Industry Overview - The lithium mining sector is experiencing a significant surge, driven by expectations of a contraction in global lithium supply and a recent stabilization in lithium prices, leading to heightened performance recovery expectations in the industry [2][3] - Zimbabwe, the largest lithium exporter in Africa, has announced a suspension of lithium concentrate and raw ore exports, which is expected to tighten short-term supply and potentially drive lithium prices significantly higher [3] Company Highlights - Erkang Pharmaceutical's subsidiary, Erkang Mining, established in Nigeria, is engaged in lithium exploration and mining, positioning the company to benefit from rising lithium prices [6] - Jinyuan Co. is advancing its lithium salt project and has acquired a 15% stake in Ali Lithium Source to enhance its lithium resource reserves, which will benefit from the industry's improving conditions [6] - Salt Lake Co. has successfully implemented a technology upgrade that has improved lithium recovery rates to 95%, positioning it as a leading domestic player in lithium extraction [6] - Tianqi Lithium's Greenbush lithium spodumene mine in Australia is the largest and highest-grade lithium project currently in production, with an annual capacity of 1.62 million tons, set to benefit from the industry's growth [6] Market Dynamics - The lithium mining and processing sectors are expected to see increased demand for equipment due to expansions in lithium mining projects and new lithium salt production capacities, benefiting companies involved in the manufacturing of lithium mining and processing equipment [5] - The recovery in lithium prices is anticipated to enhance profitability for lithium salt processing companies, especially those with strong cost control and scalable production capabilities [4]

Report Industry Investment Rating - Not provided in the report Core View of the Report - The lithium carbonate market is in a state of tight supply - demand balance, with sentiment fluctuations caused by news. The 2605 contract of lithium carbonate is expected to oscillate in the range of 130,740 - 144,420. There are both positive and negative factors in the market. Positive factors include the production cut plans of lithium mica manufacturers and the decline in the import volume of lithium carbonate from Chile. Negative factors are the continuous high supply at the ore/salt lake end with limited decline. The main risk points are the impact of production cut/overhaul plans and the start - time of industry clearance [8][9][10][11] Summary by Directory 1. Daily View - **Supply**: Last week, the lithium carbonate output was 20,744 tons, a 3.82% week - on - week decrease, but still higher than the historical average. In January 2026, the output was 97,900 physical tons, and the predicted output for next month is 81,930 physical tons, a 16.31% month - on - month decrease. The import volume in January was 24,500 physical tons, and the predicted import volume for next month is 21,800 physical tons, an 11.02% month - on - month decrease [8] - **Demand**: Last week, the inventory of sample enterprises of lithium iron phosphate was 95,032 tons, a 1.84% week - on - week decrease, and the inventory of sample enterprises of ternary materials was 18,243 tons, a 2.39% week - on - week decrease. The demand is expected to strengthen next month [8] - **Cost**: The cost of purchased lithium spodumene concentrate is 138,350 yuan/ton, with no daily change, resulting in a loss of 5,672 yuan/ton. The cost of purchased lithium mica is 136,032 yuan/ton, with no daily change, resulting in a loss of 5,711 yuan/ton. The production cost of the recycling end is generally higher than that of the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost of the salt lake end is 32,231 yuan/ton, with sufficient profit margin and strong production motivation [8] - **Basis**: On February 9, the spot price of battery - grade lithium carbonate was 135,500 yuan/ton, and the basis of the 05 contract was - 1,500 yuan/ton, with the spot at a discount to the futures [8] - **Inventory**: The smelter's inventory was 18,356 tons, a 3.40% week - on - week decrease, lower than the historical average. The downstream inventory was 43,657 tons, a 7.53% week - on - week increase, higher than the historical average. Other inventory was 43,450 tons, a 9.25% week - on - week decrease, higher than the historical average. The total inventory was 105,463 tons, a 1.87% week - on - week decrease, lower than the historical average [8] - **Disk**: The MA20 of the disk is downward, and the futures price of the 05 contract closed below the MA20 [8] - **Main Position**: The main position is net short, and the short position is decreasing [8] 2. Fundamental/Position Data - **Market Overview**: The prices of various lithium - related products showed different trends. For example, the price of lithium spodumene (6%) increased by 0.90% to 