1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoint of the Report - The lithium carbonate market is in a stage of sufficient supply and improving demand, with a slight reduction in industrial inventory. It is recommended to conduct short - term long - position trading at low prices with a light position and pay attention to trading rhythm to control risks [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main contract is 157,200 yuan/ton, down 1,920 yuan; the net position of the top 20 is - 104,322 hands, down 8,399 hands; the position of the main contract is 246,385 hands, down 5,572 hands; the spread between near - and far - month contracts is 940 yuan/ton, up 860 yuan; the Guangzhou Futures Exchange warehouse receipt is 30,751 hands/ton, down 709 hands [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 156,500 yuan/ton, up 4,000 yuan; the average price of industrial - grade lithium carbonate is 153,500 yuan/ton, up 4,000 yuan; the basis of the Li₂CO₃ main contract is - 700 yuan/ton, up 5,920 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 2,290 US dollars/ton, down 30 US dollars; the average price of amblygonite is 14,000 yuan/ton, up 600 yuan; the price of lithium mica (2 - 2.5%) is 7,363 yuan/ton, up 450 yuan [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 53,520 tons, down 5,950 tons; the monthly import volume is 26,426.79 tons, down 431.27 tons; the monthly export volume is 596.08 tons, up 124.52 tons; the monthly operating rate of lithium carbonate enterprises is 47%, down 5%; the monthly output of power batteries is 141,600 MWh, down 26,400 MWh; the price of lithium manganate is 50,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 106,500 yuan/ton, down 45,000 yuan; the price of lithium cobaltate is 400,750 yuan/ton, up 250 yuan; the price of ternary material (811 type) in China is 200,500 yuan/ton, unchanged; the price of ternary material (622 power type) in China is 180,500 yuan/ton, up 500 yuan [2] 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China is 196,500 yuan/ton, up 1,000 yuan; the monthly operating rate of ternary cathode materials is 45%, down 5%; the price of lithium iron phosphate is 52,400 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 55%, up 1%; the monthly output of new energy vehicles (according to CAAM) is 694,000 vehicles, down 347,000 vehicles; the monthly sales volume is 765,000 vehicles, down 180,000 vehicles; the cumulative sales penetration rate of new energy vehicles is 41.18%, up 0.9%; the cumulative sales volume is 1,710,000 vehicles, down 125,000 vehicles; the monthly export volume is 282,000 vehicles, down 20,000 vehicles; the cumulative export volume is 583,000 vehicles, up 301,000 vehicles; the 20 - day average volatility of the target is 66.52%, down 1.99%; the 40 - day average volatility is 89.49%, down 0.5% [2] 3.6 Option Situation - The total call position is 137,649 contracts, down 292; the total put position is 138,342 contracts, up 4,006; the put - call ratio of total positions is 100.5%, up 3.1169%; the implied volatility of at - the - money IV is 0.68%, up 0.0598% [2] 3.7 Industry News - Yahua Group (002497.SZ) announced a five - year lithium concentrate purchase agreement; Haohua Technology stated its production capacity of lithium - related products; Chinese Premier Li Qiang had a phone call with Dutch Prime Minister Rutte to discuss cooperation [2] 3.8 Market Analysis - The main contract of lithium carbonate showed a volatile trend, with a decline of 0.64% at the close. The position decreased month - on - month, the spot was at a discount to the futures, and the basis strengthened compared with the previous day. On the fundamental side, the price of lithium ore weakened, the overseas miners were more willing to sell at good prices, and the smelters were more active in inquiring and buying. The supply side adopted a price - holding and selling - sparing strategy, and the weekly inventory of smelters increased slightly. In terms of imports and exports, the export volume and average price from Chile increased significantly, and the domestic supply of lithium carbonate is expected to remain sufficient. On the demand side, downstream battery factories maintained a low - price purchasing strategy, were sensitive to price fluctuations, and their replenishment sentiment weakened after the price rebounded. The trading sentiment in the spot market became active with the price