Report Summary 1. Market Analysis - On October 16, 2025, the main lithium carbonate contract 2511 opened at 72,820 yuan/ton and closed at 74,940 yuan/ton, with a 2.52% change from the previous day's settlement price. The trading volume was 268,890 lots, and the open interest was 177,951 lots, down from 188,523 lots the previous day. The current basis was -700 yuan/ton, and the lithium carbonate warehouse receipts were 30,456 lots, a decrease of 2,620 lots from the previous day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 72,400 - 73,600 yuan/ton, unchanged from the previous day, and the price of industrial - grade lithium carbonate was 70,150 - 71,350 yuan/ton, also unchanged. The price of 6% lithium concentrate was 820 US dollars/ton, a change of 3 US dollars/ton from the previous day. The downstream material factories were cautiously waiting and watching, and the overall market trading activity was flat [1]. - New production lines were put into operation at both the spodumene and salt - lake ends, and the total lithium carbonate production in October was expected to have growth potential. The power market of new energy vehicles was growing rapidly in both commercial and passenger use, and the energy storage market had strong supply and demand [1]. - According to the latest weekly data, the weekly production increased by 431 tons to 21,066 tons, with a slight increase in production from spodumene, lepidolite, salt - lake, and recycling. The weekly inventory decreased by 2,143 tons to 132,658 tons, with a decrease in smelter and downstream inventory and a slight increase in intermediate inventory [1]. 2. Company News - On October 14, Hainan Mining held a shipping ceremony for the first batch of lithium concentrate products from its Malian Bugoni lithium mine project. 30,000 tons of lithium concentrate would be shipped from Bugoni to the Port of San Pedro in Côte d'Ivoire and then to Yangpu Port in Hainan by cargo ship to provide core raw materials for Hainan Mining's lithium salt processing project [2]. 3. Strategy - The futures market rebounded before the close on the day, mainly affected by the overall strength of commodities, inventory reduction, and warehouse receipt cancellation. There was some support during the consumption peak season, the short - term supply - demand pattern was good, and the inventory was continuously decreasing, providing some support to the market. It was expected that the market would fluctuate in the short term. The policy disturbance at the mine end had weakened. If the mines resumed production and consumption weakened later, the market might decline [3]. - For unilateral trading, short - term range - bound operations were recommended. If the market rebounded significantly, selling hedging could be carried out at high prices. There were no specific strategies for options, inter - delivery spread, cross - variety, and spot - futures trading [3][4].

Report Summary 1. Report Industry Investment Rating - No specific investment rating provided in the report. 2. Core View - The report focuses on the fundamental data of lithium carbonate, including price, volume, and inventory changes. It also mentions industry news such as production, inventory, and new project shipments. The trend strength of lithium carbonate is rated as "1", indicating a relatively positive outlook [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing prices of the 2511 and 2601 contracts increased, with the 2511 contract closing at 74,940 and the 2601 at 75,080. The trading volume and open interest of the two contracts showed different trends. The 2511 contract's trading volume decreased, while the 2601 contract's increased. The open interest of the 2511 contract decreased, and the 2601 contract increased. The warehouse receipt volume decreased by 2,620 to 30,456 [1]. - **Basis Data**: The basis between spot and futures contracts showed certain fluctuations. The basis between the 2511 and 2601 contracts was -140, and the difference between electric carbon and industrial carbon was 2,250 [1]. - **Raw Material Data**: The prices of lithium spodumene concentrate and lithium mica increased slightly, while the prices of battery - grade and industrial - grade lithium carbonate decreased slightly compared to previous periods [1]. - **Lithium Salt and Related Product Data**: The prices of some lithium salts and related products, such as battery - grade lithium hydroxide and ternary materials, showed different degrees of change. For example, the price of battery - grade lithium hydroxide (micropowder) decreased by 50 to 78,100 [1]. 