Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core View - Over the next one to two weeks, the lithium carbonate futures price is expected to maintain a range - bound oscillation pattern, with the main fluctuation range between RMB 95,000 and RMB 100,000 per ton. The stable supply restricts the upside space, while the demand is supported by new energy vehicle sales growth and good cell production scheduling. However, the downstream's rigid - demand - based procurement and strong wait - and - see sentiment, along with the negotiation of next year's long - term agreements, may suppress price breakthroughs. Meanwhile, continuous inventory reduction provides bottom support [3]. Group 3: Summary by Directory 1. Daily Market Summary - **Main Contract and Basis**: On November 26, 2025, the price of the lithium carbonate main contract was reported at RMB 96,340 per ton, up RMB 940 or 0.99% from the previous trading day, showing a slight increase. The basis was - RMB 5,140 per ton, weaker than the previous value of - RMB 4,200 per ton by RMB 940, indicating an expanded spot - futures price difference and a relatively weak spot market [1]. - **Position and Trading Volume**: The position of the main contract reached 478,054 lots, a significant increase of 134,855 lots or 39.29% from the previous value of 343,199 lots. The trading volume was reported at 810,231 lots, a substantial increase of 298,952 lots or 58.47% from the previous value of 511,279 lots [1]. 2. Analysis of Industrial Chain Supply - Demand and Inventory Changes - **Supply Side**: On November 21, 2025, the lithium carbonate capacity utilization rate remained at 75.34%, the same as on November 14. The market prices of spodumene concentrate and lepidolite concentrate were stable at RMB 8,615 per ton and RMB 4,825 per ton respectively. Lithium salt plants were operating at a high - level capacity, with spodumene and salt - lake sources as the main supply sources. It is expected that the November output will be flat month - on - month, and the overall supply is stable [2]. - **Demand Side**: According to the Passenger Car Association data on November 19, 2025, from November 1 - 16, the retail sales of new energy vehicles increased by 2% year - on - year and 7% month - on - month, and the wholesale sales increased by 1% year - on - year and 17% month - on - month. The downstream cell prices increased slightly. The power and energy storage markets had strong demand, and cell production scheduling was positive [2]. - **Inventory and Warehouse Receipts**: On November 21, 2025, the lithium carbonate inventory was reported at 118,420 physical tons, a decrease of 2,052 tons or 1.7% from 120,472 physical tons on November 14 [2]. 3. Industrial Chain Price Monitoring - From November 25 to November 26, 2025, the lithium carbonate main contract price increased from RMB 95,400 per ton to RMB 96,340 per ton, up RMB 940 or 0.99%. The basis weakened from - RMB 4,200 per ton to - RMB 5,140 per ton. The position increased from 343,199 lots to 478,054 lots, up 134,855 lots or 39.29%, and the trading volume increased from 511,279 lots to 810,231 lots, up 298,952 lots or 58.47%. The market price of battery - grade lithium carbonate remained unchanged at RMB 91,200 per ton. The market prices of spodumene concentrate and lepidolite concentrate remained stable at RMB 8,615 per ton and RMB 4,825 per ton respectively. The price of lithium hexafluorophosphate increased from RMB 160,500 per ton to RMB 163,000 per ton, up RMB 2,500 or 1.56%. The price of power - type ternary materials increased from RMB 143,950 per ton to RMB 144,150 per ton, up RMB 200 or 0.14%, and the price of power - type lithium iron phosphate increased from RMB 38,925 per ton to RMB 39,110 per ton, up RMB 185 or 0.48% [5]. - From November 14 to November 21, 2025, the lithium carbonate capacity utilization rate remained at 75.34%. The inventory decreased from 120,472 physical tons to 118,420 physical tons, a decrease of 2,052 tons or 1.7%. The price of 523 cylindrical ternary cells increased from RMB 4.54 per piece to RMB 4.64 per piece, up RMB 0.1 or 2.2%. The price of 523 square ternary cells remained unchanged at RMB 0.50 per Wh. The price of 523 soft - pack ternary cells remained unchanged at RMB 0.52 per Wh. The price of square lithium iron phosphate cells remained unchanged at RMB 0.34 per Wh. The price of cobalt - acid lithium cells increased from RMB 7.35 per Ah to RMB 7.45 per Ah, up RMB 0.1 or 1.36% [5]. 