Group 1: Industry Investment Rating - There is no information about the industry investment rating in the provided reports. Group 2: Core View - Domestic lithium carbonate supply in July is expected to be loose, with the domestic social inventory of lithium carbonate increasing month - on - month. Due to the clearing of lithium carbonate products from extraction projects and automobile consumption rules, there is upward potential for lithium carbonate prices. It is recommended to hold long positions in light - volume contracts and pay attention to the support level around 58,000 - 62,000 and the resistance level around 66,000 - 70,000 [1][4][6]. Group 3: Summary by Related Catalogs Lithium Carbonate Futures - **Price and Volume**: On July 16, 2025, the closing price of the active lithium carbonate futures contract was 66,420 yuan/ton, a decrease of 240 yuan compared to the previous day. The trading volume was 478,114 lots, a decrease of 285,914 lots, and the open interest was 340,618 lots, a decrease of 1,528 lots. The inventory was 10,655 tons, a decrease of 548 tons [1]. - **Spread and Basis**: The spread between the near - month and the first - consecutive contract was 180 yuan, a decrease of 20 yuan; the spread between the first - consecutive and the second - consecutive contract was 580 yuan, an increase of 20 yuan; the spread between the second - consecutive and the third - consecutive contract was 0 yuan, unchanged. The basis (SMM battery - grade lithium carbonate average price - active lithium carbonate futures contract closing price) was - 1,470 yuan, an increase of 290 yuan [1]. Lithium Spot Prices - Various lithium - related products' prices showed different trends. For example, the average price of battery - grade lithium carbonate (99.5% domestic) was 64,950 yuan/ton, an increase of 50 yuan; the average price of industrial - grade lithium carbonate (99.2% domestic) was 63,350 yuan/ton, an increase of 50 yuan [1]. Supply - side Information - Some lithium carbonate production enterprises in Jiangxi Shanggao and Yichun started maintenance from July 10 for 5 - 10 days, which may affect the production volume by 0.00 tons. The production capacity of Guangdong Haohai Lithium's 1,000 - ton battery - grade lithium carbonate is expected to be put into production in July 2025, and Zijin Mining's 25,000 - ton battery - grade lithium carbonate production capacity will be completed and put into production in December 2025. The production volume of industrial and battery - grade lithium carbonate in China may increase month - on - month, but the supply is expected to be loose [4]. - The production volume of lithium hydroxide in China (smelting and causticizing methods) in July may decrease month - on - month, and the inventory may increase month - on - month. The export volume may also decrease month - on - month [4]. Demand - side Information - The monthly average in - production cost of phosphoric acid iron in China with different production processes is 10,600 - 12,900 yuan/ton, and the inventory in July may increase month - on - month. The monthly average in - production cost of lithium iron phosphate is 29,000 - 35,000 yuan/ton [5]. Company News - Panasonic Holdings decided to postpone the full - scale operation of its new US electric vehicle battery factory in Kansas due to Tesla's sales slump [2]. - Savoye announced that the drilling at the 2014 Canadian Quebec Mobilele project ended, with 116 new drill holes showing high - grade lithium mineralization, which is expected to increase resource reserves [2]. - Hubei Wanrun's planned project in Wuhan will automatically terminate after expiration [2]. - Australia's Cabic Company (CC9) successfully raised 100,000 Australian dollars through private placement for asset acquisition [3]. - Ganfeng Lithium's Mali project and Tianqi Lithium's project have achieved production increases [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The domestic lithium carbonate production and inventory are at a high level, and the supply - demand outlook is relatively loose. However, due to national policy - guided clearance of lithium carbonate and the impact of automobile consumption, the prices of domestic and imported lithium carbonate may have an upward space. It is recommended to hold long positions in appropriate quantities and pay attention to the support level around 58,000 - 62,000 and the resistance level around 66,000 - 70,000 [5]. Summary by Related Catalogs Lithium Futures and Spot Prices - **Lithium Futures**: On July 14, 2025, the closing prices of near - month, continuous - one, continuous - two, and continuous - three contracts of lithium carbonate futures increased compared with July 11, 2025. The trading volume of the active contract was 1,014,558.00 hands, an increase of 611,742.00 hands; the open interest was 356,161.00 hands, an increase of 33,301.00 hands; the inventory was 11,204.00 tons, a decrease of 399.00 tons [1]. - **Lithium Spot**: The average prices of various lithium - related products such as lithium ore, metal lithium, lithium carbonate, and lithium hydroxide showed different degrees of change. For example, the average price of battery - grade lithium carbonate (99.5%/domestic) was 64,650.00 yuan/ton on July 14, 2025, an increase of 900.00 yuan/ton compared with July 11, 2025 [1]. Lithium - Related Company News - Ganfeng