库存与仓单：碳酸锂库存周环比下降713吨至141543吨，去库幅度0.5%，显 示供需紧平衡格局延续。仓单暂无显著异动，低库存环境对价格底部支撑 仍在。 供应缩减迎上需求旺季，碳酸锂短期延续高位波动 一、日度市场总结 碳酸锂期货市场数据变动分析 主力合约与基差：8月26日碳酸锂主力合约收于79020元/吨，较前一交易日 小幅回落0.45%。基差继续走弱，从25日的3320元/吨降至2680元/吨，期货 对现货贴水扩大，市场对远期供给压力的预期有所增强。 持仓与成交：主力合约持仓量单日减少19171手，成交量亦收缩10.7%至 559599手，资金交投活跃度降温，部分多头避险离场。 产业链供需及库存变化分析 供给端：短期扰动与长期调整并存。宁德时代江西枧下窝锂云母矿区自8月 10日停产后，供给端收缩预期对现货形成支撑；但盐湖提锂扩产项目持续 推进，叠加碳酸锂产能利用率周环比上升2.49个百分点至66.41%，总体供 应边际回升。进口方面，7月碳酸锂进口量环比减少22%至13845吨，但智利 7月对华出口量环比反弹33%，海外供给季节性恢复或缓解国内资源偏紧格 局。 需求端：旺季需求韧性尚存但上行乏力。8月1-1 ...

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The short - term price of lithium carbonate futures may continue to fluctuate at a high level, but the upward space is restricted by the contradiction between supply and demand. Supply disturbances push up costs, but demand resilience is questionable, and capital sentiment dominates the market. There is a risk of a high - level correction if demand - side restocking falls short of expectations in the future [3]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary - **Futures Market Data Changes**: On August 8, the price of the lithium carbonate futures main contract rose significantly to 76,960 yuan/ton, a 6.45% increase from the previous day; the basis weakened significantly to - 5,710 yuan/ton, widening by 4,560 yuan/ton. The main contract's open interest exceeded 320,000 lots, a 10.65% increase, and the trading volume increased by 16.82% to 896,000 lots [1]. 3.2 Supply - Demand and Inventory Changes in the Industrial Chain - **Supply Side**: The prices of spodumene concentrate and lepidolite concentrate increased by 5.26% and 1.12% respectively during the week, strengthening the raw material cost support. Although the capacity utilization rate of lithium carbonate remained flat at 63.92%, the suspension of production at Ningde's Jiaxiaowo Mine and the slowdown of Pilbara's expansion in Australia strengthened the bullish sentiment on the supply side [2]. - **Demand Side**: The prices of downstream cathode materials continued to rise, with power - type lithium iron phosphate rising 0.86% to 32,850 yuan/ton. However, the demand for new energy vehicles weakened marginally, with new energy retail sales in July decreasing by 10% to 1.003 million vehicles, and the momentum for restocking in the peak season remains to be verified [2]. - **Inventory and Warehouse Receipts**: The total inventory of lithium carbonate increased slightly by 0.49% to 142,418 tons. The increased inquiry activity in the spot market and the restocking expectation in the middle of the industrial chain provided short - term support for prices [2]. 3.3 Price Trend Judgment - The short - term trend of the lithium carbonate futures main contract may continue to fluctuate at a high level, but the upward space is restricted by the contradiction between supply and demand. Supply disturbances push up costs, but demand resilience is questionable, and capital sentiment dominates. In the next 1 - 2 weeks, attention should be paid to the implementation of mining policies in Jiangxi and the production fulfillment of cathode materials in mid - to - late August. If restocking on the demand side falls short of expectations, there is a risk of a high - level correction [3]. 3.4 Industrial Chain Price Monitoring - On August 8, the price of the lithium carbonate futures main contract was 76,960 yuan/ton, a 6.45% increase from the previous day; the basis was - 5,710 yuan/ton, a significant weakening. The open interest and trading volume increased significantly. The prices of lithium carbonate, lithium concentrate, and cathode materials showed different degrees of change, while the prices of some batteries remained stable [5]. 