volatility, and the downstream inventory increased weekly [2]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core View of the Report - The report maintains the view that the lithium carbonate futures price will be relatively strong in the first quarter, as the supply - side of lithium carbonate has become tighter due to the ban on ore exports from Zimbabwe and the non - resumption of some mines, and the battery export tax - refund rate change will drive an increase in downstream purchasing demand, leading to intensified supply - demand mismatch [3] Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 173,000 yuan, up 11,250 yuan; SMM industrial - grade lithium carbonate average price is 169,500 yuan, up 11,250 yuan [1] Lithium Ore - Lithium spodumene concentrate (CIF China) average price is 2387, up 133; lithium mica (Li20:1.5% - 2.0%) average price is 3800, up 200; lithium mica (Li20:2.0% - 2.5%) average price is 5700, up 300; petalite (Li20:6% - 7%) average price is 14500, up 400; petalite (Li20:7% - 8%) average price is 15800, up 500 [1][2] Positive Electrode Materials - The average price of lithium iron phosphate (power type) is 59115 yuan, up 2730 yuan; the average price of ternary material 811 (polycrystalline/power type) is 212500 yuan, up 4900 yuan; the average price of ternary material 523 (single - crystal/power type) is 188200 yuan, up 4700 yuan; the average price of ternary material 613 (single - crystal/power type) is 189750 yuan, up 4850 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 3500 yuan, with no change; the price spread between battery - grade lithium carbonate and the main contract is - 660 yuan, up 4070 yuan; the price spread between the near - month and the first - continuous contract is - 2460 yuan, down 400 yuan; the price spread between the near - month and the second - continuous contract is - 3020 yuan, down 460 yuan [2] Inventory - The total inventory (weekly, tons) is 100093, down 2839 tons; the smelter inventory (weekly, tons) is 18382, up 1462 tons; the downstream inventory (weekly, tons) is 40021, down 4471 tons; the other inventory (weekly, tons) is 41690, up 170 tons; the registered warehouse receipts (daily, tons) is 38451, up 748 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 169235 yuan, and the profit is 1515 yuan; the cash cost of purchasing lithium mica concentrate is 166608 yuan, and the profit is 462 yuan [3] New Energy Vehicle Market - In January 2026, the production and sales of new energy vehicles were 1.041 million and 945,000 respectively, and the export was 302,000, with a year - on - year doubling [3]

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The report focuses on the weekly inventory reduction of lithium carbonate and suggests paying attention to pre - holiday capital behavior [1] - The trend strength of lithium carbonate is 0, indicating a neutral view [4] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: - For the 2605 contract, the closing price is 149,420, with a change of - 840 compared to the previous period. The trading volume is 304,798, a decrease of 47,079. The open interest is 353,975, a decrease of 2,556 [2] - For the 2607 contract, the closing price is 149,400, a change of - 1,300. The trading volume is 34,962, an increase of 157. The open interest is 90,299, an increase of 511 [2] - The warehouse receipt volume is 37,282, an increase of 1,755 [2] - **Basis Data**: - The basis of spot - 2605 is - 6,920, with a change of 5,340. The basis of spot - 2607 is - 6,900, with a change of 5,800. The basis of 2605 - 2607 is 20, with a change of 460 [2] - **Raw Material and Lithium Salt Data**: - The price of lithium spodumene concentrate (6%, CIF China) is 2,000, an increase of 63. The price of lithium mica (2.0% - 2.5%) is 4,575, an increase of 160 [2] - The price of battery - grade lithium carbonate is 142,500, an increase of 4,500. The price of industrial - grade lithium carbonate is 139,000, an increase of 4,500 [2] - The price of battery - grade lithium hydroxide (micronized powder) is 143,000, an increase of 2,000. The price of battery - grade lithium hydroxide (CIF) is 17,300, an increase of 50 [2] - The price of lithium iron phosphate (power type) is 51,710, an increase of 1,090. The price of lithium iron phosphate (mid - high - end energy storage type) is 50,175, an increase of 1,085. The price of lithium iron phosphate (low - end energy storage type) is 46,720, an