Investment Ratings - The report maintains a "Buy" rating for both the Electric Power Equipment and Environmental Protection sectors [1]. Core Insights - The market is beginning to focus on the new energy landscape post-conflict, with the electric power sector showing defensive attributes and performing well amid heightened market risk aversion due to uncertainties in Iran [3]. - The lithium battery sector is expected to perform well in the upcoming April earnings season, driven by strong sales data for power and energy storage batteries, with a cumulative sales volume of 262.0 GWh in January and February, representing a year-on-year growth of 53.8% [3]. - The report suggests a ranking of importance for various new energy sectors: lithium batteries, energy storage, electric power equipment, wind power, and photovoltaics [3]. Summary by Sections Lithium Battery Sector - The lithium battery market is experiencing tight supply, with concerns over future supply impacting market sentiment. The average battery capacity for new energy vehicles in China has increased to 64.9 kWh, a year-on-year growth of 32.3% [4]. - The report highlights structural opportunities in the materials sector, recommending attention to companies like Bofeng Technology and Ningde Times [22]. Energy Storage - The domestic energy storage market is expected to rebound due to the release of capacity pricing policies, with ongoing monitoring of bidding data and installation figures necessary [6]. - In the overseas market, the U.S. is expected to see a resurgence in energy storage demand due to ongoing electricity shortages [6]. Wind Power - The report anticipates a significant increase in domestic wind power installations, with a projected 119.33 GW of new capacity in 2025, a year-on-year growth of 50.4% [7]. - The average bidding price for wind power equipment is also highlighted, with a notable decrease in the bidding capacity for 2025 [12]. Photovoltaics - The report notes a decline in prices across the photovoltaic supply chain, with silicon material prices continuing to drop due to low purchasing intentions from downstream buyers [32]. - The profitability of various segments within the photovoltaic industry remains under pressure, with no segment currently generating operational profits [32]. Investment Recommendations - The report recommends focusing on the European offshore wind sector and related equipment manufacturers, as the market is expected to see significant growth from 2026 to 2030 [16]. - In the lithium battery sector, the report suggests that high oil prices will drive increased penetration of electric vehicles, with a notable increase in exports of new energy vehicles [20].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The Shanghai nickel market showed a narrow - range oscillation this week. Although there was intense short - term competition between bulls and bears, the medium - to - long - term outlook remains bullish. The nickel inventory is at a high level in the same period. Nickel ore supply is tight, with domestic trade ore premiums at a high level. The downstream stainless steel de - stocking is slow, and the inventory is still high. The expected peak season of "Golden March and Silver April" is still favored by the market. The estimated operating range of the Shanghai nickel main contract is approximately 129,000 to 150,000 yuan/ton, and that of the stainless steel main contract is about 13,600 to 14,800 yuan/ton [32] 3. Summary by Directory 3.1 Market Review - The report presents the price trend of the nickel futures main contract, but no specific analysis is provided in the given content [5] 3.2 Fundamental Analysis - **Upstream**: The report shows the inventory of Chinese nickel ore ports, but no detailed analysis is given [8] - **Midstream**: It includes the price of electrolytic nickel, the price of nickel sulfate, the monthly import volume of ferronickel and the Fubao price of 8 - 12% ferronickel, but no in - depth analysis is provided [11][13][15] - **Downstream**: It covers the price of stainless steel, stainless steel futures positions, Wuxi stainless steel inventory, the production of power and energy - storage batteries, and the production of new - energy vehicles, but no detailed analysis is given [17][19][22][24][27] 3.3 Future Outlook - In the US, the recent escalation of the Middle East conflict has led to a sharp rise in oil prices, which may push up inflation expectations again and further reduce the room for interest - rate cuts. The Fed's future