1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The domestic lithium carbonate market continues to destock, and the spot supply has not shown significant looseness. The supply - demand tightness trend remains unchanged. However, recent frequent macro - disturbances, geopolitical wars impacting the non - ferrous sector, and capital flowing to the energy - chemical sector have led to the lithium carbonate market being driven by sentiment and experiencing wide - range price fluctuations. The trend of inventory destocking and strong supply - demand in the industry has not changed. In the short term, it is recommended to mainly conduct range operations [2] 3. Summary by Relevant Catalogs Market Analysis - On March 17, 2026, the lithium carbonate main contract 2605 opened at 159,620 yuan/ton and closed at 155,320 yuan/ton, with a 0.39% change in the closing price compared to the previous day's settlement price. The trading volume was 173,439 lots, and the open interest was 308,842 lots (the previous day's open interest was 310,683 lots). The current basis was - 80 yuan/ton (average price of electric carbon - futures). The lithium carbonate warehouse receipts were 36,465 lots, a change of 72 lots from the previous trading day [1] - According to SMM data, the battery - grade lithium carbonate was quoted at 153,000 - 163,000 yuan/ton, a change of 1,500 yuan/ton from the previous trading day. The industrial - grade lithium carbonate was quoted at 150,000 - 159,000 yuan/ton, also a change of 1,500 yuan/ton from the previous trading day. The price of 6% lithium concentrate was 2,225 US dollars/ton, a change of 15 US dollars/ton from the previous day [1] - Supply: According to SMM statistics, the weekly domestic lithium carbonate production this week was 23,426 tons, a 3.7% increase month - on - month. In February 2026, the domestic lithium carbonate production was 83,090 tons, a 15.1% decrease month - on - month and a 29.7% increase year - on - year. The domestic lithium carbonate production from January to February increased by 43.0% year - on - year [1] - Inventory: According to the latest SMM statistics, the spot inventory was 98,959 tons, a decrease of 414 tons month - on - month. Among them, the smelter inventory was 16,292 tons, a decrease of 1,184 tons month - on - month; the downstream inventory was 45,647 tons, an increase of 1,890 tons month - on - month; other inventories were 37,020 tons, a decrease of 1,120 tons month - on - month. The overall inventory is still in a destocking pattern [1] Strategy - The domestic lithium carbonate market continues to destock, and the supply - demand tightness trend remains unchanged. Due to recent macro - disturbances, the market is affected by sentiment and prices fluctuate widely. Future attention should be paid to supply changes, downstream stocking rhythms, and the atmosphere of the commodity market. In the short term, it is recommended to mainly conduct range operations [2] Trading Strategies - Unilateral: Mainly wait and see in the short term - Inter - period: None - Cross - variety: None - Spot - futures: None - Options: None [4] Influencing Factors - 1. The consumer end continues to exceed expectations - 2. The mining end disturbances exceed expectations - 3. The impact of macro - sentiment and open interest changes [4]

Group 1 - The core viewpoint of the news is the performance and market position of Shengxin Lithium Energy, which saw a stock price increase of 5.06% to 37.37 CNY per share, with a trading volume of 814 million CNY and a turnover rate of 2.45%, resulting in a total market capitalization of 34.205 billion CNY [1] - Shengxin Lithium Energy, established on December 29, 2001, and listed on May 23, 2008, is located in Shenzhen, Guangdong Province. The company specializes in the production and sales of medium-density fiberboard, timber, rare earth products, lithium chloride, battery-grade monohydrate lithium hydroxide, and battery-grade lithium carbonate, focusing entirely on the new energy and new materials sectors [1] - The company's main business revenue is entirely derived from the new energy sector, indicating a strong focus on this growing industry [1] Group 2 - From the perspective of fund holdings, Huafu Fund has a significant position in Shengxin Lithium Energy, with its Huafu Strategy Selected Mixed A Fund (410006) holding 29,800 shares, accounting for 3.94% of the fund's net value, making it the ninth-largest holding [2] - The Huafu Strategy Selected Mixed A Fund, established on December 24, 2008, has a current scale of 17.5676 million CNY. Year-to-date, it has achieved a return of 1.72%, ranking 7030 out of 8884 in its category, while over the past year, it has returned 42.38%, ranking 2209 out of 8127 [2] - The fund manager, Deng Xiang, has been in charge for 1 year and 316 days, with the fund's total assets amounting to 231 million CNY. During his tenure, the best fund return was 52.16%, while the worst was 4.83% [2]

