ITG国贸期货 投资咨询业务资格:证监许可【2012】31号 炭酸锂数据日报 白素娜 投资咨询号:Z0013700 从业资格号: F3023916 国贸期货研究院 2025/12/10 研究助理 陈宇森 从业资格号:F03123927 贵金属与新能源研究中心 据来源: SMM. 公井新闻整 锂化合物 100000 平均价 SMM电池级碳酸锂 92750 2500 SMM工业级碳酸锂 90350 0 2000 收盘价 涨跌幅 期货合约 60000 碳酸锂2512 -0. 24% 92580 碳酸锂2601 91000 -1.02% 40000 碳酸锂2602 -1.23% 91340 碳酸锂2603 91240 -1.23% 500 碳酸锂2604 92560 -1. 3% 平均价 锂矿 锂辉石精矿(CIF中国) 1165 0 = (120.5 5%-6%) 种类 利润估算 外购锂辉石精矿现金成本 94487 H # 利 -3021 外购锂辉石精矿利润 >EE 外购锂云母精矿现金成本 93100 F 外购锂云母精矿利润 -3898 本周碳酸锂产量+74吨, 库存-2363吨 行 小 国家发展改革委：全国新型储能 ...

Report Industry Investment Rating - No information provided Core View of the Report - The terminal demand for lithium carbonate remains strong, but due to a large number of profit - taking positions accumulated from the previous sharp rise and the negative sentiment from overseas mines, there is short - term downward pressure on lithium carbonate prices, and the price may fluctuate widely after stabilizing [3] Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 93,300 yuan, up 500 yuan; SMM industrial - grade lithium carbonate has an average price of 90,850 yuan, up 450 yuan [1] Lithium Carbonate Futures Contracts - The closing prices and price changes of lithium carbonate futures contracts from 2512 to 2604 are provided, with price declines ranging from 1.41% to 1.9% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 1126 yuan, up 13 yuan; lithium mica with different Li₂O contents (1.5% - 2.0%, 2.0% - 2.5%) and phospho - lithium - aluminum stone with different Li₂O contents (6% - 7%, 7% - 8%) also have their respective average prices and price changes [1][2] Cathode Materials - The average prices and price changes of cathode materials such as lithium iron phosphate (power type), ternary material 811 (polycrystalline/power type), ternary material 523 (single - crystal/power type), and ternary material 613 (single - crystal/power type) are provided [2] Price Spreads - The current values and change values of price spreads such as battery - grade lithium carbonate - industrial - grade lithium carbonate, battery - grade lithium carbonate - main contract, near - month - first - continuous, and near - month - second - continuous are provided [2] Inventory - The total inventory (weekly, tons), inventory of smelters (weekly, tons), downstream inventory (weekly, tons), other inventory (weekly, tons), and registered warehouse receipts (daily, tons) are provided, with corresponding changes [2] Profit Estimation - The cash costs and profits of purchasing lithium spodumene concentrate and lithium mica concentrate are estimated [3] Industry News - This week, lithium carbonate production decreased by 265 tons and inventory decreased by 2452 tons; the national new - type energy storage installed capacity exceeds 100 million kilowatts, 30 times that at the end of the "13th Five - Year Plan" [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core View - The China Chemical and Physical Power Sources Industry Association will issue a notice on referring to the lithium iron phosphate cost index and standardizing industry development, suggesting that companies use the industry average cost range disclosed on November 18th as an important reference for pricing and not engage in low - price sales below cost. The association will disclose the industry average cost range monthly and requires companies to submit operating data regularly. This week, lithium carbonate production increased by 585 tons and inventory decreased by 2052 tons, with a narrowing de - stocking amplitude, and lithium carbonate may turn around in the short term [3] 3. Summary by Relevant Categories Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 91,300 yuan with an increase of 2,400 yuan; SMM industrial - grade lithium carbonate has an average price of 88,900 yuan with an increase of 2,400 yuan [1] Lithium Carbonate Futures Contracts - Carbonate lithium 2512 closed at 98,880 yuan with a 1.71% increase; carbonate lithium 2601 closed at 98,980 yuan with a 0.84% increase; carbonate lithium 2602 closed at 99,060 yuan with a 0.98% increase; carbonate