3.2 Macro and Industry News - **Price Information**: The SMM battery - grade lithium carbonate index price was 73,064 yuan/ton, up 27 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 73,000 yuan/ton, and industrial - grade lithium carbonate was 70,750 yuan/ton, both unchanged from the previous working day [1][2]. - **Production and Inventory**: This week, the production of lithium carbonate was 21,066 tons, an increase of 431 tons from last week. The industry - wide inventory was 132,658 tons, a decrease of 2,143 tons from last week [3]. - **Project News**: On October 14, Hainan Mining's Mali Bougouni lithium mine project held a shipment ceremony for the first batch of lithium concentrate products. 30,000 tons of lithium concentrate will be shipped to Hainan Yangpu Port to supply raw materials for its lithium salt processing project [3]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is rated as "1", indicating a relatively positive outlook within the [-2, 2] range [3].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The supply - demand mismatch in the lithium carbonate market leads to a situation of strong supply and weak demand, and the downward trend is difficult to change [11]. - In the future, it is expected that demand will strengthen next month, inventory may be depleted, and the price of lithium carbonate 2601 will fluctuate in the range of 74040 - 75840 [8]. 3. Summary According to Relevant Catalogs 3.1 Daily Viewpoints 3.1.1 Fundamentals - Supply side: Last week, the lithium carbonate production was 21,066 tons, a week - on - week increase of 2.08%, higher than the historical average [8]. - Demand side: The inventory of lithium iron phosphate sample enterprises was 101,848 tons, a week - on - week increase of 3.62%. The inventory of ternary material sample enterprises was 17,849 tons, a week - on - week decrease of 0.26% [8]. - Cost side: The cost of externally purchased lithium spodumene concentrate was 73,373 yuan/ton, a daily - on - week increase of 0.06%, with a production profit of - 1438 yuan/ton, indicating a loss. The cost of externally purchased lithium mica was 75,870 yuan/ton, a daily - on - week increase of 0.92%, with a production profit of - 5918 yuan/ton, also indicating a loss. The quarterly cash production cost of the salt lake end was 31,477 yuan/ton, significantly lower than the ore end, with sufficient profit margins and strong production motivation [8]. 3.1.2 Inventory - On October 16, the spot price of battery - grade lithium carbonate was 73,000 yuan/ton, the basis of the 01 contract was - 2080 yuan/ton, and the spot was at a discount to the futures. The downstream inventory was 57,735 tons, a week - on - week decrease of 3.39%, lower than the historical average. The smelter inventory was 34,283 tons, a week - on - week decrease of 1.58%, higher than the historical average. The total inventory was 132,658 tons, a week - on - week decrease of 1.58%, higher than the historical average [8]. 3.1.3 Market Trends - The MA20 of the market was upward, and the futures price of the 01 contract closed above the MA20, showing a bullish trend. The net short position of the main contract increased, showing a bearish trend [8]. 3.1.4 Expectations - In September 2025, the lithium carbonate production was 87,260 physical tons, and it is predicted that next month's production will be 89,890 physical tons, a month - on - month increase of 10.00%. It is expected that demand will strengthen next month, inventory may be depleted, and the price of lithium carbonate 2601 will fluctuate in the range of 74040 - 75840 [8]. 