3.5 Industry Dynamics and Interpretation - **Spot Market Quotations**: On August 8, the SMM battery - grade lithium carbonate index price was 71,961 yuan/ton, an increase of 1,012 yuan/ton from the previous working day. With the increase in the production plans of downstream cathode materials and battery cell enterprises in August, the market procurement demand showed a warming trend, and the inquiry activity increased significantly. The expected short - term supply tightening and the approaching peak demand season increased the probability of a short - term price increase [6]. - **Downstream Consumption Situation**: According to preliminary statistics from the Passenger Car Association, from July 1 - 31, the national passenger car new energy market retail sales were 1.003 million vehicles, a 14% increase year - on - year but a 10% decrease from the previous month. The new energy market retail penetration rate was 54.7%. The wholesale volume of new energy vehicles by manufacturers was 1.179 million vehicles, a 25% increase year - on - year but a 4% decrease from the previous month [7]. - **Industry News**: In July, driven by the national "anti - involution" policy, the photovoltaic and lithium - battery sectors adjusted rapidly, and funds flowed in, driving up the futures prices of industrial silicon, polysilicon, and lithium carbonate. The lithium carbonate futures main contract rose from a low of 58,400 yuan/ton on June 23 to a high of 80,520 yuan/ton on July 25, with a maximum increase of 37.88% [8].

Group 1: Report Summary Investment Rating - Not provided in the report Core View - The current market shows a weak supply - demand balance. The supply - side capacity utilization is rising, while the demand - side experiences a seasonal decline in new energy vehicle sales but an enhanced long - term demand expectation from emerging applications. The rapid convergence of the basis indicates a narrowing of the spot - futures arbitrage space, and the continuous increase in open interest implies intensified divergence. The market is expected to remain in a low - level oscillation pattern in the next 1 - 2 weeks, with the core suppressing factors being the mainly rigid demand in the spot market and the expected resumption of mines in Jiangxi. However, the downside of the market may be supported by technical buying and long - term demand prospects [3] Summary by Section 1. Daily Market Summary - **Futures Market Data**: On August 6, 2025, the main contract of lithium carbonate rose by 1,780 yuan/ton to 69,620 yuan/ton. The basis weakened significantly, narrowing from 3,810 yuan/ton to 2,030 yuan/ton. The open interest of the main contract increased by 11.08% to 257,770 lots, reaching a recent high, with intense long - short competition. The trading volume decreased slightly by 2.71% to 425,359 lots, and market activity cooled slightly [1][5] - **Supply - Demand and Inventory**: The weekly capacity utilization of lithium carbonate increased by 1.72 percentage points to 63.92%, driven by the increased production of the salt lake lithium extraction process. The prices of spodumene and lepidolite concentrates remained stable. In the long - term, a 1.35 - billion - yuan solid - state battery project in Sichuan's Ganmei Industrial Park passed the environmental assessment in late July, which may force traditional lithium salt enterprises to upgrade their technologies. Downstream demand was divided. In July, new energy vehicle retail sales decreased by 17% month - on - month to 789,000 units. The price of power - type lithium iron phosphate decreased by 0.18% month - on - month, and the price of lithium hexafluorophosphate decreased by 0.48%. Lithium carbonate inventory decreased by 1,444 tons to 141,726 tons, with continuous destocking for two weeks but at a slower pace [2][5] 2. Industrial Chain Price Monitoring - The prices of the main contract of lithium carbonate, basis, open interest, trading volume, battery - grade lithium carbonate, spodumene concentrate, lepidolite concentrate, lithium hexafluorophosphate, power - type ternary materials, and power - type lithium iron phosphate on August 6, 2025, and their changes compared with the previous day or previous period are presented in a table, along with the capacity utilization and inventory changes of lithium carbonate and the prices of some battery cells [5] 3. Industry Dynamics and Interpretation - **Spot Market Quotation**: On August 6, the SMM battery - grade lithium carbonate index price was 70,731 yuan/ton, down 257 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 70,950 yuan/ton, and that of industrial - grade lithium carbonate was 68,850 yuan/ton, both down 250 yuan/ton. In August, the procurement demand in the market showed a warming trend, but actual transactions were mainly rigid demand due to the strong basis in the spot market. Downstream