1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint of the Report - The lithium carbonate futures price is under pressure from macro - hedging and slow inventory reduction, but is supported by demand. Due to the unclear macro situation, investors are advised to participate with caution [3] 3. Summary According to Relevant Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 156,500 yuan, with a change of 4,000 yuan; the average price of SMM industrial - grade lithium carbonate is 153,500 yuan, with a change of 4,000 yuan [1] - The closing prices and price changes of different lithium carbonate futures contracts are as follows: for lithium carbonate 2604, the closing price is 158,100 yuan, with a 0.11% increase; for lithium carbonate 2605, the closing price is 157,200 yuan, with a 0.64% decrease; for lithium carbonate 2606, the closing price is 156,820 yuan, with a 0.81% decrease; for lithium carbonate 2607, the closing price is 157,160 yuan, with a 0.63% decrease; for lithium carbonate 2608, the closing price is 157,520 yuan, with a 0.98% decrease [1] Lithium Ore - The average price of lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) is 2,210 yuan, with a change of 67 yuan; the average price of lithium mica (Li20: 1.5% - 2.0%) is 3,325 yuan, with a change of 150 yuan; the average price of lithium mica (Li20: 2.0% - 2.5%) is 4,800 yuan, with a change of 200 yuan; the average price of phospho - lithium - aluminum stone (Li20: 6% - 7%) is 12,800 yuan, with a change of 475 yuan; the average price of phospho - lithium - aluminum stone (Li20: 7% - 8%) is 14,000 yuan, with a change of 600 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 55,110 yuan, with a change of 970 yuan; the average price of ternary material 811 (polycrystalline/power type) is 210,750 yuan, with a change of 500 yuan; the average price of ternary material 523 (single - crystal/power type) is 183,750 yuan, with a change of 500 yuan; the average price of ternary material 613 (single - crystal/power type) is 185,900 yuan, with a change of 500 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 3,000 yuan; the price spread between battery - grade lithium carbonate and the main contract is - 700 yuan, with a change of 5,920 yuan; the price spread between the near - month and the first - continuous contract is 900 yuan, with a change of 1,280 yuan; the price spread between the near - month and the second - continuous contract is 1,280 yuan, with a change of 1,120 yuan [2] Inventory - The total weekly inventory is 99,489 tons, with a change of 616 tons; the weekly inventory of smelters is 17,332 tons, with a change of 724 tons; the weekly inventory of downstream enterprises is 46,657 tons, with a change of 552 tons; the weekly inventory of others is 35,500 tons, with a change of - 660 tons; the daily registered warehouse receipts are 30,751 tons, with a change of - 709 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 157,748 yuan, and the profit is - 3,259 yuan; the cash cost of purchasing lithium mica concentrate is 145,659 yuan, and the profit is 5,594 yuan [3] Industry News - The Delhi government in India plans to announce a new policy during the Delhi budget meeting next week, providing cash subsidies to individuals who scrap locally registered pre - BS IV (National IV) fuel vehicles and purchase electric vehicles to accelerate the electrification transformation and reduce the number of old, high - emission vehicles [3] Market Environment - Macroscopically, the situation between the US and Iran persists, and funds' hedging behavior creates upward pressure. Fundamentally, the new - energy vehicle data in February was lower than expected, but the energy - storage demand remains strong [3]

Group 1 - The average price of SMM battery-grade lithium carbonate is 149,000 yuan, down 3,500 yuan; the average price of SMM industrial-grade lithium carbonate is 146,000 yuan, down 3,500 yuan [1] - The closing price of lithium carbonate 2604 is 145,000 yuan, up 1.26%; the closing price of lithium carbonate 2605 is 143,860 yuan, down 1.03%; the closing price of lithium carbonate 2606 is 143,320 yuan, down 0.89%; the closing price of lithium carbonate 2607 is 143,100 yuan, down 0.79%; the closing price of lithium carbonate 2608 is 143,700 yuan, down 0.91% [1] - The average price of lithium spodumene concentrate (CIF China) is 2,057 yuan, down 43 yuan; the average price of lithium mica (Li20: 1.5%-2.0%) is 3,060 yuan, down 70 yuan; the average price of lithium mica (Li20: 2.0%-2.5%) is 4,450 yuan, down 175 yuan; the average price of amblygonite (Li20: 6%-7%) is 11,975 yuan, down 325 yuan; the average price of amblygonite (Li20: 7%-8%) is 13,000 yuan, down 350 yuan [1][2] Group 2 - The average price of lithium iron phosphate (power