increase of 1,060 [2] - The price of ternary material 523 (polycrystalline/consumer type) is 185,000, an increase of 1,600. The price of ternary material 622 (polycrystalline/consumer type) is 179,150, an increase of 1,000. The price of ternary material 811 (polycrystalline/power type) is 200,450, an increase of 700 [2] - The price of lithium hexafluorophosphate is 125,000, with no change. The price of electrolyte (for ternary power) is 32,750, with no change. The price of electrolyte (for lithium iron phosphate) is 31,000, with no change [2] 3.2 Macro and Industry News - According to SMM statistics, the weekly production of lithium carbonate is 20,180 tons, a decrease of 560 tons compared to the previous week. The weekly inventory of lithium carbonate is 102,932 tons, a decrease of 2,531 tons [3] - The Sichuan Provincial Development and Reform Commission and the Department of Finance issued a notice on the implementation of large - scale equipment renewal and consumer goods trade - in policies in 2026. It supports automobile replacement and provides subsidies for personal consumers who trade in their passenger cars and purchase eligible new energy or fuel - powered passenger cars [4]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - Policy-wise, on January 27, 2026, the National Development and Reform Commission and the National Energy Administration issued a notice on improving the capacity price mechanism on the power generation side, clarifying that new - type energy storage can obtain capacity prices based on reliable capacity. Short - term price drivers include policy orientation, strong demand production schedules under the expectation of seizing exports, and the fact that downstream inventory days were at the lowest level in recent years before the Spring Festival. However, due to the weakening of overall market sentiment and position disturbances, prices dropped rapidly while spot trading volume increased significantly. As of last Thursday, downstream inventory turnover days rose from 9.6 to 10.8 days. Considering about 10,000 tons of downstream trade transactions on Friday, if transactions are used as the standard for transfer of property rights and counted towards downstream inventory, the inventory turnover days are basically similar to last year, indicating that pre - holiday stocking demand may have been mostly met. Based on the production schedule in February, it is expected to reduce inventory by about 9,500 tons, and the short - term downside price space may be limited. In the medium term, before the terminal negative feedback appears, the stocking demand of downstream and battery manufacturers may further increase. It is recommended to pay attention to the right - side opportunities after the volatility reduction [4]. 3. Summary According to the Directory 3.1 Price - This month, the price first rose and then fell, with a 25% increase compared to the closing price at the end of last month. The price dropped rapidly in the last week of January [5]. 3.2 Inventory - The weekly social inventory of lithium carbonate decreased by 1,414 tons to 107,482 tons. Among them, downstream inventory increased by 3,007 tons to 40,599 tons, inventory in other links decreased by 3,590 tons to 47,880 tons, and upstream inventory decreased by 831 tons to 19,003 tons [4][5][19]. 3.3 Supply - **Lithium Carbonate Production**: The weekly production of lithium carbonate decreased by 648 tons to 21,569 tons. Among them, lithium extraction from spodumene decreased by 670 tons to 13,244 tons, lithium mica production decreased by 50 tons to 2,832 tons, lithium extraction from salt lakes increased by 90 tons to 3,205 tons, and lithium extraction from recycled materials decreased by 18 tons to 2,288 tons. According to SMM, the production schedule of battery - grade lithium carbonate in February decreased by 17.6% to 58,835 tons, and industrial - grade lithium carbonate decreased by 12.7% to 23,095 tons [4][5][38]. - **Lithium Hydroxide Production**: Related production data is presented in the form of charts, including production by process, capacity, and import - export volume [50]. - **Lithium Resources**: Import volume data of lithium concentrates from different countries (Brazil, Canada, Australia, Nigeria, Zimbabwe) and production data of sample lithium mica mines and sample pyroxene mines are provided [29][31]. 