Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report focuses on lithium carbonate, suggesting to pay attention to the impact of news. The trend strength of lithium carbonate is rated as neutral with a value of 0 [1][5] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Contract Data**: For the 2605 contract, the closing price is 157,200, with a change of -14,420 compared to T - 1. The trading volume is 296,998, and the open interest is 217,916. For the 2607 contract, the closing price is 157,400, the trading volume is 41,761, and the open interest is 118,462 [3] - **Other Data**: The warehouse receipt volume is 11,318. The basis between spot and 2605 contract is 5,800, and between spot and 2607 contract is 5,600. The price difference between 2605 and 2607 contracts is -200. The price difference between battery - grade and industrial - grade lithium carbonate is 3,500. The price of spodumene concentrate (6%, CIF China) is 2,313, and the price of lithium mica (2.0% - 2.5%) is 5,225. The price of battery - grade lithium carbonate is 163,000, and industrial - grade lithium carbonate is 159,500. There are also data on various lithium - related products such as battery - grade lithium hydroxide, lithium iron phosphate, ternary materials, etc [3] 3.2 Macro and Industry News - **Project 1**: Xinjiang Blue Diamond Lithium Energy Technology Co., Ltd. commissioned Nanjing Guohuan Technology Co., Ltd. to conduct an environmental impact assessment for the "Xinjiang Non - ferrous Rare Metal Industry Cluster - Lithium Salt Production Project". The project is located in Toksun County, Turpan City, Xinjiang, with a total investment of 2.5 billion yuan. It plans to build an annual production line of 35,000 tons of battery - grade lithium carbonate and 935 tons of anhydrous lithium chloride, along with supporting facilities [4][5] - **Project 2**: The 25,000 - ton battery - grade lithium carbonate project of Zijin Liyuan in Jiaoyang New Material Industrial Park has entered the trial production stage. It uses crude lithium carbonate as raw material and adopts carbonation method combined with resin deep impurity removal process to produce high - quality battery - grade lithium carbonate, which will be supplied to the group's internal lithium iron phosphate cathode material production line [5]

1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core View of the Report - The report suggests that the lithium carbonate market is in a high - level volatile pattern, and the strategy is mainly to buy on dips [1]. 3. Summary According to Relevant Contents 3.1 Lithium Carbonate Fundamental Data - **Futures Contracts**: The closing prices of the 2605 and 2607 contracts are 171,620 and 171,700 respectively. The trading volume and open interest of the 2605 contract decreased compared to previous periods, while the 2607 contract's open interest increased [2]. - **Basis**: The basis between spot and 2605 contract is - 7,120, and between spot and 2607 contract is - 7,200. The basis between 2605 and 2607 contracts is - 80 [2]. - **Raw Materials and Lithium Salts**: The prices of lithium spodumene concentrate, lithium mica, battery - grade lithium carbonate, and other products have different degrees of changes compared to previous periods. For example, the price of battery - grade lithium carbonate is 164,500, up 6,500 compared to T - 1 [2]. 3.2 Macro and Industry News - Germany's Federal Government has passed the "2026 Climate Protection Plan", which will add 8 billion euros in the next 4 years. It aims to achieve the 2030 emission reduction target through measures such as expanding wind power installation and increasing new - energy vehicle subsidies, and is expected to reduce over 25 million tons of carbon dioxide emissions by 2030 [3]. - The International Civil Aviation Organization has issued a new rule that each civil aviation passenger can carry a maximum of two power banks and cannot charge them during the flight, aiming to enhance passenger and airline safety [4]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral view, with the value ranging from - 2 (most bearish) to 2 (most bullish) [4].

赣锋锂业为锂系列产品制造商，业务贯穿上游锂资源开发、中游锂盐深加工及金属锂冶炼、下游锂电池制造及退役锂电池综合回收利 用，产品广泛应用于电动汽车、储能、航空航天、功能材料及制药等领域。 相关数据显示，自2025年6月低点以来，截至2026年3月23日，工业级碳酸锂市场均价为14.0万元/吨，累计上涨140.1%；电池级碳酸锂均 价为15.7万元/吨，累计上涨160.4%。 上证报中国证券网讯（记者 郑维汉）3月27日，赣锋锂业盘中涨停，报79.67元/股。 ...