policy path will depend on data, especially the evolution of inflation and the employment market. In China, the economy is in the beginning year of the "15th Five - Year Plan", facing a complex situation of structural transformation and both internal and external challenges. The government's economic growth target for 2026 is set at 4.5% - 5%, and the policy focus is on "expanding domestic demand and building a strong domestic market" while cultivating new - quality productivity [32]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [6]. Core Insights - In February 2026, the production and sales of new energy vehicles (NEVs) and batteries showed a decline year-on-year due to multiple factors including policy adjustments, demand front-loading, and insufficient consumer willingness [5]. - Despite the decline in NEV sales, the sales of power and energy storage batteries maintained growth, with a year-on-year increase of 41.3% in production and 25.7% in sales for February 2026 [5]. - The report anticipates a quick recovery in lithium battery market demand in March 2026, driven by various promotional activities and new product launches [5]. Summary by Sections New Energy Vehicle Market - In February 2026, NEV production and sales were 694,000 and 765,000 units respectively, showing year-on-year declines of 21.8% and 14.2% [5]. - The domestic sales of NEVs in February were 483,000 units, a year-on-year decrease of 36.4% [5]. - NEV export reached 282,000 units, marking a year-on-year increase of 110% [5]. Battery Production and Sales - In February 2026, the production of power and energy storage batteries was 141.6 GWh, with a year-on-year growth of 41.3% [5]. - Battery sales for February were 113.2 GWh, with a year-on-year increase of 25.7% [5]. - The export of batteries was 23.9 GWh, reflecting a year-on-year growth of 13.2% [5]. Market Outlook - The report suggests that the overall demand for lithium batteries is expected to maintain an optimistic growth rate throughout the year, with supply-demand dynamics improving [5]. - Solid-state battery development is progressing, which is anticipated to create incremental demand for materials and equipment in the industry [5]. - Key companies to watch include CATL, EVE Energy, and others involved in critical segments of the battery supply chain [5].

Core Insights - The report highlights a significant narrowing of the U.S. trade deficit in January, which decreased by over 25% to $54.5 billion compared to the previous month [2] - The semiconductor industry is experiencing a new wave of price increases, with some products seeing price hikes of up to 85% [2] - In February, China's sales of power and energy storage batteries reached 113.2 GWh, marking a year-on-year growth of 25.7% [2] Economic Data - The report provides key economic indicators, including the Baltic Dry Index at 1926.00, which increased by 0.36%, and the Nasdaq Index, which decreased by 1.78% to 22,311.98 [4] - The report notes the performance of various indices, with the Dow Jones Industrial Average down by 1.56% to 46,677.85 and the S&P 500 down by 1.52% to 6,672.62 [4] - The report also mentions the rise in U.S. Treasury yields, with the 2-year yield increasing by 9.43 basis points to 3.743% [4]

Domestic News - China's Ministry of Foreign Affairs opposes the U.S. using "overcapacity" as a pretext for political manipulation in trade investigations against 16 trade partners, including China [2] Automotive Industry - In February, China's sales of power and energy storage batteries reached 113.2 GWh, a year-on-year increase of 25.7%, but a month-on-month decrease of 23.9% [3] - Honda Motor Co. forecasts its first annual net loss since its listing in 1957, estimating a loss between 420 billion yen and 690 billion yen for the fiscal year 2025 [4] - BYD has initiated large-scale recruitment, with over 1,000 positions for operators and more than 1,100 for technical workers, as its employee count surpasses 900,000 [10] - Li Auto reported a revenue of 112.3 billion yuan and a net profit of 1.1 billion yuan for the fiscal year, marking three consecutive years of profitability [11] - HeSai Technology's second-generation solid-state radar FTX has been selected for Changan Automobile's next-generation L3 platform, indicating a move towards mass adoption of advanced driving systems [12] - Jianghuai Automobile reported a February sales figure of 20,300 units, a year-on-year decline of 24.51% [13] - NIO's founder stated that rising prices of raw materials like memory