1. Report Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: December 25, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] 2. Core Viewpoints - Carbonate lithium futures rose to a new high in two years, with total positions decreasing by 9,244 lots and increasing capital exit sentiment. The spot price increased by 2,000 to 101,500, Australian ore rose by 30 to 1,435, mica rose by 85 to 3,210, ternary materials rose by 700 - 800, lithium iron phosphate rose by 470 - 490, and electrolyte prices remained flat. The industry chain price increase trend continued, and there was still fundamental support. However, the short - term deviation between futures and spot prices of carbonate lithium was large. As the LC2601 contract was about to enter delivery, the pressure of futures - spot convergence might slow down the short - term upward pace of lithium prices [11] 3. Industry News Summary - On December 24, Zhongwei Co., Ltd. stated on the interactive platform that it had acquired two salt lake lithium mines in Argentina at low cost at the bottom of the industry cycle, and 100% equity transfer procedures had been completed. The two salt lake lithium mines were still in the exploration and construction stage [12] - The National Development and Reform Commission and the National Energy Administration issued several opinions to promote the large - scale development of solar thermal power generation. They supported new energy bases such as large - scale "desert, Gobi, and wasteland" new energy bases for external transmission, water - wind - solar bases for external transmission, and various self - use bases with suitable technical and economic conditions to carry out solar thermal power station project construction. They would scientifically determine the installed capacity of solar thermal power generation in the bases, optimize and improve the base regulation capacity, increase the proportion of green electricity in the base, reduce the average carbon emissions per kilowatt - hour of the base, strengthen the stable transmission of new energy, and actively explore the role of technically and economically feasible solar thermal power stations as supporting and regulating power sources in large bases [12]

行业 碳酸锂期货日报 日期 2025 年 12 月 19 日 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 请阅读正文后的声明 碳酸锂期货冲高回落，在供应端扰动情绪褪去后，前日高点压制明显，日内电碳 涨 500 至 97550，澳矿涨 10 至 1340，云母涨 40 至 2825，三元涨 200-800，铁锂 涨 120，电解液持平，本周碳酸锂周度库存去库 1044 吨至 110425 吨，去库力度 继续放缓，预计将打压短期市场热情，不过在产业链涨价态势稳固的背景下，预 计锂价回调空间也有限。 二、 行业要闻 请阅读正文后的声明- 2 - ＃summary＃ 每日报告 一、 行情回顾与操作建议 图1：碳酸锂现货价及价差 图2：碳酸锂期货持仓 ...

Core Viewpoint - The lithium carbonate market is experiencing significant price fluctuations, with futures prices showing a notable increase followed by a slight decline, while the spot market is witnessing a decrease in average prices despite improved trading activity earlier in the week [1][3][9]. Supply Summary - As of December 11, lithium carbonate production reached 21,500 tons, reflecting a 0.9% increase week-on-week, with a capacity utilization rate of 48.75% [3][10]. - The production adjustment by some companies is attributed to regular procurement rhythms, while most production lines are operating at standard levels [3][10]. - The expected increase in lithium carbonate production aligns with a strengthening demand outlook, leading to a scenario where supply growth lags behind demand growth [4][10]. Demand Summary - The utilization rates for lithium iron phosphate and ternary materials are 75% and 56%, respectively, indicating varied demand levels [4][10]. - Retail sales of new energy vehicles in December showed a year-on-year decline of 17% and a month-on-month decline of 10% [4][11]. - The demand for ternary batteries remains strong, with an anticipated increase in production for high-end models in December [4][10]. Price Dynamics - The average price for battery-grade lithium carbonate decreased to 92,220 yuan/ton, down 920 yuan/ton from the previous period, while industrial-grade lithium carbonate fell to 91,060 yuan/ton, down 1,080 yuan/ton [3][9]. - Despite high prices suppressing immediate purchases, the market is supported by underlying demand from downstream sectors [7][12]. - The market is expected to experience a slowdown in inventory depletion due to a marginal easing of supply and demand dynamics in December [5][11]. Market Outlook - Analysts suggest that the current market is characterized by a mix of bullish and bearish factors, with expectations of inventory accumulation by the end of December and a potential decline in demand in January due to seasonal factors [5][11]. - The overall sentiment remains cautious, with ongoing monitoring of production recovery among major manufacturers influencing market volatility [5][11].

Group 1 - The company is closely monitoring the developments and trends in the solid-state battery industry [2] - Mica, as a natural insulating material, has potential application value in solid-state batteries due to its high-temperature resistance and good insulation properties [2] - The company has maintained close communication with relevant solid-state battery customers and is conducting product validation work [2] Group 2 - The company is actively exploring the application margins and value of its "Mica+" product layout in the solid-state battery industry [2]