type) is 53,290 yuan, down 850 yuan; the average price of ternary material 811 (polycrystalline/power type) is 209,750 yuan, down 800 yuan; the average price of ternary material 523 (single crystal/power type) is 182,250 yuan, down 1,000 yuan; the average price of ternary material 613 (single crystal/power type) is 184,500 yuan, down 400 yuan [2] - The current value of the price difference between battery-grade and industrial-grade lithium carbonate is 3,000 yuan, with no change; the current value of the price difference between battery-grade lithium carbonate and the main contract is 5,140 yuan, down 4,760 yuan; the current value of the price difference between the near-month and the first continuous contract is 1,140 yuan, up 1,820 yuan; the current value of the price difference between the near-month and the second continuous contract is 1,680 yuan, up 2,180 yuan [2] - The total inventory (weekly, tons) is 98,873 tons, down 86 tons; the inventory of smelters (weekly, tons) is 16,608 tons, up 316 tons; the inventory of downstream (weekly, tons) is 46,105 tons, up 458 tons; the inventory of others (weekly, tons) is 36,160 tons, down 860 tons; the registered warehouse receipts (daily, tons) is 34,318 tons, down 422 tons [2] Group 3 - The cash cost of purchasing lithium spodumene concentrate externally is 147,976 yuan, and the profit is -911 yuan; the cash cost of purchasing lithium mica concentrate externally is 137,582 yuan, and the profit is 6,321 yuan [3] Group 4 - The Delhi government in India plans to introduce a subsidy policy for scrapping old cars and purchasing new ones. It aims to accelerate the electrification transformation and reduce the number of old, high-emission vehicles to address air pollution [3] Group 5 - Macroscopically, the situation between the US and Iran persists, and capital hedging creates upward pressure. Fundamentally, the new energy vehicle data in February was lower than expected, but the energy storage demand remains strong and can still increase [3] - Social inventory continues to be destocked, but the destocking rate slows down. Overall, the lithium carbonate futures price is under pressure from macro hedging and slower inventory destocking above, and supported by demand below [3] - Due to the unclear macro situation, investors are advised to participate with caution [3]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The price of lithium carbonate futures has obvious upward pressure and downward support. The upward pressure mainly comes from the continuous escalation of the US - Iran situation, which triggers the market's re - inflation expectation and risk - aversion sentiment. The downward support is due to the strong demand. The production schedules of battery factories in April and May have been rising month - on - month, driving the release of the purchasing demand for lithium carbonate. In the short term, due to the unclear macro - situation, investors are advised to participate with caution [3] 3. Summary According to Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 152,500 yuan, a decrease of 3,000 yuan; SMM industrial - grade lithium carbonate has an average price of 149,500 yuan, a decrease of 3,000 yuan [1] Lithium Futures Contracts - The closing price of lithium carbonate 2611 is 140,880 yuan, with a decline of 7.05%; lithium carbonate 2612 is 142,780 yuan, with a decline of 5.54%; lithium carbonate 2701 is 142,240 yuan, with a decline of 7.04%; lithium carbonate 2702 is 148,940 yuan, with a decline of 0.52%; lithium carbonate 2703 is 147,120 yuan, with a decline of 2.89% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 2,100 yuan, a decrease of 57 yuan; lithium mica (Li20: 1.5% - 2.0%) is 3,130 yuan, a decrease of 95 yuan; lithium mica (Li20: 2.0% - 2.5%) is 4,625 yuan, a decrease of 175 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 12,300 yuan, a decrease of 250 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 13,350 yuan, a decrease of 275 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 54,140 yuan, a decrease of 730 yuan; the average price of ternary material 811 (polycrystalline/power type) is 210,550 yuan, a decrease of 1,250 yuan; the average price of ternary material 523 (single - crystal/power type) is 183,250 yuan, a decrease of 700 yuan; the average price of ternary material 613 (single - crystal/power type) is 184,900 yuan, a decrease of 750 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 3,000 yuan, with no change; the price spread between battery - grade lithium carbonate and the main contract is 9,900 yuan, an increase of 4,520 yuan; the price spread between the near - month and the first - continuous contract is - 680 yuan, a decrease of 440 yuan; the price spread between the near - month and the second - continuous contract is - 500 yuan, a decrease of 340 yuan [2] Inventory - The total inventory (weekly, tons) is 98,873 tons, a decrease of 86 tons; the inventory of smelters (weekly, tons) is 16,608 tons, an increase of 316 tons; the inventory of downstream (weekly, tons) is 46,105 tons, an increase of 458 tons; the inventory of others (weekly, tons) is 36,160 tons, a decrease of 860 tons; the registered warehouse receipts (daily, tons) is 34,740 tons, a decrease of 1,029 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 150,779 yuan, and the profit is - 250 yuan; the cash cost of purchasing lithium mica concentrate is 141,044 yuan, and the profit is 6,289 yuan [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The U.S. decided not to impose tariffs on battery materials imported from China, and the U.S. International Trade Commission found that imports did not cause damage to the domestic industry [3] - The situation between the U.S. and Iran shows signs of heating up, leading to repeated risk - aversion sentiment among funds. In terms of fundamentals, new energy vehicle data in February was lower than expected, but the energy storage demand remained strong, providing some support. Downstream purchasing demand is still being released. Overall, lithium carbonate may enter a phase of wide - range fluctuations [3] 3. Summary According to Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 158,000 yuan, with a daily increase of 1,500 yuan; SMM industrial - grade lithium carbonate average price is 154,500 yuan, with a daily increase of 1,500 yuan [1] Futures Contracts - The closing price of lithium carbonate 2604 is 155,440 yuan, with a decline of 0.79%; lithium carbonate 2605 is 155,320 yuan, with an increase of 0.39%; lithium carbonate 2606 is 154,580 yuan, with an increase of 0.69%; lithium carbonate 2607 is 154,840 yuan, with an increase of 0.3%; lithium carbonate 2608 is 155,960 yuan, with an increase of 1.55% [1] Lithium Ore - The average price of lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) is 2,185 yuan, with a daily increase of 25 yuan; lithium mica (Li20: 1.5% - 2.0%) is 3,360 yuan; lithium mica (Li20: 2.0% - 2.5%) is 4,960 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 12,725 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 13,825 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power - type) is 55,475 yuan, with a daily increase of 365 yuan; the average price of ternary material 811 (polycrystalline/power - type) is 212,300 yuan, with a daily increase of 300 yuan; the average price of ternary material 523 (single - crystal/power - type) is 184,750 yuan, with a daily increase of 500 yuan; the average price of ternary material 613 (single - crystal/power - type) is 186,250 yuan, with a daily increase of 400 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 3,500 yuan; the price spread between battery - grade lithium carbonate and the main contract is 2,680 yuan, with a change of 5,800 yuan; the price spread between the near - month and the first - continuous contract is 120 yuan, with a change of 420 yuan; the price spread between the near - month and the second - continuous contract is 860 yuan, with a change of 540 yuan [2] Inventory - The total inventory (weekly, tons) is 98,959 tons, with a decrease of 414 tons; the inventory of smelters (weekly, tons) is 16,292 tons, with a decrease of 1,184 tons; the inventory of downstream (weekly, tons) is 45,647 tons, with an increase of 1,890 tons; the inventory of others (weekly, tons) is 37,020 tons, with a decrease of 1,120 tons; the registered warehouse receipts (daily, tons) is 36,465 tons, with an increase of 77 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 156,013 yuan, and the profit is - 113 yuan; the cash cost of purchasing lithium mica concentrate externally is 149,352 yuan, and the profit is 3,019 yuan [3]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The lithium carbonate market has both supply and demand increasing. Downstream continuous restocking supports prices. Under the pressure of risk aversion, the lithium carbonate price may fluctuate in the short term [3]. - The new energy vehicle market in January 2026 was operating steadily, with production and sales of 1.041 million and 945,000 vehicles respectively, a year - on - year increase of 2.5% and 1.6% respectively. In January, new energy vehicle exports maintained high - speed growth, with 302,000 vehicles exported, a year - on - year doubling [3]. - Affected by the escalation of the US - Iran situation, the risk - aversion sentiment of funds has increased. Coupled with the large increase in lithium carbonate prices in the early stage, there is a need for funds to take profits in the short term, which has led to a decline in lithium carbonate prices [3]. 