Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The current inventory of lithium carbonate is continuously decreasing, and consumption has certain support. The resumption of production at the mine end is in progress, and it is expected to gradually resume production in the future. Attention should be paid to the inflection points of consumption and inventory. If consumption weakens and the mine end resumes production, the inventory may change from destocking to inventory accumulation, and the market may decline at that time [4]. 3. Summary by Relevant Catalogs Market Analysis - On November 13, 2025, the main contract 2601 of lithium carbonate opened at 86,500 yuan/ton and closed at 87,840 yuan/ton, with a change of 1.39% compared to the previous day's settlement price. The trading volume was 1,106,011 lots, and the open interest was 536,514 lots. The previous day's open interest was 528,966 lots. The current basis was -3,370 yuan/ton. The lithium carbonate warehouse receipts were 27,508 lots, a change of -779 lots compared to the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 82,100 - 86,600 yuan/ton, a change of 1,050 yuan/ton compared to the previous trading day. The price of industrial - grade lithium carbonate was 81,500 - 82,500 yuan/ton, a change of 900 yuan/ton compared to the previous trading day. The price of 6% lithium concentrate was 1,050 US dollars/ton, a change of 30 US dollars/ton compared to the previous day [2]. - The overall operating rate of lithium salt plants remains high, with the operating rates of both the spodumene end and the salt lake end maintained above 60%. It is expected that the domestic lithium carbonate production in November can maintain the production level of October, with a roughly flat month - on - month change [2]. - In the demand aspect, both commercial and passenger new - energy vehicles in the power market are growing rapidly, and the energy storage market has strong supply and demand, with supply remaining tight [2]. - As of November 13, 17 mainstream automobile brands have launched a purchase tax support plan [2]. - According to the latest weekly data, the weekly production increased by 11 tons to 21,545 tons. The total inventory decreased by 3,481 tons to 120,472 tons. The consumption end has strong support recently [3]. Strategy - Unilateral: Mainly adopt a wait - and - see attitude in the short term. Pay attention to the inflection points of inventory and consumption and the resumption of production at the mine end, and choose the opportunity to sell hedging at high prices [4]. - Option: Sell out - of - the - money call options [5].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - A-share index: Expected to be volatile. The market is pricing in interest rate cuts in advance, and the A-share market has been boosted. However, A-share valuations are above the historical average, making it difficult for the market to rise significantly. The stablecoin concept is popular, but the path for stablecoins to replace the US dollar as a trading medium is still long. Domestically, credit contraction and insufficient demand remain the main contradictions, and although corporate profits improved in H1 2025, the index is unlikely to break through the central level significantly. On the other hand, it is also unlikely to experience a sharp decline in the short term [1]. - Treasury bond futures: The short - term bond market will continue its volatile pattern. Treasury bond futures showed mixed results, with the 30 - year main contract down 0.02%, the 5 - year and 2 - year main contracts up 0.01%, and the 10 - year main contract basically stable. The central bank conducted a 7 - day reverse repurchase operation, with a net withdrawal of 452.1 billion yuan. The inter - bank market interest rates declined. The central bank's liquidity injection in June totaled 65.6 billion yuan, and the economy showed strong resilience in June, with monetary policy emphasizing flexible adjustment [1][2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **A - share Index Futures**: Fed Chairman's remarks and dot - plot have led the market to price in interest rate cuts in advance, boosting the A - share market. But A - share valuations are high, and the stablecoin concept is popular. Domestically, 6 - month manufacturing PMI rose but remained in the contraction range, 5 - month PPI declined year - on - year, and new RMB loans decreased. Corporate profits improved in H1 2025, so the index is expected to be volatile [1]. - **Treasury Bond Futures**: Treasury bond futures had different performances. The central bank's reverse repurchase operation led to a net withdrawal of funds. Inter - bank market interest rates declined. The central bank's liquidity injection in June and the economic resilience in June suggest a continued volatile pattern in the short - term bond market [1][2]. 3.2 Daily Price Changes - **Stock Index Futures**: On July 3, 2025, compared with July 2, 2025, IH rose 0.19%, IF rose 0.61%, IC rose 0.30%, IM rose 0.31%, the Shanghai Composite 50 rose 0.07%, the CSI 300 rose 0.62%, the CSI 500 rose 0.50%, and the CSI 1000 rose 0.53% [3]. - **Treasury Bond Futures**: On July 3, 2025, compared with July 2, 2025, TS was flat, TF was flat, T fell 0.02%, and TL fell 0.04% [3]. 3.3 Market News - One lithium - salt smelter in Jiangxi has a maintenance plan, initially planning to stop production for 2 months, while a lithium - salt smelter in Sichuan is operating normally [4]. - The Caixin China Services PMI in June dropped to 50.6, the lowest since October 2024, indicating a slowdown in the expansion of the service industry [4]. 3.4 Chart Analysis - **Stock Index Futures**: The report provides multiple charts showing the trends of IH, IF, IM, IC main contracts, and their corresponding basis trends [6][7][9]. - **Treasury Bond Futures**: Multiple charts display the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][15][17]. - **Exchange Rates**: The report presents charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, and exchange rates among major currencies [20][21][24][25].

Group 1 - The core viewpoint of the article is that there are rumors regarding the maintenance shutdown of two lithium salt smelting plants in China, with one confirmed maintenance plan [1] - A lithium salt plant in Jiangxi has a scheduled maintenance plan, with an initial shutdown period of 2 months [1] - A lithium salt plant in Sichuan is reported to be operating normally, with no production stoppages for lithium hydroxide and lithium carbonate [1]