chips could impact high-end models by nearly 10,000 yuan, but the company has no plans to adjust prices [14] Technology and Innovation - NVIDIA's CEO demonstrated the company's full-stack autonomous driving software platform, DRIVE AV, in a 22-minute video without any human intervention [5] - LG Energy plans to commercialize a new high-performance lithium iron phosphate (LFP) battery aimed at the growing energy storage market by 2027 [6] Market Trends - Japan's gasoline prices have surged to their highest increase since 1990, with retail prices rising from over 150 yen per liter to above 190 yen due to disruptions in the Strait of Hormuz [7] - Porsche's revenue for 2025 is projected to decline by 9.5% to 36.27 billion euros, with operating profit dropping 92.7% to 410 million euros and sales down 10.1% to 279,000 units [8] Financing and Investment - Gataran Microelectronics has completed over 1 billion yuan in Series E financing, with participation from various investment institutions [15]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The supply - demand situation of lithium carbonate shows that the supply side has some uncertainties, such as the non - resumption of the Ningde Jianxiawo mine, the suspension of all raw ore and lithium concentrate exports by the Zimbabwean Ministry of Mines, and the ongoing disturbances in Yichun's mining licenses. The cost of imported lithium spodumene concentrate has increased, and the weekly production of lithium carbonate has increased by 1,850 tons to 23,000 tons last week, with a 17.6% month - on - month decrease in February production. In December 2025, the import of lithium concentrate in China was 789,000 tons, a month - on - month increase of 8.1%, and the import of lithium carbonate was about 24,000 tons, a month - on - month increase of 8.7% and a year - on - year decrease of 14.4%. The demand side is in a pattern of strong supply and demand, with an overall increase in production scheduling in March. The inventory of lithium carbonate is in a destocking state this week. Considering the above factors, the price of lithium carbonate is expected to continue to fluctuate [5][6][7]. 3. Summary According to Relevant Catalogs 3.1 Weekly Viewpoint 3.1.1 Supply - side Situation - The weekly production of lithium carbonate increased by 1,850 tons to 23,000 tons last week, and the production in February decreased by 17.6% month - on - month. The Ningde Jianxiawo mine has not resumed production, the Zimbabwean Ministry of Mines has suspended all raw ore and lithium concentrate exports, and there are still disturbances in Yichun's mining licenses. In the third quarter, Australian mines achieved cost control, and there is extremely limited room for further cost reduction. In December 2025, the import of lithium concentrate in China was 789,000 tons, a month - on - month increase of 8.1%. The top three countries in terms of import volume were Australia, Zimbabwe, and Nigeria. The import of lithium carbonate in December was 23,989 tons, a month - on - month increase of 9%. The CIF price of imported lithium spodumene concentrate increased week - on - week, and the weekly operating rate of lithium carbonate smelting rose to about 55% [5]. 3.1.2 Demand - side Situation - In March, the overall production scheduling increased month - on - month, and the industrial chain is in a pattern of strong supply and demand. In January, the total production of power and energy - storage batteries in China was 168.0 GWh, a month - on - month decrease of 16.7% and a year - on - year increase of 55.9%. The total export of power and energy - storage batteries was 24.1 GWh, a month - on - month decrease of 26.0% and a year - on - year increase of 38.3%. The sales volume of power and energy - storage batteries was 148.8 GWh, a month - on - month decrease of 25.4% and a year - on - year increase of 85.1%. The new - energy vehicle purchase tax policy is expected to continue to support the rapid growth of China's new - energy vehicle market sales [6]. 3.1.3 Inventory Situation - This week, the inventory of lithium carbonate is in a destocking state. The factory inventory decreased by 4,970 tons, the market inventory increased by 6,002 tons, and the futures inventory decreased by 2,131 tons [6]. 