Core Viewpoint - Ganfeng Lithium has achieved large-scale production of battery-grade lithium sulfide and is supplying it steadily to multiple downstream customers [1] Company Summary - Ganfeng Lithium's battery-grade lithium sulfide production line has reached a stage of large-scale production [1] - The company is successfully providing stable supply to various downstream clients [1]

Core Viewpoint - The strong rise in lithium carbonate futures prices is attributed to a combination of favorable market sentiment and fundamental factors, with multiple contracts hitting the daily limit up on November 17 [1][2][4]. Price Movement - Lithium carbonate prices have seen significant increases, with the main contract reaching 95,140 yuan/ton, reflecting an 8.98% rise, while other contracts also showed similar upward trends, with some increasing by up to 9.00% [2]. Market Sentiment - Analysts indicate that the current market sentiment is positive, with expectations of increased demand for lithium carbonate in 2025 and 2026, driven by the anticipated growth in electric vehicle and energy storage sectors [4][5]. Demand Forecast - There is a consensus among industry experts that if demand growth exceeds 30% by 2026, the lithium carbonate market may face a supply-demand imbalance, potentially pushing prices beyond 150,000 yuan/ton, and possibly reaching 200,000 yuan/ton [3][4]. Supply and Demand Dynamics - The lithium carbonate market is currently characterized by strong supply and demand. Domestic production increased by 5.7% month-on-month in October, reaching 92,300 tons, while energy storage battery production surged by 55% year-on-year from January to October [4][5]. Inventory Levels - As of November 14, lithium carbonate weekly inventory stood at 120,500 tons, down by 3,481 tons from the previous week, indicating a rapid depletion of stock [5]. Future Outlook - Analysts suggest that while the current demand remains robust, attention should be paid to the sustainability of this demand and the pace of future supply releases. The market is expected to maintain a strong performance in the short term, but caution is advised regarding potential seasonal demand weaknesses [5].

Core Viewpoint - The lithium carbonate futures prices have surged strongly, with multiple contracts hitting the daily limit up, driven by both fundamental and news factors [2][4]. Price Movement - Lithium carbonate futures prices for various contracts have shown significant increases, with the main contract (c2601) reaching 95,200, reflecting a rise of 9.00% [3][4]. - The weighted average price of lithium carbonate is reported at 95,363, with a rise of 9.00% [4]. Market Sentiment - Analysts indicate that the current market sentiment is positive, contributing to the rise in lithium carbonate futures prices [5]. - The overall price trend for lithium carbonate is upward, with optimistic demand expectations for 2025 and 2026 [6]. Demand and Supply Dynamics - The demand for lithium carbonate is expected to remain strong, particularly in the electric vehicle sector, with projections indicating a penetration rate of around 60% for new energy vehicles by the end of the year [6]. - The supply side is also showing strength, with domestic lithium carbonate production increasing by 5.7% month-on-month in October, reaching 92,300 tons [6]. Inventory Levels - As of November 14, the weekly inventory of lithium carbonate was reported at 120,500 tons, a decrease of 3,481 tons from the previous week [8]. Future Outlook - Analysts expect strong demand for lithium carbonate to continue into late November and December, with a focus on the first quarter of the next year [7]. - Despite the strong market conditions, there are concerns about potential seasonal demand weakness and the need for careful monitoring of supply releases [8].