Group 1 - The average price of SMM battery-grade lithium carbonate is 149,000 yuan, down 3,500 yuan; the average price of SMM industrial-grade lithium carbonate is 146,000 yuan, down 3,500 yuan [1] - The closing price of lithium carbonate 2604 is 145,000 yuan, up 1.26%; the closing price of lithium carbonate 2605 is 143,860 yuan, down 1.03%; the closing price of lithium carbonate 2606 is 143,320 yuan, down 0.89%; the closing price of lithium carbonate 2607 is 143,100 yuan, down 0.79%; the closing price of lithium carbonate 2608 is 143,700 yuan, down 0.91% [1] - The average price of lithium spodumene concentrate (CIF China) is 2,057 yuan, down 43 yuan; the average price of lithium mica (Li20: 1.5%-2.0%) is 3,060 yuan, down 70 yuan; the average price of lithium mica (Li20: 2.0%-2.5%) is 4,450 yuan, down 175 yuan; the average price of amblygonite (Li20: 6%-7%) is 11,975 yuan, down 325 yuan; the average price of amblygonite (Li20: 7%-8%) is 13,000 yuan, down 350 yuan [1][2] Group 2 - The average price of lithium iron phosphate (power type) is 53,290 yuan, down 850 yuan; the average price of ternary material 811 (polycrystalline/power type) is 209,750 yuan, down 800 yuan; the average price of ternary material 523 (single crystal/power type) is 182,250 yuan, down 1,000 yuan; the average price of ternary material 613 (single crystal/power type) is 184,500 yuan, down 400 yuan [2] - The current value of the price difference between battery-grade and industrial-grade lithium carbonate is 3,000 yuan, with no change; the current value of the price difference between battery-grade lithium carbonate and the main contract is 5,140 yuan, down 4,760 yuan; the current value of the price difference between the near-month and the first continuous contract is 1,140 yuan, up 1,820 yuan; the current value of the price difference between the near-month and the second continuous contract is 1,680 yuan, up 2,180 yuan [2] - The total inventory (weekly, tons) is 98,873 tons, down 86 tons; the inventory of smelters (weekly, tons) is 16,608 tons, up 316 tons; the inventory of downstream (weekly, tons) is 46,105 tons, up 458 tons; the inventory of others (weekly, tons) is 36,160 tons, down 860 tons; the registered warehouse receipts (daily, tons) is 34,318 tons, down 422 tons [2] Group 3 - The cash cost of purchasing lithium spodumene concentrate externally is 147,976 yuan, and the profit is -911 yuan; the cash cost of purchasing lithium mica concentrate externally is 137,582 yuan, and the profit is 6,321 yuan [3] Group 4 - The Delhi government in India plans to introduce a subsidy policy for scrapping old cars and purchasing new ones. It aims to accelerate the electrification transformation and reduce the number of old, high-emission vehicles to address air pollution [3] Group 5 - Macroscopically, the situation between the US and Iran persists, and capital hedging creates upward pressure. Fundamentally, the new energy vehicle data in February was lower than expected, but the energy storage demand remains strong and can still increase [3] - Social inventory continues to be destocked, but the destocking rate slows down. Overall, the lithium carbonate futures price is under pressure from macro hedging and slower inventory destocking above, and supported by demand below [3] - Due to the unclear macro situation, investors are advised to participate with caution [3]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - This week, the price of lithium carbonate futures declined, with the 2605 contract closing at 143,860 yuan/ton, down 8,220 yuan/ton week-on-week, and the 2607 contract closing at 143,100 yuan/ton, down 8,300 yuan/ton week-on-week. The spot price dropped 10,000 yuan/ton to 149,000 yuan/ton week-on-week [3]. - The supply of domestic lithium salt plants increased week-on-week, and the shipment volume of Australian mines remained high. The weekly production of domestic lithium carbonate increased slightly, mainly concentrated in the spodumene and mica sectors. Overseas, the situation in Zimbabwe may affect the supply of lithium ore [4]. - Downstream buyers generally replenished their stocks at low prices. In the short term, energy storage is less affected by geopolitical events. With the rise in oil and gas prices, the demand for lithium batteries will further increase. However, the transportation problem of sulfur in the Middle East will affect the production of cathode materials downstream, thereby suppressing lithium prices [5]. - This week, lithium carbonate continued to be destocked, but the destocking amplitude narrowed, with the industry inventory at 98,873 tons, a decrease of 86 tons from last week. Futures warehouse receipts were cancelled in total, with 1,715 lots cancelled this week, and the total number of lots was 34,740 [6]. - The supply side shows a high domestic supply, an increase in the shipment volume of Australian mines overseas, and a marginal boost in raw material imports in the future. The demand side shows that the downstream production schedule in March generally maintained a high - level operation. The market is more concerned about the changes in the demand side. It is recommended to wait for the callback to a low level to make a layout [7][8]. Summary by Relevant Catalogs 1. Market Data - This week, lithium carbonate futures prices fell, and the basis weakened. The 2605 - 2607 contract spread strengthened by 80 yuan/ton week-on-week to +760 yuan/ton [3]. 