3. Summary According to the Catalog Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 159,000 yuan with an increase of 500 yuan; SMM industrial - grade lithium carbonate has an average price of 155,750 yuan with an increase of 500 yuan [1]. - For lithium carbonate futures contracts, the closing price of lithium carbonate 2603 is 155,000 yuan with a decline of 5.5%; lithium carbonate 2604 is 156,000 yuan with a decline of 4.12%; lithium carbonate 2605 is 155,040 yuan with a decline of 5.14%; lithium carbonate 2606 is 154,640 yuan with a decline of 5.64%; lithium carbonate 2607 is 154,880 yuan with a decline of 5.03% [1]. Lithium Ore - The average price of lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) is 2,215 yuan with an increase of 2 yuan [1]. - The average price of lithium mica (Li20: 1.5% - 2.0%) is 3,440 yuan with a decrease of 40 yuan; lithium mica (Li20: 2.0% - 2.5%) is 5,140 yuan with a decrease of 60 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 13,175 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 14,350 yuan [2]. Cathode Materials - The average price of lithium iron phosphate (power type) is 55,720 yuan with an increase of 125 yuan; the average price of ternary material 811 (polycrystalline/power type) is 212,250 yuan with an increase of 750 yuan; the average price of ternary material 523 (single - crystal/power type) is 184,500 yuan with an increase of 1,250 yuan; the average price of ternary material 613 (single - crystal/power type) is 186,000 yuan with an increase of 1,250 yuan [2]. Price Differences - The price difference between battery - grade and industrial - grade lithium carbonate is 3,250 yuan with no change; the price difference between battery - grade lithium carbonate and the main contract is 3,960 yuan with an increase of 8,460 yuan; the price difference between the near - month and the first - continuous contract is 960 yuan with an increase of 1,840 yuan; the price difference between the near - month and the second - continuous contract is 1,360 yuan with an increase of 2,000 yuan [2]. Inventory - The total inventory (weekly, tons) is 99,373 tons with a decrease of 720 - 906 tons; the inventory of smelters (weekly, tons) is 17,476 tons; the inventory of downstream (weekly, tons) is 43,757 tons with an increase of 3,736 tons; the inventory of others (weekly, tons) is 38,140 tons with a decrease of 3,550 tons; the registered warehouse receipts (daily, tons) is 36,739 tons with a decrease of 280 tons [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 157,782 yuan, and the profit is - 855 yuan; the cash cost of purchasing lithium mica concentrate is 153,505 yuan, and the profit is 21 yuan [3].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - In January 2026, the new energy vehicle market in China operated steadily, with production and sales of 1.041 million and 0.945 million vehicles respectively, a year-on-year increase of 2.5% and 1% respectively. In the same month, new energy vehicle exports maintained high - speed growth, with 0.302 million vehicles exported, a year - on - year doubling [3]. - Affected by the escalating situation between the US and Iran, capital's risk - aversion sentiment increased. Coupled with the large increase in lithium carbonate prices in the early stage, there was a short - term need for capital to take profits, leading to a decline in lithium carbonate prices. The supply and demand of lithium carbonate both increased, and downstream continuous restocking supported prices. Overall, with fundamental support, the price of lithium carbonate may fluctuate in the short term under the pressure of risk aversion [3]. Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate had an average price of 158,500 with an increase of 3,750; SMM industrial - grade lithium carbonate had an average price of 155,250 with an increase of 4,000 [1]. Lithium Ore - Lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) had an average price of 2,213 with an increase of 43; lithium mica (Li20: 1.5% - 2.0%) had an average price of 3,480 with an increase of 25; lithium mica (Li20: 2.0% - 2.5%) had an average price of 5,200 with an increase of 10; phospho - lithium - aluminum stone (Li20: 6% - 7%) had an average price of 13,175 with an increase of 200; phospho - lithium - aluminum stone (Li20: 7% - 8%) had an average price of 14,350 with an increase of 200 [1][2]. Positive Electrode Materials - The average price of lithium iron phosphate (power type) was 55,595 with an increase of 910; the average price of ternary material 811 (polycrystalline/power type) was 211,500 with an increase of 2,000; the average price of ternary material 523 (single - crystal/power type) was 183,250 with an increase of 1,200; the average