1. Report Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoint - The supply contraction concern persists, and the downside space for lithium carbonate prices is limited. In the short - term, lithium carbonate prices are expected to fluctuate widely. Attention should be paid to the progress of mines in Jiangxi and the continuity of the "anti - involution" sentiment [1][4][78]. 3. Summary by Directory 3.1 Market Review - Last week, lithium carbonate prices opened high and closed low, with a weekly decline of 7.39%. Trading volume reached 4.32 million lots (-310,000), and open interest reached 362,300 lots (-38,800). The basis premium was 4,940 yuan/ton [6][7]. 3.2 Supply Side 3.2.1 Lithium Ore - In July, China's lithium spodumene production was 6,500 tons of LCE, a month - on - month increase of 0.8%; lithium mica production was 16,100 tons of LCE, a month - on - month decrease of 4.2%. Lithium concentrate imports rebounded to 576,100 tons, a month - on - month increase of 34.7% and a year - on - year increase of 4.8% [12][16]. 3.2.2 Lithium Battery Recycling - In August, the expected recycling volume of waste lithium batteries was 23,484 tons, a month - on - month increase of 6.4% and a year - on - year increase of 28.9% [19]. 3.2.3 Lithium Carbonate - Last week, lithium carbonate production was 19,138 tons, a month - on - month decrease of 4.2%. In July, lithium carbonate imports dropped to 13,845 tons, a month - on - month decrease of 21.8% and a year - on - year decrease of 42.7%. In July, Chile's lithium carbonate exports to China were 13,633 tons, a month - on - month increase of 33.3% and a year - on - year decrease of 13.5% [25][27]. 3.2.4 Lithium Hydroxide - In August, the operating rate of lithium hydroxide was 36%, and the production was 23,820 tons, a month - on - month decrease of 5.4% and a year - on - year decrease of 24.3%. In July, lithium hydroxide exports were 1,248 tons, a month - on - month decrease of 80.1% and a year - on - year decrease of 86.3% [33]. 3.3 Downstream Demand 3.3.1 Lithium Iron Phosphate - Last week, lithium iron phosphate production was 75,886 tons, a month - on - month decrease of 4.0%. In July, the operating rate of iron phosphate was 59%, and the production was 252,200 tons, a month - on - month increase of 10% and a year - on - year increase of 70% [36]. 3.3.2 Ternary Materials - Last week, ternary material production was 16,565 tons, a month - on - month increase of 1.7%. In July, imports increased and exports decreased [39]. 3.3.3 Ternary Precursors - In August, the operating rate of ternary precursors was 41%, and the production was 76,160 tons, a month - on - month increase of 8.1% and a year - on - year increase of 5.4%. In July, exports increased [42]. 3.3.4 Lithium Manganate and Lithium Cobaltate - In August, the operating rate of lithium manganate was 33%, and the production was 11,978 tons, a month - on - month increase of 3% and a year - on - year increase of 26%. The operating rate of lithium cobaltate was 61%, and the production was 8,880 tons, a month - on - month decrease of 3.8% and a year - on - year increase of 11.1% [43]. 3.3.5 Electrolyte - In August, electrolyte production was 169,680 tons, a month - on - month increase of 4.1% and a year - on - year increase of 38.0%. In July, exports of lithium hexafluorophosphate increased [50]. 3.4 Terminal Demand 3.4.1 Power Batteries - In July, power battery production was 133.8 GWh, a month - on - month increase of 3.6% and a year - on - year increase of 45.8%. Power battery installations were 55.9 GWh, a month - on - month decrease of 4.0% and a year - on - year increase of 34.3% [53]. 3.4.2 New Energy Vehicles - In July, new energy vehicle production was 1.243 million units, a month - on - month decrease of 2.0% and a year - on - year increase of 26.3%. Sales were 1.262 million units, a month - on - month decrease of 5.1% and a year - on - year increase of 27.4% [56]. 3.4.3 Energy Storage - In August, energy storage battery production was 45.15 GWh, a month - on - month increase of 2.2% and a year - on - year increase of 42.9%. In June, the winning bid power scale of energy storage was 4.57 GW, a month - on - month decrease of 11.3% and a year - on - year increase of 15.1%; the winning bid capacity scale was 12.11 GWh, a month - on - month decrease of 27.3% and a year - on - year increase of 45.0% [61]. 3.4.4 Consumer Electronics - In July, China's smartphone production was 94.32 million units, a month - on - month decrease of 12.9% and a year - on - year increase of 2.1%. China's micro - computer production was 25.52 million units, a month - on - month decrease of 19.2% and a year - on - year decrease of 9.8% [64]. 3.5 Cost - Lithium ore prices declined. The price of 6% lithium spodumene concentrate dropped by $53/ton, and the price of lithium mica dropped by 190 yuan/ton [68]. 3.6 Inventory - The total inventory decreased by 713 tons. Structurally, smelter inventory decreased by 2,847 tons, downstream inventory increased by 3,224 tons, and other inventory decreased by 1,090 tons. Last week, lithium iron phosphate inventory decreased by 1,441 tons, and ternary material inventory increased by 321 tons [74][75]. 3.7 Market Outlook - Strategy: After an over - decline, short - term long positions can be taken, and options can be appropriately bought for protection; buy straddle options. The operating range is 70,000 - 100,000. In the short - term, lithium carbonate prices are expected to fluctuate widely [78].

