Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The price of lithium carbonate is mainly supported by downstream purchases, but the production increase of cathode and battery factories in July is small, and the purchasing power mainly comes from traders with limited space. Due to the price rebound, the supply increase in July is large, deepening the oversupply situation and dragging down the price increase. There are no signs of production cuts in the ore segment. It is expected that the downward pressure on the futures price of lithium carbonate will intensify as the purchasing pace slows down [3] Group 3: Summary of Related Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 63,300 yuan, with a daily increase of 400 yuan; the average price of SMM industrial - grade lithium carbonate is 61,700 yuan, with a daily increase of 400 yuan [1] - The closing prices and price changes of lithium carbonate futures contracts: Li2507 is 64,700 yuan, up 0.59%; Li2508 is 64,680 yuan, up 0.12%; Li2509 is 64,400 yuan, up 0.16%; Li2510 is 64,160 yuan, down 0.03%; Li2511 is 64,080 yuan, up 0.22% [1] Lithium Ore - The average price of lithium spodumene concentrate (CIF China) is 666 yuan, with a daily increase of 8 yuan; the average price of lithium mica (Li2O: 1.5% - 2.0%) is 820 yuan, with a daily increase of 20 yuan; the average price of lithium mica (Li2O: 2.0% - 2.5%) is 1385 yuan, with a daily increase of 30 yuan; the average price of lithiophilite (Li2O: 6% - 7%) is 4500 yuan, with a daily increase of 75 yuan; the average price of lithiophilite (Li2O: 7% - 8%) is 5340 yuan, with a daily increase of 80 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 30,950 yuan, with a daily increase of 100 yuan; the average price of ternary material 811 (polycrystalline/power type) is 142,780 yuan, with a daily increase of 20 yuan; the average price of ternary material 523 (single - crystal/power type) is 114,955 yuan, with a daily increase of 50 yuan; the average price of ternary material 613 (single - crystal/power type) is 120,255 yuan, with no change [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1600 yuan; the price spread between battery - grade lithium carbonate and the main contract is - 1100 yuan, with a change of - 120 yuan; the price spread between the near - month and the first - continuous contract is 280 yuan, with a change of - 80 yuan; the price spread between the near - month and the second - continuous contract is 520 yuan, with a change of 20 yuan [2] Inventory - The total inventory (weekly, tons) is 138,347 tons, with an increase of 1510 tons; the inventory of smelters (weekly, tons) is 58,890 tons, with a decrease of 142 tons; the inventory of downstream enterprises (weekly, tons) is 40,497 tons, with a decrease of 138 tons; the inventory of other sources (weekly, tons) is 38,960 tons, with an increase of 1790 tons; the registered warehouse receipts (daily, tons) is 13,281 tons, with an increase of 626 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 62,506 yuan, and the profit is - 76 yuan; the cash cost of purchasing lithium mica concentrate is not clearly stated, and the profit is - 6886 yuan [3] Industry News - Zimbabwe will ban the export of lithium concentrate from 2027 to further promote local processing [3]

Report Industry Investment Rating - Not provided Core View of the Report - The lithium carbonate futures price is expected to decline in the short term, and there is a possibility of a negative feedback loop between the lithium carbonate price and the ore price in the later stage [3] Summary by Relevant Catalogs Lithium Compound Prices - SMM battery - grade lithium carbonate average price is 59,900 yuan/ton, down 50 yuan/ton [1] - SMM industrial - grade lithium carbonate average price is 58,300 yuan/ton, down 50 yuan/ton [1] Lithium Futures Prices - Lithium carbonate 2507 closed at 61,020 yuan/ton, up 2.01% [1] - Lithium carbonate 2508 closed at 60,900 yuan/ton, up 2.66% [1] - Lithium carbonate 2509 closed at 60,700 yuan/ton, up 3.06% [1] - Lithium carbonate 2510 closed at 60,580 yuan/ton, up 3.17% [1] - Lithium carbonate 2511 closed at 60,500 yuan/ton, up 3.28% [1] Lithium Ore Prices - Lithium spodumene concentrate (CIF China) price is 617 yuan/ton, unchanged [1] - Lithium mica (Li20: 1.5% - 2.0%) price is 665 yuan/ton [2] - Lithium mica (Li20: 2.0% - 2.5%) price is 1190 yuan/ton [2] - Phosphorus lithium aluminum stone (Li20: 6% - 7%) price is 5225 yuan/ton, down 335 yuan/ton [2] - Phosphorus lithium aluminum stone (Li20: 7% - 8%) price is 6075 yuan/ton, down 390 yuan/ton [2] Cathode Material Prices - The average price of lithium iron phosphate (power type) is 30,160 yuan/ton, down 15 