1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The lithium ore, lithium salt, and battery cell markets are under significant inventory pressure, and the destocking process is slow. The medium - to long - term supply - demand imbalance has not been substantially alleviated [3]. - There are two short - term logics in the market: a negative feedback loop of "lithium salt price decline - ore price loosening - further lithium salt price decline" and a stepped - up price increase chain of "futures price increase - production capacity release - increased ore consumption - ore price increase" [3]. - The cost curve is flattening due to production process optimization, which drives the central price of lithium carbonate down [3]. - The futures market in the second half of the year is expected to be divided into two stages: the futures price will fluctuate upward in early Q3 due to improved macro sentiment, supply disruptions, and better - than - expected off - season performance; it will fluctuate downward in Q4 as technological upgrades are completed and production increases [3]. - There are positive factors such as improved macro sentiment and supply - side disruptions, and negative factors including high future lithium ore production expectations, continuous inventory accumulation, and technological upgrades delaying capacity clearance [3][5]. 3. Summary by Directory 3.1 Futures Data - **Futures Price Forecast**: The price range of the lithium carbonate futures main contract is predicted to be between 68,000 and 80,000 yuan/ton, with a current 20 - day rolling volatility of 42.2% and a 3 - year historical percentile of 73.5% [2]. - **Futures Contract Data**: The closing price of the lithium carbonate main contract is 68,280 yuan/ton, down 3.29% daily and 10.95% weekly; trading volume is 521,849 lots, down 34.19% daily and 70.52% weekly; open interest is 229,368 lots, down 15.91% daily and 47.48% weekly. For the LC2511 contract, the closing price is 68,600 yuan/ton, down 2.81% daily and 8.53% weekly; trading volume is 378,788 lots, down 17.16% daily and up 20.72% weekly; open interest is 195,732 lots, up 5.60% daily and 33.12% weekly [8]. - **Futures Spread Data**: The LC09 - 11 spread is - 320 yuan/ton, down 1700% daily and 119% weekly; the LC11 - 12 spread is - 520 yuan/ton, up 189% daily and down 263% weekly [11]. 3.2 Spot Data - **Lithium Ore Spot Price**: The average prices of various lithium ores such as lithium mica, lithium spodumene, and phospho - lithium - aluminum stone have different degrees of daily and weekly changes. For example, the average price of lithium mica (Li2O: 2 - 2.5%) is 1,750 yuan/ton, down 1.41% daily and up 5.74% weekly [15]. - **Lithium Salt Spot Price**: The average prices of industrial - grade and battery - grade lithium carbonate, and lithium hydroxide also show daily and weekly fluctuations. For instance, the average price of industrial - grade lithium carbonate is 69,900 yuan/ton, down 1.34% daily and up 1.45% weekly [19]. - **Lithium Industry Chain Spot Spread**: The spreads such as the difference between battery - grade and industrial - grade lithium carbonate, and the difference between lithium hydroxide and lithium carbonate have different daily and weekly changes. For example, the difference between battery - grade and industrial - grade lithium carbonate is 2,100 yuan/ton, with no daily change and a 27.27% weekly increase [22]. 3.3 Basis and Warehouse Receipt Data - **Basis Data**: The basis of the lithium carbonate main continuous contract and the brand - based basis quotes of different companies have specific values. For example, the basis quote of Shengxin Lithium Energy for the LC2507 contract is 100 yuan/ton [27]. - **Warehouse Receipt Data**: The total number of lithium carbonate warehouse receipts is 5,545, a decrease of 7,586 from the previous day [30]. 3.4 Cost and Profit - The report shows the production profit from purchasing lithium ore, theoretical delivery profit, and import profit of lithium carbonate, but specific numerical analysis is not provided in the summary requirements [33]. 3.5 Risk Management Strategies - **Inventory Management**: For companies with high product inventory and concerns about inventory impairment, it is recommended to short 50% of lithium carbonate futures (LC2511) to lock in profits, sell 50% of call options, and buy out - of - the - money put options [2]. - **Procurement Management**: For companies with future procurement plans and concerns about raw material price increases, it is recommended to buy far - month lithium carbonate contracts according to the procurement plan to lock in costs, sell put options, and buy out - of - the - money call options [2].