enterprises remained cautious and did not show obvious inventory restocking behavior. Information on mines in Jiangxi has not been officially confirmed [6] - **Downstream Consumption**: According to the Passenger Car Association data on July 30, from July 1 - 27, the retail sales of new energy vehicles in the national passenger car market were 789,000 units, a 15% year - on - year increase but a 17% month - on - month decrease. The retail penetration rate of the new energy market was 54.6%, and the cumulative retail sales this year were 6.258 million units, a 31% year - on - year increase. The wholesale volume of new energy vehicles by national passenger car manufacturers was 816,000 units, a 17% year - on - year increase but a 20% month - on - month decrease. The wholesale penetration rate of new energy manufacturers was 54.2%, and the cumulative wholesale volume this year was 7.264 million units, a 35% year - on - year increase [7] - **Industry News**: In 2025, the humanoid robot market exploded, with a large number of capital inflows. On July 22, Hive Energy's chairman revealed that the company was promoting the R & D and mass production of solid - state batteries, planning to trial - produce the first - generation 140Ah semi - solid - state battery on its 2.3GWh semi - solid mass - production line in Q4 2025, which would be supplied to BMW MINI's next - generation models in 2027. Recently, a 1.35 - billion - yuan solid - state lithium battery project in Sichuan's Ganmei Industrial Park passed the environmental assessment [8][9] 4. Industrial Chain Data Charts - The report includes charts such as the main contract and basis of lithium carbonate futures, lithium concentrate prices, lithium hexafluorophosphate and electrolyte prices, ternary precursor prices, and battery cell prices, along with their data sources [10][14][16][18][20][23][26]

Group 1 - The core viewpoint indicates that lithium carbonate futures prices have fallen below 70,000 yuan/ton, with a closing price of 68,900 yuan/ton on August 1, reflecting a weekly decline of 5.85% [1] - The domestic lithium carbonate production in July exceeded 80,000 tons, showing a month-on-month increase of 4%, primarily due to significant recovery in spodumene production and the release of recycling capacity [3] - Demand for lithium carbonate is under pressure, with retail sales of new energy vehicles in July declining by 17% month-on-month, and the prices of downstream materials such as lithium iron phosphate and ternary materials showing slight decreases [3] Group 2 - The market outlook suggests that lithium carbonate prices are likely to remain weak in the short term, with a focus on the production changes of mica and salt lake resources, which could influence price movements [3] - Current market conditions indicate high supply and inventory levels for lithium carbonate, with limited support for prices due to declining demand growth [4] - The potential for price increases in the future may depend on the implementation of anti-involution policies, resource clearing in the upstream sector, and the resolution of price wars within the industry [4]

Report Industry Investment Rating - No information provided Core View of the Report - The short - term trend of lithium carbonate may continue to be volatile and slightly stronger, but the upward space is limited. Supply - side disturbances and anti - involution policy sentiment have led to the recent rebound, but high inventory and weak terminal demand suppress the price space. In the next 1 - 2 weeks, it may show a wide - range volatile pattern. If the compliance progress of Jiangxi mining enterprises is faster than expected or the retail of new energy vehicles weakens rapidly, the price may face a callback pressure [4] Summary According to Relevant Catalogs 1. Daily Market Summary a. Lithium Carbonate Futures Market Data Change Analysis - On July 25, the main contract of lithium carbonate closed at 80,520 yuan/ton, hitting the daily limit compared with the previous trading day. The basis weakened to - 9,920 yuan/ton, and the spot price discount to the futures further widened [2] - The position of the main contract increased from 362,054 lots on July 18 to 491,088 lots on July 25, an increase of 35.6%. The market divergence