1,897 US dollars/ton, and the price of battery - grade lithium carbonate increased by 0.74% to 135,500 yuan/ton. The registered warehouse receipts increased by 2.43% to 34,597 lots [13] - **Supply - side Data**: The weekly operating rate was 87.14%, with no change. The daily production cost of lithium spodumene was 138,350 yuan/ton, with no change. The monthly processing cost of lithium spodumene increased by 0.43% to 20,950 yuan/ton. The monthly output of lithium carbonate in January was 97,900 tons, a 1.31% month - on - month decrease [15] - **Demand - side Data**: The monthly operating rate and output of lithium iron phosphate and some other products decreased. The monthly output of lithium iron phosphate decreased by 1.81% to 396,600 tons. The monthly power battery loading volume increased by 4.92% to 98,100 GWh [15]

Group 1 - Shengxin Lithium Energy has signed a framework agreement with Zhongchuang Xinhang to supply 200,000 tons of lithium salt products from 2026 to 2030, which is expected to positively impact the company's future performance [1] - The demand for lithium products is growing due to the rapid development of the global electric vehicle and energy storage industries, providing significant market opportunities for the company [1] - The agreement strengthens the company's long-term strategic partnership with quality customers, enhancing its market competitiveness and aligning with its business development strategy [1] Group 2 - Changfei Fiber announced that the global fiber optic cable industry market environment is normal, and new products related to data centers account for a small proportion of total demand [2] - The company has confirmed that there are no undisclosed significant information as of the announcement date [2] Group 3 - Guodun Quantum has appointed director Ying Yong to temporarily assume the responsibilities of chairman and legal representative following the passing of the chairman Lü Pin [3] Group 4 - Huati Technology clarified that it does not engage in commercial aerospace-related businesses, despite recent media discussions [4] Group 5 - Kuangda Technology's actual controller has changed to the State-owned Assets Supervision and Administration Commission of Zhuzhou City after a share transfer agreement [5] Group 6 - Geer Software has decided to terminate the planned acquisition of a majority stake in Shenzhen Weipin Zhiyuan Information Technology due to a failure to reach agreement on key terms [6] Group 7 - Bohai Chemical has terminated its major asset restructuring plan, which involved the sale of Bohai Petrochemical and the acquisition of control over Taida New Materials [7][8] Group 8 - Qingdao Port plans to invest in two terminal projects with a total estimated investment of 15.7 billion yuan [9] Group 9 - Sichuan Chengyu's subsidiary intends to acquire 85% of Jingyi Company for 2.409 billion yuan, which will enhance the company's highway project holdings [10] Group 10 - Jiumuwang's stock price has significantly deviated from the industry average, with a current P/E ratio of 50.35 compared to the industry average of 18.06 [11] Group 11 - Chuangyao Technology plans to invest 8 million yuan to acquire a 2% stake in Chengdu Xuanji Xingyuan Information Technology [12] Group 12 - Qiyi Er plans to acquire 60% of Fangzhou Technology through a combination of acquisition and capital increase, focusing on military simulation software [13] Group 13 - Dongfang Zhizao's actual controller will change to the Guangxi State-owned Assets Supervision and Administration Commission, with stock resuming trading on December 22 [14] Group 14 - Zhuoran Shares and its actual controller are under investigation by the China Securities Regulatory Commission for information disclosure violations [15] Group 15 - Yangdian Technology plans to invest 50 million yuan to establish a wholly-owned subsidiary to capture opportunities in the AIDC power supply market [16] Group 16 - Tianchuang Fashion is planning a change in control, leading to a temporary suspension of its stock [17] Group 17 - Liandong Technology's new product QT-9800SoC testing system has successfully completed laboratory validation and is preparing for mass production [18] Group 18 - Bolivi plans to raise up to 650 million yuan through a private placement for various projects, including intelligent manufacturing of lightweight power batteries [19] Group 19 - Tianqi Lithium's subsidiary has officially started trial production of its third phase of chemical-grade lithium concentrate expansion project, aiming for a total capacity of 2.14 million tons per year [20] Group 20 - Huahai Qingke has delivered over 800 units of CMP equipment, covering various semiconductor product lines and entering new markets [21] Group 21 - China State Construction reported a 0.9% year-on-year increase in new contracts signed in the first 11 months of 2025, totaling 4.0408 trillion yuan [22] Group 22 - SF Holding's