Report Overview - The report is a daily report on the lithium carbonate industry dated November 17, 2025, providing data on various aspects of the lithium carbonate market and related industries, along with market analysis and operation suggestions [1][2] 1. Report Industry Investment Rating - No industry investment rating information is provided in the report 2. Report's Core View - The lithium carbonate market is in a situation of both supply and demand growth. The demand growth rate and expectations are good, driving the continuous decline of industrial inventory. The option market sentiment is bullish, and the implied volatility has slightly decreased. It is recommended to conduct light - position, range - bound and bullish trading while controlling risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 95,200 yuan/ton, up 7,840 yuan; the net position of the top 20 is - 193,284 lots, down 2,348 lots; the position of the main contract is 562,954 lots, up 46,176 lots; the spread between near and far - month contracts is 360 yuan/ton, up 1,700 yuan; the Guangzhou Futures Exchange warehouse receipt is 26,953 lots/ton, down 217 lots [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 86,150 yuan/ton, up 1,000 yuan; the average price of industrial - grade lithium carbonate is 83,800 yuan/ton, up 1,000 yuan; the basis of the Li₂CO₃ main contract is - 9,050 yuan/ton, down 6,840 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 999 US dollars/ton, up 47 US dollars; the average price of amblygonite is 9,825 yuan/ton, up 315 yuan; the price of lepidolite (2 - 2.5%) is 3,471 yuan/ton, up 111 yuan [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 51,530 tons, up 4,390 tons; the monthly import volume is 19,596.9 tons, down 2,250.01 tons; the monthly export volume is 150.82 tons, down 218.09 tons; the monthly operating rate of lithium carbonate enterprises is 47%, unchanged; the monthly output of power batteries is 170,600 MWh, up 19,400 MWh; the price of lithium hexafluorophosphate is 160,000 yuan/ton, up 8,500 yuan; the price of lithium manganate is 33,000 yuan/ton, unchanged; the price of lithium cobaltate is 343,500 yuan/ton, unchanged; the price of ternary material (811 type): China is 165,500 yuan/ton, up 1,000 yuan; the price of ternary material (622 power type): China is 146,000 yuan/ton, up 1,500 yuan [2] 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type): China is 157,000 yuan/ton, up 1,000 yuan; the monthly operating rate of ternary cathode materials is 52%, down 1%; the price of lithium iron phosphate is 37,300 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 64%, up 5%; the monthly production volume of new energy vehicles (CAAM) is 1,772,000 vehicles, up 155,000 vehicles; the monthly sales volume of new energy vehicles (CAAM) is 1,715,000 vehicles, up 111,000 vehicles; the cumulative sales penetration rate of new energy vehicles (CAAM) is 46.75%, up 0.66%; the cumulative sales volume of new energy vehicles and year - on - year increase is 12,943,000 vehicles, up 3,193,000 vehicles; the monthly export volume of new energy vehicles is 256,000 vehicles, up 34,000 vehicles; the cumulative export volume of new energy vehicles and year - on - year increase is 2,014,000 vehicles, up 956,000 vehicles [2] 3.6 Option Situation - The 20 - day average volatility of the underlying is 45.33%, up 9.45%; the 40 - day average volatility of the underlying is 35.2%, up 6.4%; the total call option position is 178,261 lots, up 10,652 lots; the total put option position is 138,513 lots, up 5,006 lots; the total position put - call ratio is 77.7%, down 1.9515%; the at - the - money IV implied volatility is 0.34%, down 0.0043% [2] 3.7 Industry News - In October, the added value of industrial enterprises above designated size increased by 4.9% year - on - year; the total retail sales of consumer goods was 462.91 billion yuan, up 2.9% year - on - year [2] - As of the end of September, China's new energy storage installed capacity exceeded 100 million kilowatts, more than 30 times that at the end of the 13th Five - Year Plan, accounting for more than 40% of the world's total installed capacity, ranking first in the world. Some power supply and power enterprises' energy storage system orders are scheduled until next year [2] - Ganfeng Lithium's chairman Li Liangbin predicts that in 2026, the demand for lithium carbonate will increase by 30% to 1.9 million tons, and the supply capacity is estimated to increase by about 250,000 tons, with basic balance between supply and demand. If the demand growth rate exceeds 30% next year, even reaches 40%, the supply cannot be balanced in the short term, and the price may exceed 150,000 yuan/ton or even 200,000 yuan/ton [2] - Zhongqi Xineng's Huang Ling said that the installed capacity of solid - liquid hybrid batteries will climb to 100,000 units next year. The energy density of liquid batteries has reached the ceiling of 300 Wh/kg, but there are still challenges for all - solid - state batteries with an energy density of > 400 Wh/kg to achieve large - scale mass production, and the next 3 - 5 years is the critical window period for the commercialization of solid - liquid hybrid batteries [2] - The lithium - battery industry chain has seen a wave of price increases. The price of vinylene carbonate, an electrolyte additive, has skyrocketed. On November 12, the average price increased by 68% to 110,000 yuan/ton, and the spot transaction price reached 120,000 - 160,000 yuan/ton. The main reasons are strong downstream demand, tight supply, and the shutdown and maintenance of a large manufacturer [2] 3.8 View Summary - The lithium carbonate market is in a situation of both supply and demand growth. The demand growth rate and expectations are good, driving the continuous decline of industrial inventory. The option market sentiment is bullish, and the implied volatility has slightly decreased. Technically, on the 60 - minute MACD, the double lines are above the 0 - axis, and the red bars are expanding. It is recommended to conduct light - position, range - bound and bullish trading while controlling risks [2]