price of ternary material 613 (single - crystal/power type) was 184,750 with an increase of 1,000 [2]. Price Differences - The difference between battery - grade and industrial - grade lithium carbonate was 3,250 with a decrease of 250; the difference between battery - grade lithium carbonate and the main contract was - 4,500 with an increase of 1,810; the difference between the near - month and the first - continuous contract was - 880 with a decrease of 320; the difference between the near - month and the second - continuous contract was - 640 with a decrease of 820 [2]. Inventory - The total weekly inventory was 99,373 tons with a decrease of 720 tons; the weekly inventory of smelters was 17,476 tons with a decrease of 906 tons; the weekly inventory of downstream was 43,757 tons with an increase of 3,736 tons; the weekly inventory of others was 38,140 tons with a decrease of 3,550 tons; the daily registered warehouse receipts were 37,019 tons with an increase of 158 tons [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate was 157,787, and the profit was - 1,355; the cash cost of purchasing lithium mica concentrate was 154,890, and the profit was - 1,853 [3].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - In the short term, due to the escalation of the US - Iran situation and the large previous increase in lithium carbonate prices, funds have a need to take profits, leading to a significant decline in lithium carbonate prices. The US - Iran situation mainly affects the progress of Middle - East energy storage projects, resulting in a postponement of demand rather than its disappearance. In the long - term, the escalation of geopolitical uncertainties raises energy security to a new level, providing long - term support for energy storage demand (especially in the European region). It is recommended to partially close positions to protect profits as prices are driven by market sentiment and funds have a need for risk - aversion [3] 3. Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 161,000 yuan with a decrease of 11,500 yuan; SMM industrial - grade lithium carbonate has an average price of 157,500 yuan with a decrease of 11,500 yuan [1] - Futures contracts: lithium carbonate 2603 has a closing price of 148,120 yuan with a decline of 12.99%; lithium carbonate 2604 has a closing price of 150,200 yuan with a decline of 13%; lithium carbonate 2605 has a closing price of 150,860 yuan with a decline of 12.99%; lithium carbonate 2606 has a closing price of 151,260 yuan with a decline of 13%; lithium carbonate 2607 has a closing price of 151,380 yuan with a decline of 12.99% [1] Lithium Ore - Lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) has an average price of 2,220 yuan with a decrease of 140 yuan; lithium mica (Li20: 1.5% - 2.0%) has an average price of 3,565 yuan with a decrease of 120 yuan; lithium mica (Li20: 2.0% - 2.5%) has an average price of 5,350 yuan with a decrease of 175 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) has an average price of 13,225 yuan with a decrease of 550 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) has an average price of 14,475 yuan with a decrease of 575 yuan [1][2] Cathode Materials - Lithium iron phosphate (power type) has an average price of 56,205 yuan with a decrease of 2,785 yuan; ternary material 811 (polycrystalline/power type) has an average price of 210,000 yuan with a decrease of 2,000 yuan; ternary material 523 (single - crystal/power type) has an average price of 183,400 yuan with a decrease of 4,400 yuan; ternary material 613 (single - crystal/power type) has an average price of 185,550 yuan with a decrease of 3,900 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 3,500 yuan with no change; the price spread between battery - grade lithium carbonate and the main contract product is 10,140 yuan with an increase of 9,660 yuan; the price spread between the near - month and the first - continuous contract is - 660 yuan with a decrease of 40 yuan; the price spread between the near - month and the second - continuous contract is - 1,060 yuan with an increase of 100 yuan [2] Inventory - The total inventory (weekly, tons) is 100,093 tons with a decrease of 2,839 tons; the inventory of smelters (weekly, tons) is 18,382 tons with an increase of 1,462 tons; the inventory of downstream enterprises (weekly, tons) is 40,021 tons with a decrease of 4,471 tons; the inventory of other sources (weekly, tons) is 41,690 tons with an increase of 170 tons; the registered warehouse receipts (daily, tons) are 37,755 tons with a decrease of 11,117 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 158,432 yuan, and the profit is 438 yuan; the cash cost of purchasing lithium mica concentrate externally is 158,352 yuan, and the profit