Report Industry Investment Rating - Unilateral: Cautiously bullish; No positions recommended for inter - period, inter - commodity, spot - futures, and options [5] Core Viewpoints - The supply - demand pattern is improving with reduced inventory and production. Although some mines have obtained safety production licenses, there is still uncertainty in subsequent mine approvals. The lithium carbonate price may rise after a decline due to support from the consumer side, but the short - term market will be volatile, and participants should manage risks [3] Market Analysis - On August 27, 2025, the main lithium carbonate contract 2511 opened at 79,260 yuan/ton and closed at 78,860 yuan/ton, a - 0.23% change from the previous day's settlement price. The trading volume was 729,645 lots, and the open interest was 351,322 lots. The basis was 1,400 yuan/ton, and the number of lithium carbonate warehouse receipts was 27,477 lots, a change of 787 lots from the previous day [1] - Battery - grade lithium carbonate was priced at 79,600 - 83,600 yuan/ton, and industrial - grade lithium carbonate at 78,700 - 79,900 yuan/ton, both down 100 yuan/ton from the previous day. The price of 6% lithium concentrate was 920 US dollars/ton, unchanged from the previous day. The spot price of lithium carbonate continued to decline [1] - Due to pre - stockpiling by some downstream material factories, the weekly procurement volume decreased. The downstream is cautious, waiting for price drops. Despite this, the "Golden September and Silver October" season provides some rigid support for demand [1] Production and Inventory - Weekly production decreased by 842 tons to 19,138 tons. Production from spodumene increased, while that from mica decreased. Weekly inventory decreased by 713 tons to 141,543 tons. Downstream inventory increased significantly, and smelter inventory decreased [2] Strategy - Pay attention to mine operations. Lithium carbonate may rise after a decline, but short - term market fluctuations are large, and participants should manage risks [3]

Group 1 - The company, Kuncai Technology (603826.SH), primarily engages in the production and sales of pearlescent materials and mica, and does not currently involve plastic chemical management in its production process [1] - An investor inquired about the company's involvement with plastic chemicals and the absence of related disclosures in annual and ESG reports, questioning future plans for such disclosures [1]

Industry Overview - The mica industry is transitioning from traditional mineral processing to high-end new material manufacturing, revealing the deep restructuring of upstream materials due to the new energy revolution [1][11] - The market size of China's mica industry is projected to reach 8.37 billion yuan in 2024, with a year-on-year growth of 27.73% [1][11] - Synthetic mica technology breakthroughs are reshaping the industry landscape, with Zhejiang Rongtai developing nano-level mica composite materials that have improved breakdown strength to 25KV/mm, successfully entering the aerospace insulation field [1][11] Market Dynamics - In the electronic packaging sector, low dielectric constant mica sheets have achieved import substitution, with mica substrates for 5G base station filters capturing over 25% market share [1][11] - The "Expansion of Domestic Demand Strategic Plan" includes mica in the research directory for frontier new materials, and the upgrade of safety standards for power batteries directly boosts the demand for high-end mica [1][11] Industry Development Stages - The mica industry in China has experienced four main stages: initial development (1950-1960s), rapid growth (1970-1980s), industrial upgrading (1990-2000s), and innovative development (2010-present) [4][5] - The current phase emphasizes the application of mica products in new energy vehicle battery thermal runaway protection, with mandatory safety standards implemented in 2021 driving demand growth [5][11] Key Enterprises - Major companies in the mica industry include Ping An Electric (001359), Zhejiang Rongtai (603119), and Dongcai Technology (601208), with a competitive landscape characterized by leading enterprises and diverse players [2][15] - Ping An Electric has a comprehensive supply chain capability from mica mining to end insulation material production, widely applied in high-end sectors such as new energy vehicles and energy storage systems [15][17] - Zhejiang Rongtai focuses on high-temperature insulation mica products, with over 70% of its revenue coming from the new energy vehicle sector, showcasing significant growth [19] Future Trends - Technological innovation is driving industry upgrades, with synthetic mica and functionalized materials becoming mainstream [21] - The explosive growth in new energy demand, particularly in power batteries and energy storage markets, is expected to significantly increase the demand for mica materials [22][23] - Globalization is accelerating, with Chinese mica companies transitioning from "product export" to "technology output," enhancing international market penetration [24]

Core Points - Fujian Kuncai Material Technology Co., Ltd. is established as a joint-stock company in accordance with the Company Law and Securities Law of the People's Republic of China [1][2] - The company was approved by the China Securities Regulatory Commission to issue 90 million shares of ordinary stock to the public on March 17, 2017 [1] - The registered capital of the company is RMB 655.2 million [1][2] Chapter Summaries General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors while regulating its organization and operations [1] - The company is registered in Fuzhou, Fujian, with a unified social credit code [1] - The company is a permanent joint-stock company [2] Business Objectives and Scope - The company's business objective is to create value for customers, benefits for shareholders, and assume social responsibilities [3] - The business scope includes the production and sale of pearlescent materials and mica, as well as the research, production, and sale of lithium battery materials [3] Shares - The company issues shares in the form of stocks, including ordinary and preferred shares [4] - The total number of shares is 655,200,000, all of which are ordinary shares with a par value of RMB 1 per share [4][5] - The company prohibits providing financial assistance for the purchase of its shares, except under specific conditions approved by the shareholders' meeting [5] Shareholder Rights and Obligations - Shareholders have rights proportional to their shareholdings, including the right to dividends and participation in shareholder meetings [10][11] - Shareholders holding more than 5% of shares must report any pledges of their shares to the company [14] - Shareholders are obligated to comply with laws and the company's articles of association [14] Board of Directors and Management - The board of directors is responsible for the company's operations and must act in the best interests of the company and its shareholders [19] - The company must maintain financial independence and avoid conflicts of interest with controlling shareholders [16][19] Shareholder Meetings - The company must hold annual shareholder meetings within six months after the end of the fiscal year [49] - Shareholders holding more than 10% of shares can request the board to convene a temporary shareholder meeting [26] - The notice for shareholder meetings must include details about the meeting's agenda and the rights of shareholders to participate [62][63]