3.1.5 Factors Affecting the Market - Bullish factors: Manufacturers' plans to stop or reduce production, a month - on - month decrease in the amount of lithium carbonate imported from Chile, and a decline in the import of lithium spodumene [9]. - Bearish factors: High - level and limited - decline supply from the ore/salt lake end, and insufficient willingness of the power battery end to take delivery [10]. 3.2 Lithium Carbonate Market Overview - Yesterday's market overview shows the price and price changes of lithium - related products such as lithium spodumene, lithium mica concentrate, and battery - grade lithium carbonate, as well as the basis and registered warehouse receipts of lithium carbonate futures [14]. - The supply - demand data overview shows the supply - side data such as the weekly and monthly production, cost, and profit of lithium carbonate, and the demand - side data such as the production, inventory, and export of lithium iron phosphate and ternary precursors [17]. 3.3 Supply - Lithium Ore - Lithium ore price trends, production of domestic lithium spodumene mines and lithium mica, import volume of lithium concentrate, and lithium ore self - sufficiency rate are presented over different time periods [22]. - The supply - demand balance table of domestic lithium ore shows the demand, production, import, export, and balance of lithium ore from September 2024 to September 2025 [25]. 3.4 Supply - Lithium Carbonate - The weekly and monthly production, production capacity, and import volume of lithium carbonate from different sources (lithium spodumene, lithium mica, salt lake, and recycling) are presented over different time periods [28]. - The supply - demand balance table of lithium carbonate shows the demand, export, import, production, and balance of lithium carbonate from September 2024 to September 2025 [34]. 3.5 Supply - Lithium Hydroxide - The weekly and monthly production capacity utilization rate, production, and export volume of lithium hydroxide from different sources (smelting and causticizing) are presented over different time periods [37]. - The supply - demand balance table of lithium hydroxide shows the demand, export, import, production, and balance of lithium hydroxide from September 2024 to September 2025 [39]. 3.6 Lithium Compound Cost - Profit - The cost - profit situations of externally purchased lithium spodumene concentrate, lithium mica concentrate, and various recycling materials for producing lithium carbonate, as well as the processing costs and profit margins of lithium hydroxide and industrial - grade lithium carbonate purification, are presented over different time periods [42][44][47]. 3.7 Inventory - The trends of lithium carbonate warehouse receipts, weekly and monthly inventory (by smelter, downstream, and others), and monthly inventory of lithium hydroxide (by smelter and downstream) are presented over different time periods [49]. 3.8 Demand - Lithium Battery - The price trends, monthly production, monthly loading volume, monthly shipment volume, and export volume of lithium batteries are presented over different time periods [53][55]. 3.9 Demand - Ternary Precursor - The price trends, cost - profit situations, capacity utilization rate, production capacity, and monthly production of ternary precursors are presented over different time periods [58]. - The supply - demand balance table of ternary precursors shows the export, demand, import, production, and balance of ternary precursors from September 2024 to September 2025 [61]. 3.10 Demand - Ternary Material - The price trends, cost - profit situations, weekly production start - up rate, production capacity, production, export volume, import volume, and weekly inventory of ternary materials are presented over different time periods [64][66]. 3.11 Demand - Iron Phosphate/Iron Phosphate Lithium - The price trends, production costs, cost - profit situations, production capacity, monthly production start - up rate, monthly production, monthly export volume, and weekly inventory of iron phosphate and iron phosphate lithium are presented over different time periods [68][71]. 3.12 Demand - New Energy Vehicle - The production, export volume, sales volume, sales penetration rate, retail - wholesale ratio, and dealer inventory warning and inventory indexes of new energy vehicles are presented over different time periods [76][80].