logistics business revenue grew by 9.88% year-on-year in November, with a total revenue of 27.173 billion yuan [23] Group 23 - YTO Express reported a revenue of 6.474 billion yuan in November, reflecting an 11.08% year-on-year increase [24] Group 24 - Yunda's express service revenue reached 4.698 billion yuan in November, a 2.17% year-on-year increase [25] Group 25 - Shentong Express reported a 33.1% year-on-year increase in express service revenue for November, totaling 6.028 billion yuan [26] Group 26 - Yuanwang Valley's actual controller plans to reduce their stake by up to 3% [27] Group 27 - Yongfu's controlling shareholder plans to reduce their stake by up to 3% [28] Group 28 - Tongyi's controlling shareholder plans to reduce their stake by up to 3% [29] Group 29 - Aikedi's shareholders plan to reduce their stake by up to 3% [30] Group 30 - Dongfang Cable and its subsidiary have won contracts totaling 3.125 billion yuan, representing 34.37% of the company's projected revenue for 2024 [31] Group 31 - Huadian Technology has signed contracts worth approximately 815 million yuan with Huadian Technology Group for a wind power and green methanol project [32] Group 32 - Jinggu Shares has received a notification for a low-carbon wheel project from a major domestic passenger car manufacturer [33] Group 33 - Jifeng Shares' subsidiary has received a project notification for passenger car seat assemblies, with a total lifecycle value estimated at 9.8 billion yuan [34]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - This week, the price of lithium carbonate futures contracts showed high - level fluctuations. The 2601 contract closed at 87,360 yuan/ton, up 5,060 yuan/ton week - on - week, and the 2605 contract closed at 87,880 yuan/ton, up 4,940 yuan/ton week - on - week. The spot price rose 4,750 yuan/ton to 85,150 yuan/ton [1]. - In terms of supply and demand fundamentals, short - term demand for power and energy storage has weakened, while shipments from the mining end have increased. The price of lithium ore has exceeded $1,000/ton, and port inventories have increased. Weekly production remained flat at 21,545 tons, and inventory decreased by 3,481 tons to 120,000 tons. This week, the winning bid capacity of energy storage projects was 7.537 GWH, a week - on - week decrease of 22.88%. In October 2025, passenger car retail sales decreased by 1% [2]. - In the future, the price is under upward pressure. The shipping volume of Australian mines has been above the annual average for three consecutive weeks since October 27. The production enterprises of Australian mines have significantly increased the recovery rate, and the supply will increase at the end of this year or in the first quarter of next year. From October to November, the scale of energy storage procurement and bidding has weakened month - on - month. The unilateral price of the futures main contract is expected to range from 73,000 to 88,000 yuan/ton [3]. - For cross - period trading, no recommendations are provided. Lithium salt plants are advised to adopt hedging strategies to lock in profits, and downstream enterprises are advised to reduce the hedging ratio [4]. 3. Summary by Relevant Catalogs 3.1 Market Data - The report presents figures on the price difference between lithium carbonate spot and futures, as well as the cross - period price difference of lithium carbonate futures [1][5]. 3.2 Lithium Salt Upstream Supply - Side (Lithium Ore) - Figures show the processing profit of spodumene concentrate, the average price trend, monthly import volume and price of lithium concentrate, and the monthly import volume and price of Australian lithium concentrate [8][9]. 3.3 Lithium Salt Mid - Stream Consumption - Side (Lithium Salt Products) - Multiple figures display the prices of battery - grade lithium carbonate in different regions, the price trends of domestic battery - grade and industrial - grade lithium carbonate, the processing cost of converting industrial - grade to battery - grade lithium carbonate, the price difference between battery - grade lithium hydroxide in CIF Japan, South Korea and domestic markets, the monthly export volume of lithium carbonate and lithium hydroxide, the monthly production volume, monthly production volume by raw material, monthly production volume by region, weekly production volume, monthly operating rate, monthly import and export volume, and monthly inventory of lithium carbonate [15][22][24]. 3.4 Lithium Salt Downstream Consumption - Side (Lithium Batteries and Materials) - Figures show the monthly production volume and monthly operating rate of lithium iron phosphate, the monthly production volume, monthly operating rate, monthly production volume of various types, import and export volume of ternary materials, the installed capacity of Chinese lithium batteries, and the monthly production volume of various types of domestic power lithium batteries [25][26][28].