4. Industry Dynamics and Interpretation - **Spot Market Quotations**: On November 26, the SMM battery - grade lithium carbonate index price was RMB 93,415 per ton, up RMB 953 per ton from the previous working day. The price of battery - grade lithium carbonate was in the range of RMB 90,000 - 95,600 per ton, with an average of RMB 92,800 per ton, up RMB 750 per ton from the previous working day. The price of industrial - grade lithium carbonate was in the range of RMB 88,800 - 92,000 per ton, with an average of RMB 90,400 per ton, up RMB 750 per ton from the previous working day. The lithium carbonate futures showed a range - bound oscillation pattern, with the main contract switched to 2605, and the futures price mainly fluctuating between RMB 95,300 and RMB 99,900 per ton. The downstream material factories' procurement willingness returned to a wait - and - see attitude after a brief recovery, and the procurement was still mainly for rigid demand, with light market transactions. Currently, upstream and downstream enterprises are negotiating next year's long - term agreements, mainly focusing on the coefficient [6]. - **Downstream Consumption Situation**: According to the Passenger Car Association data on November 19, from November 1 - 16, the retail sales of new energy vehicles in the national passenger car market were 554,000 units, a year - on - year increase of 2% and a month - on - month increase of 7%. The cumulative retail sales this year reached 1,070.3 million units, a year - on - year increase of 21%. The wholesale sales of new energy vehicles by national passenger car manufacturers were 618,000 units, a year - on - year increase of 1% and a month - on - month increase of 17%. The cumulative wholesale sales this year reached 1,267.5 million units, a year - on - year increase of 28% [7]. - **Industry News**: On November 21, according to "Longyan Release", the project of Sanwei (Longyan) Battery Technology Co., Ltd. was officially launched in the Gaopi area of Longyan High - tech Zone (Economic Development Zone), Fujian Province. The project, with a total investment of RMB 580 million, is expected to have an annual production capacity of 1 GWh of three - dimensional solid - state lithium batteries and an annual output value exceeding RMB 1.2 billion [9].

Core Viewpoint - The article highlights the groundbreaking ceremony of a new project by Sanwei (Longyan) Battery Technology Co., Ltd., which aims to establish a solid-state lithium battery production facility in Longyan, Fujian Province, with significant investment and production capacity expected to contribute to local employment and tax revenue [1][2]. Group 1 - The project covers a total land area of 41 acres and has a planned construction area of approximately 72,000 square meters, with a total investment of 580 million yuan [1]. - Upon completion, the facility is expected to achieve an annual production capacity of 1 GWh of solid-state lithium batteries, with an anticipated annual output value exceeding 1.2 billion yuan [1]. - The project is projected to begin trial production in the third quarter of 2026 and is expected to create around 200 jobs, with an average annual tax revenue of no less than 500,000 yuan per acre over the next five years [2].

Core Viewpoint - The article discusses the approval of an environmental impact assessment for a 1GWh three-dimensional solid-state lithium battery project in Longyan City, highlighting the project's significance in the battery industry and its potential for future growth [1]. Group 1: Project Details - The project is located in Longyan High-tech Zone, covering an area of 27,675 square meters, and includes the construction of a standardized factory, office building, raw material warehouse, product warehouse, and supporting environmental engineering [1]. - The production line will utilize various raw materials such as lithium iron phosphate, NMP, PVDF, and others to manufacture 1GWh of three-dimensional solid-state lithium batteries [1]. Group 2: Company Background - The project is developed by Sanwei (Longyan) Battery Technology Co., Ltd., a subsidiary of Sanwei (Shaanxi) Battery Technology Co., Ltd. [1]. - Recently, Sanwei (Shaanxi) Battery Technology Co., Ltd. signed an agreement for a solid-state special battery production base project in Zhangjiakou, Hebei, with a total investment of 1 billion yuan, planned to be built in two phases [1]. Group 3: Industry Events - The Fourth Solid-State Battery Conference and Silicon-Based Anode Industry Innovation Conference aims to accelerate commercialization and upgrade the industry chain [3]. - The conference will feature various sessions, including keynote speeches and technical discussions on advancements in solid-state battery technology and applications [11][13].