3.4 Demand - **Ternary Materials**: The weekly production of ternary materials decreased by 203 tons to 18,053 tons, and inventory decreased by 177 tons to 18,691 tons. According to SMM, the production schedule of ternary materials in February decreased by 14.6% to 69,250 tons, and ternary power batteries decreased by 14.3% to 24.84 GWh [4][5][63]. - **Lithium Iron Phosphate**: The weekly production of lithium iron phosphate increased by 904 tons to 88,223 tons, and inventory increased by 229 tons to 96,819 tons. According to SMM, the production schedule of lithium iron phosphate in February decreased by 10.7% to 354,000 tons, iron - lithium power batteries decreased by 10.8% to 79.71 GWh, and iron - lithium energy storage decreased by 8.8% to 57.46 GWh [4][5][65]. - **Power Cells**: The weekly production of power batteries decreased by 0.4% to 26.4 GWh, iron - lithium power batteries decreased by 0.5% to 20.4 GWh, and ternary power batteries remained flat at 6 GWh [5][69]. - **New Energy Vehicles**: Data on production, sales, insurance registration volume, export volume, penetration rate, and battery capacity of new energy vehicles are provided [80]. - **Energy Storage**: Data on energy storage battery capacity, production, bidding, winning bids, and installation are provided [83]. 3.5 Others - **Theoretical Delivery and Import - Export Profits**: Charts show the import profit of lithium carbonate, theoretical delivery profit of lithium carbonate, theoretical delivery profit of lithium carbonate produced from spodumene and lithium mica, export profit of lithium hydroxide, and外购 production profit [26]. - **Options**: Charts show historical volatility, historical volatility cone, and the put - call ratio of closing price, option trading volume, and option position of lithium carbonate [87][88].

Report Industry Investment Rating - Not provided in the content Core Viewpoint - The lithium carbonate market may be in a stage of steady growth in supply and stable demand. It is recommended to trade with a light position in a volatile manner and pay attention to controlling risks in trading rhythm [2] Summary by Directory Futures Market - The closing price of the main contract was 145,000 yuan/ton, up 2,700 yuan; the net position of the top 20 was -154,440 hands, down 2,377 hands; the position volume of the main contract was 514,467 hands, up 7,947 hands; the spread between near and far contracts was -7,040 yuan/ton, down 5,640 yuan; the warehouse receipts of GZFE were 25,770 hands/ton, up 590 hands [2] Spot Market - The average price of battery-grade lithium carbonate was 138,500 yuan/ton, up 5,000 yuan; the average price of industrial-grade lithium carbonate was 135,000 yuan/ton, up 5,000 yuan; the basis of the Li₂CO₃ main contract was -6,500 yuan/ton, up 2,300 yuan [2] Upstream Situation - The average price of spodumene concentrate (6% CIF China) was 1,600 US dollars/ton, up 90 US dollars; the average price of amblygonite was 16,075 yuan/ton, up 625 yuan; the price of lithium mica (2 - 2.5%) was 6,000 yuan/ton, up 462 yuan [2] Industry Situation - The monthly output of lithium carbonate was 56,820 tons, up 2,840 tons; the monthly import volume was 22,055.19 tons, down 1,825.51 tons; the monthly export volume was 759.24 tons, up 513.33 tons; the monthly operating rate of lithium carbonate enterprises was 49%, up 2 percentage points; the monthly output of power batteries was 176,300 MWh, up 5,700 MWh; the price of lithium hexafluorophosphate was 157,500 yuan/ton, down 2,500 yuan; the price of lithium manganate was 39,000 yuan/ton, unchanged; the price of lithium cobaltate was 386,000 yuan/ton, up 1,000 yuan; the price of ternary material (811 type) in China was 175,000 yuan/ton, unchanged; the price of ternary material (622 power type) in China was 158,500 yuan/ton, unchanged [2] Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China was 171,500 yuan/ton, unchanged; the monthly operating rate of ternary cathode materials was 50%, down 1 percentage point; the price of lithium iron phosphate was 47,100 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes was 60%, down 3 percentage points; the monthly output of new energy vehicles was 1,880,000 vehicles, up 108,000 vehicles; the monthly sales volume was 1,823,000 vehicles, up 108,000 vehicles; the cumulative sales penetration rate of new energy vehicles was 47.48%, up 0.74 percentage points; the cumulative sales volume of new energy vehicles was 14,780,000 vehicles, up 3,518,000 