Lithium's lithium mica project phase I with an annual capacity of 816,000 tons of lithium concentrate per month has been officially put into production. Tianqi Lithium's project in Xilin Gol League may be put into production in October 2025, and the total production and sales will reach 21,970 tons per year [3]. - Panasonic Holdings will postpone the production plan of its new EV battery factory in Kansas, USA. Derui Power is promoting the acceptance work of its new production capacity, which will be gradually released according to sales and orders, with the initial production mainly focusing on lithium - manganese and lithium - iron primary batteries [2]. - OaoL plans to produce at least 100 tons of silicon - graphite composite anode materials per year after investing $11 - 20 million in its Moses Lake plant. OneD Battery Sciences has closed its pilot manufacturing plant in Moses Lake due to tariff policies [2]. Supply and Demand Analysis - **Supply**: The production of lithium carbonate in China is expected to increase. Some production lines are under maintenance or capacity upgrading. The inventory of lithium carbonate in China has increased compared with last week. The production of lithium hydroxide in July may decrease, and its inventory may increase [3]. - **Demand**: The monthly average production cost of lithium iron phosphate in China is 10,600 - 12,900 yuan/ton, and its production volume may increase. The monthly average production cost of lithium iron phosphate cathode materials is 29,500 - 55,000 yuan/ton [4]. Investment and Trading Strategies - **Investment Strategy**: Some companies' production capacity expansion and project progress are in progress. The export volume of some products may change. For example, the export volume of lithium salt in China may be affected by the global supply - demand situation. The production and inventory of various materials such as cobalt, ternary precursors, and ternary materials also show different trends [5]. - **Trading Strategy**: It is recommended to hold long positions in appropriate quantities in the domestic lithium carbonate market, paying attention to the support level around 58,000 - 62,000 and the resistance level around 66,000 - 70,000 [5].

Report Industry Investment Rating - Not provided in the given content Core View of the Report - The domestic lithium carbonate supply is expected to be loose in May, and the price of lithium carbonate may fall and be difficult to rise. It is recommended that investors mainly lay out short positions when the price rebounds, and pay attention to the support level around 19,000 - 60,000 and the pressure level around 60,000 - 73,000/75,000 [5] Summary According to Related Catalogs Lithium Futures Market - On May 8, 2025, the closing prices of the near - month, continuous first, continuous second, and continuous third contracts of lithium carbonate futures were 64,500 yuan/ton, 64,280 yuan/ton, 65,240 yuan/ton, and 65,240 yuan/ton respectively. The trading volume of the active contract was 309,284 lots, the open interest was 267,396 lots, and the inventory was 36,241 tons [1] - The price differences between different contracts and the basis have changed. For example, the difference between the near - month and continuous first contracts increased by 300 yuan/ton compared with the previous day [1] Lithium Spot Market - The average prices of various lithium products such as lithium ore, lithium carbonate, and lithium hydroxide have changed. For example, the average price of battery - grade lithium carbonate (99.5%/domestic) decreased by 1,400 yuan/ton to 65,250 yuan/ton [1] - The price differences between different types of lithium products also changed. For example, the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased by 800 yuan/ton [1] Industry News - Changsha Fudi Battery Co., Ltd.'s PCX production line expansion project has passed the administrative license, with a total investment of 100 million yuan. After the expansion, it can produce 19GWh of battery packs annually [2] - Bayi Jukong decided to terminate the "Annual Production of 3,000 Tons of Lithium Hexafluorophosphate Project" [3] - The first - phase cell workshop of Penghui Energy's energy - storage battery production project with a total investment of 19 billion yuan has been completed. The first - phase project covers an area of 275 mu with a production capacity of 22,690, mainly producing 314Ah lithium iron phosphate large - energy - storage cells [3] Supply and Demand Analysis - Supply side: After Tianqi Lithium's Greenbushes lithium 55,000 - ton wet - process project is put into production in October 2025, the total production capacity will reach 240,000 tons/year, which may lead to a decline in the price of domestic (imported) lithium ore. Some lithium salt production lines will be inspected or newly built, which may affect the supply of lithium carbonate and lithium hydroxide [4] - Demand side: The production and inventory of some products such as iron phosphate and lithium iron phosphate may increase. The production of some cobalt salts may decrease due to rising costs [4] Investment Strategy - It is recommended that investors mainly lay out short positions when the price of lithium carbonate rebounds, and pay attention to the support level around 19,000 - 60,000 and the pressure level around 60,000 - 73,000/75,000 [5]