3.1.4 Strategy Suggestions - Considering the supply side, the Ningde Jianxiawo mine is still shut down, there are still risks in Yichun's mining licenses, and the subsequent import of South American lithium salts is expected to supplement the supply. On the demand side, the industrial chain is in a pattern of strong supply and demand. The suspension of exports by Zimbabwe and the risks in Yichun's mining licenses have led to concerns about supply disturbances. With the profit recovery, the production of lithium from ore continues to increase, and the cost center has shifted upwards. The resumption of production at Ningde Jianxiawo is postponed, the shipment of South American lithium salts increases, and the inventory continues to decline. Attention should be paid to the progress of Zimbabwe's export ban and the disturbances at the Yichun mining end. With both supply and demand increasing, the price of lithium carbonate is expected to continue to fluctuate [7]. 3.2 Key Data Tracking - The report presents multiple data charts, including the spot - price trend of lithium carbonate, weekly and monthly production of lithium carbonate, weekly and monthly inventory of lithium carbonate, average price of lithium carbonate (99.2% industrial - grade), monthly factory inventory of lithium carbonate, average price of imported lithium concentrate, production of power and other batteries, production of lithium carbonate from different raw materials in February 2026, difference between domestic power - battery production and loading volume, production of lithium iron phosphate, production of ternary materials, average production cost of lithium carbonate, average price of lithium iron phosphate (power - type), import volume of lithium spodumene, and market price of ternary materials (8 - series NCA type) [9][10][13][15][19][20][22][25][26][28][32][34][39][40].

Report Information - Report title: Carbonate Lithium Weekly Report [2] - Report date: March 2, 2026 [3] Industry Investment Rating - Not provided Core Viewpoints - The supply side faces issues such as the non - resumption of the Ningde Jianxiawo mine, the suspension of lithium ore exports in Zimbabwe, and ongoing mining license disturbances in Yichun. Although imports have increased, the overall cost is rising, and the cost reduction space for Australian mines is limited. Some lithium ore - purchasing manufacturers face cost - price inversion [5][7]. - The demand side shows a pattern of strong supply and demand. The overall production schedule in March has increased month - on - month, and policies such as the new energy vehicle purchase tax are expected to support the growth of the new energy vehicle market [6]. - The inventory of lithium carbonate is in a destocking state. Considering the continuous supply disturbances and the strong downstream demand, it is expected that the price of lithium carbonate will continue to fluctuate [6][7]. Summary by Directory 01. Weekly Views Supply - side situation - Production: The weekly production of lithium carbonate increased by 165 tons to 21,150 tons, and the January production decreased by 3% month - on - month [5]. - Mines: The Ningde Jianxiawo mine has not resumed production, the Zimbabwe Ministry of Mines announced a suspension of all raw ore and lithium concentrate exports, and there are still disturbances regarding mining licenses in Yichun. The cost control of Australian mines in the third quarter has limited further cost - reduction space [5]. - Imports: In December 2025, the import of lithium concentrate in China was 789,000 tons, a month - on - month increase of 8.1%. The top three importing countries were Australia, Zimbabwe, and Nigeria. The import of lithium carbonate in December was 23,989 tons, a month - on - month increase of 9% [5]. - Cost: The CIF price of imported lithium spodumene concentrate decreased week - on - week. Some manufacturers producing lithium carbonate by purchasing lithium ore faced cost - price inversion. Self - owned ore and salt lake enterprises had certain profit support, and lithium hydroxide manufacturers faced greater cost pressure [5]. Demand - side situation - Production and sales: In March, the overall production schedule increased month - on - month. In January, the combined output of power and energy storage batteries in China was 168.0 GWh, a month - on - month decrease of 16.7% but a year - on - year increase of 55.9%. The combined export was 24.1 GWh, a month - on - month decrease of 26.0% but a year - on - year increase of 38.3%. The sales volume was 148.8 GWh, a month - on - month decrease of 25.4% but a year - on - year increase of 85.1% [6]. - Policy: The new energy vehicle purchase tax policy is expected to support the rapid growth of the new energy vehicle market in China [6]. Inventory situation - This week, the inventory of lithium carbonate showed a destocking state [6]. Strategy suggestions - Considering the supply - side disturbances such as the non - resumption of the Ningde Jianxiawo mine, the suspension of exports in Zimbabwe, and the Yichun mining license risks, along with the strong downstream demand and the continuation of the destocking trend, it is expected that the subsequent import of lithium salts from South America will supplement the supply. The price of lithium carbonate is expected to continue to fluctuate. Attention should be paid to the progress of the Zimbabwe export ban and the Yichun mining - end disturbances [7]. 02. Key Data Tracking - The report presents multiple data charts, including the spot tax - included average price of lithium carbonate, weekly and monthly production of lithium carbonate, weekly and monthly inventory of lithium carbonate, average prices of industrial - grade lithium carbonate and lithium concentrate, monthly factory inventory of lithium, production of power and other batteries, production volume differences of domestic power batteries and lithium iron phosphate, monthly production of lithium iron phosphate and ternary materials, average production cost of lithium carbonate, average price of power - type lithium iron phosphate, import volume of lithium spodumene, and market price of ternary material 8 - series NCA - type [9][10][13][17][19][21][24][27][29][31][35][36]. - In January 2026, the production of lithium carbonate from different raw materials accounted for 18.06% from salt lakes, 24.55% from lithium mica, and 45.37% from lithium spodumene [22][23].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The market expectation for lithium carbonate is rising, and the futures market is running strongly. It is recommended to hold a light position and wait and see before the Spring Festival. [2][5] 3. Summary by Relevant Catalogs 3.1 Futures Market - The price of the main contract of lithium carbonate futures rose significantly to 150,260 yuan/ton. The long - short ratio of net capital positions decreased slightly, and the daily inventory of lithium carbonate on the GZFE decreased by 10 lots to 35,527 lots. [3] 3.2 Spot Market - The average price of SMM electric carbon is 138,000 yuan/ton, and the price difference between electric carbon and industrial carbon is 3,500 yuan/ton. Although the futures market is strong, the spot market sentiment is cautious. Most enterprises are in a wait - and - see state with low psychological price expectations, and the market inquiry and trading volume are still light. [3] 3.3 Supply Side - Last week, raw material prices in the raw material market generally declined. The SMM total weekly operating rate was 47.29% (-2.21%), and the operating rates of all processes except lithium mica decreased. The SMM weekly total output was 20,744 tons (-825 tons). [4] 3.4 Demand Side - Last week, the production of lithium iron phosphate and ternary materials decreased slightly, and inventory was destocked. As of January 18, the penetration rate of new energy vehicle sales increased to 55.6%. In January, the total production of power and energy storage batteries in China was 168.0 GWh, a month - on - month decrease of 16.7% and a year - on - year increase of 55.9%; the sales volume was 148.8 GWh, a month - on - month decrease of 25.4% and a year - on - year increase of 85.1%. Energy storage cells performed strongly with high production and sales and low inventory. [4] 3.5 Inventory Side - According to SMM data, the social inventory of four sample areas increased by 3.73% week - on - week to 43,050 tons, the sample weekly inventory decreased by 2,019 tons to 105,463 tons, the total inventory days increased to 30 days, and the downstream inventory days increased to 11.8 days (a week - on - week increase of 9.26%), showing passive inventory accumulation, structural differentiation, and poor transmission. [4] 3.6 Macro Policy - On the demand side, multiple incentives such as car trade - in subsidies and battery export tax rebates stimulate terminal consumption and improve macro - liquidity. On the supply side, on January 15, the National Development and Reform Commission proposed to introduce management measures for the comprehensive utilization of new energy vehicle power batteries to improve recycling thresholds and eliminate backward production capacity, which will optimize the domestic supply structure in the long term and raise the cost support center. Industrial planning, including the Qinghai Salt Lake industry plan, the key points of energy storage in the 15th Five - Year Plan, and a series of arrangements in the Central Economic Work Conference, form synergistic benefits to support long - term supply - demand balance. The central bank's structural interest rate cut indirectly strengthens the medium - and long - term macro - favorable atmosphere. [5]