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - The current supply and demand are both strong. The news of the resumption of lithium mines in Jiangxi is inconsistent. The production of lithium carbonate remains at a high level. High prices have increased the wait - and - see sentiment among downstream players, resulting in light trading in the spot market. However, there is an expectation of weakening in power demand, and the game between long and short positions has intensified. It is expected that lithium prices will fluctuate widely. Production enterprises can conduct sell - hedging at high prices, and speculators can try short positions with light positions after the upward trend is blocked [1]. 3. Summary by Related Catalogs 3.1 Lithium Carbonate Futures and Spot Market Data - **Futures Contracts**: On November 11, 2025, the closing prices of near - month, consecutive - one, consecutive - two, consecutive - three contracts and other contracts of lithium carbonate futures showed different changes compared to the previous day. For example, the near - month contract closed at 84,620 yuan/ton (+120), and the consecutive - one contract closed at 86,340 yuan/ton (-780) [1]. - **Trading Volume and Open Interest**: The trading volume of lithium carbonate futures was 902,490 lots (-84,079), and the open interest of the active contract was 526,493 lots (-7,990) [1]. - **Inventory**: The inventory was 28,099 tons (+608), and the SMM total lithium carbonate inventory decreased by 3,405 tons compared to the previous week [1]. - **Spreads**: The spreads between different contracts and the basis also showed changes. For example, the near - month - consecutive - one spread was - 2,620 yuan/ton (+900), and the basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was - 4,240 yuan/ton (+2,250) [1]. 3.2 Lithium - Related Raw Material Prices - **Lithium Ore**: The average price of lithium spodumene concentrate (6%, CIF China) was 975 US dollars/ton, and the average prices of lithium mica (Li2O: 1.5% - 2.0%) and other lithium ores also increased to varying degrees [1]. - **Lithium Compounds**: The average prices of battery - grade lithium carbonate (99.5%/domestic), industrial - grade lithium carbonate (99.2%/domestic), and other lithium compounds increased, while the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 1,250 yuan/ton [1]. 3.3 Industry News - In October, the export volume of Brazilian spodumene concentrate decreased by 85% month - on - month compared to September, mainly because the largest spodumene producer in the country, Sigma Lithium, did not export during this period. However, the export volume increased by about 54% year - on - year. Sigma Lithium sold a record 58,900 tons in September to clear inventory but did not export in October [1]. 3.4 Supply and Demand Situation - **Supply**: Last week, the production of lithium carbonate increased, and the production of lithium carbonate from various raw materials also increased [1]. - **Demand**: Last week, the production of lithium iron phosphate and ternary materials increased. In November, the planned production of lithium carbonate increased, while that of lithium manganate decreased. The production of power batteries increased last week. In terms of terminal demand, the growth rate of new - energy vehicle production and sales in October slowed down month - on - month and year - on - year, 3C shipments were average, and the planned production of energy - storage batteries in November increased [1].

Group 1 - The core viewpoint of the article is that Tianqi Lithium Industries reported a net profit of 180 million yuan for the first three quarters of 2025, marking a turnaround from a loss in the previous year, with a third-quarter net profit of approximately 95.49 million yuan [1] - The main reasons for the performance change include: 1) Despite a decline in lithium product sales prices, the pricing cycle for lithium from Windfield Holdings Pty Ltd has shortened, reducing previous mismatches in pricing mechanisms [1] 2) Significant increase in investment income from the joint venture SQM, based on its strong performance in the first half of 2025 [1] 3) The appreciation of the Australian dollar against the US dollar has led to increased foreign exchange gains compared to the previous year [1] Group 2 - The net cash flow from operating activities for the first three quarters of 2025 was 2.193 billion yuan, indicating strong cash reserves [2] - As of the end of the third quarter of 2025, the company's debt-to-asset ratio was 30.50%, reflecting a stable financial condition and strong risk management capabilities [2] - Tianqi Lithium's ESG rating improved from BBB to A according to the latest report from MSCI [2]

