource End: Lithium Concentrate Prices Rise with the Market - Lithium concentrate prices follow the upward trend of the market [17] 3.2 Lithium Salt: Slight Increase in Production, Marginal Inventory Accumulation under Off - season Pressure - Lithium salt production increased slightly, and inventory accumulated marginally during the off - season [19] 3.3 Downstream Intermediates: Cathode Material Prices Expected to Rise Continuously - Cathode material prices are expected to continue rising [45] 3.4 Terminal: Anti - involution in the Battery Industry, Focus on the Upward Momentum of Cell Prices - The battery industry's anti - involution efforts may drive up cell prices [59]

Report Title - The report is titled "Carbonate Lithium Weekly Report (December 29, 2025 - December 31, 2025): High - level Volatility in the Carbonate Lithium Market, Game between Weakening Demand Expectations and Cost Support" [1] Report Industry Investment Rating - Not mentioned in the report Core View - In the next 1 - 2 weeks, the price of carbonate lithium will maintain a high - level shock pattern under the cost support and weakening demand expectations, with the center of gravity possibly moving slightly downward [2] Summary by Relevant Catalogs Lithium Salt Market Conditions - **Carbonate Lithium Futures and Spot**: The average price of battery - grade carbonate lithium spot dropped to 117,250 yuan/ton, a week - on - week decrease of 2.62%. The futures price of carbonate lithium decreased from 130,520 yuan/ton to 121,580 yuan/ton, a week - on - week decrease of 6.85%. The futures were at a premium to the spot, and the basis was - 4,330 yuan/ton, narrowing by 57.21% week - on - week [2][4] - **Lithium Hydroxide Spot**: The prices of various types of lithium hydroxide spot all increased. The price of lithium hydroxide (electro - carbon, coarse particles) increased from 102,400 yuan/ton to 109,500 yuan/ton, a week - on - week increase of 6.93%; the price of lithium hydroxide (electro - carbon, fine powder) increased from 107,600 yuan/ton to 114,700 yuan/ton, a week - on - week increase of 6.60%; the price of lithium hydroxide (industrial carbon) increased from 97,100 yuan/ton to 104,200 yuan/ton, a week - on - week increase of 7.31% [4] - **Carbonate Lithium Premium**: The weekly change in the premium of carbonate lithium from different raw materials and enterprises was 200 yuan/ton [7] Lithium Salt Fundamentals Supply - **Carbonate Lithium Production**: The domestic carbonate lithium capacity utilization rate remained at a high level of 83.52%, and the production in December was expected to increase. The capacity utilization rate of lithium hydroxide decreased by 2.56 percentage points to 38.0% week - on - week, indicating some production line conversions or overhauls [2] Demand - **Mid - and Downstream Consumption**: The demand side showed differentiation. The operating rate of energy - storage cells remained high, but many leading cathode material manufacturers announced overhaul plans for January, indicating that the downstream demand might decline significantly month - on - month, and procurement turned to rigid demand [2] Import and Export - **Lithium Ore Import**: The seasonal production reduction expectation of salt lakes constituted a potential supply disturbance, and the arrival of imported lithium concentrate at ports needed to be monitored [2] - **Lithium Ore Transportation Cost**: The transportation costs of lithium ore from South Africa, Zimbabwe, and Nigeria remained unchanged week - on - week [28] Inventory - **Carbonate Lithium Warehouse Receipt Inventory**: The exchange warehouse receipt inventory increased to 20,281 lots, a significant week - on - week increase of 13.55%. The inventory in major warehouses such as Shanghai Xiangyu Speed - Transfer Warehouse and COSCO Shipping Zhenjiang Warehouse increased significantly, showing inventory accumulation pressure [2][41] Cost and Profit - **Carbonate Lithium**: The production cost of externally purchased lithium concentrate was 124,744 yuan/ton, a week - on - week decrease of 3.95%. The production profit was - 7,494 yuan/ton, and the loss increased by 20.91% week - on - week. The cost line provided some support for the current price [2] Lithium - battery Fundamentals - **Positive Electrode Materials**: Information on the market conditions, supply, demand, and cost - profit of positive electrode materials is included in the report, but specific data is not elaborated in the provided content [45][47][51][57] - **Lithium - battery Materials and Batteries Import and Export**: Information on the import and export of lithium - battery materials and batteries is included, but specific data is not elaborated [53][55] - **New Energy Vehicles**: Information on the production, sales, and other important data of new energy vehicles is included, but specific data is not elaborated [61][63] - **Lithium - battery Recycling**: Information on lithium - battery recycling is included, but specific data is not elaborated [59]