2. Upstream Supply of Lithium Salt - Lithium Ore - Domestic lithium carbonate weekly production increased slightly, mainly concentrated in the spodumene and mica sectors. The shipment volume of Australian mines remained high, which will supplement the domestic raw material imports to some extent. The situation in Zimbabwe may affect the supply of lithium ore [4]. 3. Mid - stream Consumption of Lithium Salt - Lithium Salt Products - The price of lithium carbonate decreased, and the industry inventory destocking amplitude narrowed. The downstream buyers replenished their stocks at low prices [3][6]. 4. Downstream Consumption of Lithium Salt - Lithium Batteries and Materials - The production schedule of cathode material plants in March increased month - on - month, with the production schedule of lithium iron phosphate cathode increasing by 18% and that of ternary cathode increasing by 21%. The domestic energy storage terminal had 26 project wins last week, with a total winning scale of 1.72GW/5.52GWh, a week - on - week decrease of 10.42% and a year - on - year decrease of 17.99% [5].

Group 1: Report Date and Title - The report is dated March 16, 2026, with the title "Lithium Carbonate: Monitor Market Sentiment Changes" [1] Group 2: Analysts' Information - Analysts include Shao Wanyi (Investment Consulting Qualification Number: Z0015722, email: shaowanyi@gtht.com) and Zhang Hang (Investment Consulting Qualification Number: Z0018008, email: zhanghang2@gtht.com) [2] Group 3: Fundamental Data of Lithium Carbonate - The closing price of the 2605 contract is 152,080, down 4,900 from T - 1, 4,080 from T - 5, 23,960 from T - 10, up 3,980 from T - 22, and up 59,280 from T - 66. Its trading volume is 288,572, up 68,744 from T - 1, 60,348 from T - 5, 6,592 from T - 10, down 330,970 from T - 22, and down 223,643 from T - 66. The open interest is 316,964, down 8,418 from T - 1, 16,939 from T - 5, 64,588 from T - 10, 38,806 from T - 22, and 258,457 from T - 66 [3] - The closing price of the 2607 contract is 151,400, down 5,300 from T - 1, 5,020 from T - 5, 25,200 from T - 10, up 2,760 from T - 22, and up 59,080 from T - 66. Its trading volume is 30,634, up 6,613 from T - 1, 2,295 from T - 5, down 7,431 from T - 10, 45,142 from T - 22, and down 2,962 from T - 66. The open interest is 95,689, up 283 from T - 1, 3,740 from T - 5, down 12,539 from T - 10, up 5,173 from T - 22, and up 51,639 from T - 66 [3] - The warehouse receipt volume is 36,403, down 52 from T - 1, up 73 from T - 5, down 2,058 from T - 10, up 3,319 from T - 22, and up 23,483 from T - 66 [3] - The basis of spot - 2605 is 6,920, up 5,900 from T - 1, 7,830 from T - 5, 10,960 from T - 10, 1,520 from T - 22, and 6,970 from T - 66. The basis of spot - 2607 is 7,600, up 6,300 from T - 1, 8,770 from T - 5, 12,200 from T - 10, 2,740 from T - 22, and 7,170 from T - 66 [3] - The basis of 2605 - 2607 is 680, up 400 from T - 1, 940 from T - 5, 1,240 from T - 10, 1,220 from T - 22, and 200 from T - 66. The basis of electric carbon - industrial carbon is 3,500, unchanged from T - 1, T - 5, T - 10, and T - 22, and up 1,100 from T - 66 [3] - The basis of spot - CIF is 20,940, up 100 from T - 1, 1,927 from T - 5, down 19,084 from T - 10, up 962 from T - 22, and up 3,690 from T - 66 [3] - The price of spodumene concentrate (6%, CIF China) is 2,210, up 15 from T - 1, 55 from T - 5, down 162 from T - 10, up 263 from T - 22, and up 1,045 from T - 66. The price of lithium mica (2.0% - 2.5%) is 5,050, unchanged from T - 1, down 140 from T - 5, 550 from T - 10, up 305 from T - 22, and up 2,515 from T - 66 [3] - The price of battery - grade lithium carbonate is 159,000, up 1,000 from T - 1, 3,750 from T - 5, down 13,000 from T - 10, up 5,500 from T - 22, and up 66,250 from T - 66. The price of battery - grade lithium carbonate (CIF) is 20,000, up 50 from T - 1, 250 from T - 5, 750 from T - 10, 750 from T - 22, and up 9,320 from T - 66 [3] - The price of industrial - grade lithium carbonate is 155,500, up 1,000 from T - 1, 3,750 from T - 