Core Viewpoint - Ganfeng Lithium's stock rose over 7% following the release of its financial results, indicating positive market sentiment despite challenges in the lithium product market [1] Financial Performance - For the first three quarters of 2025, Ganfeng Lithium reported revenue of 14.625 billion RMB, a year-on-year increase of 5.02% [1] - The net profit attributable to shareholders was 25.52 million RMB, a significant recovery from a loss of 640 million RMB in the same period last year [1] - Basic earnings per share were reported at 0.01 RMB [1] Sales and Pricing Dynamics - The company experienced a decline in revenue in the third quarter, primarily due to decreased sales volume and average selling prices of lithium products compared to the previous year [1] - Despite the market volatility affecting lithium product prices, the increase in net profit was attributed to a shortened pricing cycle for lithium from its subsidiary Windfield Holdings Pty Ltd, which mitigated previous mismatches in pricing mechanisms [1]

Core Insights - The company has successfully completed the industrialization preparation of lithium sulfide, a core material for next-generation solid-state batteries, and is continuously improving product quality and cost reduction technology [1] - The company has developed a new battery-grade lithium sulfide micro-powder, which shows significant improvements in uniformity and activity compared to existing high-purity lithium sulfide products [1] - The development of a recycling purification technology has significantly reduced the production cost of lithium sulfide [1] Production and Project Development - A pilot project for the annual production of 50 tons of lithium sulfide has been initiated in Meishan, Sichuan, utilizing the company's proprietary high-purity lithium sulfide preparation patent technology [1] - The project employs an innovative "slurry reduction method" that explores the feasibility of lithium sulfide synthesis under medium and low-temperature conditions, offering advantages such as low risk and rapid scalability [1] - The company has already provided samples to over ten downstream customers, receiving positive feedback [1]

Core Viewpoint - Tianqi Lithium Industries, known as the "Lithium King," reported a significant turnaround in its financial performance for the first half of 2025, achieving a net profit of 84.41 million yuan compared to a loss of 5.206 billion yuan in the same period last year, despite a decline in revenue and lithium product prices [1] Group 1: Financial Performance - In the first half of 2025, the company achieved total revenue of 4.833 billion yuan, a year-on-year decrease of 24.71% [1] - The net profit attributable to shareholders was 84.41 million yuan, a significant recovery from a loss of 5.206 billion yuan in the previous year [1] - The non-recurring net profit was 132,000 yuan, compared to a loss of 52.21 million yuan in the same period last year [1] Group 2: Product Pricing and Sales - The mainstream spot prices for lithium carbonate and lithium hydroxide ranged from 60,000 to 80,000 yuan per ton in the first half of 2025, with an overall downward trend despite a slight increase in January [1] - Revenue from lithium ore was 2.38 billion yuan, down 7.43% year-on-year, with a gross margin of 54.23%, a decrease of 11.41 percentage points [2] - Revenue from lithium compounds and derivatives was 2.442 billion yuan, a year-on-year decrease of 25.58%, with a gross margin of 25.58%, down 16.98 percentage points [2] Group 3: Production and Operations - The Greenbushes lithium spodumene mine, which the company holds mining rights to, had a total ore extraction of 2.6941 million tons in the reporting period, with a chemical-grade ore extraction of 2.5872 million tons and an average grade of 1.89% [2] - The company has a total lithium concentrate production capacity of approximately 1.62 million tons per year, with a planned capacity of 2.14 million tons per year [2] - The first phase of the lithium hydroxide project in Kwinana is currently ramping up, achieving an operational rate of 50% or more, while the Jiangsu Zhangjiagang project has been completed and is in trial operation [3] Group 4: Market Conditions - Starting from July 2025, macro policies have released positive signals, and lithium salt prices have rebounded due to supply-side disturbances caused by compliance issues in some regions [4]

Core Viewpoint - Tianqi Lithium Industry (002466.SZ) reported a revenue of 4.833 billion yuan and a net profit of 84.41 million yuan for the first half of 2025, marking a turnaround from losses in the previous year [1] Group 1: Revenue and Profit Performance - The company achieved a significant increase in net profit compared to the previous year, driven by improved operational efficiencies and market conditions [1] - Despite a decline in lithium product sales prices due to market fluctuations, the company benefited from a shortened pricing cycle for its subsidiary, Wenfield Lithium Mine [1] Group 2: Contributing Factors - The performance of the company's key associate, SQM, saw a substantial year-on-year increase, leading to higher investment income recognized in the reporting period [1] - The appreciation of the Australian dollar since the beginning of 2025 resulted in increased foreign exchange gains compared to the same period last year [1]