Core Viewpoint - Salt Lake Co. (000792.SZ) has seen a significant upward revision in its 2026 profit expectations, with sell-side analysts raising their forecasts from a range of 62-82 billion yuan to around 100 billion yuan, and some even projecting approximately 120 billion yuan [1][12]. Group 1: Profit Forecasts - The company anticipates a net profit attributable to shareholders of 8.29 to 8.89 billion yuan for 2025, representing a year-on-year growth of 77.78% to 90.65%, exceeding previous market expectations [1]. - Following the earnings forecast release, sell-side analysts have adjusted their 2026 profit expectations, with some institutions like Everbright Securities and Shenwan Hongyuan projecting around 12 billion yuan [1][12]. Group 2: Industry Dynamics - The increase in profit expectations is attributed to the rising demand in the potassium and lithium sectors, alongside the company's strong new capacity deployment and asset injection plans [2]. - The average spot price of lithium carbonate has surged to 138,000 yuan per ton, with futures contracts nearing 150,000 yuan per ton, indicating potential for further upward revisions in profit forecasts if lithium prices continue to rise unexpectedly [2]. Group 3: Production and Sales Data - For 2025, the company expects to produce approximately 4.9 million tons of potassium chloride and 46,500 tons of lithium carbonate, with sales figures showing a decrease in potassium chloride sales by 18.37% and an increase in lithium carbonate sales by 9.6% compared to 2024 [8]. - The company's production capacity for lithium salts is projected to increase significantly, with equity capacity expected to rise from 20,000 tons to around 69,000 tons, reflecting a growth rate of 245% [15]. Group 4: Price Trends - The price of potassium chloride is expected to rise from 2,550 yuan per ton to 3,100 yuan per ton by the end of 2025, with an annual average price increase of only 16.68% [4]. - Despite fluctuations, the average price of battery-grade lithium carbonate decreased from 90,500 yuan per ton to around 75,500 yuan per ton, marking a decline of 16.57% year-on-year [6]. Group 5: Financial Metrics and Valuation - The company's net profit for the fourth quarter is expected to show a significant increase, with a full-year net profit of at least 8.3 billion yuan, surpassing previous institutional expectations [9]. - As of January 9, 2026, the company's stock price was 31.28 yuan, with an estimated earnings per share of approximately 1.62 yuan for 2025, corresponding to a price-to-earnings ratio of 19.3 times [20].

（记者 王晓波） 天铁科技（300587.SZ）1月9日在投资者互动平台表示，两家公司中安徽天铁有电池级碳酸锂产线，产 能为每年1万吨。 每经AI快讯，有投资者在投资者互动平台提问：昌吉利和安徽天铁主要产品有碳酸锂么，产能是多 少？ ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The inventory inflection point of lithium carbonate has emerged, and it remains strongly volatile. The current price is greatly affected by news, with over - speculation. The inventory depletion speed continues to slow down, and there is a divergence between the futures and spot markets. Short - term sharp increases require caution regarding callback risks [1][2][3]. 3. Summary by Relevant Catalogs Market Analysis - On January 8, 2026, the lithium carbonate main contract 2605 opened at 140,860 yuan/ton and closed at 145,000 yuan/ton, with a 2.46% change in the closing price compared to the previous day's settlement price. The trading volume was 654,824 lots, and the open interest was 514,467 lots, up from 506,520 lots in the previous trading day. The current basis is - 9,720 yuan/ton (average price of electric carbon - futures). The lithium carbonate warehouse receipts were 25,770 lots, a change of 590 lots from the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate is 132,000 - 145,000 yuan/ton, a change of 5,000 yuan/ton from the previous trading day. The price of industrial - grade lithium carbonate is 130,000 - 140,000 yuan/ton, also a change of 5,000 yuan/ton from the previous trading day. The price of 6% lithium concentrate is 1,825 US dollars/ton, a change of 70 US dollars/ton from the previous day. Despite the sharp decline in the non - ferrous and precious metals sectors yesterday, lithium carbonate remained strong. It was mainly affected by supply - side disruptions and macro news. Some lithium salt plants in Sichuan and Qinghai are still under maintenance, and on January 7, relevant ministries held a symposium on the power and energy storage battery industry [2]. - According to SMM's latest statistics, the spot inventory is 109,942 tons, a month - on - month increase of 337 tons. Among them, the smelter inventory is 18,382 tons, a month - on - month increase of 715 tons; the downstream inventory is 36,540 tons, a month - on - month decrease of 2,458 tons; other inventories are 52,940 tons, a month - on - month increase of 2,080 tons [2]. Strategy - Unilateral: Short - term range operation, and sell hedging on rallies when the opportunity arises. - Inter - period: None. - Cross - variety: None [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Supply side: Last week, the lithium carbonate production was 22,420 tons, a 1.16% week - on - week increase, equal to the historical average for the same period. In December 2025, the lithium carbonate production was 99,200 physical tons, and the predicted production for next month is 97,970 physical tons, a 1.23% month - on - month decrease. The import volume in December 2025 was 26,000 physical tons, and the predicted import volume for next month is 22,500 physical tons, a 13.46% month - on - month decrease [8][9]. - Demand side: Last week, the inventory of sample enterprises of lithium iron phosphate was 99,894 tons, a 