lithium 2603 closed at 99,160 yuan with a 1.25% increase; carbonate lithium 2604 closed at 100,060 yuan with a 1.91% increase [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 1,117 yuan with an increase of 31 yuan; lithium mica (Li20: 1.5% - 2.0%) has an average price of 1,710 yuan with an increase of 85 yuan; lithium mica (Li20: 2.0% - 2.5%) has an average price of 2,700 yuan with an increase of 125 yuan; lithium aluminum phosphate (Li20: 6% - 7%) has an average price of 9,575 yuan with an increase of 675 yuan; lithium aluminum phosphate (Li20: 7% - 8%) has an average price of 11,075 yuan with an increase of 675 yuan [1][2] Cathode Materials - Lithium iron phosphate (power type) has an average price of 38,745 yuan with an increase of 580 yuan; ternary material 811 (polycrystalline/power type) has an average price of 161,550 yuan with an increase of 400 yuan; ternary material 523 (single - crystal/power type) has an average price of 143,750 yuan with an increase of 700 yuan; ternary material 613 (single - crystal/power type) has an average price of 144,050 yuan with an increase of 700 yuan [2] Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 2,400 yuan; the difference between battery - grade lithium carbonate and the main contract is - 7,680 yuan with a change of 2,720 yuan; the difference between the near - month and the first continuous contract is - 100 yuan with a change of 140 yuan; the difference between the near - month and the second continuous contract is - 180 yuan with a change of 140 yuan [2] Inventory - The total weekly inventory is 118,420 tons with a decrease of 2,052 tons; the smelter weekly inventory is 26,104 tons with a decrease of 2,166 tons; the downstream weekly inventory is 44,436 tons with a decrease of 4,336 tons; the other weekly inventory is 47,880 tons with an increase of 4,450 tons; the daily registered warehouse receipts are 26,916 tons with an increase of 150 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 91,481 yuan, and the profit is - 1,451 yuan; the cash cost of purchasing lithium mica concentrate externally is 97,058 yuan, and the profit is - 9,277 yuan [3]

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View of the Report - Due to the mismatch between supply and demand, with the terminal (energy storage + new energy vehicles) peak season continuing and the supply fluctuating at a high level without a large - scale increase, the downward support for lithium carbonate prices is obvious. Considering hedging pressure and the resumption of production in Jiangxi mines, it is expected that lithium carbonate prices may experience wide - range fluctuations in the short term [3] 3. Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 86,150 yuan, up 1,000 yuan; SMM industrial - grade lithium carbonate average price is 83,800 yuan, up 1,000 yuan [1] Lithium Ore - Lithium spodumene concentrate (CIF China, Li2O: 5.5% - 6%) average price is 1,024 yuan, up 18 yuan; lithium mica (Li2O: 1.5% - 2.0%) average price is 1,490 yuan, up 40 yuan; lithium mica (Li2O: 2.0% - 2.5%) average price is 2,340 yuan, up 60 yuan; phospho - lithium - aluminum stone (Li2O: 6% - 7%) average price is 8,400 yuan, up 315 yuan; phospho - lithium - aluminum stone (Li2O: 7% - 8%) average price is 9,825 yuan, up 315 yuan [1][2] Positive Electrode Materials - The average price of lithium iron phosphate (power type) is 37,500 yuan, up 245 yuan; the average price of ternary material 811 (polycrystalline/power type) is 160,650 yuan, up 300 yuan; the average price of ternary material 523 (single - crystal/power type) is 142,200 yuan, up 300 yuan; the average price of ternary material 613 (single - crystal/power type) is 142,650 yuan, up 300 yuan [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 2,350 yuan; the difference between battery - grade lithium carbonate and the main contract is - 9,050 yuan, a change of - 6,840 yuan; the difference between the near - month and the first - continuous contract is 60 yuan, up 80 yuan; the difference between the near - month and the second - continuous contract is 260 yuan, up 100 yuan [2] Inventory - The total inventory (weekly, tons) is 120,472 tons, a decrease of 3,481 tons; the smelter inventory (weekly, tons) is 28,270 tons, a decrease of 2,445 tons; the downstream inventory (weekly, tons) is 48,772 tons, a decrease of 3,236 tons; other inventory (weekly, tons) is 43,430 tons, an increase of 2,200 tons; the registered warehouse receipts (daily, tons) is 26,953 tons [2] Profit Estimation - The cash cost of externally purchased lithium spodumene concentrate is 85,482 yuan, and the profit is - 543 yuan; the cash cost of externally purchased lithium mica concentrate is 89,096 yuan, and the profit is - 6,327 yuan [3] Futures Contracts - The closing price of lithium carbonate 2512 is 95,140 yuan, with a daily increase of 8.98%; the closing price of lithium carbonate 2601 is 95,200 yuan, with a daily increase of 9%; the closing price of lithium carbonate 2602 is 94,880 yuan, with a daily increase of 8.98%; the closing price of lithium carbonate 2603 is 94,780 yuan, with a daily increase of 8.99%; the closing price of lithium carbonate 2604 is 95,640 yuan, with a daily increase of 8.98% [1]

Report Investment Rating - No investment rating information is provided in the report. Core View - Due to the mismatch between supply and demand, with the peak season of the terminal (energy storage + new energy vehicles) continuing and the supply fluctuating at a high level without a significant increase, the price of lithium carbonate has obvious support at the bottom. Considering the hedging pressure and the resumption of production in Jiangxi's mining sector, it is expected that the price of lithium carbonate may fluctuate widely in the short term [3]. Summary by Relevant Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 83,300 yuan/ton, with a daily increase of 1,000 yuan/ton; the average price of SMM industrial - grade lithium carbonate is 81,100 yuan/ton, with a daily increase of 1,000 yuan/ton [1]. - The closing prices of lithium carbonate futures contracts 2511, 2512, 2601, 2602, and 2603 are 84,920 yuan/ton (-0.35%), 86,500 yuan/ton (-0.21%), 86,580 yuan/ton (-0.21%), 86,280 yuan/ton (-0.32%), and 86,140 yuan/ton (-0.44%) respectively [1]. Lithium Ore - The price of lithium spodumene concentrate (CIF China) is 984 dollars, and the prices of lithium mica (Li20: 1.5% - 2.0%), lithium mica (Li20: 2.0% - 2.5%), phospho - lithium - aluminum stone (Li20: 6% - 7%), and phospho - lithium - aluminum stone (Li20: 7% - 8%) are 1,420 yuan, 2,245 yuan, 7,880 yuan, and 9,295 yuan respectively, with daily increases of 20 yuan, 25 yuan, 20 yuan, and 20 yuan [1][2]. Cathode Materials - The average prices of lithium iron phosphate (power type), ternary material 811 (polycrystalline/power type), ternary material 523 (single - crystal/power type), and ternary material 613 (single - crystal/power type) are 36,605 yuan, 160,250 yuan, 141,150 yuan, and 141,650 yuan respectively, with daily increases of 245 yuan, 1,000 yuan, 400 yuan, and 1,500 yuan [2]. Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2,200 yuan/ton; the price spread between battery - grade lithium carbonate and the main contract is - 3,280 yuan/ton, with a change of 960 yuan; the price spreads between the near - month and the first - continuous, and the near - month and the second - continuous contracts are - 80 yuan/ton and 220 yuan/ton respectively, with changes of 120 yuan and 140 yuan [2]. Inventory - The total inventory (weekly, tons) is 123,953 tons, with a decrease of 3,405 tons. The inventories of smelters, downstream, and other sectors (weekly, tons) are 30,715 tons (-1,336 tons), 52,008 tons (-1,280 tons), and 41,230 tons (-790 tons) respectively. The registered warehouse receipts (daily, tons) are 28,287 tons, with an increase of 188 tons [2]. Profit Estimation - The cash cost of externally purchased lithium spodumene concentrate is 82,955 yuan, and the profit is - 815 yuan; the cash cost of externally purchased lithium mica concentrate is 86,558 yuan, and the profit is - 6,476 yuan [3].