intensified, with both short - hedging and long - speculation forces entering the market. The trading volume decreased from 1.77 million lots to 1.2 million lots week - on - week, and the trading activity declined marginally [2] b. Analysis of Industrial Chain Supply - Demand and Inventory Changes - **Supply side**: The prices of spodumene concentrate and lepidolite concentrate remained stable, but the compliance issue of lithium mining licenses in Yichun, Jiangxi triggered expectations of supply tightening. If the mining right review is not completed on time, production capacity may be limited. The weekly capacity utilization rate of lithium carbonate decreased slightly by 0.5 percentage points to 62.2%. Coupled with the maintenance and shutdown of some production lines of enterprises such as Jiangte Motor and Zangge Mining, short - term supply - side disturbances were strengthened [3] - **Demand side**: The prices of cathode materials continued the slow upward trend. The price of power - type lithium iron phosphate increased by 240 yuan to 33,495 yuan/ton, and the price of lithium hexafluorophosphate increased by 0.47% to 53,250 yuan/ton. The retail of new energy vehicles decreased by 12% month - on - month in July, and the terminal demand showed seasonal weakness. The prices of ternary and lithium iron phosphate battery cells were basically flat, and downstream replenishment was still mainly based on rigid demand, lacking explosive drivers [3] - **Inventory and warehouse receipts**: The total inventory of lithium carbonate has increased for four consecutive weeks to 143,170 physical tons, and the warehouse receipt pressure has further accumulated, with a month - on - month increase of 0.39% [3] c. Market Summary - The short - term trend of lithium carbonate may continue to be volatile and slightly stronger, but the upward space is limited. Supply - side disturbances and anti - involution policy sentiment have led to the recent rebound, but high inventory and weak terminal demand suppress the price space. It is necessary to pay attention to the actual impact of the Jiangxi mining right review progress on supply and the downstream acceptance of high prices. In the next 1 - 2 weeks, it may show a wide - range volatile pattern. If the compliance progress of Jiangxi mining enterprises is faster than expected or the retail of new energy vehicles weakens rapidly, the price may face a callback pressure [4] 2. Industrial Chain Price Monitoring - From July 25 to July 28, the main contract of lithium carbonate decreased from 80,520 yuan/ton to 73,120 yuan/ton, a decrease of 9.19%. The basis increased from - 9,920 yuan/ton to - 170 yuan/ton, an increase of 98.29%. The position of the main contract decreased from 491,088 lots to 378,472 lots, a decrease of 22.93%. The trading volume decreased from 1,203,424 lots to 1,005,395 lots, a decrease of 16.46%. The market price of battery - grade lithium carbonate increased from 70,600 yuan/ton to 72,950 yuan/ton, an increase of 3.33%. The market price of spodumene concentrate remained unchanged at 745 yuan/ton, and the market price of lepidolite concentrate increased from 850 yuan/ton to 890 yuan/ton, an increase of 4.71%. The price of lithium hexafluorophosphate increased from 53,000 yuan/ton to 53,250 yuan/ton, an increase of 0.47%. The price of power - type ternary materials increased from 116,595 yuan/ton to 116,995 yuan/ton, an increase of 0.34%. The price of power - type lithium iron phosphate increased from 33,255 yuan/ton to 33,495 yuan/ton, an increase of 0.72% [6] - From July 18 to July 25, the capacity utilization rate of lithium carbonate decreased from 62.70% to 62.20%, a decrease of 0.80%. The inventory of lithium carbonate increased from 142,620 physical tons to 143,170 physical tons, an increase of 0.39%. The prices of various types of battery cells remained basically unchanged [6] 3. Industrial Dynamics and Interpretation a. Spot Market Quotations - On July 28, the SMM battery - grade lithium carbonate index price was 73,737 yuan/ton, a increase of 991 yuan/ton compared with the previous working day. The price of battery - grade lithium carbonate was 72,500 - 75,300 yuan/ton, with an average price of 73,900 yuan/ton, a increase of 1,000 yuan/ton compared with the previous working