0.98% week - on - week decrease, and the inventory of sample enterprises of ternary materials was 18,581 tons, a 3.22% week - on - week increase. It is expected that the demand will strengthen next month, and the inventory may be depleted [8][9]. - Cost side: The daily CIF price of 6% concentrate increased week - on - week, lower than the historical average for the same period. The cost of externally purchased spodumene concentrate is 124,131 yuan/ton, with no daily change, and the production income is - 694 yuan/ton, resulting in a loss; the cost of externally purchased lithium mica is 123,199 yuan/ton, a 2.10% daily increase, and the production income is 5,161 yuan/ton, resulting in a profit; the production cost on the recycling side is generally higher than that on the ore side, with negative production income and low production enthusiasm; the quarterly cash production cost on the salt lake side is 32,231 yuan/ton, significantly lower than that on the ore side, with sufficient profit margins and strong production motivation [9][10]. - Market trend: The supply - demand pattern has shifted to supply - led, and lithium carbonate 2605 will fluctuate in the range of 136,620 - 143,300 [9]. - Influencing factors: Positive factors include the production suspension and reduction plans of lithium mica manufacturers and the month - on - month decline in the import volume of lithium carbonate from Chile. Negative factors include the continuous high supply on the ore/salt lake side with limited decline [11][12]. - Main logic: Under the tight supply - demand balance, the market sentiment fluctuates due to news [13]. Summary by Relevant Catalogs 1. Daily Viewpoints - Supply and demand analysis: As mentioned above, the supply and demand situations of lithium carbonate are presented in terms of production, inventory, and import/export [8][9]. - Cost and profit analysis: Different raw material sources have different cost - profit situations, with the salt lake side having obvious cost advantages [10]. - Market trend prediction: Lithium carbonate 2605 will fluctuate within the specified range, affected by both positive and negative factors [9][11][12]. - Main risk points: Production suspension/reduction and maintenance plans may impact the market, and the start - up time of industry consolidation is uncertain [14]. 2. Fundamental/Position Data 2.1 Market Overview - Price changes: The prices of various lithium - related products, such as spodumene, lithium mica concentrate, lithium salts, cathode materials, and lithium batteries, have changed to varying degrees. For example, the price of 6% spodumene increased by 7.93%, and the price of battery - grade lithium carbonate increased by 4.71% [16]. - Futures data: The closing price of the futures contract increased, and the number of registered warrants increased by 8.81% [16]. 2.2 Supply - Side Data - Lithium ore: The monthly production of lithium ore increased, and the import volume of lithium concentrate also increased significantly. The self - sufficiency rate of lithium ore showed certain fluctuations [19][25]. - Lithium carbonate: The monthly production of lithium carbonate increased, and the import volume decreased. The weekly and monthly production and capacity of different production methods (lithium辉石, lithium mica, salt lake, recycling) showed different trends [19][30]. - Lithium hydroxide: The monthly production of lithium hydroxide increased, and the export volume also increased. The weekly capacity utilization rate and monthly production of different sources (causticization, smelting) showed certain changes [19][39]. 2.3 Demand - Side Data - Lithium batteries: The monthly production volume of lithium battery cells, the monthly battery loading volume, and the export volume of lithium batteries all showed growth trends. The prices of different types of batteries also changed [56]. - Ternary precursors: The price, cost, and production volume of ternary precursors showed certain fluctuations. The monthly supply - demand balance also changed, with a short - term supply surplus in some months [61][64]. - Ternary materials: The price, cost - profit, production volume, and export/import volume of ternary materials showed different trends. The weekly start - up rate also fluctuated [66]. - Lithium iron phosphate/phosphate: The price, cost - profit, production volume, and export volume of lithium iron phosphate/phosphate showed certain changes. The monthly start - up rate also changed [71]. - New energy vehicles: The production, sales, and export volumes of new energy vehicles all increased, and the sales penetration rate also showed an upward trend [78]. 2.4 Inventory Data - Lithium carbonate: The overall inventory decreased slightly, with different trends in the inventory of smelters, downstream enterprises, and other parties [10][19][52]. - Lithium hydroxide: The monthly inventory of lithium hydroxide showed certain fluctuations [52]. - Lithium batteries: The inventory of lithium battery cells showed different trends for different types [58]. - Ternary precursors: The monthly inventory of ternary precursors showed certain changes [61]. - Ternary materials: The weekly inventory of ternary materials showed certain fluctuations [68]. - Lithium iron phosphate: The weekly inventory of lithium iron phosphate showed certain trends [74][75].