is - 3,041 yuan [3] Industry Situation - In January 2026, the new - energy vehicle market in China operated steadily, with production and sales reaching 1.041 million and 0.945 million vehicles respectively, a year - on - year increase. In January, new - energy vehicle exports maintained high - speed growth, with 302,000 vehicles exported, a year - on - year doubling [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - In January 2026, the new energy vehicle market ran smoothly, with production and sales reaching 1.041 million and 945,000 units respectively, a year-on-year increase. In the same month, new energy vehicle exports maintained high - speed growth, with 302,000 units exported, doubling year - on - year. Affected by the stocking rhythm and macro - sentiment, the market showed an overall range - bound trend. After the Spring Festival, considering that the VAT refund rate for lithium battery exports will decline from 9% to 6% on April 1st, it is expected that there will be a rush to match batteries, and the overall situation is to be treated bullishly [3] 3. Summary According to Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate had an average price of 161,750 yuan, up 9,750 yuan; SMM industrial - grade lithium carbonate had an average price of 158,250 yuan, up 9,750 yuan [1] Lithium Ore - Lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) had an average price of 2,254 yuan, up 131 yuan; lithium mica (Li20: 1.5% - 2.0%) had an average price of 3,600 yuan, up 350 yuan; lithium mica (Li20: 2.0% - 2.5%) had an average price of 5,400 yuan, up 575 yuan; amblygonite (Li20: 6% - 7%) had an average price of 14,100 yuan, up 500 yuan; amblygonite (Li20: 7% - 8%) had an average price of 15,300 yuan, up 600 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) was 56,385 yuan, up 2,365 yuan; the average price of ternary material 811 (polycrystalline/power type) was 207,600 yuan, up 4,100 yuan; the average price of ternary material 523 (single - crystal/power type) was 183,500 yuan, up 3,900 yuan; the average price of ternary material 613 (single - crystal/power type) was 184,900 yuan, up 4,000 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate was 3,500 yuan; the price spread between battery - grade lithium carbonate and the main contract was - 4,730 yuan, up 7,390 yuan; the price spread between the near - month and the first - continuous contract was - 2,060 yuan, up 220 yuan; the price spread between the near - month and the second - continuous contract was - 2,560 yuan, up 100 yuan [2] Inventories - The total inventory (weekly, tons) was 102,932 tons, down 2,531 tons; the smelter inventory (weekly, tons) was 16,920 tons, down 1,436 tons; the downstream inventory (weekly, tons) was 44,492 tons, up 835 tons; other inventories (weekly, tons) were 41,520 tons, down 1,930 tons; the registered warehouse receipts (daily, tons) were 38,525 tons, down 330 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally was 161,161 yuan, with a profit of - 1,548 yuan; the cash cost of purchasing lithium mica concentrate externally was 159,685 yuan, with a profit of - 3,640 yuan [3] Futures Contracts - The closing price of lithium carbonate 2603 was 163,920 yuan, with a rise of 4.01%; the closing price of lithium carbonate 2604 was 165,980 yuan, with a rise of 4%; the closing price of lithium carbonate 2605 was 166,480 yuan, with a rise of 3.4%; the closing price of lithium carbonate 2606 was 167,080 yuan, with a rise of 4.19%; the closing price of lithium carbonate 2607 was 167,220 yuan, with a rise of 3.7% [1]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - The demand from the terminal (energy storage + new energy vehicles) remains strong during the peak season, with the material production schedule basically flat and the flow of social inventory from upstream to downstream to the terminal being smooth. On the supply side, the production schedule in December has a slight increase, but the tight spot supply of spodumene restricts a significant resumption of production on the supply side. Overall, demand provides medium - term support for the lithium carbonate price, but there is significant pressure around the key level of 100,000 yuan [3] Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 95,850 yuan with a daily increase of 2,500 yuan; SMM industrial - grade lithium carbonate has an average price of 93,350 yuan with a daily increase of 2,000 yuan [1] Lithium Futures Contracts - The closing prices and price increases of lithium carbonate futures contracts 2601 - 2605 range from 98,740 yuan to 100,600 yuan, with price increases between 0.78% and 1.35% [1] Lithium Ore - The average price of spodumene concentrate (CIF China) is 1,248 yuan with a daily increase of 25 yuan; lithium mica prices