vehicles; the monthly export volume of new energy vehicles was 300,000 vehicles, up 44,000 vehicles; the cumulative export volume of new energy vehicles was 2.315 million vehicles, up 1.174 million vehicles; the 20 - day average volatility of the underlying was 61.42%, down 1.96 percentage points; the 40 - day average volatility of the underlying was 60.08%, down 0.21 percentage points [2] Option Situation - The total call position was 142,628 contracts, up 8,294 contracts; the total put position was 248,471 contracts, up 1,174 contracts; the put - call ratio of the total position was 174.21%, down 9.882 percentage points; the implied volatility of at - the - money IV was up 0.0093 percentage points [2] Industry News - On January 7, multiple departments jointly held a symposium on the power and energy storage battery industry to study and deploy work related to standardizing industrial competition order. More than 10 enterprises participated, including the top 10 domestic power battery enterprises, several leading energy storage battery enterprises and integrators [2] - New宙邦 stated that the 36,000 - ton production capacity target of lithium hexafluorophosphate of Jiangxi Shilei Fluorine Materials Co., Ltd., in which it invested, has completed technological transformation and entered the trial - production ramp - up period. 2026 will be a key year for the new production capacity to gradually materialize and contribute output [2] - Zhongkuang Resources stated that its 30,000 - ton high - purity lithium salt technological transformation project has completed construction and obtained trial - production filing, and started trial - production operation on January 2, 2026 [2] - Dazhong Mining announced that its 6th Board of Directors' 21st meeting reviewed and approved the proposal for its wholly - owned subsidiary to implement the 20 - million - ton/year lithium ore mining, beneficiation and tailing integration project in the Tongtianmiao ore section of the Jijiaoshan mining area. The project's construction investment is expected to be 3.688 billion yuan [2] - According to the Passenger Car Association, in December 2025, the retail sales of the passenger car market in China were 2.296 million vehicles, a year - on - year decrease of 13% and a month - on - month increase of 3%. Among them, the retail sales of the new energy vehicle market were 1.387 million vehicles, a year - on - year increase of 7% and a month - on - month increase of 5%, and the new energy retail penetration rate was 60.4% [2]

Core Viewpoint - Rongjie Co., Ltd. reported significant growth in Q3 2025, with a notable increase in revenue and net profit, while facing a decline in year-to-date net profit and cash flow [3][4]. Financial Performance - The company achieved operating revenue of 206,174,434.09 CNY in Q3 2025, a substantial increase of 34.65% year-on-year [3][4]. - Net profit attributable to shareholders reached 58,576,416.33 CNY, a dramatic surge of 248.63% compared to the same period last year [3][4]. - The net profit after deducting non-recurring gains and losses was 53,072,136.93 CNY, reflecting a year-on-year growth of 165.93% [3][4]. - For the year-to-date period (January to September 2025), total revenue was 509,588,946.16 CNY, up 26.21% year-on-year [3][4]. - Year-to-date net profit attributable to shareholders was 143,987,355.05 CNY, down 21.22% year-on-year [3][4]. - The net profit after deducting non-recurring gains and losses for the same period was 126,660,136.84 CNY, also down 21.87% year-on-year [3][4]. - The net cash flow from operating activities was 226,342,370.02 CNY, a decrease of 35.73% year-on-year [3][4]. Asset and Equity Structure - As of September 30, 2025, the company's total assets amounted to 4,500,148,412.38 CNY, representing a 4% increase from the previous year-end [4]. - The equity attributable to shareholders was 3,458,501,339.29 CNY, which is a 3% increase compared to the end of the previous year [4]. Project Developments - The company is making significant progress on two major projects: 1. The lithium-ion battery cathode material manufacturing and R&D base in Guangzhou, with a fixed asset investment of no less than 900 million CNY, received environmental approval on July 28, 2025 [5]. 