Core Viewpoint - Lithium carbonate futures experienced a significant decline, with the main contract dropping 10.40% to 133,200.0 yuan/ton, marking a new low since January 6 [1] Group 1: Market Performance - As of February 5, lithium carbonate futures hit a new low, with multiple contracts reaching the limit down [1] - The volatility in the lithium carbonate futures market is at a historical high, with limited further upward movement expected [1] Group 2: Export Data - Chile's customs data indicates that lithium carbonate exports to China reached 16,950 tons in January 2026, a month-on-month increase of 44.81% [1] - Notably, lithium sulfate exports to China surged to 27,834 tons, reflecting a staggering month-on-month increase of 475.32% [1] Group 3: Industry Demand - The China Passenger Car Association reported that the estimated wholesale of new energy vehicles in January 2026 reached 900,000 units, representing a year-on-year growth of 1% [1] - The reduction in purchase tax incentives has led to early consumption pull-forward effects, yet the industry still achieved positive growth at the beginning of the year [1] Group 4: Strategic Recommendations - The company suggests focusing on volatility selling strategies as a potential opportunity in the current market [1] - From a medium to long-term perspective, the demand growth logic in the three downstream application areas—energy storage, new energy passenger vehicles, and commercial vehicles—remains fundamentally unchanged, supporting the long-term value of lithium carbonate [1] - The company recommends seizing market pullback opportunities and adopting a buy-on-dips strategy [1]

Group 1: Market Trends - The cyclical sectors, including basic chemicals, petroleum and petrochemicals, and building materials, have seen significant gains, with increases exceeding 3% as of January 20 [1] - On January 21, cyclical sectors continued to rise, with non-ferrous metals up over 1%, and steel, automotive, petroleum and petrochemicals, and basic chemicals all recording positive performance [1] - The National Development and Reform Commission's deputy director indicated a commitment to implement policies to support reasonable price recovery, which may drive market sentiment [1] Group 2: Investment Opportunities - Ten stocks in cyclical sectors are predicted to see net profit growth of tenfold by 2026, with the highest growth forecasted for Zhongzi Technology at over 51 times this year [2] - Tianyin Holdings is expected to achieve a net profit growth of over 42 times, benefiting from the AI replacement trend and national subsidies [2] - Delong Laser is projected to see a 36-fold increase in net profit, focusing on high-end industrial laser processing equipment [2] Group 3: Company Specifics - Ganfeng Lithium, with eight institutional ratings, is a leading lithium producer, planning to achieve an annual production capacity of no less than 600,000 tons of lithium products by 2030 [3] - Yujing Co., with six institutional ratings, specializes in processing equipment for hard materials and is expected to benefit from upgrades in the consumer electronics industry and expansion in the photovoltaic sector [3]

Group 1 - Ganfeng Lithium's stock increased by 5%, reaching 71.37 CNY per share, with a trading volume of 4.054 billion CNY and a turnover rate of 4.78%, resulting in a total market capitalization of 149.641 billion CNY [1] - Ganfeng Lithium, established on March 2, 2000, and listed on August 10, 2010, is primarily engaged in the research, development, production, and sales of various deep-processed lithium products [1] - The company's revenue composition includes lithium series products at 56.78%, lithium battery series products at 35.52%, and other products at 7.70% [1] Group 2 - Chang'an Fund has a significant holding in Ganfeng Lithium through its Chang'an Xinfeng Leading Mixed A fund, which held 1,000 shares, accounting for 0.95% of the fund's net value, making it the third-largest holding [2] - The Chang'an Xinfeng Leading Mixed A fund was established on February 22, 2017, with a latest scale of 2.2617 million CNY, achieving a year-to-date return of 1.86% and a one-year return of 9.71% [2] - The fund has a cumulative return of 92.1% since its inception [2]

