1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The lithium carbonate market has both supply and demand increasing. Downstream continuous restocking supports prices. Under the pressure of risk aversion, the lithium carbonate price may fluctuate in the short term [3]. - The new energy vehicle market in January 2026 was operating steadily, with production and sales of 1.041 million and 945,000 vehicles respectively, a year - on - year increase of 2.5% and 1.6% respectively. In January, new energy vehicle exports maintained high - speed growth, with 302,000 vehicles exported, a year - on - year doubling [3]. - Affected by the escalation of the US - Iran situation, the risk - aversion sentiment of funds has increased. Coupled with the large increase in lithium carbonate prices in the early stage, there is a need for funds to take profits in the short term, which has led to a decline in lithium carbonate prices [3]. 3. Summary According to the Catalog Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 159,000 yuan with an increase of 500 yuan; SMM industrial - grade lithium carbonate has an average price of 155,750 yuan with an increase of 500 yuan [1]. - For lithium carbonate futures contracts, the closing price of lithium carbonate 2603 is 155,000 yuan with a decline of 5.5%; lithium carbonate 2604 is 156,000 yuan with a decline of 4.12%; lithium carbonate 2605 is 155,040 yuan with a decline of 5.14%; lithium carbonate 2606 is 154,640 yuan with a decline of 5.64%; lithium carbonate 2607 is 154,880 yuan with a decline of 5.03% [1]. Lithium Ore - The average price of lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) is 2,215 yuan with an increase of 2 yuan [1]. - The average price of lithium mica (Li20: 1.5% - 2.0%) is 3,440 yuan with a decrease of 40 yuan; lithium mica (Li20: 2.0% - 2.5%) is 5,140 yuan with a decrease of 60 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 13,175 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 14,350 yuan [2]. Cathode Materials - The average price of lithium iron phosphate (power type) is 55,720 yuan with an increase of 125 yuan; the average price of ternary material 811 (polycrystalline/power type) is 212,250 yuan with an increase of 750 yuan; the average price of ternary material 523 (single - crystal/power type) is 184,500 yuan with an increase of 1,250 yuan; the average price of ternary material 613 (single - crystal/power type) is 186,000 yuan with an increase of 1,250 yuan [2]. Price Differences - The price difference between battery - grade and industrial - grade lithium carbonate is 3,250 yuan with no change; the price difference between battery - grade lithium carbonate and the main contract is 3,960 yuan with an increase of 8,460 yuan; the price difference between the near - month and the first - continuous contract is 960 yuan with an increase of 1,840 yuan; the price difference between the near - month and the second - continuous contract is 1,360 yuan with an increase of 2,000 yuan [2]. Inventory - The total inventory (weekly, tons) is 99,373 tons with a decrease of 720 - 906 tons; the inventory of smelters (weekly, tons) is 17,476 tons; the inventory of downstream (weekly, tons) is 43,757 tons with an increase of 3,736 tons; the inventory of others (weekly, tons) is 38,140 tons with a decrease of 3,550 tons; the registered warehouse receipts (daily, tons) is 36,739 tons with a decrease of 280 tons [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 157,782 yuan, and the profit is - 855 yuan; the cash cost of purchasing lithium mica concentrate is 153,505 yuan, and the profit is 21 yuan [3].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - In January 2026, the new energy vehicle market in China operated steadily, with production and sales of 1.041 million and 0.945 million vehicles respectively, a year-on-year increase of 2.5% and 1% respectively. In the same month, new energy vehicle exports maintained high - speed growth, with 0.302 million vehicles exported, a year - on - year doubling [3]. - Affected by the escalating situation between the US and Iran, capital's risk - aversion sentiment increased. Coupled with the large increase in lithium carbonate prices in the early stage, there was a short - term need for capital to take profits, leading to a decline in lithium carbonate prices. The supply and demand of lithium carbonate both increased, and downstream continuous restocking supported prices. Overall, with fundamental support, the price of lithium carbonate may fluctuate in the short term under the pressure of risk aversion [3]. Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate had an average price of 158,500 with an increase of 3,750; SMM industrial - grade lithium carbonate had an average price of 155,250 with an increase of 4,000 [1]. Lithium Ore - Lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) had an average price of 2,213 with an increase of 43; lithium mica (Li20: 1.5% - 2.0%) had an average price of 3,480 with an increase of 25; lithium mica (Li20: 2.0% - 2.5%) had an average price of 5,200 with an increase of 10; phospho - lithium - aluminum stone (Li20: 6% - 7%) had an average price of 13,175 with an increase of 200; phospho - lithium - aluminum stone (Li20: 7% - 8%) had an average price of 14,350 with an increase of 200 [1][2]. Positive Electrode Materials - The average price of lithium iron phosphate (power type) was 55,595 with an increase of 910; the average price of ternary material 811 (polycrystalline/power type) was 211,500 with an increase of 2,000; the average price of ternary material 523 (single - crystal/power type) was 183,250 with an increase of 1,200; the average price of ternary material 613 (single - crystal/power type) was 184,750 with an increase of 1,000 [2]. Price Differences - The difference between battery - grade and industrial - grade lithium carbonate was 3,250 with a decrease of 250; the difference between battery - grade lithium carbonate and the main contract was - 4,500 with an increase of 1,810; the difference between the near - month and the first - continuous contract was - 880 with a decrease of 320; the difference between the near - month and the second - continuous contract was - 640 with a decrease of 820 [2]. Inventory - The total weekly inventory was 99,373 tons with a decrease of 720 tons; the weekly inventory of smelters was 17,476 tons with a decrease of 906 tons; the weekly inventory of downstream was 43,757 tons with an increase of 3,736 tons; the weekly inventory of others was 38,140 tons with a decrease of 3,550 tons; the daily registered warehouse receipts were 37,019 tons with an increase of 158 tons [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate was 157,787, and the profit was - 1,355; the cash cost of purchasing lithium mica concentrate was 154,890, and the profit was - 1,853 [3].