2. The outsourcing of ore selection and capacity expansion at the original site, with a cooperation agreement signed with the government of Kangding City, allowing for the outsourcing of up to 320,000 tons of ore and the construction of a new 350,000 tons/year selection project [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Fundamentals: Lithium prices hit new lows, with frequent shutdowns and production cuts by upstream lithium salt plants, and a continuous decline in high - frequency weekly production data. Downstream pessimism is strong, with only rigid demand procurement in the spot market and limited pre - holiday inventory build - up by enterprises. Despite production contraction, inventory remains high [4]. - Cost: During the reporting period, the prices of lithium spodumene and lithium mica under the Baichuan caliber decreased to varying degrees [4]. - Market: The main contract had a large - scale position transfer, with a reduction of over 50,000 lots during the week. The 7 - 9 spread quickly converged and was close to par, and the monthly spread was insufficient to cover the bag - changing cost. As of Friday, although the main contract closed higher, there were no signs of increased positions and trading volume, and a bottom could not be confirmed technically [4]. - Future outlook: Issues such as environmental protection and involution governance in the lithium - battery market have not been verified. In the short term, there may be no external disturbances, and lithium prices will return to being dominated by supply - demand logic. The overall bearish fundamentals remain unchanged. In June, the production plans of cathode material plants vary, and it is difficult to effectively boost lithium salt consumption. Although there is information about production cuts on the supply side, inventory has not been effectively reduced, and the fundamentals lack support. Technically, although the main contract tried to rise on Friday, the upper shadow ended at the 10 - day moving average, and it finally closed below the 5 - day moving average. The trading volume was limited, positions weakened, and there were no signs of bulls increasing positions at the bottom. The technical bottom has not been confirmed, and lithium prices may rebound and then fall again [4][14]. 3. Summary by Relevant Catalogs 3.1 Market Data | Indicator | 2025/5/30 | 2025/5/26 | Change | Change Rate | Unit | | --- | --- | --- | --- | --- | --- | | Imported lithium ore (1.3% - 2.2%) | 110 | 110 | 0 | 0% | USD/ton | | Imported lithium concentrate (5.5% - 6%) | 661 | 678 | - 17 | - 2.51% | USD/ton | | Domestic lithium concentrate (5.5% - 6%) | 661 | 678 | - 17 | - 2.51% | CNY/ton | | USD/CNY exchange rate | 7.195 | 7.184 | 0.01 | 0.15% | - | | Battery - grade lithium carbonate spot price | 5.98 | 6.01 | - 0.03 | - 0.50% | CNY 10,000/ton | | Industrial - grade lithium carbonate spot price | 0 | 6.05 | - 6.05 | - 100% | CNY 10,000/ton | | Lithium carbonate main contract price | 5.98 | 6.03 | - 0.04 | - 0.70% | CNY 10,000/ton | | Battery - grade lithium hydroxide (coarse) | 6.36 | 6.45 | - 0.09 | - 1.40% | CNY 10,000/ton | | Battery - grade lithium hydroxide (fine) | 6.97 | 6.97 | 0 | 0% | CNY 10,000/ton | | Total lithium carbonate inventory | 94,658 | 92,391 | 2,267 | 2.45% | ton | | Lithium iron phosphate price | 3.09 | 3.11 | - 0.02 | - 0.64% | CNY 10,000/ton | | Lithium cobalt oxide price | 20.90 | 21.00 | - 0.10 | - 0.48% | CNY 10,000/ton | | Ternary material price (811) | 14.85 | 14.65 | 0.20 | 1.37% | CNY 10,000/ton | | Ternary material price (622) | 12.90 | 13.00 | - 0.10 | - 0.77% | CNY 10,000/ton | [6] 3.2 Market Analysis and Outlook 3.2.1 Last Week's Market Analysis - Regulation and delivery: As of May 30, 2025, the total warehouse receipt scale of the Guangzhou Futures Exchange was 33,457 tons, and the latest matching transaction price was 64,600 CNY/ton. The position of the main contract 2507 was 261,000 lots [8]. - Supply side: As of May 30, the weekly production of lithium carbonate was 1,539 tons, an increase of 350 tons from the previous period. Affected by the falling lithium prices, upstream lithium salt plants frequently had information about maintenance and production cuts. However, salt lakes were still ramping up production, and the supply contraction failed to effectively drive inventory reduction, indicating an oversupply situation. The lithium ore port inventory was abundant, and price recovery would quickly stimulate supply elasticity [8]. - Import: In April, the import volume of lithium carbonate was about 28,000 tons, a month - on - month