1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - This week, the price of lithium carbonate futures fluctuated widely in the range of 77,000 - 83,000 yuan per ton. The 2511 contract closed at 80,460 yuan per ton, up 1,160 yuan per ton week - on - week, and the 2601 contract closed at 82,300 yuan per ton, up 1,520 yuan per ton week - on - week. The spot price decreased by 150 yuan per ton to 80,400 yuan per ton [1]. - The current market is trading on the increase in mining costs rather than the resumption of supply. After the resumption of work in Jiangxi mines, there is still a downward risk in prices. In terms of energy storage demand, the number of tender projects in October decreased month - on - month, and the price of lithium ore has declined but remains at a high level [3]. - For unilateral trading, it is expected that the price of the futures main contract will move in the range of 70,000 - 83,000 yuan per ton. For inter - period trading, no recommendations are provided. For hedging, it is recommended to reduce the hedging ratio [4][5]. 3. Summaries According to Relevant Catalogs 3.1 Supply and Demand Fundamentals - **Raw Materials**: The price of lithium ore dropped from the high of $944 per ton last week to $927 per ton. The prices of lithium hexafluorophosphate and electrolyte increased significantly, with the electrolyte for lithium iron phosphate having the largest increase. The prices of downstream batteries and cathodes were weak [2]. - **Supply**: The weekly output increased to 21,534 tons, and the operating rate rose to 55%. The inventory decreased by 3,405 tons to 124,000 tons compared with last week. Yichun Times New Energy Mining Co., Ltd. needs to pay 247 million yuan in mining rights transfer fees for the lithium ore resources used from February 28, 2022, to August 9, 2025, involving 25.83 million tons of raw ore, and the cost per ton of lithium carbonate is expected to increase by 2,864 yuan [2]. - **Demand**: In October 2025, the domestic energy storage market completed 10GW/29.4GWh of energy storage systems and EPC general contracting tendering for equipment, showing a decline compared with 11.7GW/33.3GWh in September. The average bid price for 2 - hour energy storage systems was 0.628 yuan/Wh, and the bid price range for 4 - hour energy storage systems was 0.43 - 0.65 yuan/Wh, with an average of 0.52 yuan/Wh [2]. 3.2 Charts and Data - **Lithium Salt Upstream Supply - Side (Lithium Ore)**: There are charts showing the processing profit of spodumene concentrate, the average price trend of spodumene concentrate, the monthly import volume and price of lithium concentrate, and the monthly import volume and price of Australian lithium concentrate [6][7]. - **Lithium Salt Mid - stream Consumption - Side (Lithium Salt Products)**: Multiple charts display the prices of battery - grade lithium carbonate in different regions, the price trends of domestic battery - grade and industrial - grade lithium carbonate, the processing cost of converting industrial - grade to battery - grade lithium carbonate, the production volume, operating rate, inventory, and import and export volume of lithium carbonate [7][8][9][10]. - **Lithium Salt Downstream Consumption - Side (Lithium Batteries and Materials)**: Charts present the apparent consumption of lithium carbonate in China, the available days of inventory, the monthly production volume and operating rate of lithium iron phosphate and ternary materials, the import and export volume of ternary materials, the installed capacity of Chinese lithium batteries, and the production volume of various types of power lithium batteries [11][12].

Group 1 - BYD has announced an international patent application titled "Lithium Supplementing Material for Cathode and Its Preparation Method, Cathode, Battery and Electric Device" with application number PCT/CN2025/079391, published internationally on November 6, 2025 [1] - The company has filed a total of 594 international patent applications this year, representing an increase of 88.57% compared to the same period last year [4] - In the first half of 2025, BYD invested 29.596 billion yuan in research and development, which is a year-on-year increase of 50.84% [4]

Key Points - The article highlights the current performance of domestic and overseas battery sample enterprises, indicating a total capacity of 144.14 GWh for domestic companies, which represents a month-on-month increase of 1.76% [1] - Overseas battery sample enterprises maintained a capacity of 24.4 GWh, showing no change compared to the previous month [1] - The production of positive electrodes reached 176,600 tons, reflecting a month-on-month increase of 7.35% [1] - The production of negative electrodes was 155,000 tons, which indicates a month-on-month decrease of 1.89% [1] - The production of separators was 1.89 billion square meters, with a month-on-month increase of 3.56% [1] - The production of electrolyte reached 107,000 tons, showing a month-on-month increase of 8% [1]

Investment Rating - The investment rating for the company is upgraded to "Buy" due to steady performance growth and significant benefits from rising cobalt prices [5][7]. Core Insights - The company reported a revenue of 58.941 billion yuan for Q1-Q3 2025, a year-on-year increase of 29.57%, and a net profit attributable to shareholders of 4.216 billion yuan, up 39.59% year-on-year [7]. - Cobalt prices have surged significantly, rising from 170,000 yuan/ton to 410,000 yuan/ton, a 140% increase, driven by supply constraints from the Democratic Republic of the Congo [7]. - The company is expanding its nickel business, with projects in Indonesia that could lead to substantial profit increases once nickel prices rebound [7]. - A strategic agreement with leading companies in the lithium battery supply chain is expected to enhance the company's long-term profitability [7]. Financial Summary - Revenue projections for 2025 are estimated at 70.439 billion yuan, with a year-on-year growth rate of 15.58% [6]. - The net profit attributable to shareholders is forecasted to reach 6.038 billion yuan in 2025, reflecting a growth rate of 45.33% [6]. - The company's earnings per share (EPS) is expected to be 3.18 yuan in 2025, with a price-to-earnings (P/E) ratio of 19.41 [6].

Core Insights - Jining is actively promoting the integration of patent and standard strategies to drive high-quality development, establishing a dual-navigation mechanism for the construction machinery industry, which is a first in the province [1][2]. Group 1: Company Level - A total of 25 enterprises in high-end equipment, new materials, biomedicine, and special vehicles are selected to undertake pilot projects, aiming to synchronize technology R&D, patent layout, and standard formulation [1]. - The initiative has resulted in the formation of 104 standards, with 91 standards integrated into core patent technologies and 13 standards leading to patent innovations, achieving a dual transformation model [1]. Group 2: Industry Level - Jining has created a dual-navigation mechanism for patents and standards in the construction machinery sector, producing five outcome lists, including a report that provides precise guidance for seizing technological advantages [2]. - Eight key technical subfields have been identified for innovation resource investment, including positive and negative electrodes, battery energy management systems, hydraulic pumps, and more, supporting structural adjustments and R&D investments [2]. Group 3: Regional Level - Jining High-tech Zone is exploring regional pilot projects to establish a demonstration area for patent and standard integration, focusing on cultivating versatile talents and enhancing industrial competitiveness [3]. - A model combining government guidance, enterprise implementation, research empowerment, and service assurance has been formed, leading to the integration of 111 patent technologies into 52 standards across 23 enterprises [3].