Core Insights - Ganfeng Lithium's stock rose by 7.48% on November 17, with a trading volume of 9.52 billion yuan, indicating strong market interest [1] - The company reported a net financing outflow of 38.95 million yuan on the same day, with a total financing and securities balance of 4.23 billion yuan [1] - As of September 30, 2025, Ganfeng Lithium achieved a revenue of 14.63 billion yuan, reflecting a year-on-year growth of 5.02%, and a net profit of 25.52 million yuan, up 103.99% year-on-year [2] Financing and Trading Activity - On November 17, Ganfeng Lithium had a financing buy-in of 960 million yuan, with a financing balance of 4.21 billion yuan, representing 3.53% of its market capitalization [1] - The company’s financing balance is above the 90th percentile of the past year, indicating a high level of trading activity [1] - In terms of securities lending, 25,000 shares were repaid, while 15,900 shares were sold short, with a total short selling amounting to approximately 1.18 million yuan [1] Shareholder and Dividend Information - As of September 30, 2025, Ganfeng Lithium had 372,500 shareholders, an increase of 31.18% from the previous period, while the average number of circulating shares per shareholder decreased by 23.77% [2] - The company has distributed a total of 6.16 billion yuan in dividends since its A-share listing, with 3.93 billion yuan distributed over the last three years [3] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some institutions reducing their holdings [3]

Core Insights - Ganfeng Lithium's stock dropped by 2.34% on November 11, with a trading volume of 5.323 billion yuan, indicating market volatility [1] - The company reported a net financing outflow of 7.2611 million yuan on the same day, with a total financing and securities balance of 4.251 billion yuan [1] - Ganfeng Lithium's revenue for the first nine months of 2025 reached 14.625 billion yuan, reflecting a year-on-year growth of 5.02%, while net profit increased by 103.99% to 25.52 million yuan [2] Financing and Securities - On November 11, Ganfeng Lithium had a financing buy-in of 593 million yuan, with a financing balance of 4.237 billion yuan, accounting for 3.88% of its market capitalization [1] - The company's financing balance is above the 90th percentile of the past year, indicating a high level of leverage [1] - The short selling activity on the same day included a repayment of 8,000 shares and a sale of 2,900 shares, with a short selling balance of 1.43975 million yuan, also above the 90th percentile of the past year [1] Shareholder Structure - As of September 30, 2025, Ganfeng Lithium had 372,500 shareholders, an increase of 31.18% from the previous period, while the average number of circulating shares per shareholder decreased by 23.77% to 3,243 shares [2] - The company has distributed a total of 6.162 billion yuan in dividends since its A-share listing, with 3.933 billion yuan distributed in the last three years [3] - Major shareholders include Hong Kong Central Clearing Limited, which holds 69.1199 million shares, and several ETFs, with some reducing their holdings [3]

Group 1 - The core viewpoint of the news is that Shengxin Lithium Energy has seen a significant increase in its stock price, rising by 5.2% to 28.72 CNY per share, with a total market capitalization of 26.287 billion CNY and a trading volume of 1.115 billion CNY [1] - Shengxin Lithium Energy has experienced a continuous stock price increase for three consecutive days, with a cumulative increase of 3.98% during this period [1] - The company specializes in the production and sales of new energy and materials, with its main business revenue entirely derived from the new energy sector [1] Group 2 - Chang'an Fund has a significant holding in Shengxin Lithium Energy, with its Chang'an Xinxin Mixed A fund reducing its holdings by 690,000 shares in the third quarter, now holding 662,900 shares, which accounts for 4.81% of the fund's net value [2] - The fund has realized a floating profit of approximately 941,300 CNY today, with a floating profit of 629,800 CNY during the three-day stock price increase [2] - Chang'an Xinxin Mixed A fund has a total scale of 64.3917 million CNY and has achieved a year-to-date return of 21.64% [2]