5, down 13,000 from T - 10, up 5,500 from T - 22, and up 65,150 from T - 66. The price of battery - grade lithium hydroxide (micropowder) is 157,500, up 500 from T - 1, down 350 from T - 5, 11,600 from T - 10, up 2,250 from T - 22, and up 70,800 from T - 66 [3] - The price of battery - grade lithium hydroxide (CIF) is 18,450, unchanged from T - 1, up 100 from T - 5, 300 from T - 10, 200 from T - 22, and up 8,250 from T - 66. The price of lithium iron phosphate (power type) is 55,720, up 245 from T - 1, 910 from T - 5, down 3,150 from T - 10, up 1,335 from T - 22, and up 16,625 from T - 66 [3] - The price of lithium iron phosphate (mid - high - end energy storage type) is 54,170, up 245 from T - 1, 905 from T - 5, down 3,145 from T - 10, up 1,330 from T - 22, and up 16,630 from T - 66. The price of lithium iron phosphate (low - end energy storage type) is 50,590, up 240 from T - 1, 880 from T - 5, down 3,040 from T - 10, up 1,290 from T - 22, and up 16,340 from T - 66 [3] - The price of ternary material 523 (polycrystalline/consumer type) is 193,400, up 350 from T - 1, 2,900 from T - 5, down 850 from T - 10, up 5,900 from T - 22, and up 36,725 from T - 66. The price of ternary material 622 (polycrystalline/consumer type) is 189,450, up 300 from T - 1, 4,400 from T - 5, 950 from T - 10, up 10,550 from T - 22, and up 43,075 from T - 66 [3] - The price of ternary material 811 (polycrystalline/power type) is 212,250, up 200 from T - 1, 2,750 from T - 5, 250 from T - 10, up 7,550 from T - 22, and up 50,450 from T - 66. The price of lithium hexafluorophosphate is 111,000, unchanged from T - 1, down 6,500 from T - 5, 14,000 from T - 10, 25,000 from T - 22, and 62,000 from T - 66 [3] - The price of electrolyte (for ternary power) is 31,250, unchanged from T - 1, T - 5, down 1,500 from T - 10, 3,250 from T - 22, and 5,500 from T - 66. The price of electrolyte (for lithium iron phosphate) is 29,500, unchanged from T - 1, T - 5, down 1,500 from T - 10, 3,250 from T - 22, and 5,750 from T - 66 [3] Group 4: Macro and Industry News - On March 12, the "Aksu Shaya County Fuman Block Photovoltaic Green Power Direct - connection Project" of Tarim Oilfield of PetroChina was officially approved by the Development and Reform Commission of Xinjiang Uygur Autonomous Region. It is PetroChina's first approved "green power direct - connection" project, marking a milestone in the integration of new energy and traditional oil and gas industries in Tarim Oilfield [4] - Chinese Academy of Sciences academician Ouyang Minggao said that 2026 will kick - start a new round of high - quality development cycle led by innovation. In the next five years, the new energy vehicle industry will have seven technological development directions, including full - process safety, all - climate super - charging (including fast energy replenishment such as battery swapping), full - automatic driving, full - line - controlled chassis, all - solid - state batteries, all - working - condition efficiency (high - speed and low - temperature working conditions), and full - function electric vehicles. "Full - function electric vehicles" involve fields such as electric vehicle power generation, energy storage, and vehicle - energy integration. Ouyang Minggao believes that according to the innovation diffusion theory, when the penetration rate of new energy vehicles exceeds 50%, the market will officially enter the late mass market from the early mass market, with the growth rate of market share slowing down and the growth rate of the stock increasing [5] Group 5: Trend Intensity - The trend intensity of lithium carbonate is 0, with the range of trend intensity being integers in the interval [-2, 2]. The strength levels are classified as weak, slightly weak, neutral, slightly strong, and strong, where -2 represents the most bearish and 2 represents the most bullish [5]

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The supply and demand of lithium carbonate are tight, and the market focuses more on the actual demand. It is recommended to wait for the callback to the low level for layout. The supply side is at a high level, and the shipping volume of overseas Australian mines and Chilean lithium salts increases. The demand side maintains a high - level operation in March, and the downstream continues to replenish inventory. The fundamentals will support the bottom of the market, and it is advisable to buy on dips. The price range of the futures main contract is expected to be 140,000 - 180,000 yuan/ton. There is no recommendation for inter - period trading, and upstream and downstream enterprises are advised to use options tools for hedging [6][7] Summary by Relevant Catalogs 1. Price Trends This Week - Lithium carbonate