Report Industry Investment Rating - No relevant content provided Core View of the Report - The narrative of strong terminal demand continues, the de - stocking of social inventory increases, and the degree of supply - demand mismatch deepens. However, from a fundamental perspective, the hedging pressure at the upper level is gradually released, weakening the upward momentum. The market has begun to show differences (there are rumors of mine resumption), and further stimulation from funds, events, and news is needed to continue the price increase. Otherwise, the price will be low [3] Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 80,500 yuan with a decrease of 400 yuan; SMM industrial - grade lithium carbonate has an average price of 78,300 yuan with a decrease of 400 yuan [1] - For lithium carbonate futures contracts: Li2511 closed at 77,800 yuan with a decline of 1.12%; Li2512 closed at 79,060 yuan with a decline of 0.38%; Li2601 closed at 79,140 yuan with a decline of 0.45%; Li2602 closed at 79,000 yuan with a decline of 0.13%; Li2603 closed at 78,860 yuan with a decline of 0.43% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 920 yuan with a decrease of 11 yuan (Li2O: 5.5% - 6%); lithium mica (Li2O: 1.5% - 2.0%) has an average price of 1,290 yuan with a decrease of 25 yuan; lithium mica (Li2O: 2.0% - 2.5%) has an average price of 2,085 yuan with a decrease of 30 yuan; phospho - lithium - aluminum stone (Li2O: 6% - 7%) has an average price of 6,990 yuan; phospho - lithium - aluminum stone (Li2O: 7% - 8%) has an average price of 8,340 yuan with a decrease of 80 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 35,925 yuan with a decrease of 100 yuan; the average price of ternary material 811 (polycrystalline/power type) is 157,950 yuan; the average price of ternary material 523 (single - crystal/power type) is 139,450 yuan; the average price of ternary material 613 (single - crystal/power type) is 138,150 yuan [2] Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 2,200 yuan with no change; the difference between battery - grade lithium carbonate and the main contract is 1,360 yuan with a decrease of 980 yuan; the difference between the near - month and the first - continuous contract is - 80 yuan with an increase of 20 yuan; the difference between the near - month and the second - continuous contract is 60 yuan with an increase of 100 yuan [2] Inventory - The total inventory (weekly, tons) is 127,358 tons with a decrease of 3,008 tons; the inventory of smelters (weekly, tons) is 32,051 tons with a decrease of 1,630 tons; the inventory of downstream (weekly, tons) is 53,288 tons with a decrease of 1,987 tons; the inventory of others (weekly, tons) is 42,020 tons with an increase of 610 tons; the registered warehouse receipts (daily, tons) is 26,830 tons with an increase of 340 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 78,943 yuan, and the profit is 425 yuan; the cash cost of purchasing lithium mica concentrate externally is 82,750 yuan, and the profit is - 5,412 yuan [3]

Report Industry Investment Rating - Not provided Core Viewpoints - Terminal demand is strong, social inventory is continuously decreasing, creating a short - term supply - demand mismatch that drives up prices. As prices rise, hedging positions on the supply side are gradually released, with lithium mica lithium extraction as the main incremental source. Due to rising ore prices, cost support has shifted upwards. In the short term, prices are likely to move upwards under the supply - demand mismatch but face pressure. In the long - term, the pattern of supply surplus remains unchanged, and capacity clearance is still awaited [3] Summary by Relevant Catalog Lithium Compound Prices - SMM battery - grade lithium carbonate has an average price of 76,550 with a rise of 1,150; SMM industrial - grade lithium carbonate has an average price of 74,300 with a rise of 1,150 [1] Lithium Futures Contracts - Lithium carbonate 2511 has a closing price of 81,120 with a 2.27% increase; lithium carbonate 2512 has a