Report Overview - Report Title: "Carbonate Lithium Weekly Report from October 27 - 31, 2025" [1] - Author: Yang Jiangtao [1] - Industry: Carbonate Lithium and Lithium Battery Materials 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The carbonate lithium market is in a high - level shock stage. At the beginning of the week, it broke through the previous high driven by funds, and on Friday, it significantly corrected due to the expectation of warrant cancellation. The core contradiction lies in the game between the expectation of new capacity release and strong demand. In the short term, the pattern of strong supply and demand continues, but the fluctuation of capital sentiment intensifies price volatility. It is expected that carbonate lithium will oscillate between 80,000 - 84,000 yuan/ton next week, and attention should be paid to the actual impact of warrant cancellation [2]. 3. Summary by Relevant Catalogs 3.1 Lithium Salt Market Introduction - **Carbonate Lithium Futures and Spot**: The carbonate lithium futures price rose 5.05% from 75,700 yuan/ton last Friday to 79,520 yuan/ton this Friday. The carbonate lithium spot price (electric carbon) increased 4.82% from 75,750 yuan/ton to 79,400 yuan/ton, and the carbonate lithium spot price (industrial carbon) rose 4.77% from 74,400 yuan/ton to 77,950 yuan/ton. The price of lithium hydroxide spot remained unchanged [4]. - **Carbonate Lithium Premium Changes**: The premium of different raw materials and enterprises for carbonate lithium has changed, with the premium of most raw materials and enterprises increasing [7]. 3.2 Lithium Salt Fundamentals 3.2.1 Supply - **Carbonate Lithium Production**: The capacity utilization rate of carbonate lithium remained at 74.39%. Although new production lines were put into operation, the actual increase was limited. The port inventory of lithium ore increased 6.06% week - on - week to 70,000 tons, and the import volume in September decreased 10% month - on - month, indicating a structural contradiction in the supply side [2]. - **Hydroxide Lithium Production**: Not detailed in the provided content 3.2.2 Demand - **Downstream Consumption**: The production of energy - storage cells increased 5% week - on - week to 52GWh, the weekly production of ternary materials reached 18,568 tons, and the penetration rate of new energy vehicles exceeded 60%, showing strong demand [2]. 3.2.3 Import and Export - **Lithium Ore Import**: The import freight of lithium ore was stable with a slight increase. The freight on the Nigerian route increased 7.14% week - on - week, and the import cost support was enhanced. The import volume in September decreased 10% month - on - month, reflecting tight overseas supply [2]. - **Lithium Ore Transportation Cost**: The transportation cost of lithium ore from some African countries remained stable, while the cost from Nigeria decreased (bulk: - 7.14%, container: - 6.67%) [27]. 3.2.4 Inventory - **Carbonate Lithium Social Inventory**: The warrant inventory decreased 3.76% week - on - week to 27,621 lots, and the available inventory of lithium ore increased 9.09% to 12,000 tons, with limited overall inventory pressure [2]. - **Carbonate Lithium Warrants**: The total number of carbonate lithium warrants decreased 1,987 week - on - week from 30,686 to 28,699 [40]. 3.2.5 Cost and Profit - **Carbonate Lithium**: The production profit of externally purchased lithium concentrate increased 82.52% week - on - week to 9,339 yuan/ton, while the lithium mica route still had a loss of 7,681 yuan/ton, and the cost differentiation intensified industry reshuffle [2]. 3.3 Lithium - Battery Fundamentals 3.3.1 Market - **Cathode Materials**: Not detailed in the provided content 3.3.2 Supply - **Cathode Materials Production**: Not detailed in the provided content - **Electrolyte**: Not detailed in the provided content 3.3.3 Demand - **Cathode Materials Consumption**: Not detailed in the provided content 3.3.4 Import and Export - **Lithium - Battery Materials**: Not detailed in the provided content - **Batteries**: Not detailed in the provided content 3.3.5 Cost and Profit - **Ternary Materials**: Not detailed in the provided content 3.3.6 Lithium - Battery Recycling - Not detailed in the provided content 3.3.7 New Energy Vehicles - **Production and Sales**: Not detailed in the provided content