futures prices declined. The 2605 contract closed at 152,080 yuan/ton, a week - on - week decrease of 4,080 yuan/ton; the 2607 contract closed at 151,400 yuan/ton, a week - on - week decrease of 5,020 yuan/ton. The spot price increased by 3,750 yuan/ton to 159,000 yuan/ton. The SMM spot - futures basis (2605 contract) strengthened by 2,240 yuan/ton to - 4,950 yuan/ton, and the Fubao trader's premium/discount quotation was - 730 yuan/ton, a week - on - week strengthening of 35 yuan/ton. The spread between the 2605 - 2607 contracts was + 680 yuan/ton, a week - on - week strengthening of 940 yuan/ton [2] 2. Supply and Demand Fundamentals Supply - The weekly production of domestic lithium salt plants increased, and the shipping volume of Australian mines increased. The weekly production of domestic lithium carbonate increased slightly, mainly concentrated in the spodumene and mica sectors. The shipping volume of Australian mines and Chilean lithium salts increased, which will supplement the domestic raw material imports. Zimbabwe has suspended the export of unprocessed minerals and lithium concentrates. In 2025, China imported 6209000 tons of lithium concentrates, of which 1191000 tons were from Zimbabwe, accounting for 19.1%. In 2026, Zimbabwe is expected to provide 177000 tons of LCE, accounting for 8.1% of global resources. The current weekly production of domestic lithium carbonate is 23426 tons, an increase of 836 tons from last week [3] Demand - Short - term demand is strong, and the market focuses on the sales volume of electric vehicles in March. Energy storage is less affected by geopolitical events. With the rise of oil and gas prices, the demand for lithium batteries will further increase. However, the sulfur transportation problem in the Middle East will affect the production of downstream cathode materials and suppress the lithium price. According to the latest adjusted data from consulting firms, the production schedule of cathode material plants in March increased month - on - month. The production schedule of lithium iron phosphate cathode increased by 18%, and that of ternary cathode increased by 21%. With the release of the demand for rush - export at the end of March, the overall production is expected to remain at a high level. In the domestic energy storage terminal, last week, there were 28 projects winning bids in the energy storage market, with a total winning bid scale of 2.40GW/6.16GWh, a week - on - week increase of 33.87% and a year - on - year increase of 136%. In addition, procurement projects of several companies were implemented, with a total scale of 10.60GWh. The price of 2 - hour energy storage system EPC is in the range of 0.17 - 1.14 yuan/Wh, and that of 4 - hour energy storage system EPC is 0.65 yuan/Wh [4] Inventory - This week, lithium carbonate continued to destock, with the destocking amplitude narrowing. The industry inventory was 98959 tons, a destocking of 414 tons compared with last week. The downstream placed orders at low points. A total of 458 futures warehouse receipts were cancelled this week, with a total of 36403 lots [5] 3. Market Outlook and Investment Suggestions Market Outlook - On the supply side, domestic supply is at a high level, and the shipping volume of overseas Australian mines and Chilean lithium salts increases, which may marginally boost subsequent raw material imports. The market focuses on the approval progress of Zimbabwe at the end of March. However, the production capacity of lithium sulfate production lines in Zimbabwe is limited, and even if the approval is passed, the actual export volume of lithium sulfate is still low. The Chilean government signed a critical minerals agreement with the United States on March 12, and there are still potential supply - side disturbances. On the demand side, the production schedule in March maintains a high - level operation. When the market declined this week, the downstream continued to replenish inventory and is currently stocked up until mid - March. With low inventory, there will still be restocking plans in the future. The market currently focuses more on the changes in the demand side. According to the data of the China Association of Automobile Manufacturers in February, the total sales volume of new energy vehicles from January to February was 1.71 million, a year - on - year decrease of 6.9%. However, according to the statistics of information providers, the average battery capacity per electric vehicle from January to February was about 65 kWh, a year - on - year increase of 32.2%, which partially offsets the expected reduction in demand caused by the decline in electric vehicle sales [6][7] Investment Suggestions - Unilateral trading: Buy on