Group 1: Production Data - In January 2026, the total production of power and energy storage batteries in China was 168.0 GWh, a month-on-month decrease of 16.7% but a year-on-year increase of 55.9% [1][6]. - The production of ternary batteries was 31.3 GWh, accounting for 18.6% of total production, with a month-on-month decrease of 23.1% and a year-on-year increase of 51.1% [13]. - The production of lithium iron phosphate batteries was 136.7 GWh, making up 81.3% of total production, with a month-on-month decrease of 14.8% and a year-on-year increase of 57.1% [13]. Group 2: Sales Data - In January 2026, the total sales of power and energy storage batteries in China reached 148.8 GWh, a month-on-month decrease of 25.4% but a year-on-year increase of 85.1% [2][14]. - Power battery sales were 102.7 GWh, accounting for 69.0% of total sales, with a month-on-month decrease of 28.6% and a year-on-year increase of 63.2% [2][18]. - Energy storage battery sales were 46.1 GWh, making up 31.0% of total sales, with a month-on-month decrease of 17.0% and a year-on-year increase of 164.0% [2][19]. Group 3: Export Data - In January 2026, the total export of power and energy storage batteries was 24.1 GWh, a month-on-month decrease of 26.0% but a year-on-year increase of 38.3%, accounting for 16.2% of total sales [2][22]. - Power battery exports were 17.7 GWh, representing 73.3% of total exports, with a month-on-month decrease of 7.1% and a year-on-year increase of 59.3% [2][24]. - Energy storage battery exports were 6.4 GWh, accounting for 26.7% of total exports, with a month-on-month decrease of 52.6% and a year-on-year increase of 1.4% [2][26]. Group 4: Installation Data - The domestic installation of power batteries in January 2026 was 42.0 GWh, a month-on-month decrease of 57.2% but a year-on-year increase of 8.4% [3][40]. - Ternary battery installations were 9.4 GWh, accounting for 22.3% of total installations, with a month-on-month decrease of 48.6% and a year-on-year increase of 9.6% [3][44]. - Lithium iron phosphate battery installations were 32.7 GWh, making up 77.7% of total installations, with a month-on-month decrease of 59.1% and a year-on-year increase of 8.1% [3][44]. Group 5: Key Material Demand - In January 2026, the demand for key materials for power and energy storage batteries included 63,000 tons of ternary materials and 342,000 tons of lithium iron phosphate materials [64][65]. - The demand for negative electrode materials was 235,000 tons, while the demand for separators was 3.36 billion square meters [64]. - The demand for electrolyte for ternary batteries was 28,000 tons, and for lithium iron phosphate batteries, it was 205,000 tons [64][65].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The supply side shows that the production of lithium carbonate decreased by 375 tons to 23,685 tons last week, and the January production decreased by 3% month - on - month. The Ningde Jianxiawo mine has not resumed production, and mines in Yichun and Qinghai are facing permit review. Overseas imports in December 2025 showed an 8.1% month - on - month increase in lithium concentrate imports, and a 9% increase in lithium carbonate imports. Some lithium ore - purchasing manufacturers face cost inversion, while self - owned ore and salt lake enterprises have profit support, and lithium hydroxide manufacturers face high cost pressure [5]. - On the demand side, the overall production schedule in February decreased month - on - month, while that of large battery cell factories increased in December. In December, the combined production of power and energy - storage batteries was 201.7GWh, with a month - on - month increase of 14.4% and a year - on - year increase of 62.1%. Exports were 32.6GWh, with a month - on - month increase of 1.3% and a year - on - year increase of 49.2%, accounting for 16.4% of the monthly sales. The new energy vehicle market is expected to grow due to policies [6]. - In terms of inventory, lithium carbonate inventory is in a destocking state. Factory inventory increased by 1,010 tons, market inventory decreased by 6,575 tons, and futures inventory increased by 3,146 tons [6]. - It is expected that the price of lithium carbonate will continue to fluctuate and adjust. Although the demand for exports is strong and the destocking trend continues, the supply is expected to be supplemented by South American lithium salt imports. Entering the off - season of power demand with increasing supply, the price will likely remain volatile [6]. 