day. The price of industrial - grade lithium carbonate was 70,900 - 72,500 yuan/ton, with an average price of 71,700 yuan/ton, a increase of 1,000 yuan/ton compared with the previous working day. At the beginning of this week, the lithium carbonate futures market dropped sharply, and the main contract hit the daily limit. This price fluctuation was mainly affected by two factors: on the one hand, it was driven by the linkage effect of the general decline in the prices of other commodities; on the other hand, the news of a mine in Jiangxi continued to disturb the market sentiment. After the futures price dropped significantly, the downstream procurement demand was significantly released, the market inquiry activity increased significantly, and the increase in trading volume pushed the spot price center to move up steadily [7] b. Downstream Consumption Situation - According to the data of the Passenger Car Association on July 23, from July 1 - 20, the retail volume of the new - energy passenger vehicle market in China was 537,000 units, a year - on - year increase of 23% compared with the same period in July last year and a 12% decrease compared with the same period last month. The retail penetration rate of the new - energy passenger vehicle market in China was 54.9%, and the cumulative retail volume since this year was 6.006 million units, a year - on - year increase of 32%. From July 1 - 20, the wholesale volume of new - energy passenger vehicles of Chinese passenger car manufacturers was 514,000 units, a year - on - year increase of 25% compared with the same period in July last year and a 12% decrease compared with the same period last month. The wholesale penetration rate of new - energy passenger vehicles of Chinese passenger car manufacturers was 53.6%, and the cumulative wholesale volume since this year was 6.962 million units, a year - on - year increase of 36% [8] c. Industry News - On July 24, large - scale orders were finalized, large - scale funds were quickly deployed, investment and financing and IPOs were booming, and concept stocks set off a daily limit wave. In 2025, the trillion - level humanoid robot market exploded, and various capitals poured into the humanoid robot track [10] - On July 24, according to the SMM weekly review, the spot price of cobalt intermediates continued to rise this week. On the supply side, the resources of cobalt intermediates were relatively concentrated, and mining enterprises still suspended quotations. After the customs data were released on the weekend, the import volume of cobalt intermediates in China in June dropped significantly, further strengthening the market's expectation of raw material shortage. Traders continued to raise their quotations and reported that there were a small number of transactions of mainstream brands at around 12.5 - 12.6 US dollars per pound. On the demand side, smelters faced difficulties such as inverted production costs and weak downstream demand. Most enterprises mainly consumed their own inventories. Some smelters with low inventories reported that the current cost inversion was too serious. If they could not purchase low - cost cobalt intermediates, they would choose to purchase other cobalt raw materials for substitution or choose to reduce production or even stop production. Overall, affected by the extension policy of the Democratic Republic of the Congo, China's cobalt intermediates will still face raw material shortages in the future, and the price has upward momentum, but it is necessary to pay attention to the suppression of downstream demand by the increase in raw material prices [10] - On July 24, according to the SMM weekly review of the lithium - ion battery graphite market, the integration of anode enterprises was accelerating, and the price of the graphitization market was in a stalemate [11]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The short - term lithium carbonate market may maintain a low - level oscillation. Although there are some marginal improvement signals in the fundamentals, the high inventory and weak actual procurement limit the upward space of prices, while the cost and expected improvement support the downside [4]. Summary by Relevant Catalogs 1. Daily Market Summary a. Lithium Carbonate Futures Market