Core Viewpoint - The stock price of Lithium Americas Corp (LAC.US) plummeted by 21.72% following news of a potential investment by the U.S. government in the company and its Thacker Pass project, despite the stock having previously surged over threefold [1] Group 1: Stock Performance and Analyst Ratings - Morgan Stanley downgraded the stock rating from "Neutral" to "Underweight," setting a target price of $5, citing that the current valuation is significantly high [1] - The stock's surge was attributed to retail and momentum-driven buying, which has led to a disconnection from the company's fundamentals [1] Group 2: Project Potential and Strategic Position - Analyst Bill Peterson believes the Thacker Pass project has strong potential due to low-cost debt financing, a solid off-take agreement with General Motors (GM.US), and its strategic position as a representative of the Western lithium industry, especially with anticipated rising lithium prices in the coming years [1] - The U.S. government's investment in Lithium Americas is viewed more as a protective measure against potential losses rather than a strategic investment similar to the case of MP Materials (MP.US) [1] Group 3: Market Dynamics and Future Outlook - Peterson suggests that the visible incremental upside in the model is insufficient to support Lithium Americas' current valuation after considering revised loan terms and equity dilution factors [1] - There is a possibility of stock price correction if U.S.-China trade relations show signs of normalization in the short term [1]

格隆汇10月16日丨赣锋锂业(01772.HK)公告，公司近日召开了职工代表大会，通过了选举廖萃为公司第 六届董事会职工董事的议案。廖萃作为第六届董事会职工董事任期自2025年10月14日起至第六届董事会 任期届满之日止。 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The core driving logic for lithium carbonate futures prices in the next month will focus on the resumption of production on the supply side and restocking on the demand side. The supply of lithium salts will increase due to the capacity release of salt lakes in October, and if the resumption of production at "Jianxiaowo" exceeds market expectations, it will expand the supply scale and push the futures price into a weakening and fluctuating channel. On the demand side, the demand from downstream lithium battery material enterprises is expected to maintain a month - on - month growth trend before the end of the year, which may drive the spot procurement demand for lithium salts and provide a phased support for futures prices. Overall, the lithium carbonate futures price is expected to fluctuate in the range of 72,000 - 80,000 yuan/ton [3]. - There are both positive and negative factors affecting the lithium carbonate market. Positive factors include the policies from the Ministry of Industry and Information Technology and the National Energy Administration to support the new energy industry, which may extend the peak season to the end of the year, and the export control measures on lithium batteries and related materials that may trigger a short - term rush to export. Negative factors include the planned resumption of production at the "Jianxiaowo" lithium mine in November and the pressure from concentrated warehouse receipt cancellations in November [4][5]. 3. Summary by Relevant Catalogs 3.1 Futures Data - **Price and Volatility Forecast**: The strong support level for the lithium carbonate LC2601 contract is 68,000 yuan/ton, with a current 20 - day rolling volatility of 18.5% and a historical percentile of 16.3% over three years [2]. - **Futures Contract Data**: The closing price of the lithium carbonate main contract is 74,940 yuan/ton, up 2,220 yuan (3.05%) daily and 1,600 yuan (2.18%) weekly. The trading volume is 268,890 lots, up 43,652 lots (19.38%) daily but down 92,203 lots (- 25.53%) weekly. The open interest is 177,951 lots, down 10,572 lots (- 5.61%) daily and 51,071 lots (- 22.30%) weekly. Similar data are provided for the weighted contract and various spreads [8]. - **Seasonal Charts**: Seasonal charts for month - to - month spreads (e.g., LC11 - 12, LC11 - 01, LC01 - 05) and historical volatility, implied volatility, and option open - interest PCR are presented [10][13] 3.2 Spot Data - **Lithium Ore Prices**: The average daily prices of various lithium ores, including lithium mica, lithium spodumene, and phospho - lithium - aluminum stone, are reported, along with their daily and weekly changes. For example, the average price of lithium mica (Li2O: 2 - 2.5%) is 1,755 yuan/ton, up 30 yuan (1.74%) daily but down 80 yuan (- 4.36%) weekly [19]. - **Carbon/Hydrogen Lithium Prices**: The average daily prices of industrial - grade and battery - grade lithium carbonate and lithium hydroxide are given, showing slight declines in most cases. For instance, the average price of industrial - grade lithium carbonate is 70,750 yuan/ton, with no daily change but a weekly decline of 550 yuan (- 0.77%) [22]. - **Price Spreads**: The spreads between different types of lithium products, such as the difference between battery - grade and industrial - grade lithium carbonate, are analyzed. The current value of the battery - grade minus industrial - grade lithium carbonate spread is 2,250 yuan/ton, with no daily or weekly change [25]. - **Downstream Product Prices**: The average daily prices of downstream products like lithium iron phosphate, ternary materials, and electrolytes are reported, with some products showing price increases. For example, the average price of ternary material 523 (consumer - type) is 128,925 yuan/ton, up 3,500 yuan (3%) [28]. 3.3 Basis and Warehouse Receipt Data - **Basis**: The basis of the lithium carbonate main - continuous contract and brand - specific basis quotes are presented. For example, the basis quote for Tianqi Lithium (LI2CO3≥99.8%) in the LC2507 contract is 300 yuan/ton [29][30]. - **Warehouse Receipts**: The total number of lithium carbonate warehouse receipts is 30,456 lots, a decrease of 2,620 lots from the previous day. The quantity of warehouse receipts at different warehouses/branches is also provided [33]. 3.4 Cost and Profit - The production profit from purchasing lithium spodumene concentrate (Li₂O:6%) and lithium mica concentrate (Li₂O:2.5%), import profit, and theoretical delivery profit of lithium carbonate are analyzed through charts [34].