increase of 56.3% and a year - on - year increase of 33.6%. Among them, 20,200 tons were imported from Chile, a month - on - month increase of 59.3% and a year - on - year increase of 18.1%; 6,850 tons were imported from Argentina, a month - on - month increase of 47.4% and a year - on - year increase of 101.1%. In April, Chile's lithium carbonate export volume was about 21,700 tons, a year - on - year decrease of 32.12% and a month - on - month increase of 7.63%. Among them, 15,500 tons were exported to China, a year - on - year and month - on - month decrease of 32.12% and 6.32% respectively. Although Chile's total lithium carbonate exports increased in April, the scale of exports to China decreased, which may drag down the import volume of lithium carbonate in China in May. In addition, the scale of lithium salt imports from Argentina increased significantly this period, but currently, the actual production projects in Argentina are limited, and the shipping volume to China fluctuates greatly, so it has no continuous reference value for now [9]. - In April, the import volume of lithium ore was about 623,000 tons, a month - on - month increase of 16.5%. Among them, 298,000 tons were imported from Australia, a month - on - month decrease of 3%. The increase mainly came from Zimbabwe, with an import volume of about 106,000 tons, a month - on - month increase of 82%. The import volume from Nigeria was about 89,000 tons, a month - on - month increase of 4%. Recently, a mining company in Mali, Africa, said that due to market regulatory disturbances, the shipment of its spodumene concentrate was blocked. Currently, the company has signed an underwriting agreement with Hainan Mining. Overall, although the shipment of some lithium mines is blocked, the overall shipment scale of African lithium mines is still increasing [10]. - Demand: - Downstream cathode materials: As of May 30, the total production of lithium iron phosphate was about 62,984 tons, with an operating rate of 58.05%, an increase of 0.75 percentage points from the previous period, and the inventory was 36,083 tons, a decrease of 450 tons from the previous period. The total production of ternary materials was about 14,850 tons, with an operating rate of 46.29%, an increase of 0.1 percentage points from the previous period, and the inventory was 13,700 tons, a decrease of 300 tons from the previous period. In terms of prices, as of May 30, the prices of ternary materials weakened slightly. The price of ternary 6 - series decreased from 14.08 CNY 10,000/ton to 13.99 CNY 10,000/ton; the price of 8 - series decreased from 14.59 CNY 10,000/ton to 14.49 CNY 10,000/ton; the price of power - type lithium iron phosphate decreased from 3.31 CNY 10,000/ton to 3.23 CNY 10,000/ton, and the price of energy - storage type decreased from 3.25 CNY 10,000/ton to 3.145 CNY 10,000/ton. Overall, the slowdown in the growth of the power terminal suppresses the prices of cathode materials. However, with the increase in the supply of lithium iron phosphate, the spot inventory of lithium iron phosphate has decreased slightly, indicating that downstream battery factories have some signs of restocking after a period of active inventory reduction. The market expects the production of cathode materials in June to be flat overall, and the prices of cathode materials are still expected to be weak in the off - season of demand [11]. - New energy vehicles: From May 1 - 25, the retail sales of new energy passenger vehicles in the country were 726,000, a year - on - year increase of 31% compared with the same period in May last year and an 11% increase compared with the same period last month. The retail penetration rate of the new energy market in the country was 53.5%, and the cumulative retail sales this year were 4.05 million, a year - on - year increase of 35%. From the perspective of weekly consumption growth, the consumption growth of new energy vehicles weakened slightly in May, and the sales growth rate decreased from 32% at the beginning of the month to 31% this period. From the perspective of consumption structure, since the new - replacement policy has shown fatigue in tapping the potential consumption of residents, the consumption growth of passenger vehicles may be difficult to support the continuous growth of the industry. Currently, the policy focus is gradually shifting from passenger vehicles to heavy - duty trucks, electric