Group 1 - Ganfeng Lithium's stock increased by 5.08%, reaching 63.87 CNY per share, with a trading volume of 5.743 billion CNY and a turnover rate of 7.68%, resulting in a total market capitalization of 131.393 billion CNY [1] - Ganfeng Lithium, established on March 2, 2000, and listed on August 10, 2010, is primarily engaged in the research, development, production, and sales of various lithium products. The revenue composition includes lithium series products (56.78%), lithium battery series products (35.52%), and others (7.70%) [1] Group 2 - One fund under Dongcai Fund has Ganfeng Lithium as a top holding. The New Energy Vehicle Leader ETF (159637) reduced its holdings by 22,000 shares in the second quarter, now holding 726,200 shares, which accounts for 3.01% of the fund's net value, ranking as the eighth largest holding [2] - The New Energy Vehicle Leader ETF (159637) was established on August 19, 2022, with a current size of 814 million CNY. It has achieved a year-to-date return of 47.85%, ranking 501 out of 4,218 in its category, and a one-year return of 48.38%, ranking 427 out of 3,875. Since inception, it has incurred a loss of 12.99% [2]

Report Industry Investment Rating - Not provided Core View of the Report - In the short - term, lithium carbonate futures prices may fluctuate with a bullish bias due to increased purchasing demand during the quarterly peak season, creating a short - term supply - demand mismatch that supports prices from below. The upside space depends on lithium carbonate supply resumption and hedging pressure. In the long - term, the pattern of oversupply remains unchanged [3] Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 74,350 yuan/ton with a daily increase of 250 yuan/ton; SMM industrial - grade lithium carbonate has an average price of 72,100 yuan/ton with a daily increase of 250 yuan/ton [1] Lithium Futures Contracts - The closing price of lithium carbonate 2510 is 76,180 yuan/ton with a daily increase of 0.53%; lithium carbonate 2511 is 76,780 yuan/ton with a daily increase of 1.78%; lithium carbonate 2512 is 77,080 yuan/ton with a daily increase of 1.69%; lithium carbonate 2601 is 77,120 yuan/ton with a daily increase of 1.63%; lithium carbonate 2602 is 76,900 yuan/ton with a daily increase of 1.61% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 857 yuan/ton with a daily increase of 3 yuan/ton; lithium mica (Li20:1.5% - 2.0%) is 1115 yuan/ton; lithium mica (Li20:2.0% - 2.5%) is 1845 yuan/ton; phosphorus lithium aluminum stone (Li20:6% - 7%) is 6475 yuan/ton with a daily increase of 145 yuan/ton; phosphorus lithium aluminum stone (Li20:7% - 8%) is 7650 yuan/ton with a daily increase of 130 yuan/ton [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 34,185 yuan/ton with a daily increase of 110 yuan/ton; the average price of ternary material 811 (polycrystalline/power type) is 156,900 yuan/ton with a daily increase of 100 yuan/ton; the average price of ternary material 523 (single - crystal/power type) is 136,300 yuan/ton with a daily increase of 300 yuan/ton; the average price of ternary material 613 (single - crystal/power type) is 136,350 yuan/ton with a daily increase of 200 yuan/ton [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2250 yuan/ton; the price spread between battery - grade lithium carbonate and the main contract is - 2770 yuan/ton with a change of - 890 yuan/ton; the price spread between the near - month and the first - continued contract is - 300 yuan/ton with a change of 40 yuan/ton; the price spread between the near - month and the second - continued contract is - 340 yuan/ton with a change of 60 yuan/ton [2] Inventory - The total weekly inventory is 132,658 tons with a decrease of 2143 tons; the weekly inventory of smelters is 34,283 tons with a decrease of 464 tons; the weekly inventory of downstream is 57,735 tons with a decrease of 2030 tons; the weekly inventory of others is 40,640 tons with an increase of 350 tons; the daily registered warehouse receipts are 29,019 tons with a decrease of 873 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 75,146 yuan/ton with a profit of - 1873 yuan/ton; the cash cost of purchasing lithium mica concentrate is 77,947 yuan/ton with a profit of - 6672 yuan/ton [3] Technological Breakthrough - A research team led by Huang Xuejie from the Chinese Academy of Sciences' Institute of Physics has developed an anion regulation technology to solve the problem of poor contact between the electrolyte and lithium electrodes in all - solid - state metal lithium batteries, and the research results were published in the international academic journal "Nature - Sustainable Development" [3]