yuan/ton [2] - The average price of ternary material 811 (polycrystalline/power type) is 142,760 yuan/ton, up 10 yuan/ton [2] - The average price of ternary material 523 (single - crystal/power type) is 114,175 yuan/ton, up 50 yuan/ton [2] - The average price of ternary material 613 (single - crystal/power type) is 120,375 yuan/ton, unchanged [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1600 yuan/ton [2] - The price spread between battery - grade lithium carbonate and the main contract is - 800 yuan/ton, down 1630 yuan/ton [2] - The price spread between the near - month and the first - continuous contract is 120 yuan/ton, down 240 yuan/ton [2] - The price spread between the near - month and the second - continuous contract is 320 yuan/ton, down 280 yuan/ton [2] Inventory - The total inventory (weekly, tons) is 134,901 tons, up 1352 tons [2] - The smelter inventory (weekly, tons) is 58,625 tons, up 972 tons [2] - The downstream inventory (weekly, tons) is 40,366 tons, down 320 tons [2] - The other inventory (weekly, tons) is 35,910 tons, up 700 tons [2] - The registered warehouse receipts (daily, tons) is 22,375 tons, down 4404 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 60,012 yuan/ton, and the profit is - 948 yuan/ton [3] - The cash cost of purchasing lithium mica concentrate is 64,430 yuan/ton, and the profit is - 6856 yuan/ton [3] Industry News - Zimbabwe will ban the export of lithium concentrate from 2027 to promote local processing [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The production of lithium carbonate in April was basically stable, the production of cathode materials increased slightly, and the supply - demand imbalance narrowed. Social inventories continued to accumulate, and the raw material inventory in the downstream link was at a high level. In the short term, downstream procurement still followed the long - order and customer - supply models, and the futures price was expected to fluctuate weakly [3] Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate had an average price of 69,950 yuan/ton, down 450 yuan; SMM industrial - grade lithium carbonate had an average price of 68,200 yuan/ton, down 450 yuan [1] - The futures contracts of lithium carbonate (2505, 2506, 2507, 2508, 2509) all showed price increases, with increases of 0.96%, 1.11%, 1.14%, 0.84%, and 0.78% respectively [1] Lithium Ore - Lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) had an average price of 795 yuan/ton, down 5 yuan [1] - Lithium mica (Li20: 1.5% - 2.0%) had an average price of 950 yuan/ton, down 30 yuan; lithium mica (Li20: 2.0% - 2.5%) had an average price of 1610 yuan/ton, down 30 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) had an average price of 6700 yuan/ton; phospho - lithium - aluminum stone (Li20: 7% - 8%) had an average price of 7875 yuan/ton, down 75 yuan [2] Cathode Materials - The average price of lithium iron phosphate (power type) was 32,650 yuan/ton, down 125 yuan; the average price of ternary material 811 (polycrystalline/power type) was 146,650 yuan/ton, down 50 yuan; the average price of ternary material 523 (single - crystal/power type) was 117,685 yuan/ton, down 100 yuan; the average price of ternary material 613 (single - crystal/power type) was 123,955 yuan/ton, down 50 yuan [2] Price Differences - The price difference between battery - grade and industrial - grade lithium carbonate was 1750 yuan; the price difference between battery - grade lithium carbonate and the main contract was 970 yuan, down 1590 yuan; the price difference between the near - month and the first - continuous contract was 60 yuan, down 40 yuan; the price difference between the near - month and the second - continuous contract was 80 yuan, down 80 yuan [2] Inventory - The total inventory (weekly, tons) was 131,605 tons, an increase of 585 tons; the smelter inventory (weekly, tons) was 52,130 tons, an increase of 398 tons; the downstream inventory (weekly, tons) was 41,734 tons, an increase of 787 tons; other inventory (weekly, tons) was 37,741 tons, a decrease of 600 tons; the registered warehouse receipts (daily, tons) were 31,735 tons, an increase of 350 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally was 73,659 yuan, and the profit was - 4669 yuan; the cash cost of purchasing lithium mica concentrate externally was 75,209 yuan, and the profit was - 7893 yuan [3] Industry News - Shandong's 120,000 - ton lithium iron phosphate project was postponed. The 120,000 - ton lithium iron phosphate project of WANRUN NEW ENERGY was postponed to December 2025, and the Lubei WANRUN project had basically completed construction and was in the process of production debugging [3]