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - In the short term, there may be a mismatch between supply and demand, pushing up prices. In the long - term, the pattern of supply surplus remains unchanged [3]. - The fourth quarter is the traditional peak season for new energy vehicles. After the increase in capacity electricity prices and the expansion of spot price differences, the economic viability of independent energy storage has emerged, and the increasing tender volume indicates strong installation demand. However, the overall increase in supply is the main factor suppressing futures prices [3]. 3. Summary by Relevant Contents Lithium Compound Prices - SMM battery - grade lithium carbonate average price is 73,000 yuan/ton with no change; SMM industrial - grade lithium carbonate average price is 70,750 yuan/ton with no change, and the price difference between battery - grade and industrial - grade lithium carbonate is 2,250 yuan/ton [1][2]. Lithium Futures Contracts - Lithium carbonate 2510 closed at 72,660 yuan/ton with a decline of 0.08%; lithium carbonate 2511 closed at 72,720 yuan/ton with a decline of 0.6%; lithium carbonate 2512 closed at 72,960 yuan/ton with a decline of 0.36%; lithium carbonate 2601 closed at 72,940 yuan/ton with a decline of 0.3%; lithium carbonate 2602 closed at 72,800 yuan/ton with a decline of 0.22% [1]. Lithium Ore Prices - Lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) is 828 yuan/ton with no change; lithium mica (Li20: 1.5% - 2.0%) is 1025 yuan/ton, lithium mica (Li20: 2.0% - 2.5%) is 1725 yuan/ton, phospho - lithium - aluminum stone (Li20: 6% - 7%) is 6025 yuan/ton, and phospho - lithium - aluminum stone (Li20: 7% - 8%) is 7125 yuan/ton [1][2]. Cathode Material Prices - The average price of lithium iron phosphate (power type) is 33,530 yuan/ton, the average price of ternary material 811 (polycrystalline/power type) is 155,800 yuan/ton with an increase of 1200 yuan/ton, the average price of ternary material 523 (single - crystal/power type) is 128,500 yuan/ton with an increase of 3000 yuan/ton, and the average price of ternary material 613 (single - crystal/power type) is 132,650 yuan/ton with an increase of 1000 yuan/ton [2]. Price Differences - The price difference between battery - grade lithium carbonate and the main futures contract is 280 yuan/ton with a decrease of 40 yuan/ton; the price difference between the near - month and the first - continuous contract is - 240 yuan/ton with a decrease of 120 yuan/ton; the price difference between the near - month and the second - continuous contract is - 220 yuan/ton with a decrease of 140 yuan/ton [2]. Inventory - The total weekly inventory is 134,801 tons with a decrease of 2024 tons; the weekly inventory of smelters is 34,747 tons with an increase of 1255 tons; the weekly inventory of downstream enterprises is 59,765 tons with a decrease of 1128 tons; the weekly inventory of others is 40,290 tons with a decrease of 2150 tons; the daily registered warehouse receipts are 33,076 tons with a decrease of 2104 tons [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 73,330 yuan/ton, and the profit is - 1394 yuan/ton; the cash cost of purchasing lithium mica concentrate externally is 75,178 yuan/ton, and the profit is - 5225 yuan/ton [3]. Industry News - Chinese researchers have solved the interface contact problem of all - solid - state metal lithium batteries. A research team has developed an anion regulation technology, and the relevant research results were published in the international academic journal "Nature - Sustainable Development" on the 7th [3].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In the short term, the lithium carbonate futures price may maintain a range-bound operation. The supply increase from new capacity release and process optimization exerts downward pressure on prices, while the strong demand in the power and energy storage sectors supports inventory reduction and provides some price support. If downstream restocking accelerates or the warehouse receipt registration volume falls short of expectations, the price may test the upper limit of the range. Attention should be paid to the seasonal production reduction of salt lakes in late October and the production scheduling