closing price of 81,740 with a 2.43% increase; lithium carbonate 2601 has a closing price of 81,900 with a 2.53% increase; lithium carbonate 2602 has a closing price of 81,500 with a 2.57% increase; lithium carbonate 2603 has a closing price of 81,400 with a 2.36% increase [1] Lithium Ore Prices - Lithium spodumene concentrate (CIF China) has an average price of 906 with a rise of 25; lithium mica (Li20: 1.5% - 2.0%) has an average price of 1220 with a rise of 45; lithium mica (Li20: 2.0% - 2.5%) has an average price of 1990 with a rise of 50; phospho - lithium - aluminum stone (Li20: 6% - 7%) has an average price of 7250 with a rise of 275; phospho - lithium - aluminum stone (Li20: 7% - 8%) has an average price of 8600 with a rise of 350 [1][2] Cathode Material Prices - Lithium iron phosphate (power type) has an average price of 34,970 with a rise of 335; ternary material 811 (polycrystalline/power type) has an average price of 157,200 with a rise of 100; ternary material 523 (single - crystal/power type) has an average price of 137,100 with a rise of 400; ternary material 613 (single - crystal/power type) has an average price of 136,950 with a rise of 250 [2] Price Spreads - The spread between battery - grade and industrial - grade lithium carbonate is 2250; the spread between battery - grade lithium carbonate and the main contract is - 5350 with a change of - 1230; the spread between the near - month and the first - continuous contract is - 620 with a change of - 120; the spread between the near - month and the second - continuous contract is - 780 with a change of - 180 [2] Inventory - The total inventory (weekly, tons) is 130,366 with a decrease of 2292; the smelter inventory (weekly, tons) is 33,681 with a decrease of 602; the downstream inventory (weekly, tons) is 55,275 with a decrease of 2460; the other inventory (weekly, tons) is 41,410 with an increase of 770; the registered warehouse receipts (daily, tons) is 27,739 with a decrease of 960 [2] Profit Estimation - The cash cost of外购锂辉石精矿 is 78,206 with a profit of - 2756; the cash cost of外购锂云母精矿 is 81,293 with a profit of - 7862 [3] Industry News - Appian Capital Advisory, a UK private equity firm, is collaborating with the International Finance Corporation under the World Bank to launch a $1 billion critical minerals, metals, and mining fund focusing on emerging markets [3]

1. Report Industry Investment Rating - No investment rating information provided in the report 2. Core View of the Report - In the short - term, while demand increases, supply also increases simultaneously, and the futures price may mainly fluctuate within a range. In the medium - to - long - term, production increases overall, which is the main factor suppressing the futures price. The fourth quarter is the traditional peak season for new energy vehicles, and after the increase in capacity electricity prices and the expansion of the spot price difference, the economic viability of independent energy storage has emerged, with the increase in tender volume indicating strong installation demand [3] 3. Summary by Relevant Catalog Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 73,550 with no change, and the average price of SMM industrial - grade lithium carbonate is 71,300 with no change. The price difference between battery - grade and industrial - grade lithium carbonate is 2,250 [1][2] - Among futures contracts, the closing price of lithium carbonate 2510 is 73,580 with a 0.33% increase; lithium carbonate 2511 is 73,340 with a 0.27% increase; lithium carbonate 2512 is 73,500 with a 0.38% increase; lithium carbonate 2601 is 73,440 with a 0.38% increase; lithium carbonate 2602 is 73,240 with a 0.6% increase [1] Lithium Ore - The price of lithium spodumene concentrate (CIF China) is 843, down 15; lithium mica (Li20: 1.5% - 2.0%) is 1110, down 15; lithium mica (Li20: 2.0% - 2.5%) is 1835, down 20; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 6080; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 7190 [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 