boats, etc. Multiple departments have issued documents saying that they will increase the purchase subsidy for heavy - duty trucks, transportation, and other industries. According to the information from the Passenger Car Association, Beijing will issue an additional 20,000 new energy passenger vehicle indicators [12]. - Inventory: As of May 30, the total inventory of lithium carbonate was 94,658 tons, an increase of 2,267 tons from the previous period. Among them, the factory inventory was 33,401 tons, a decrease of 1,142 tons from the previous period; the market inventory was 61,257 tons, an increase of 3,409 tons from the previous period. Overall, although the weekly production of lithium salt increased, the inventory accumulation was much higher than the production increase. There was some restocking behavior by downstream enterprises before the holiday, but the supply side was resilient, and the inventory reduction of upstream enterprises was weak, dragging down the inventory reduction process [13]. 3.2.2 This Week's Outlook Lack of driving factors for price increases, lithium prices will fluctuate weakly. The issues of environmental protection and involution governance in the lithium - battery market have not been verified. In the short term, there may be no external disturbances, and lithium prices will return to being dominated by supply - demand logic. The overall bearish fundamentals remain unchanged. In June, the production plans of cathode material plants vary, and it is difficult to effectively boost lithium salt consumption. Although there is information about production cuts on the supply side, inventory has not been effectively reduced, and the fundamentals lack support. Technically, although the main contract tried to rise on Friday, the upper shadow ended at the 10 - day moving average, and it finally closed below the 5 - day moving average. The trading volume was limited, positions weakened, and there were no signs of bulls increasing positions at the bottom. The technical bottom has not been confirmed, and lithium prices may rebound and then fall again [14] 3.3 Industry News - A 250,000 - ton lithium - ion battery cathode material industrial park project in Guizhou will start trial production this year. According to the news from the Dalong Economic Development Zone, workers are currently carrying out operations such as factory building decoration, greening, and construction of auxiliary facilities at the construction site of the second - phase project of Guizhou Jiashang New Energy Materials Co., Ltd.'s 250,000 - ton lithium - ion battery cathode material industrial park. The project is expected to complete equipment installation and commissioning in October and start trial production of the production line. After reaching full production, it can produce more than 100,000 tons of lithium iron phosphate cathode materials per year [15]. - Longpan Technology plans to increase the capital of its subsidiary Changzhou Liyuan by 369.7056 million CNY. On May 29, Longpan Technology announced that it plans to use 80% of the funds raised from the issuance of H - shares to increase the capital of its subsidiary Changzhou Liyuan. Changzhou Liyuan plans to use the increased capital to increase the capital of its subsidiary LBM NEW ENERGY (AP) PTE. LTD. by 14 million USD. This capital increase constitutes a related - party transaction and needs to be submitted to the shareholders' meeting for review [15]. - Tianqi Lithium's 26,000 - ton lithium carbonate project is located in Jiangsu. Recently, the Zhangjiagang Municipal People's Government has publicized the environmental assessment of the 26,000 - ton battery - grade lithium carbonate project of Tianqi Lithium New Energy Materials (Suzhou) Co., Ltd. The total investment is 207.4845 million CNY, and the construction scale is large. Relying on the existing lithium hydroxide production workshop and lithium hydroxide warehouse, a new carbon dioxide tank area will be added. After completion, it will have an annual production capacity of 26,000 tons of battery - grade lithium carbonate [15]. 3.4 Related Charts The report provides multiple charts, including the futures price of lithium carbonate, the price of battery - grade lithium hydroxide, the price trend of imported lithium concentrate (6%), the production of lithium carbonate, etc., with data sources from iFinD, Antaike, and Tongguan Jinyuan Futures [17][19][22]