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]

Report Industry Investment Rating - No information provided Core Viewpoint - The demand for lithium carbonate is strongly supported, but there is a short - term correction pressure due to the previous rapid increase [3] Summary by Relevant Catalogs Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 92,750 yuan/ton, and the average price of SMM industrial - grade lithium carbonate is 90,350 yuan/ton [1] - The closing prices and price changes of lithium carbonate futures contracts: the price of lithium carbonate 2512 is 92,580 yuan/ton with a - 0.24% change; lithium carbonate 2601 is 91,000 yuan/ton with a - 1.02% change; lithium carbonate 2602 is 91,340 yuan/ton with a - 1.23% change; lithium carbonate 2603 is 91,240 yuan/ton with a - 1.23% change; lithium carbonate 2604 is 92,560 yuan/ton with a - 1.3% change [1] Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) is 1,165 yuan/ton [1] - The price of lithium mica (Li20:1.5% - 2.0%) is 1,610 yuan/ton; lithium mica (Li20:2.0% - 2.5%) is 2,535 yuan/ton; phospho - lithium - aluminum stone (Li20:6% - 7%) is 8,675 yuan/ton; phospho - lithium - aluminum stone (Li20:7% - 8%) is 9,925 yuan/ton [2] Cathode Material Prices - The average price of lithium iron phosphate (power type) is 39,095 yuan/ton; the average price of ternary material 811 (polycrystalline/power type) is 161,800 yuan/ton with a 200 - yuan increase; the average price of ternary material 523 (single - crystal/power type) is 144,700 yuan/ton with a 250 - yuan increase; the average price of ternary material 613 (single - crystal/power type) is 144,700 yuan/ton with a 150 - yuan increase [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 2,400 yuan/ton; the difference between battery - grade lithium carbonate and the main contract is - 50 yuan/ton with a 2,040 - yuan change; the difference between the near - month and the first - continuous contract is - 340 yuan/ton with a - 40 - yuan change; the difference between the near - month and the second - continuous contract is - 240 yuan/ton with a 40 - yuan change [2] Inventory - The total inventory (weekly, tons) is 113,602 tons with a - 2,366 - ton change; the smelter inventory (weekly, tons) is 20,767 tons with a - 3,557 - ton change; the downstream inventory (weekly, tons) is 43,695 tons with a 1,711 - ton change; the other inventory (weekly, tons) is 49,140 tons with a - 520 - ton change; the registered warehouse receipts (daily, tons) is 12,920 tons with a - 200 - ton change [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 94,487 yuan/ton, and the profit is - 3,021 yuan/ton; the cash cost of purchasing lithium mica concentrate is 93,100 yuan/ton, and the profit is - 3,898 yuan/ton [3] Industry News - The new energy storage installed capacity in China exceeds 100 million kilowatts, 30 times that at the end of the "13th Five - Year Plan", accounting for over 40% of the global total installed capacity. During the peak summer period this year, the peak call of new energy storage exceeded 30 million kilowatts [3] Market Situation - The peak season of the terminal (energy storage + new energy vehicles) continues, the production schedule of the material end is basically flat, and the inventory transfer chain of "upstream - downstream - terminal" is smooth. In December, the production schedule increases slightly, and the tight spot supply of lithium spodumene restricts the large - scale resumption of production on the supply side. The market generally expects the downstream mine to resume production after obtaining the license in mid - December [3]

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]