data of battery cell factories for guidance on supply-demand marginal changes [3] - The supply of lithium carbonate is expected to increase steadily in October, but the strong demand in the power and energy storage fields will drive the market into a significant inventory reduction phase, potentially leading to a temporary supply shortage [6] Summary by Directory 1. Daily Market Summary - **Carbonate Lithium Futures Market Data Analysis** - On October 14, the main contract of lithium carbonate closed at 72,280 yuan/ton, a slight decline of 0.8% from the previous day. The basis strengthened to 420 yuan/ton, and the premium of the spot over the futures widened [1] - The open interest of the main contract decreased for four consecutive days, dropping to 207,000 lots on October 14, and the trading volume also shrank to 282,000 lots [1] - **Analysis of Industrial Chain Supply, Demand, and Inventory Changes** - **Supply Side**: The prices of spodumene and lepidolite concentrates remained stable at 6,370 yuan/ton and 3,400 yuan/ton respectively, providing cost support. New capacity at the salt lake end was accelerating, with the 10,000-ton lithium carbonate project of Tibet Mining's Zabuye Salt Lake officially put into production on September 24 and Tianqi Lithium's 30,000-ton lithium hydroxide project in Zhangjiagang completed. However, the capacity utilization rate of lithium carbonate in October remained unchanged at 71.31%, possibly affected by the ramp-up of new production lines [2] - **Demand Side**: The sales of new energy vehicles maintained high growth, with the retail penetration rate of new energy passenger vehicles reaching 58.5% in September. The demand for power batteries was strong, and the supply and demand in the energy storage market were both booming, supporting a 4.4% weekly increase in the price of lithium hexafluorophosphate to 71,500 yuan/ton [2] - **Inventory and Warehouse Receipts**: The total inventory of lithium carbonate decreased for four consecutive weeks, dropping to 135,000 physical tons on October 10, a 2.7% decrease from the end of September [2] - **Market Summary** - In the short term, the lithium carbonate futures price may maintain a range-bound operation. The supply increase from new capacity release and process optimization exerts downward pressure on prices, while the strong demand in the power and energy storage sectors supports inventory reduction and provides some price support. If downstream restocking accelerates or the warehouse receipt registration volume falls short of expectations, the price may test the upper limit of the range. Attention should be paid to the seasonal production reduction of salt lakes in late October and the production scheduling data of battery cell factories for guidance on supply-demand marginal changes [3] 2. Industrial Chain Price Monitoring - On October 14, 2025, compared with October 13, 2025, the main contract of lithium carbonate increased by 400 yuan/ton to 72,680 yuan/ton, a 0.55% increase; the basis decreased by 200 yuan/ton to 220 yuan/ton, a 47.62% decrease; the open interest of the main contract decreased by 14,532 lots to 192,931 lots, a 7.00% decrease; the trading volume of the main contract decreased by 11,851 lots to 270,327 lots, a 4.20% decrease; the market price of battery-grade lithium carbonate increased by 200 yuan/ton to 72,900 yuan/ton, a 0.28% increase; the market price of spodumene concentrate remained unchanged at 6,370 yuan/ton; the market price of lepidolite concentrate remained unchanged at 3,400 yuan/ton; the price of lithium hexafluorophosphate increased by 2,000 yuan/ton to 73,500 yuan/ton, a 2.80% increase; the price of power ternary materials increased by 300 yuan/ton to 125,500 yuan/ton, a 0.24% increase; the price of power lithium iron phosphate remained unchanged at 33,530 yuan/ton [5] 3. Industry Dynamics and Interpretation - **Spot Market Quotations** - On October 14, the SMM battery-grade lithium carbonate index price was 73,007 yuan/ton, a decrease of 32 yuan/ton from the previous working day; the price of battery-grade lithium carbonate was 72,400 - 73,600 yuan/ton, with an average price of 73,000 yuan/ton, a decrease of 100 yuan/ton from the previous working day; the price of industrial-grade