Core Viewpoint - The company is deeply rooted in Hainan, with significant operations and projects benefiting from the Hainan Free Trade Port policies [1] Group 1: Company Operations - The company is headquartered in Hainan and has its core iron ore mining operations at the Shiliu Iron Mine in Changjiang, Hainan, which is expected to contribute 37% of the company's revenue in 2024 [1] - The company has initiated trial production for its lithium hydroxide project in the Yangpu Economic Development Zone, which is expected to benefit from favorable tax policies under the Hainan Free Trade Port [1] Group 2: Financial Support and Policy Engagement - The company has been approved as a cross-border capital centralized operation center in Hainan, providing strong financial support for its international operations [1] - The company plans to continuously monitor updates on Hainan's closure policies to leverage favorable industrial investment opportunities [1]

Core Viewpoint - Tianqi Lithium Industries (09696.HK) has successfully produced its first bag of battery-grade lithium hydroxide from its Jiangsu Zhangjiagang project, which has an annual capacity of 30,000 tons, marking a significant milestone for the company [1] Group 1: Project Development - The first bag of battery-grade lithium hydroxide product passed internal laboratory sampling checks and confirmed compliance with battery-grade standards as of October 17, 2025 [1] - The company will continue to fine-tune and optimize the project to achieve stable continuous production and flexible switching to lithium carbonate [1] Group 2: Production and Capacity - The successful production of the first bag of battery-grade lithium hydroxide lays the foundation for subsequent continuous mass production at the factory [1] - After achieving stable production, the product will be provided to various customers for quality certification, with capacity gradually increasing to meet design capacity [1] Group 3: Financial Impact - The production of the first bag of battery-grade lithium hydroxide will not have a significant impact on the company's current financial status and operating results [1] - The project will further expand the company's lithium salt processing capacity, enhancing profitability and the stability of profit growth [1]

Core Viewpoint - The article highlights the significant progress of the lithium carbonate purification project by Zijin Lithium Yuan Materials Technology Co., which is expected to commence production by the end of September 2023 and aims to enhance the company's position in the new energy materials sector [1]. Group 1: Project Progress - The construction of the rough carbon purification project is advancing smoothly, with the main steel structure, wall, and roof installations completed [1]. - The auxiliary building's decoration work is 75% finished, and internal renovations are ongoing [1]. - The structural foundation for the raw material workshop and finished product warehouse is 90% complete, laying a solid foundation for future construction [1]. Group 2: Project Scale and Financials - The project is designed to produce 25,000 tons of battery-grade lithium carbonate annually [1]. - Upon reaching full production capacity, the project is expected to generate an annual revenue of 1.9 billion yuan [1]. - This initiative represents an important strategic move for Zijin Mining Group in the new energy materials field [1]. Group 3: Production Technology - The project utilizes an advanced and environmentally friendly "carbonization + resin removal" process [1]. - It leverages lithium carbonate resources from Zijin Mining's 3Q salt lake in Argentina and other industrial-grade lithium carbonate sources to produce high-quality battery-grade lithium carbonate [1]. - The products will primarily be used in the company's self-produced lithium iron phosphate products, enhancing product consistency and qualification rates [1].