Data Change Analysis - On July 4, the main contract of lithium carbonate closed at 63,280 yuan/ton, down 1.25% from the previous trading day; the basis rose from - 1,880 yuan/ton to - 880 yuan/ton [2]. - The open interest of the main contract decreased by 2.63% to 325,000 lots, and the trading volume shrank significantly by 17.4% to 348,000 lots, indicating a decline in market trading activity [2]. b. Industrial Chain Supply - Demand and Inventory Change Analysis - Supply side: The domestic lithium carbonate capacity utilization rate decreased by 1.59% month - on - month to 61.8%, and there is still medium - term supply pressure; the prices of spodumene and lepidolite concentrates remained stable, not significantly disturbing the cost [3]. - Demand side: The prices of downstream cathode materials rose steadily. The price of power - type lithium iron phosphate increased by 0.15% month - on - month to 30,705 yuan/ton, and ternary materials also rose slightly. The retail penetration rate of new energy vehicles in June reached 52.7%. The cell prices remained stable, and downstream manufacturers' acceptance of high - priced lithium salts was limited, with procurement mainly for rigid restocking [3]. - Inventory and warehouse receipts: The total inventory of lithium carbonate increased to 138,347 physical tons, a month - on - month increase of 1.1%, with five consecutive weeks of inventory accumulation [3]. c. Price Trend Judgment - The short - term lithium carbonate market may maintain a low - level oscillation. Although the contradiction is weakened under the double increase of supply and demand, the inventory suppression still exists. The spot price has stabilized and rebounded, and the steady growth of new energy vehicle sales in June supports the demand expectation. However, although there is partial production reduction on the supply side, the release of new production capacity and high inventory pressure limit the price rebound space [4]. 2. Industrial Chain Price Monitoring - On July 4, 2025, compared with July 3, the main contract of lithium carbonate decreased by 1.25% to 63,280 yuan/ton; the basis increased by 53.19% to - 880 yuan/ton; the open interest of the main contract decreased by 2.63% to 325,288 lots; the trading volume decreased by 17.4% to 347,729 lots; the market price of battery - grade lithium carbonate increased by 0.32% to 62,400 yuan/ton. The prices of spodumene concentrate, lepidolite concentrate, and lithium hexafluorophosphate remained unchanged [6]. - Compared with June 27, 2025, the capacity utilization rate of lithium carbonate decreased by 1.59% to 61.8%; the inventory of lithium carbonate increased by 1.1% to 138,347 tons. The prices of various types of cells remained unchanged [6]. 3. Industrial Dynamics and Interpretation a. Spot Market Quotations - On July 4, the SMM battery - grade lithium carbonate index price was 62,240 yuan/ton, a daily increase of 186 yuan/ton; the average price of battery - grade lithium carbonate was 62,300 yuan/ton, a daily increase of 200 yuan/ton; the average price of industrial - grade lithium carbonate was 60,700 yuan/ton, a daily increase of 200 yuan/ton. Affected by the improved demand expectation in July, the spot price stopped falling and rebounded slightly. However, the supply is still at a high level, and the inventory pressure remains [7]. b. Downstream Consumption Situation - According to preliminary statistics from the Passenger Car Association on July 3, from June 1 - 30, the retail sales of new energy vehicles in the national passenger car market were 1.071 million, a year - on - year increase of 25% and a month - on - month increase of 4%, with a retail penetration rate of 52.7%, and the cumulative retail sales this year were 5.429 million, a year - on - year increase of 32%. The wholesale volume of new energy vehicles by national passenger car manufacturers was 1.259 million, a year - on - year increase of 28% and a month - on - month increase of 3%, with a wholesale penetration rate of 50.9%, and the cumulative wholesale volume this year was 6.465 million, a year - on - year increase of 38% [8]. c. Industry News - On July 4, Zangge Mining's subsidiary participated in the investment - holding of Tibet Ali Mami Cuo Mining Development Co., Ltd., which