lithium carbonate was 70,150 - 71,350 yuan/ton, with an average price of 70,750 yuan/ton, a decrease of 100 yuan/ton from the previous working day. The futures price of lithium carbonate continued to fluctuate, with the center of the main contract moving up to the range of 72,400 - 74,500 yuan/ton. The psychological expectation price of downstream material factories was relatively low, and the overall trading activity in the market was average. In terms of supply, new production lines were put into operation at both the spodumene and salt lake ends, and it was expected that the total output of lithium carbonate in October would still have growth potential. In terms of demand, the new energy vehicle market in the power sector was growing rapidly in both commercial and passenger vehicles, and the supply and demand in the energy storage market were both booming. Overall, although the supply in October was increasing steadily, the strong demand in the power and energy storage fields would drive the market into a significant inventory reduction phase, and it was expected to form a temporary supply shortage [6] - **Downstream Consumption Situation** - According to preliminary statistics from the Passenger Car Association on October 11, from September 1 - 30, the retail sales of new energy passenger vehicles nationwide were 1.307 million, a 16% increase compared to September last year and a 17% increase compared to the previous month. The retail penetration rate of new energy passenger vehicles nationwide was 58.5%. The cumulative retail sales this year were 8.878 million, a 24% increase compared to the same period last year. From September 1 - 30, the wholesale sales of new energy passenger vehicles by manufacturers nationwide were 1.489 million, a 21% increase compared to September last year and a 15% increase compared to the previous month. The wholesale penetration rate of new energy passenger vehicles by manufacturers nationwide was 53.8%. The cumulative wholesale sales this year were 10.433 million, a 32% increase compared to the same period last year [7] - **Industry News** - On September 28, the latest news of EVE Energy (300014) showed that on September 20, the electromechanical equipment of its Hungary base officially entered the site, marking that the civil engineering project of the base had entered a critical stage. As an important part of EVE's global strategy, the base is positioned as the core manufacturing center of the European new energy industry, covering an area of 450,000 square meters. After completion, it will supply large cylindrical batteries to BMW Group's Debrecen factory, and it is expected to be completed in 2026, creating about 1,000 jobs [9] - On September 26, according to "Zhangjiagang Release", on September 25, Tianqi Lithium's (002466) 30,000-ton battery-grade lithium hydroxide project in Zhangjiagang Free Trade Zone, Jiangsu, was completed and put into production. The project was the first project implemented and completed in Tianqi Lithium's "Five-Year Strategic Plan" and was also the second fully automated battery-grade lithium hydroxide (lithium carbonate) factory of Tianqi Lithium in Zhangjiagang. Tianqi Lithium is a global leading new energy materials enterprise centered on lithium, committed to providing sustainable lithium solutions for the global green and low-carbon energy transformation from the development and application of lithium resources to the processing of lithium products. Tianqi Lithium has 5 production bases globally, and the Zhangjiagang production base has formed an annual production capacity of 20,000 tons of battery-grade lithium carbonate [9] - On September 26, Tibet Mining's (000762.SZ) 10,000-ton lithium carbonate project at the Zabuye Salt Lake, which had been planned for four years, was officially put into production. According to the company's announcement on the same day, after full efforts, the project successfully completed a 120-hour functional assessment from September 20 - 24, 2025, marking the official operation of the project. Some industry analysts believed that the release of the project's production capacity would significantly improve the self-sufficiency rate of domestic lithium resources. Tibet Mining previously disclosed that