Report Overview - Report Title: Supply and Demand Improve, but the Actual Magnitude is Limited. Lithium Carbonate is Difficult to Maintain Long - Term and Significant Increases - Lithium Carbonate Industry Chain Weekly Data Report [1] - Report Date: August 20, 2025 [1] 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The shutdown of the Jianxiawo Mine has brought lithium carbonate prices to a new level, and the marginal change from passive inventory accumulation to passive inventory depletion in lithium carbonate supply and demand has significantly improved the market expectations in the first half of the year, with the price center expected to rise. However, the expected annual inventory depletion of 1 - 2 million tons after the shutdown is limited compared to the current market inventory of 14 million tons. If the market continues to rise significantly, it may open the profit window for imported lithium mines such as those from Australia and Africa, quickly making up for the supply reduction caused by the shutdown of the Jianxiawo Mine and attracting hedging funds, so it may experience short - term significant increases but is difficult to maintain in the long term [4]. 3. Summary by Directory 3.1 Weekly Report Summary 3.1.1 Fundamental Overview - Lithium Ore: The price of spodumene has risen rapidly, leading the increase in ore prices. Affected by administrative orders in Jiangxi and Qinghai, the operating rates of lithium mica and salt lake sectors have significantly declined in July. After the confirmation of the shutdown of Jianxiawo, the market demand for lithium mica has significantly decreased, and the price of spodumene, as an alternative, has led the increase in the lithium ore market. Attention should be paid to the quantity of imported spodumene supplemented due to high prices [3]. - Lithium Salt: It has continued to take advantage of the situation, and the upper integer price levels may be the targets of long - positions. The news of the shutdown of Jianxiawo last week pushed the lithium carbonate LC futures contract to the price range of 80,000 yuan. The marginal reduction may change the domestic lithium carbonate supply - demand from passive inventory accumulation to passive inventory depletion. The market long - positions continue to take advantage of the market rumors of the shutdown of the salt lake sector to drive up prices, with the upper levels of 90,000 and 100,000 yuan being the next targets of long - positions. However, with a high inventory of 14 million tons, it is difficult for lithium carbonate to maintain high prices in the long term [3]. - Cathode Materials and Lithium Batteries: The impact of anti - involution is gradually fading. The impact of anti - involution focused on the new energy vehicle market is gradually fading. Recently, lithium carbonate has been indirectly affected by the sentiment of industries such as photovoltaics, with limited substantial impact [3]. 3.1.2 Market Summary - The shutdown of the Jianxiawo Mine has brought lithium carbonate prices to a new level. The marginal change in supply and demand has improved market expectations, but the expected inventory depletion is limited compared to the current inventory. If the market rises significantly, it may attract imported lithium mines and hedging funds, making it difficult to maintain long - term high prices [4]. 3.2 Supply - Demand Balance Sheet 3.2.1 Lithium Carbonate Balance Sheet - Slowing Inventory Accumulation - From July 2024 to July 2025, the supply, demand, import, export, inventory change, and cumulative balance of lithium carbonate showed different trends. For example, in July 2025, the supply was 81,530 tons, demand was 96,275 tons, import was 18,000 tons, export was 573 tons, inventory change was 2,682 tons, and the cumulative balance was 164,565 tons [8]. 3.2.2 Lithium Hydroxide Balance Sheet - From August 2024 to July 2025, the supply, demand, import, export, inventory change, and cumulative balance of lithium hydroxide also showed different trends. For example, in July 2025, the supply was 25,170 tons, demand was 22,969 tons, import was 750 tons, export was 6,100 tons, inventory change was - 3,149 tons, and the cumulative balance was 25,163 tons [12]. 3.3 Upstream Ore Supply, Demand, and Price 3.3.1 Spodumene Import - From December 2023 to June 2025, the import volume and average import price of lithium concentrate from different countries (Australia, Brazil, etc.) showed different trends. For example, in June 2025, the total import volume was 427,626 tons, with 255,506 tons from Australia and 39,811 tons from Brazil, and the average import price was 639 US dollars per ton [19]. 3.3.2 Chinese Lithium Ore - Spodumene Quotation Leading the Increase - From December 2023 to July 2025, the production of sample lithium mica mines and spodumene mines showed different trends. For example, in July 2025, the production of lithium mica was 16,100 tons with a month - on - month decrease of 4.17%, and the production of spodumene was 6,500 tons with a month - on - month increase of 0.78% [24]. 