received the "Construction Project Construction Permit" for the "Mami Cuo Salt Lake Mining Area Lithium Boron Mine Project", which is beneficial for expanding the company's salt lake lithium extraction capacity [9][10]. - On June 30, Zhongkuang Resources planned to upgrade and transform its 25,000 - ton lithium salt production line and invest 120.7 million yuan to build a 30,000 - ton high - purity lithium salt technical transformation project, with a shutdown and transformation time of about 6 months [10]. - On June 24, the Mami Cuo Salt Lake project estimated a total investment of 4.537 billion yuan, with an annual production of 50,000 tons of battery - grade lithium carbonate and 17,000 tons of borax as a by - product [10]. 4. Industrial Chain Data Charts - The report provides multiple data charts, including those related to the main contract and basis of lithium carbonate futures, lithium concentrate prices, lithium hexafluorophosphate and electrolyte prices, cathode precursor prices, ternary material prices, lithium iron phosphate prices, lithium carbonate operating rate, lithium carbonate inventory, and cell selling prices [11][14][16]

Group 1: Report's Core View - The short - term core contradiction in the market is the continuous excess pressure under the situation of increasing supply and stable demand. The lithium carbonate price lacks the momentum for continuous rebound, and attention should be paid to the downstream production resumption progress in June and the cost support strength of lithium ore prices [7] Group 2: Daily Market Summary - On June 6, the price of the lithium carbonate main contract closed at 60,440 yuan/ton, up 0.57% from the previous trading day. The futures rebounded and the spot price remained stable, causing the basis to converge [2] - The position of the main contract significantly shrank to 218,416 lots on June 6, a 5.69% decrease from the previous day. The trading volume slightly expanded to 256,782 lots, a 4.98% increase, but there was a lack of continuous position - increasing support [3] - The supply of lithium salts is expected to remain loose. The prices of spodumene and lepidolite concentrates remained flat, and the raw material cost support weakened. The operating rate of lithium salt plants is expected to increase in June, and the long - term supply pressure remains [4] - Downstream demand is structurally differentiated but overall weak. Although new energy vehicle sales are still resilient, power battery production has declined seasonally, and cathode material manufacturers are destocking, suppressing procurement demand [5] - Lithium carbonate inventory increased by 0.65% to 132,432 tons, continuing the inventory accumulation trend. The actual de - stocking power is insufficient due to the mismatch between supply and demand [6] Group 3: Industrial Chain Price Monitoring - On June 6, the price of the lithium carbonate main contract was 60,440 yuan/ton, up 0.57% from the previous day; the basis was 960 yuan/ton, down 20% [9] - The position of the main contract was 218,416 lots, down 5.69%; the trading volume was 256,782 lots, up 4.98% [9] - The market price of battery - grade lithium carbonate was 61,400 yuan/ton, up 0.16% from the previous day. The prices of spodumene concentrate, lepidolite concentrate, and some cathode materials remained flat [9] - The capacity utilization rate of lithium carbonate was 62.5%, up 0.4 percentage points from the previous period. The inventory of lithium carbonate was 132,432 tons, up 0.65% [9] Group 4: Industrial Dynamics and Interpretation - The price center of lithium carbonate spot transactions remained stable. In June, the supply of lithium carbonate is expected to increase while demand remains stable, and the excess pattern will continue [10] - In May, the retail sales of new energy vehicles reached 105.6 million, a 30% year - on - year increase, and the penetration rate reached 53.5%. The wholesale volume was 124 million, a 37% year - on - year increase [11]