dips. The price range of the futures main contract is expected to be 140,000 - 180,000 yuan/ton. - Inter - period trading: No recommendation. - Hedging: Due to large fluctuations, upstream and downstream enterprises are advised to use options tools for hedging at an appropriate time [7]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The lithium carbonate market has both long and short factors. This week, lithium carbonate production increased by 836 tons and inventory decreased by 414 tons. In March, supply and demand were both strong, with the production of lithium carbonate demand materials and battery cells continuing to grow rapidly, and the sales data of new energy vehicles in March improving year-on-year. However, considering the strong price support sentiment of upstream lithium salt factories and the increasing wait-and-see sentiment of downstream material factories after the price increase, the market lacks continuous upward momentum. It is expected that the lithium carbonate price will maintain a volatile pattern in the short term [2]. Group 3: Market Analysis - On March 12, 2026, the main lithium carbonate contract 2605 opened at 155,300 yuan/ton and closed at 156,980 yuan/ton, with a -1.79% change in the closing price compared to the previous day's settlement price. The trading volume was 219,828 lots, and the open interest was 325,382 lots, compared to 330,436 lots in the previous trading day. According to SMM spot quotes, the current basis is 1,620 yuan/ton (average price of electric carbon - futures). The lithium carbonate warehouse receipts were 36,455 lots, a change of -284 lots from the previous trading day [1]. - According to SMM data, the price of battery-grade lithium carbonate was quoted at 154,000 - 162,000 yuan/ton, a change of -1,000 yuan/ton from the previous trading day, and the price of industrial-grade lithium carbonate was quoted at 150,000 - 159,000 yuan/ton, a change of -1,250 yuan/ton from the previous trading day. The price of 6% lithium concentrate was 2,230 US dollars/ton, a change of -10 US dollars/ton from the previous day [1]. - According to the latest SMM statistics, the spot inventory was 98,959 tons, a month-on-month decrease of 414 tons. Among them, the smelter inventory was 16,292 tons, a month-on-month decrease of 1,184 tons; the downstream inventory was 45,647 tons, a month-on-month increase of 1,890 tons; other inventories were 37,020 tons, a month-on-month decrease of 1,120 tons. The downstream inventory increased, while the smelter and other inventories decreased, and the overall inventory continued to decline [1]. Group 4: Strategy - The production of lithium carbonate demand materials and battery cells continues to grow rapidly, leading to continuous inventory reduction, but the terminal demand for new energy vehicles and energy storage still needs to be verified. The current market is greatly affected by market sentiment, and short-term interval operations are recommended. - Unilateral: Short-term wait-and-see is recommended. - Inter-period: None. - Cross-variety: None. - Spot-futures: None. - Options: None [3].

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

Group 1: Report Date and Focus - The report is dated March 12, 2026, and focuses on lithium carbonate inventory data [1] Group 2: Analysts' Information - The analysts are Shao Wanyi (Investment Consulting Qualification No.: Z0015722, email: shaowanyi@gtht.com) and Zhang Hang (Investment Consulting Qualification No.: Z0018008, email: zhanghang2@gtht.com) [2] Group 3: Fundamental Data of Lithium Carbonate - The closing price of the 2605 contract is 155,040, with a change of -7,960 compared to T-1 [3] - The trading volume of the 2605 contract is 267,346, with a change of 41,073 compared to T-1 [3] - The open interest of the 2605 contract is 330,436, with a change of -2,081 compared to T-1 [3] - Similar data is provided for the 2607 contract, including closing price, trading volume, and open interest [3] - Other data such as warehouse receipts, basis, raw material prices, and lithium salt prices are also presented [3] Group 4: Macro and Industry News - Tianci Materials announced that in 2025, its operating income was 16.649 billion yuan, a year-on-year increase of 33.00%, and its net profit was 1.362 billion yuan, a year-on-year increase of 181.43%. The company plans to distribute a cash dividend of 3 yuan per 10 shares (tax included) [4] - The "Spring Warm Purchase" car consumption reward event in Chengdu's Wenjiang District will start on March 11, with a total fund scale of 2 million yuan. Individual consumers can get a maximum reward of 8,000 yuan for buying a new car [5] Group 5: Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral outlook [5]