vary according to different Li₂O contents, and the prices of phospho - lithium - aluminum stone also vary by Li₂O content [1][2] Cathode Materials - The average prices of cathode materials such as lithium iron phosphate (power type), ternary material 811 (polycrystalline/power type), ternary material 523 (single - crystal/power type), and ternary material 613 (single - crystal/power type) are 39,845 yuan, 162,800 yuan, 146,000 yuan, and 145,700 yuan respectively, with corresponding price increases [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2,500 yuan; the price spread between battery - grade lithium carbonate and the main contract is - 4,750 yuan with a change of 1,160 yuan; and there are also price spreads between near - month and consecutive contracts [2] Inventory - The total weekly inventory is 111,469 tons with a decrease of 2,133 tons, including 19,161 tons in smelters (a decrease of 1,606 tons), 42,738 tons in downstream (a decrease of 957 tons), and 49,570 tons in other (an increase of 430 tons); the daily registered warehouse receipts are 15,286 tons with a change of 26 tons [2] Profit Estimation - The cash cost of purchasing spodumene concentrate externally is 99,567 yuan with a profit of - 5,047 yuan; the cash cost of purchasing lithium mica concentrate externally is 96,908 yuan with a profit of - 4,739 yuan [3] Industry News - The national new - energy storage installed capacity exceeds 100 million kilowatts, 30 times that at the end of the "13th Five - Year Plan" and accounting for over 40% of the global total installed capacity. During the peak summer period this year, the peak call of new - energy storage exceeded 30 million kilowatts [3]

Report Industry Investment Rating - Not provided Core Viewpoints - The demand from the terminal (energy storage + new energy vehicles) remains strong during the peak season, the production schedule of the material end is basically flat, and the chain of social inventory movement from "upstream - downstream - terminal" is smooth. In terms of supply, the production schedule in December has a slight increase, and the tight spot supply of spodumene restricts the large - scale resumption of production on the supply side. Overall, demand provides medium - term support for the lower price of lithium carbonate, but there is significant pressure near the key level of 100,000 [3] Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 94,500 with a rise of 2,500; SMM industrial - grade lithium carbonate has an average price of 92,000 with a rise of 2,000 [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 1,220 with a rise of 10; lithium mica (Li20:1.5% - 2.0%) has an average price of 1,680 with a rise of 15; lithium mica (Li20:2.0% - 2.5%) has an average price of 2,605 with a rise of 15; phospho - lithium - aluminum stone (Li20:6% - 7%) has an average price of 9,175 with a rise of 115; phospho - lithium - aluminum stone (Li20:7% - 8%) has an average price of 10,450 with a rise of 175 [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 39,520 with a rise of 240; the average price of ternary material 811 (polycrystalline/power type) is 162,350 with a rise of 250; the average price of ternary material 523 (single - crystal/power type) is 145,550 with a rise of 400; the average price of ternary material 613 (single - crystal/power type) is 145,250 with a rise of 300 [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2,500; the price spread between battery - grade lithium carbonate and the main contract is - 3,220 with a change of 2,160; the price spread between the near - month and the first - continuous contract is - 380 with a change of - 200; the price spread between the near - month and the second - continuous contract is - 240 with a change of 20 [2] Inventory - The total inventory (weekly, tons) is 111,469 with a decrease of 2,133; the inventory of smelters (weekly, tons) is 19,161 with a decrease of 1,606; the inventory of downstream (weekly, tons) is 42,738 with a decrease of 957; the inventory of others (weekly, tons) is 49,570 with an increase of 430; the registered warehouse receipts (daily, tons) is 15,050 with an increase of 300 [2] Profit Estimation - The cash cost of purchasing spodumene concentrate externally is 97,832, and the profit is - 4,649; the cash cost of purchasing lithium mica concentrate externally is 94,715, and the profit is - 3,869 [3] Industry News - The installed capacity of new - type energy storage in China has exceeded 100 million kilowatts, which is more than 30 times that at the end of the "13th Five - Year Plan" and accounts for more than 40% of the global total installed capacity. During the peak summer period this year, the peak call of new - type energy storage in China exceeded 30 million kilowatts [3]