Group 1: Report on Industry Investment Rating - There is no information provided regarding the industry investment rating in the given report. Group 2: Core Viewpoints of the Report - The lithium carbonate market is expected to operate within the current range in the next one to two weeks. The supply - demand situation shows no significant changes, so the price is likely to remain volatile. Although the capacity utilization rate has increased, there is uncertainty in lithium mine复产, and the cost side remains stable. The demand side is supported by the positive data of the new - energy vehicle market, and the inventory is decreasing, but the decline is not large [1][2][3]. Group 3: Summary by Relevant Catalogs 1. Daily Market Summary - **Futures Market Data**: On September 22, the price of the lithium carbonate main contract closed at 73,420 yuan/ton, a slight drop of 540 yuan/ton or 0.73%. The basis was reported at - 120 yuan/ton, 540 yuan/ton stronger than on September 19. The main contract's open interest was 271,624 lots, a decrease of 9,640 lots compared to September 19, and the trading volume was 396,645 lots, an increase of 26,286 lots or 7.1% [1]. - **Supply - Demand and Inventory**: From September 12 to 19, the market prices of spodumene concentrate and lepidolite concentrate remained stable at 6,390 yuan/ton and 3,400 yuan/ton respectively. The capacity utilization rate of lithium carbonate increased from 66.41% to 71.31%, a rise of 4.9 percentage points. From September 1 - 14, the retail and wholesale data of the national new - energy passenger vehicle market increased both year - on - year and month - on - month. The prices of power ternary materials and power lithium iron phosphate increased slightly. The lithium carbonate inventory decreased from 138,512 physical tons to 137,531 physical tons, a decrease of 0.71% [2]. 2. Industrial Chain Price Monitoring - **Price Changes**: From September 19 to 22, the price of the lithium carbonate main contract decreased by 540 yuan/ton or 0.73%, the basis increased by 540 yuan/ton or 81.82%, the open interest of the main contract decreased by 9,640 lots or 3.43%, and the trading volume increased by 26,286 lots or 7.1%. The market prices of battery - grade lithium carbonate, spodumene concentrate, lepidolite concentrate, and hexafluorophosphate remained unchanged. The prices of power ternary materials and power lithium iron phosphate increased by 200 yuan/ton and 80 yuan/ton respectively [5]. 3. Industrial Dynamics and Interpretation - **Spot Market Quotations**: On September 22, the SMM battery - grade lithium carbonate index price was 73,842 yuan/ton, up 308 yuan/ton from the previous working day. The spot transaction price continued to rise in a volatile manner. The lithium carbonate futures price continued to fluctuate, and the main contract oscillated between 73,000 - 75,000 yuan/ton. The market in September showed a situation of simultaneous growth in supply and demand, with demand growing faster, and a temporary supply shortage was expected [6]. - **Downstream Consumption**: From September 1 - 14, the national new - energy passenger vehicle market retail was 43.8 million units, a year - on - year increase of 6% and a month - on - month increase of 10%, with a retail penetration rate of 59.8%. The national new - energy passenger vehicle wholesale was 44.7 million units, a year - on - year increase of 10% and a month - on - month increase of 21%, with a wholesale penetration rate of 57.7% [7]. - **Industry News**: Multiple factors such as the tight supply of nickel sulfate, the expected change in the cobalt export policy in the DRC, and the unclear follow - up adjustment of domestic lithium mining policies have increased the uncertainty of the ternary material price trend. There were rumors of the restart of Ningde Times' Jianxiawo lithium mine, but whether it can restart as scheduled is uncertain [9].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints 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 relatively 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 Lithium Compound Information - The average price of SMM battery - grade lithium carbonate is 62,100 yuan, with a daily increase of 450 yuan; the average price of SMM industrial - grade lithium carbonate is 60,500 yuan, with a daily increase of 450 yuan [1] - The closing price of lithium carbonate 2507 futures contract is 64,300 yuan, with a daily increase of 1.07%; the closing price of lithium carbonate 2508 is 64,160 yuan, with a daily increase of 0.82%; the closing price of lithium carbonate 2509 is 64,080 yuan, with a daily increase of 0.91%; the closing price of lithium carbonate 2510 is 63,800 yuan, with a daily increase of 0.76%; the closing price of lithium carbonate 2511 is 63,720 yuan, with a daily increase of 0.92% [1] Group 4: Summary of Lithium Ore Information - The average price of lithium spodumene concentrate (CIF China) is 652 yuan, with a daily increase of 20 yuan; the average price of lithium mica (Li20: 1.5% - 2.0%) is 765 yuan, with a daily increase of 25 yuan; the average price of lithium mica (Li20: 2.0% - 2.5%) is 1315 yuan, with a daily increase of 40 yuan; the average price of phospho - lithium - aluminum stone (Li20: 6% - 7%) is 4325 yuan, with a daily increase of 50 yuan; the average price of phospho - lithium - aluminum stone (Li20: 7% - 8%) is 5150 yuan, with a daily increase of 50 yuan [1][2] Group 5: Summary of Cathode Material Information - The average price of lithium iron phosphate (power type) is 30,660 yuan, with a daily increase of 110 yuan; the average price of ternary material 811 (polycrystalline/power type) is 142,520 yuan; the average price of ternary material 523 (single - crystal/power type) is 114,505 yuan, with a daily increase of 50 yuan; the average price of ternary material 613 (single - crystal/power type) is 120,165 yuan, with no change [2] Group 6: Summary of Price Difference Information - The price difference between battery - grade and industrial - grade lithium carbonate is 1600 yuan; the price difference between battery - grade lithium carbonate and the main contract is - 1980 yuan, with a change of 330 yuan; the price difference between the near - month and the first - continuous contract is 80 yuan, with a change of - 20 yuan; the price difference between the near - month and the second - continuous contract is 360 yuan [2] Group 7: Summary of Inventory Information - 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 (weekly, tons) is 40,497 tons, with a decrease of 138 tons; the inventory of others (weekly, tons) is 38,960 tons, with an increase of 1790 tons; the registered warehouse receipts (daily, tons) is 22,880 tons, with a decrease of 300 tons [2] Group 8: Summary of Profit Estimation Information - The cash cost of purchasing lithium spodumene concentrate is 61,596 yuan, and the profit is - 355 yuan; the cash cost of purchasing lithium mica concentrate is 66,176 yuan, and the profit is - 6447 yuan [3] Group 9: Summary of Industry Policy Information - Zimbabwe will ban the export of lithium concentrate from 2027 to further promote local processing. As Africa's top lithium producer, Zimbabwe has banned the export of lithium ore since 2022 to encourage miners to process more domestically [3]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The lithium carbonate market remains in a state of oversupply, with high industrial inventories. It is recommended to trade with a light position in a volatile manner and pay attention to controlling risks in trading rhythm [2]. - The option market shows a bullish sentiment, with the call position dominant and a slight increase in implied volatility [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract is 61,180 yuan/ton, down 620 yuan; the net position of the top 20 is -27,884 lots, up 8,827 lots; the position of the main contract is 335,807 lots, up 7,066 lots; the spread between near and far - month contracts is 2,260 yuan/ton, up 3,120 yuan; the Guangzhou Futures Exchange warehouse receipts are 36,684 lots/ton, up 60 lots [2]. 现货市场 - The average price of battery - grade lithium carbonate is 63,700 yuan/ton, down 800 yuan; the average price of industrial - grade lithium carbonate is 62,050 yuan/ton, down 800 yuan; the basis of the Li₂CO₃ main contract is 2,520 yuan/ton, down 180 yuan [2]. Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 753 US dollars/ton, unchanged; the average price of amblygonite is 7,240 yuan/ton, down 100 yuan; the price of lithium mica (2 - 2.5%) is 1,811 yuan/ton, unchanged [2]. Industry Situation - The monthly production of lithium carbonate is 47,900 tons, up 4,720 tons; the monthly import volume is 18,125.49 tons, up 5,797.53 tons; the monthly export volume is 220.03 tons, down 197.10 tons; the enterprise operating rate is 53%, up 3 percentage points; the monthly production of power batteries is 118,200 MWh, down 100 MWh [2]. Downstream and Application Situation - The monthly production of new energy vehicles is 1,251,000 units, down 26,000 units; the monthly sales volume is 1,226,000 units, down 11,000 units; the cumulative sales penetration rate is 42.74%, up 1.58 percentage points; the cumulative sales volume is 4,300,000 units, up 1,360,000 units; the monthly export volume is 200,000 units, up 42,000 units; the cumulative export volume is 642,000 units, up 221,000 units [2]. Option Situation - The total call position is 138,731 contracts, up 13,291 contracts; the total put position is 52,856 contracts, up 7,068 contracts; the put - call ratio of total positions is 38.1%, up 1.5977 percentage points; the at - the - money IV implied volatility is 0.29%, up 0.0329 percentage points [2]. Industry News - In April, China's total retail sales of consumer goods increased by 5.1% year - on - year, 0.5 percentage points faster than the previous month; the "trade - in" policy drove the growth of automotive and home appliance sales [2]. - The revised "Regulations on Practicing Thrift and Opposing Waste in Party and Government Organs" requires government - centralized procurement of official vehicles, giving priority to domestic and new energy vehicles [2]. - CATL's CEO predicts that the penetration rate of electric heavy - duty trucks will exceed 50% in the next three years [2]. - As of May 18, 98% of highway service areas in China have built charging facilities, and pilot projects for electric heavy - duty trucks will be carried out [2]. - It is believed that Chinese electric vehicles may replace Tesla in the European market [2]. - The market price of battery - grade lithium carbonate has dropped by over 10,000 yuan this year, mainly due to weak downstream demand and traders' "dumping" [2]. - In April, China's power battery loading volume was 54.1 GWh, down 4.3% month - on - month and up 52.8% year - on - year [2].