格隆汇7月31日丨盛新锂能(002240.SZ)公布，截至2025年7月31日，公司已通过集中竞价方式回购股份 数量9,752,800股，占公司总股本的1.07%；最高成交价为16.52元/股，最低成交价为15.46元/股，支付的 总金额为1.56亿元(不含交易费用)。 ...

盛新锂能（002240）公告，截至2025年7月31日，公司已通过集中竞价方式回购股份数量975.28万股， 占公司总股本的1.07%；最高成交价为16.52元/股，最低成交价为15.46元/股，支付的总金额为1.56亿元 (不含交易费用)。本次回购符合公司的回购股份方案及相关法律法规的要求。 ...

需求端：新能源汽车及储能需求超预期，叠加抢装带动需求向好。国内新能源车销量继续超预期，拉动 全球车市景气度持续高位。国内储能需求强势增长，1-6月累计同比增幅高达219.1%。年后终端补库需 求持续，LFP正极材料产量增幅表现亮眼。 智通财经APP获悉，民生证券发布研报称，澳洲小矿山已停产完毕，低成本项目产能爬坡，新的出清将 对供需格局产生较大影响。非洲矿成本压力大但存降本空间，预计供应增量继续释放。6月末起，头部 企业接货预期逐渐兑现，现货升水结构下，仓单问题持续扰动。同时矿石价格跟随锂盐价格的抬涨而迅 速上涨，矿端底部支撑非常明确。7月中旬开始，"反内卷"背景下，江西及青海矿证问题不断引发市场 对供给端的担忧，伴随需求端的超预期兑现，碳酸锂价格持续反弹。 民生证券主要观点如下： 锂价触底，供应端扰动风险增强，等待行业进一步出清 供应端：投产进度或不及预期；南美盐湖成本被明显低估，产能释放或不及预期。澳洲小矿山已停产完 毕，低成本项目产能爬坡，新的出清将对供需格局产生较大影响。非洲矿成本压力大但存降本空间，预 计供应增量继续释放。国内云母一体化低成本企业产能继续释放，等待高成本部分减停产。青海盐湖依 托优势 ...

Market Overview - The three major A-share indices collectively declined, with the Shanghai Composite Index falling by 1.18% to 3573 points, the Shenzhen Component Index down by 1.73%, and the ChiNext Index decreasing by 1.66% [1][2] - The total trading volume for the day reached 1.96 trillion yuan, an increase of 90.9 billion yuan compared to the previous trading day, with nearly 4300 stocks declining across the market [1] Index Performance - Shanghai Composite Index: 3573.21, down 42.51 points (-1.18%) [2] - Shenzhen Component Index: 11009.77, down 193.26 points (-1.73%) [2] - ChiNext Index: 2328.31, down 39.37 points (-1.66%) [2] - Other indices such as the CSI 300 and CSI 500 also experienced declines of 1.82% and 1.40% respectively [2] Sector Performance - The steel sector saw significant declines, with Baogang Co. (600010) dropping nearly 8% [3] - Coal stocks also fell, with Antai Group declining nearly 7% [3] - The aquaculture sector weakened, led by Zhongshui Fishery (000798) [3] - Lithium mining concepts experienced fluctuations, with companies like Shengxin Lithium Energy and CATL (300750) dropping nearly 5% [3] - Other sectors such as titanium dioxide, photovoltaic equipment, shipbuilding, and small metals also reported notable declines [3] Notable Gainers - The liquid cooling concept saw gains, with companies like Cambridge Technology, Chunz中科技 (603516), and Ice Wheel Environment (000811) hitting the daily limit [3] - The assisted reproductive technology sector surged after being included in medical insurance, with companies like Anke Biotechnology (300009) and Hanshang Group (600774) also reaching the daily limit [3] - The composite fluid sector was active, with Nord Shares (600110) hitting the daily limit [3] - Other sectors such as gene sequencing, AI, and state-owned cloud concepts showed positive performance [3]