3. Summary by Directory 3.1. Weekly Viewpoint Supply - Last week's lithium carbonate production decreased by 375 tons to 23,685 tons, and January production decreased by 3% month - on - month. The Ningde Jianxiawo mine has not resumed production, and Yichun and Qinghai production enterprises received mine permit review notices. Some mines in Jiangxi may face shutdown. In the third quarter, Australian mines achieved cost control, with limited further cost - reduction space. In December 2025, China imported 789,000 tons of lithium concentrate, an 8.1% month - on - month increase. The top three importing countries were Australia, Zimbabwe, and Nigeria. Lithium carbonate imports in December were 23,989 tons, a 9% month - on - month increase [5]. - The CIF price of imported lithium spodumene concentrate decreased week - on - week. Some manufacturers purchasing lithium ore face cost inversion, while self - owned ore and salt lake enterprises have profit support, and lithium hydroxide manufacturers face high cost pressure [5]. Demand - The overall production schedule in February decreased month - on - month, while that of large battery cell factories increased in December. In December, the combined production of power and energy - storage batteries was 201.7GWh, with a month - on - month increase of 14.4% and a year - on - year increase of 62.1%. Exports were 32.6GWh, with a month - on - month increase of 1.3% and a year - on - year increase of 49.2%, accounting for 16.4% of the monthly sales. The new energy vehicle market is expected to grow due to policies [6]. Inventory - This week, lithium carbonate inventory is in a destocking state. Factory inventory increased by 1,010 tons, market inventory decreased by 6,575 tons, and futures inventory increased by 3,146 tons [6]. Strategy Suggestion - From the supply side, the Ningde Jianxiawo mine is still shut down, and there are risks in Yichun's mine permits. January's domestic lithium carbonate production decreased by 3% month - on - month. December's lithium concentrate imports were 789,000 tons, an 8.1% month - on - month increase, and lithium carbonate imports were about 24,000 tons, an 8.7% month - on - month increase and a 14.4% year - on - year decrease. Strong downstream demand for exports and the destocking trend continue. It is expected that South American lithium salt imports will supplement the supply. - From the demand side, the production schedule in February decreased month - on - month, while it increased significantly in January due to export rush. The cathode production schedule in November increased by 2% month - on - month. There are continuous risks in Yichun's mine permits. With profit restoration, lithium production from ore continues to increase, and the cost center shifts upward. The resumption of production at Ningde Jianxiawo is postponed, and the pre - demand for battery exports drives downstream production increase. Inventory continues to decline, and South American lithium salt shipments increase. Attention should be paid to the disturbances at Yichun's mine end. Entering the off - season of power demand with increasing supply, it is expected that the price of lithium carbonate will continue to fluctuate and adjust [6]. 3.2. Key Data Tracking - The document provides multiple data charts, including the spot含税均价 of lithium carbonate, weekly and monthly production of lithium carbonate, weekly inventory of lithium carbonate, average price of industrial - grade lithium carbonate, average price of imported lithium concentrate, monthly factory inventory, production of power and other batteries, production of lithium iron phosphate, average production cost of lithium carbonate, production of ternary materials, average price of power - type lithium iron phosphate, import volume of lithium spodumene, market price of ternary materials, and import volume of lithium carbonate [8][9][11][12][16][18][20][27][29][30][33][34]. - In 2026 January, the production of lithium carbonate from different raw materials accounted for 18.06% from salt lakes, 24.55% from lithium mica, and 45.37% from lithium spodumene [21][22].