Group 1: Industry Events - The 18th High-Performance Lithium Battery Industry Summit focuses on the restructuring of the industry chain and the resonance of all-scenario applications [1] - The 2025 High-Performance New Energy Materials Industry Conference will emphasize new materials, new dynamics, and new ecosystems [1][2] Group 2: Company Developments - Li Auto's first pure electric SUV, the Li i8, is set to be released in late July, with production and delivery preparations in the final stages [3] - Tianhua New Energy reported a lithium product capacity of approximately 200,000 tons per year, with specific capacities detailed for various bases [7] Group 3: Technology and Equipment - Delong Laser is focusing on key technologies in solid-state battery production, including dry electrode laser preheating and ultra-fast laser sheet production [9] Group 4: Regulatory and Market Updates - The Democratic Republic of Congo has extended its temporary ban on cobalt exports for an additional three months to alleviate market pressure and facilitate policy updates [11] - Tesla has signed a cooperation agreement for its first GWh-level energy storage project in mainland China [13] - The U.S. International Trade Commission has terminated its investigation into certain charging batteries and components based on a settlement [14]

Report Industry Investment Rating - Not provided in the given content Core View of the Report - The supply of domestic lithium carbonate in May is expected to be loose, and the inventory of ternary material factories has decreased compared to last week. The price of lithium carbonate futures and related lithium products has generally declined. The production and inventory of various lithium - related products in China are expected to change in May, and the price of lithium products is prone to decline. It is recommended to short on price rebounds, paying attention to the support level around 30,000 - 60,000 and the resistance level around 73,000 - 75,000 [1][4][5] Summary by Related Catalogs Lithium Carbonate Futures and Spot Prices - On April 30, 2025, the closing prices of lithium carbonate futures' near - month, continuous - one, continuous - two, and continuous - three contracts decreased compared to the previous day. The trading volume and open interest of the active contract decreased, and the inventory remained unchanged. The price differences between different contracts and the basis also changed [1] - The average prices of various lithium - related products such as lithium ore, lithium carbonate, and lithium hydroxide decreased compared to the previous day. The price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased, while the price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged [1] Company Announcements - On the evening of April 25, Bayi Space announced the termination of the "Annual Production of 3,000 Tons of Lithium Hexafluorophosphate Project", with approximately 450,100 yuan already invested [1] - Menglan Xinda stated on the interactive platform on August 30 that the first - phase project of the Malaysian non - ship project has been put into production, with a capacity ramp - up period of several months. The main production capacity in Malaysia will be for the overseas market, and the annual production capacity of suitable cylindrical lithium batteries is expected to exceed 47 million after completion [2] - Zhenhua New Materials announced the postponement of the formal material production line construction project (Yilong Phase III, originally planned to have a total investment of 6.245 billion yuan) [2] Industry News - The Zhangjiakou Nanshan Automobile Industrial Base in Hebei signed a contract with Sanwei (Shaanxi) Battery Technology Co., Ltd. for the Sanwei Solid - State Special Battery Production Base Project. The project will be implemented in two phases with a total investment of 1 billion yuan, and is expected to add an annual output value of 1 billion yuan after completion [3] - An Australian mining company is working on the Global Lithium project, optimizing project economics through mine planning and lithium recycling process improvement. The EU approved a 50 - million - euro subsidy for the Caorvec lithium project [3] Supply and Demand Analysis - Tianqi Lithium's Greenbushes 30,000 - ton wet - process project may be put into production in October 2025, which may lead to a decline in the price of imported lithium concentrate. China's lithium carbonate production in May is expected to increase, and the supply is expected to be loose [4] - The production of lithium hydroxide in China in May is expected to increase, and the inventory may change. The production of lithium iron phosphate in China in May is expected to increase, and the inventory of lithium iron phosphate factories has decreased compared to last week [4] - The production and import of cobalt sulfate in China may change, and the production of various battery materials such as ternary precursors, ternary materials, and lithium hexafluorophosphate in China in May is expected to have different trends [5] Transaction Strategy - Due to the uncertainty in tariff negotiations between the Trump administration and China and the weak domestic lithium demand outlook, lithium product prices are prone to decline. It is recommended to short on price rebounds, paying attention to the support level around 30,000 - 60,000 and the resistance level around 73,000 - 75,000 [5]