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - The consumption of lithium carbonate has not received clear policy support, and the futures and spot markets still lack positive factors. The lithium carbonate market remains in a state of continuous inventory accumulation [1]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary - On April 25, the lithium carbonate futures fluctuated narrowly below 70,000 yuan. The main contract LC2507 closed at 68,180 yuan/ton, down 0.18% from the previous trading day's close. The spot price of lithium carbonate was loose and fluctuated at a low level, with the average transaction price of battery-grade lithium carbonate down 100 yuan/ton from the previous trading day [1]. - According to SMM data, the weekly output of lithium carbonate in the week of April 25 was 16,900 tons, a 2.81% decrease from the previous week, but still at a relatively high historical level. As of the week of April 25, the weekly inventory of lithium carbonate was 131,864 tons, a 0.20% increase from the previous week. Meanwhile, the weekly output of lithium iron phosphate batteries was 17.37 GWh, a 10.71% increase from the previous week [1]. - According to the Passenger Car Association, from April 1 - 20, the retail sales of the new energy vehicle market increased by 20% year-on-year but decreased by 11% month-on-month. The wholesale of new energy vehicles by national passenger car manufacturers increased by 23% year-on-year but decreased by 7% month-on-month [1]. 3.2 Lithium Carbonate Price Monitoring - **Futures Data**: The main contract price of lithium carbonate decreased from 68,300 yuan/ton on April 24 to 68,180 yuan/ton on April 25, a decrease of 120 yuan/ton or 0.18%. The open interest of the main contract increased by 4,914 lots to 217,370 lots, a 2.31% increase. The trading volume increased by 3,793 lots to 108,177 lots, a 3.63% increase. The number of lithium carbonate futures warehouse receipts increased by 240 to 31,795, a 0.76% increase [3]. - **Spot Data**: The market price of battery-grade lithium carbonate remained unchanged at 69,600 yuan/ton on April 25 compared to April 24. The market price of lithium spodumene concentrate and lithium mica concentrate remained unchanged at 790 yuan/ton-degree and 930 yuan/ton-degree respectively. The price of lithium hexafluorophosphate decreased by 200 yuan/ton to 57,800 yuan/ton, a 0.34% decrease. The prices of power-type ternary materials and power-type lithium iron phosphate decreased slightly [5]. - **Weekly Data**: The capacity utilization rate of lithium carbonate decreased by 0.1 percentage points to 62.6%. The weekly output of lithium carbonate decreased by 488 tons to 16,900 tons, a 2.81% decrease. The output of lithium iron phosphate batteries increased by 1.68 GWh to 17.37 GWh, a 10.71% increase. The inventory of lithium carbonate increased by 259 tons to 131,864 tons, a 0.20% increase [5]. 3.3 Industry Dynamics and Interpretation - **Spot Market Quotations**: On April 25, the spot price of battery-grade lithium carbonate was reported at 68,200 - 71,400 yuan/ton, with an average price of 69,800 yuan/ton, down 100 yuan/ton from the previous trading day [6]. - **Downstream Consumption**: From April 1 - 20, the retail sales of the national passenger car new energy market were 478,000 units, a 20% year-on-year increase but an 11% month-on-month decrease. The wholesale of new energy vehicles by national passenger car manufacturers was 530,000 units, a 23% year-on-year increase but a 7% month-on-month decrease [7]. - **Industry News**: Kodal Minerals' Bougouni lithium project in southern Mali is nearing completion, and it has produced over 11,000 tons of lithium spodumene concentrate. Trump announced a 25% tariff on imported cars, which took effect on April 2. Tianhua New Energy's subsidiary obtained a mining license for a ceramic clay (lithium-containing) mine. Sibanye Stillwater terminated its lithium project in Nevada. China discovered a 2,800-kilometer lithium deposit, increasing its global lithium reserves share from 6% to 16.5%. Keliyuan's Yichun lithium mine expanded its production capacity [8][9][10]. 3.4 Industrial Chain Data Charts - The report includes multiple charts showing the price trends of lithium carbonate futures, battery-grade and industrial-grade lithium carbonate, lithium concentrate, lithium hexafluorophosphate, ternary precursors, ternary materials, lithium iron phosphate, as well as the inventory, output, and capacity utilization rate of lithium carbonate, and the output of batteries [11][17][19].