3.4 Lithium Salt Supply, Demand, and Price 3.4.1 Lithium Salt Spot and Futures Prices - Obvious Impact of Lithium Ore Shutdown - From July 1, 2025, to August 15, 2025, the prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, and the price differences between them showed different trends. For example, on August 15, 2025, the price of battery - grade lithium carbonate was 84,000 yuan, industrial - grade was 83,000 yuan, battery - grade lithium hydroxide was 77,875 yuan, the difference between battery - grade and industrial - grade lithium carbonate was 1,000 yuan, and the difference between lithium carbonate and lithium hydroxide was 6,125 yuan [27]. 3.4.2 Production Cost and Profit - Spodumene Expected to Supplement Market Gap - From July 9, 2025, to August 15, 2025, the production costs and profits of lithium carbonate produced from spodumene, low - grade mica, and high - grade mica showed different trends. For example, on August 15, 2025, the production cost of lithium carbonate from spodumene was 73,053 yuan per ton, with a profit of 10,947 yuan; the production cost from low - grade mica was 91,674 yuan per ton, with a loss of 7,674 yuan; and the production cost from high - grade mica was 53,983 yuan per ton, with a profit of 30,017 yuan [41]. 3.4.3 Lithium Carbonate Production - From July 2023 to July 2025, the weekly and monthly production of lithium carbonate showed different trends. For example, in July 2025, the total monthly production was 81,530 tons, a year - on - year increase of 26% and a month - on - month increase of 4% [50]. 3.4.4 Operating Rate - Obvious Decline in Operating Rates of Mica and Salt Lake Sectors in July - From July 2022 to July 2025, the operating rates of lithium salt, lithium carbonate, and lithium hydroxide showed different trends. The operating rates of lithium carbonate production from different raw materials (spodumene, lithium mica, salt lake) also showed different trends [52][55]. 3.4.5 Lithium Carbonate Monthly Import Volume - From December 2021 to June 2025, the total import volume of lithium carbonate and the import volumes from Argentina and Chile showed different trends. For example, in June 2025, the total import volume was 17,698 tons, with 5,094 tons from Argentina and 11,853 tons from Chile [60]. 3.4.6 Lithium Carbonate Inventory - Attention Needed on the Sustainability of Inventory Depletion - From December 2022 to July 2025, the inventory of lithium carbonate in downstream and smelting plants, weekly inventory, and the number of registered futures warehouse receipts showed different trends [62][63][65]. 3.5 Lithium Salt Downstream Production and Demand 3.5.1 Lithium Iron Phosphate - Slowing Production Growth - From November 2019 to July 2025, the production and operating rate of lithium iron phosphate showed different trends. For example, in July 2025, the production was 290,700 tons, a year - on - year increase of 50.00% and a month - on - month increase of 1.86%, and the operating rate was 57.00% [70]. 3.5.2 Ternary Materials Production and Operating Rate - From December 2023 to July 2025, the production and operating rate of ternary materials showed different trends. For example, in July 2025, the production was 68,640 tons, a year - on - year increase of 16.70% and a month - on - month increase of 5.80% [75]. 3.5.3 Ternary Materials Import and Export Volume - From December 2021 to June 2025, the import, export, and net import volumes of ternary materials showed different trends. For example, in June 2025, the import volume was 5,349 tons, the export volume was 10,636 tons, and the net import volume was - 5,287 tons [80]. 3.5.4 New Energy Vehicle Production and Sales - From November 2021 to July 2025, the production of pure - electric vehicles, plug - in hybrid vehicles, and the inventory warning index of automobile dealers showed different trends. For example, in July 2025, the production of pure - electric vehicles was 807,000, the production of plug - in hybrid vehicles was 436,000, and the inventory warning index was 57.2 [81].