Investment Rating - The report recommends a "Buy" rating for the industry, indicating a positive outlook for the sector's performance relative to the benchmark index [5]. Core Insights - The lithium business, particularly the Greenbushes lithium mine, showed a production volume of 340,000 tons in Q2 2025, reflecting a 2% year-on-year increase, while sales volume decreased by 22% to 412,000 tons [1][3]. - The average realized price for lithium concentrate was $725 per ton, down 8% from the previous quarter [1]. - The Kwinana lithium hydroxide plant produced 2,126 tons in Q2 2025, a 36% increase quarter-on-quarter and a 60% increase year-on-year, although sales volume decreased by 25% [4][6]. - The nickel business at the Nova project reported a production of 5,107 tons in Q2 2025, a 22% increase quarter-on-quarter, but a 20% decrease year-on-year [8]. Summary by Sections Lithium Business - Greenbushes lithium mine produced 340,000 tons in Q2 2025, with a cash production cost of A$366 per ton, up 8% year-on-year [1][3]. - Kwinana hydroxide plant's production was 2,126 tons, with a conversion cost of A$17,215 per ton, down 20% from the previous quarter [4][7]. Nickel Business - Nova project achieved a nickel production of 5,107 tons in Q2 2025, with a cash cost of A$3.97 per pound, down 23% quarter-on-quarter [8]. - The average realized price for nickel decreased to A$23,261 per ton, a 7% decline from the previous quarter [8]. Financial Performance - The company's revenue for Q2 2025 was A$126.9 million, a 15% increase quarter-on-quarter but a 46% decrease year-on-year [10]. - The underlying EBITDA for Q2 2025 was A$62.3 million, compared to A$34 million in the same quarter last year [11]. Production Guidance - For FY25, the Greenbushes lithium production guidance is set at 1,350,000 to 1,550,000 tons, with a cash cost guidance of A$320 to A$380 per ton [19]. - The Kwinana refinery's production guidance for FY25 is 7,000 to 8,000 tons of lithium hydroxide [19].

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [6]. Core Insights - The NAL project achieved a lithium concentrate production of 58,533 tons in Q2 2025, reflecting a 35% quarter-on-quarter increase, with an average grade of 5.2% Li₂O [2][12]. - The sales volume of lithium concentrate reached 66,980 tons in Q2 2025, marking a significant 148% increase compared to the previous quarter [3][12]. - The average realized selling price (FOB) decreased by 8% to 1,054 AUD per dry ton, influenced by shipping costs as two batches were sold to Piedmont Lithium and the international market [4][12]. - The unit operating cost for lithium concentrate (FOB) fell by 10% to 1,232 AUD per dry ton, with a 5% decrease in USD terms to 791 USD per dry ton [5][12]. - NAL's revenue for Q2 2025 was 71 million AUD, a 129% increase quarter-on-quarter, driven by higher sales volumes despite lower average selling prices [9][12]. Production and Operational Performance - In Q2 2025, the ore mined was 361,883 wet tons, a 12% increase from the previous quarter, with a focus on ensuring sufficient raw material supply for the mill [1][12]. - The recovery rate for lithium reached a record 73%, up 4 percentage points from Q1 2025, attributed to improved operational management and process enhancements [1][12]. - The processing plant's utilization rate hit a new high of 93%, significantly up from 80% in Q1 2025, due to limited planned maintenance and minimal unplanned downtime [1][12]. Inventory and Financial Position - As of June 30, 2025, NAL's total inventory of lithium concentrate was 25,221 tons, down from 34,881 tons at the end of Q1 2025 [8][12]. - The cash and cash equivalents balance was 72.3 million AUD, a decrease of 16.6 million AUD from March 31, 2025, primarily due to operational losses [9][12]. Merger and Strategic Developments - The merger between Sayona Mining Limited and Piedmont Lithium Inc. is set to be completed by September 1, 2025, following the necessary regulatory approvals [10][12].