Report Summary 1. Report Industry Investment Rating No specific investment rating was provided in the report. 2. Core View of the Report The report predicts that the price of lithium carbonate will experience range - bound fluctuations, and it is necessary to focus on marginal changes in supply and demand [2][4]. 3. Summary by Related Content Market Performance - Yesterday morning, the main lithium carbonate contract opened more than 7% higher, reaching 147,000 yuan/ton, then fell back to around 140,000 yuan/ton, with 420,000 lots traded and 506,500 lots in open interest, showing an increase in volume and a decrease in open interest [3]. - The net short position of the main funds continued, the long - to - short ratio slightly decreased, and some funds took profits [3]. - The average price of SMM electric carbon was 133,500 yuan/ton, the basis of the main contract narrowed, but it was still at a negative basis [3]. Supply and Demand Fundamentals - **Supply**: Last week, the weekly operating rate and weekly output of SMM lithium carbonate both increased by 1.2% month - on - month, with further release of production capacity, and the cost - side support continued to strengthen as upstream raw material prices continued to rise [4]. - **Demand**: There was a significant structural differentiation in demand. The demand for lithium iron phosphate was strong, with high year - on - year production growth and inventory depletion, benefiting from cost - effective terminal models and energy storage demand. The demand for ternary materials was weak, with a year - on - year decline in cell production and inventory accumulation in the material sector. The sales and penetration rate of new energy vehicles reached new highs, providing a solid support for lithium carbonate demand [4]. Inventory - Last week, the total weekly inventory of the SMM sample decreased by 0.15% month - on - month, and the inventory depletion slope slowed down. The total inventory days remained at 26.1 days, the same as the previous week. The inventory structure shifted from the production and consumption ends to the trading end, and the tight inventory pattern remained unchanged [4]. Policy - In 2026, the subsidy for car trade - ins, the Fed's interest rate cuts, the industrial plan for Qinghai salt lakes, the key points of energy storage in the 15th Five - Year Plan, and a series of deployments from the Central Economic Work Conference formed a coordinated positive effect to support long - term supply - demand balance [4]. - In the short term, regulatory tightening was clear, and measures such as trading limits on the Guangzhou Futures Exchange were taken to stabilize price fluctuations [4]. - On January 4th, the issuance of the "Solid Waste Comprehensive Management Action Plan" by the State Council, combined with news of mine复产, still provided upward price drive, but market sentiment ebbed, and some funds took profits [4].

Report Overview - **Report Date**: January 8, 2026 [1] - **Report Title**: Lithium Carbonate: High-level Volatility, Focus on Market Sentiment Changes [1] Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The report focuses on tracking the fundamental data of lithium carbonate and presenting relevant macro and industry news, but does not put forward a clear core view [1][2][3]. Summary by Directory 1. Fundamental Tracking - **Futures Data**: The closing prices of the 2601 and 2605 contracts were 139,960 yuan and 142,300 yuan respectively, showing an increase compared to previous periods. The trading volume and open interest of the two contracts also changed significantly. For example, the trading volume of the 2605 contract was 420,407, with an increase of 116,170 compared to the previous day [1]. - **Spot and Basis Data**: The spot price of battery-grade lithium carbonate was 133,500 yuan, with an increase of 6,000 yuan compared to the previous day. The basis between spot and futures contracts also showed different degrees of change [1]. - **Raw Material Data**: The prices of lithium spodumene concentrate, lithium mica, and other raw materials all increased to varying degrees. For example, the price of lithium spodumene concentrate (6%, CIF China) was 1,770 yuan, with an increase of 130 yuan compared to the previous day [1]. - **Lithium Salt and Related Product Data**: The prices of various lithium salts and related products such as battery-grade lithium hydroxide, lithium iron phosphate, and ternary materials also showed different trends. For example, the price of battery-grade lithium hydroxide (micropowder) was 128,300 yuan, with an increase of 6,500 yuan compared to the previous day [1]. 2. Macro and Industry News - **Price Increase of Lithium Carbonate**: The SMM battery-grade lithium carbonate index price was 132,231 yuan/ton, with a daily increase of 6,226 yuan/ton. The average price of battery-grade lithium carbonate was 133,500 yuan/ton, with an increase of 6,000 yuan/ton compared to the previous day [2]. - **Tendering Situation in the Energy Storage Market**: In December 2025, the domestic energy storage market completed a total of 22.5GW/55.8GWh of EPC general contracting tendering work for energy storage systems and equipment, with independent energy storage projects accounting for 90%. In addition, 2GWh of DC-side and 2GWh of energy storage cell procurement orders were finalized [3]. 3. Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral state [3].