33,640; the average price of ternary material 811 (polycrystalline/power type) is 152,350, up 2000; the average price of ternary material 523 (single - crystal/power type) is 123,850, up 1500; the average price of ternary material 613 (single - crystal/power type) is 129,850, up 2500 [2] Price Differences - The difference between battery - grade lithium carbonate and the main contract is 210, down 540; the difference between the near - month and the first - continuous contract is - 160, down 100; the difference between the near - month and the second - continuous contract is - 100, up 60 [2] Inventory - The total inventory (weekly, tons) is 134,801, down 2024; the inventory of smelters (weekly, tons) is 34,747, up 1255; the inventory of downstream (weekly, tons) is 59,765, down 1128; the inventory of others (weekly, tons) is 40,290, down 2150; the registered warehouse receipts (daily, tons) is 42,379, up 670 [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 74,486, and the profit is - 2006; the cash cost of purchasing lithium mica concentrate externally is 77,806, and the profit is - 7315 [3] Technological Breakthrough - A research team led by researcher Huang Xuejie from the Chinese Academy of Sciences' Institute of Physics, in collaboration with Huazhong University of Science and Technology and the Chinese Academy of Sciences' Ningbo Institute of Materials Technology and Engineering, developed an anion regulation technology, solving the problem of poor contact between the electrolyte and lithium electrode in all - solid - state metal lithium batteries. The research results were published in the international academic journal "Nature - Sustainable Development" on the 7th [3] Market Demand and Supply - In the fourth quarter, it is the traditional peak season for new energy vehicles. After the increase in capacity electricity prices and the expansion of the spot price difference, the economic viability of independent energy storage has emerged, and the increase in tender volume indicates strong installation demand. The overall increase in production is the main factor suppressing the futures price [3]

Report Industry Investment Rating - No relevant content found Core Viewpoints - In the short term, factors such as the approaching traditional peak season for new energy vehicles, downstream stocking demand, and the appearance of independent energy storage economy support the futures price. However, in the long - term, the pattern of supply surplus remains unchanged [3] Summary by Related Content Lithium Compound Prices - SMM battery - grade lithium carbonate has an average price of 73,750 yuan, a decrease of 100 yuan; SMM industrial - grade lithium carbonate has an average price of 71,500 yuan, a decrease of 100 yuan [1] Lithium Ore Prices - Lithium spodumene concentrate (CIF China) has an average price of 856 yuan, with no change; lithium mica (Li20: 1.5% - 2.0%) has an average price of 1,140 yuan; lithium mica (Li20: 2.0% - 2.5%) has an average price of 1,875 yuan; petalite (Li20: 6% - 7%) has an average price of 6,150 yuan; petalite (Li20: 7% - 8%) has an average price of 7,285 yuan [1][2] Positive Electrode Material Prices - The average price of lithium iron phosphate (power type) is 33,690 yuan, a decrease of 20 yuan; the average price of ternary material 811 (polycrystalline/power type) is 148,050 yuan, an increase of 500 yuan; the average price of ternary material 523 (single - crystal/power type) is 120,750 yuan, an increase of 300 yuan; the average price of ternary material 613 (single - crystal/power type) is 125,600 yuan, an increase of 500 yuan [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 2,250 yuan, with no change; the difference between battery - grade lithium carbonate and the main contract is - 290 yuan, a decrease of 1,260 yuan; the difference between the near - month and the first - continuous contract is - 300 yuan, a decrease of 100 yuan; the difference between the near - month and the second - continuous contract is - 320 yuan, a decrease of 100 yuan [2] Inventory - The total inventory (weekly) is 136,825 tons, a decrease of 706 tons; the inventory of smelters (weekly) is 33,492 tons; the inventory of downstream (weekly) is 60,893 tons, an increase of 1,398 tons; the inventory of others (weekly) is 42,440 tons, a decrease of 1,140 tons; the registered warehouse receipts (daily) is 40,309 tons, an increase of 560 tons [2] Profit Estimation - The cash cost of purchasing spodumene concentrate externally is 75,328 yuan, with a profit of - 2,650 yuan; the cash cost of purchasing lithium mica concentrate externally is 78,729 yuan, with a profit of - 8,042 yuan [3] Industry News - On September 24, China announced new contributions at the United Nations Climate Change Summit, including increasing the proportion of non - fossil energy consumption to over 30% of the total energy consumption, and the total power generation capacity of electricity to reach more than 6 times that of 2020, aiming for 3.6 billion kilowatts [3]

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - Due to the previous resource - end disturbances, production scheduling has increased slightly. On the demand side, as new energy vehicles are in the off - season, the increase in production scheduling of cathode factories is limited. In terms of inventory, social inventory fluctuates at a high level, showing a pattern of inventory moving from upstream to downstream, but the actual consumption is not large, and downstream companies have stocked up a large amount of raw materials, weakening their subsequent purchasing power. It is expected that the supply - demand will be in a tight balance in September. Overall, although the supply - demand is in a tight balance, downstream companies have sufficient inventory and the terminal market is in the off - season, so the futures price is expected to fluctuate weakly. During this process, be vigilant about small rumors from the mining end before the 30th [2]. 3. Summary by Relevant Content Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 75,000 yuan/ton, down 900 yuan/ton; the average price of SMM industrial - grade lithium carbonate is 72,700 yuan/ton, down 900 yuan/ton [1]. Lithium Ore Prices - The average price of lithium spodumene concentrate (CIF China) is 874 yuan/ton, up 2 yuan/ton [1]. Futures Contract Prices - The closing price of lithium carbonate 2509 is 73,000 yuan/ton, with a decline of 0.27%; the closing price of lithium carbonate 2510 is 73,340 yuan/ton, with an increase of 0.88%; the closing price of lithium carbonate 2511 is 73,420 yuan/ton, with an increase of 1.05%; the closing price of lithium carbonate 2512 is 73,580 yuan/ton, with an increase of 1.1%; the closing price of lithium carbonate 2601 is 73,560 yuan/ton, with an increase of 1.16% [1]. Positive Electrode Material Prices - The price of lithium iron phosphate (power - type) is 33,995 yuan/ton, down 215 yuan/ton; the price of ternary material 523 (single - crystal/power - type) is 118,700 yuan/ton, down 100 yuan/ton; the price of ternary material 613 (single - crystal/power - type) is 123,625 yuan/ton, down 100 yuan/ton [2]. Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 2,300 yuan/ton; the difference between battery - grade lithium carbonate and the main contract is 1,580 yuan/ton, down 2,440 yuan/ton; the difference between the near - month and the first - continuous contract is - 80 yuan/ton, down 60 yuan/ton; the difference between the near - month and the second - continuous contract is - 240 yuan/ton, down 100 yuan/ton [2]. Inventory - The total weekly inventory is 140,092 tons, down 1,044 tons; the weekly inventory of smelters is 39,475 tons, down 3,861 tons; the weekly inventory of downstream is 55,207 tons, up 2,407 tons; the weekly inventory of others is 45,410 tons, up 410 tons; the daily registered warehouse receipts are 830 tons [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 75,475 yuan/ton, and the profit is - 1,567 yuan/ton; the cash cost of purchasing lithium mica concentrate externally is not clearly given, and the profit is - 6,991 yuan/ton [2].