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the upcoming period [5]. Core Insights - In Q2 2025, the company produced 85,892 tons of lithium concentrate, a 10% decrease from Q1 2025, while sales increased by 4% to 97,330 tons [1][2]. - The average realized price for lithium concentrate (SC6) in Q2 2025 was $740 per ton, down 9% from $815 in Q1 2025 [2]. - The unit operating cost (FOB) for sold lithium concentrate rose by 31% to $576 per ton, reflecting increased sorting costs and reduced inventory [2]. - The company reported a revenue of 96 million AUD in Q2 2025, an 8% decrease from 104 million AUD in Q1 2025, primarily due to the decline in average realized prices [3]. Production and Sales Summary - Q2 2025 lithium concentrate production: 85,892 tons, down 10% from Q1 2025 [1]. - Q2 2025 lithium concentrate sales: 97,330 tons, up 4% from Q1 2025 [1]. - Q2 2025 average realized price for SC6: $740 per ton, down from $815 in Q1 2025 [2]. - Q2 2025 unit operating cost (FOB): $576 per ton, up from $440 in Q1 2025 [2]. - Q2 2025 cash balance: 156 million AUD [4]. Financial Metrics - Q2 2025 net cash inflow from operating activities: 23 million AUD [7]. - Q2 2025 net cash outflow limited to 17 million AUD due to business optimization efforts [7]. - Expected non-cash impairment of inventory between 75 million to 85 million AUD for the fiscal year 2025 [8]. Future Guidance - For FY 2026, production guidance is set at 365,000 to 450,000 tons, reflecting a growth of 24% to 53% compared to FY 2025 [10]. - The company plans to transition to 100% underground mining operations in FY 2026, focusing on operational and strategic discipline [9]. - Unit operating costs for FY 2026 are expected to range from 855 to 1,045 AUD per ton [13].

Report Industry Investment Rating No relevant content provided. Core View The overall sentiment has cooled, warehouse receipts are gradually increasing, spot prices are weakening, but the impact of disturbances at the mining end has not been completely eliminated. It is expected that the futures market will maintain a volatile trend [2]. Summary by Directory Market Analysis - On July 30, 2025, the main lithium carbonate contract 2509 opened at 72,980 yuan/ton and closed at 70,600 yuan/ton, with a 0.43% change in the closing price compared to the previous trading day's settlement price. The trading volume was 792,909 lots, and the open interest was 272,753 lots, down from 300,620 lots in the previous trading day. The current basis is 30 yuan/ton (average price of electric carbon - futures). The number of lithium carbonate warehouse receipts was 13,131 lots, a change of 855 lots from the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate is quoted at 72,000 - 73,900 yuan/ton, a change of - 200 yuan/ton from the previous trading day, and the price of industrial - grade lithium carbonate is quoted at 70,300 - 71,400 yuan/ton, a change of - 150 yuan/ton from the previous trading day. The price of 6% lithium concentrate is 780 US dollars/ton, with no change from the previous day [1]. - Downstream procurement willingness has slightly recovered compared to the previous period, but most enterprises still maintain a cautious and wait - and - see attitude, expecting prices to bottom out further. Upstream lithium salt enterprises continue to hold prices firm, and some downstream enterprises purchase through the futures premium and discount pricing model. The basis in the market shows a gradually strengthening trend, and the game between buyers and sellers continues to intensify [1]. Strategy The overall sentiment has cooled, warehouse receipts are gradually increasing, spot prices are weakening, but the impact of disturbances at the mining end has not been completely eliminated. It is expected that the futures market will maintain a volatile trend [2]. Trading Strategies - Unilateral: None - Inter - delivery: None - Cross - variety: None - Spot - futures: None - Options: None [4]