the Zabuye Salt Lake in Tibet, where it has exclusive mining rights, is one of the world's three largest and Asia's largest lithium ore salt lakes, a special comprehensive large-scale salt lake deposit rich in lithium, boron, and potassium, with both solid and liquid phases [10] 4. Industrial Chain Data Charts - The content mainly lists various data charts related to the lithium carbonate industry chain, including the main contract and basis of lithium carbonate futures, the prices of battery-grade and industrial-grade lithium carbonate, lithium concentrate, lithium hexafluorophosphate and electrolyte, ternary precursor, ternary materials, lithium iron phosphate, the operating rate and inventory of lithium carbonate, and the selling price of battery cells, along with their data sources [11][14][16]

Report Investment Rating - No relevant information provided Core View - The spot price of lithium carbonate is weakly stable, and the futures market opened high and closed low. In the short term, the supply - demand pattern is good, inventory is continuously decreasing, and the futures market is expected to fluctuate. If the mining end resumes production and consumption weakens later, the futures market may decline [1][3] Summary by Related Content Market Analysis - On October 14, 2025, the main contract 2511 of lithium carbonate opened at 72,600 yuan/ton and closed at 72,680 yuan/ton, with a 0.50% change from the previous day's settlement price. The trading volume was 270,327 lots, and the open interest was 192,931 lots (the previous day's open interest was 207,463 lots). The basis was 200 yuan/ton, and the number of lithium carbonate warehouse receipts was 35,180 lots, a change of - 1,538 lots from the previous day [1] - According to SMM data, the price of battery - grade lithium carbonate was 72,400 - 73,600 yuan/ton, a change of - 100 yuan/ton from the previous day; the price of industrial - grade lithium carbonate was 70,150 - 71,350 yuan/ton, also a change of - 100 yuan/ton. The price of 6% lithium concentrate was 818 US dollars/ton, with no change from the previous day [1] - Downstream material factories have low psychological expectations, and the overall market trading activity is average. New production lines have been put into operation at both the spodumene and salt lake ends, and the total output of lithium carbonate in October is expected to continue to grow. In terms of demand, both the commercial and passenger new - energy vehicles in the power market are growing rapidly, and the energy storage market has strong supply and demand. Overall, in October, although the supply is growing steadily, there is a stage of tight supply [1] Policy News - On October 13, at a press conference, the General Administration of Customs stated that the market share of domestic self - owned brands of electric vehicles in the first three quarters of 2025 reached 59.5%, showing a significant increase [2] Strategy - Short - term range operation is recommended, and selling hedging can be carried out at high prices. There are no strategies for inter - period and cross - variety operations [3]

Group 1 - The core point of the news is that Yahua Group's stock price increased by 5.01% to 15.72 CNY per share, with a trading volume of 370 million CNY and a turnover rate of 2.25%, resulting in a total market capitalization of 18.118 billion CNY [1] - Yahua Group, established on December 25, 2001, and listed on November 9, 2010, operates primarily in two sectors: lithium business and civil explosives, with lithium salt products contributing 51.54% to revenue, civil explosive products and blasting services 42.81%, and transportation services 5.66% [1] Group 2 - Among Yahua Group's top ten circulating shareholders, a fund under the management of Fortune Fund, specifically the Fortune Research Flexible Allocation Mixed A (000880), entered the top ten in the second quarter, holding 10.3716 million shares, which is 0.98% of the circulating shares, with an estimated floating profit of approximately 7.7787 million CNY [2] - The Fortune Research Flexible Allocation Mixed A fund was established on December 12, 2014, with a current scale of 699 million CNY, achieving a year-to-date return of 14.08% and a one-year return of 10.4% [2]