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In July 2024, the lithium ore market was in a supply - demand game. Holders were reluctant to sell, and lithium salt plants were cautious in purchasing. Lithium ore prices were still dominated by lithium carbonate demand [4]. - In July, domestic lithium carbonate production increased slightly month - on - month. Import volume was expected to be around 18,000 tons. Downstream production increased slightly, with more long - term contracts and customer - supplied orders, and weak spot demand [4]. - Lithium ore prices rose significantly, and the industry's overall profit increased. By July 31, SMM inventory decreased, but remained at a high level. Futures inventory declined sharply [4][6]. - In July, the prices of domestic industrial and battery - grade lithium carbonate increased significantly. The futures price was mainly affected by policies, and the spot price followed but with limited supply - demand support [6]. - In August, the lithium carbonate market is expected to maintain a double - increase trend, but the price may be under pressure. The price of battery - grade lithium carbonate is expected to fluctuate between 65,000 - 75,000 yuan/ton [7]. - In July, the domestic cobalt market fluctuated upward. The supply of cobalt salts decreased, and the demand was weak. The market still had room for decline [7]. Summary by Related Catalogs Strategy Summary - As of July 31, the closing price of the main lithium carbonate futures contract 2509 was 68,920 yuan/ton, with a 9.67% increase in July. The trading volume and open interest changed, and the warehouse receipt volume decreased. The spot prices of battery - grade and industrial - grade lithium carbonate increased significantly compared to the previous month [2]. Price Overview - As of July 28, the average market price of domestic industrial - grade lithium carbonate was 73,000 yuan/ton, a 21.67% increase from the previous month. The average market price of battery - grade lithium carbonate was 74,000 yuan/ton, a 21.31% increase from the previous month [6]. - In July, the domestic cobalt market fluctuated upward. The price of cobalt products increased. The international cobalt price fluctuated downward, and the domestic production cost was adjusted accordingly [7]. Market Outlook - The lithium carbonate market is expected to continue to show a weak and volatile pattern in the short term, with prices fluctuating between 63,000 - 75,000 yuan/ton. The price of lithium hydroxide is expected to move slightly higher in August, with a fluctuation range of 1,000 - 5,000 yuan/ton [17]. - The short - term market of cobalt salts may be slightly stronger. The price of cobalt sulfate is expected to rise slightly, with a quotation range of 50,000 - 53,000 yuan/ton, and the price of cobalt chloride is expected to be between 62,500 - 64,000 yuan/ton. The price of tricobalt tetroxide is expected to rise slightly, with a quotation range of 210,000 - 225,000 yuan/ton, and the price of cobalt oxide is expected to be between 190,000 - 205,000 yuan/ton [17][18]. Supply - side Situation - In July, domestic lithium carbonate production was about 84,882 tons, a 4.84% month - on - month increase, and the operating rate increased by 5.74%. Lithium hydroxide production was about 22,800 tons, a 2.35% month - on - month decrease, and the operating rate decreased by 2.34% [41]. China's Production Cost and Profit - As of July 28, the average market price of imported lithium spodumene ore was 673 yuan/ton degree, the average market price of African SC5% was 530 US dollars/ton, and the average market price of Australian 6% lithium spodumene CIF was 850 US dollars/ton. The cost of cobalt sulfate continued to be under pressure, and the cost of tricobalt tetroxide fluctuated [53]. Import - Export - In June 2025, the total import volume of lithium carbonate was 17,697.624 tons, mainly from Chile and imported through Shanghai. The export volume was 286.735 tons, mainly to Australia and exported from Hebei Province [55]. - In June 2025, the import volume of lithium hydroxide was 1,482.343 tons, mainly from Indonesia and China, and imported through Jiangsu and Sichuan Provinces. The export volume was 6,260.074 tons, mainly to South Korea and Japan, and exported from Jiangxi, Guangxi, and Sichuan Provinces [55]. - In June 2025, the import volume of tricobalt tetroxide was 0.004 tons, a 99.87% year - on - year decrease. The export volume was 161.732 tons, a 47.56% year - on - year decrease and a 51.62% month - on - month decrease [55][56]. Consumption - In June, China's new energy vehicle production and sales were 1.268 million and 1.329 million respectively. Policy support was still expected [75]. - In June 2025, China's total lithium battery installed capacity was 58.2 GWh, a 35.98% year - on - year increase and a 1.93% month - on - month increase. LFP battery installed capacity accounted for 81.44%, and NCM battery installed capacity accounted for 18.38% [79]. - In July 2025, China's lithium iron phosphate production was 310,000 tons, a 5.91% month - on - month increase, and the production of ternary materials was 71,300 tons, a 5.94% month - on - month increase [82]. - In July 2025, China's ternary precursor production was 68,900 tons, a 0.06% month - on - month increase and a 0.14% year - on - year increase [104]. Inventory - According to the latest SMM statistics, the spot inventory was 141,700 tons, including 52,000 tons in smelters, 45,900 tons in downstream enterprises, and 43,900 tons in other inventories [120].