Report Summary 1. Report Title - Carbonate Lithium Daily Review 20250731: Rapid Mood Swings and High Volatility [2] 2. Core View - On July 30, the main contract of carbonate lithium futures rose and then fell. The spot market had weak trading, and the basis premium increased. With the cost side showing a decline in spodumene concentrate prices but flat mica prices, supply side seeing a decrease in carbonate lithium production last week, and downstream demand showing mixed trends (rising production of lithium iron phosphate and ternary materials, falling production of cobalt acid lithium and manganese acid lithium in June, and rising power battery production last week). Terminal demand had continued year - on - year growth in new energy vehicle production and sales in June but a month - on - month decline in sales, and average 3C shipments. Storage battery production increased in June. With inventory showing compact registered warehouse receipts, destocking in smelters, and inventory accumulation in other sectors. Due to large fluctuations in commodity sentiment and exchange position limits cooling the market, short - term carbonate lithium prices are expected to fluctuate widely. It is recommended to hold put options [3] 3. Key Data 3.1 Futures Data - **Closing Prices**: Near - month contract closed at 70,260 yuan/ton (-200 from the previous day), continuous - one contract at 70,600 yuan/ton (-240), continuous - two contract at 70,580 yuan/ton (+20), continuous - three contract at 70,580 yuan/ton (+20) [3] - **Trading Volume and Open Interest**: Active contract trading volume was 792,909 lots (+48,749), and open interest was 272,753 lots (-27,867) [3] - **Warehouse Inventory**: 12,276 tons (unchanged) [3] - **Spreads**: Near - month minus continuous - one was -340 yuan/ton (+40), continuous - one minus continuous - two was 20 yuan/ton (-260), continuous - two minus continuous - three was 0 yuan/ton (unchanged) [3] - **Basis**: SMM battery - grade carbonate lithium average price minus carbonate lithium active contract closing price was 2,350 yuan/ton (+40) [3] 3.2 Spot Data - **Lithium Ore Prices**: Spodumene concentrate (6%, CIF China) was 776 US dollars/ton (-1), lithium mica (Li2O: 1.5% - 2.0%) was 1,140 yuan/ton (unchanged), lithium mica (Li2O: 2.0% - 2.5%) was 1,775 yuan/ton (unchanged), phospho - lithium - aluminum stone (Li2O: 6% - 7%) was 5,675 yuan/ton (+75), phospho - lithium - aluminum stone (Li2O: 7% - 8%) was 6,625 yuan/ton (+125) [3] - **Lithium Compound Prices**: Battery - grade carbonate lithium (99.5%, domestic) was 72,950 yuan/ton (-200), industrial - grade carbonate lithium (99.2%, domestic) was 70,850 yuan/ton (-150), battery - grade lithium hydroxide (56.5%, CIF China, Japan, South Korea) was 8.28 US dollars/kg (unchanged), battery - grade lithium hydroxide (56.5%, domestic, coarse particles) was 65,470 yuan/ton (+50), battery - grade lithium hydroxide (56.5%, domestic, fine powder) was 70,620 yuan/ton (+50) [3] - **Price Spreads**: Battery - grade lithium hydroxide and battery - grade carbonate lithium spread was -7,480 yuan/ton (+250), battery - grade carbonate lithium and industrial - grade carbonate lithium spread was 2,100 yuan/ton (-50), CIF China, Japan, South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide spread was -6,316.85 yuan/ton (-107.96) [3] 3.3 Inventory Data - **SMM Carbonate Lithium Inventory**: Smelters had 55,385 tons (-2,654 compared to the previous week), downstream had 42,815 tons (+1,544), others had 44,970 tons (+1,660), and the total was 143,170 tons (+550) [3] 4. Industry News - The Federal Reserve maintained the interest rate at 4.25% - 4.50%, with directors Waller and Bowman voting against and advocating for a rate cut [3] - On July 30, Pilbara Minerals announced its lithium spodumene concentrate production in the fourth fiscal quarter was 221,300 tons, and sales volume reached 216,000 tons, showing stable performance in lithium ore production and market supply [3] - Guangzhou Futures Exchange limited the single - day opening volume of non - futures company members or clients in the carbonate lithium futures LC2509 contract to no more than 500 lots, and in LC2510, LC2511, LC2512, LC2601 contracts to no more than 2,000 lots each [3]