| 交易日期(日) 2025-08-22 2025-08-21 2025-08-15 较昨日变化 近两周走势 | | | | | | | --- | --- | --- | --- | --- | --- | | 79180.00 近月合约 收盘价 | | 83000.00 | 86920.00 | -3,820.00 | W | | 收盘价 79180.00 连一合约 | | 82960.00 | 87000.00 | -3.780.00 | ( | | 连二合约 收盘价 | 78620.00 | 82180.00 | 86900.00 | -3.560.00 | ( | | 连三合约 收盘价 | 78620.00 | 82180.00 | 86580.00 | -3.560.00 | 1 | | 收盘价 | 78960.00 | 82760.00 | 86900.00 | -3.800.00 | ( | | 砖酸包期货 成交量(手) | 932675.00 | 777827.00 | 868811.00 | 154,848.00 | | | 活跃合约 (元/吨) 持仓量(手) | 362254.00 | ...

长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 需求端：8月整体排产环比增加，大型电芯厂排产环比增加7%。7月，我国动力和其他电池合计产量为133.8GWh，环比增长3.6%， 同比增长44.3%。动力和其他电池合计出口23.2GWh，环比下降4.7%，同比增长35.4%。动力和其他电池销量为127.2GWh，环比下 降3.2%，同比增长47.8%。以旧换新政策和政策端新能源车购置税的延期也有望持续支撑中国新能源车市场销量的较快增长。 库存：本周碳酸锂库存呈现去库状态，碳酸锂工厂库存减少1590吨，市场库存减少591吨，期货库存增加1505吨。 【产业服务总部|有色中心】 研究员：汪国栋 执业编号：F03101701 投资咨询号：Z0021167 咨询电话：027-65777106 碳酸锂周报 2025/8/25 l 策略建议： 01 周度观点 l 供需状况： 供应端：据百川盈孚统计，上周碳酸锂产量环比增加345吨至20438吨，7月产量环比增加5.8%至85690吨。宁德枧下窝矿山确认停 产3个月，宜春和青海地区生产企业均收到矿权转让重审的通知，供应受到影响。一季度澳矿实现对成本的管控， ...

碳酸锂周报： 总库存去化，碳酸锂低多对待 分析师：张清 咨询账号：Z0019679 中辉期货研究院 2025.8.22 锂电行业价格一览 | 产品 | 价格指标 | 单位 | 今日价格 | 上周价格 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | | （截止8月22日） | （8月15日） | | | 锂辉石 | 6%CIF | 美元/吨 | 960 | 988 | -2.83% | | | 非洲SC 5% | 美元/吨 | 680 | 640 | 6.25% | | 锂云母 | ≥2.5% | 元/吨 | 2,330 | 2,300 | 1.30% | | 金属锂 | ≥99% | 元/吨 | 560,000 | 550,000 | 1.82% | | 碳酸锂 | 电池级 | 元/吨 | 80,000 | 84,000 | -4.76% | | | 工业级 | 元/吨 | 79,000 | 83,000 | -4.82% | | 氢氧化锂 | 电池级 | 元/吨 | 78,875 | 77,875 | 1.28% | | | 工业级 | 元/吨 | 7 ...

| 交易日期(日) 2025-08-22 2025-08-21 2025-08-15 较昨日变化 近两周走势 | | | | | | | --- | --- | --- | --- | --- | --- | | 79180.00 近月合约 收盘价 | | 83000.00 | 86920.00 | -3,820.00 | W | | 收盘价 79180.00 连一合约 | | 82960.00 | 87000.00 | -3.780.00 | ( | | 连二合约 收盘价 | 78620.00 | 82180.00 | 86900.00 | -3.560.00 | ( | | 连三合约 收盘价 | 78620.00 | 82180.00 | 86580.00 | -3.560.00 | 1 | | 收盘价 | 78960.00 | 82760.00 | 86900.00 | -3.800.00 | ( | | 砖酸包期货 成交量(手) | 932675.00 | 777827.00 | 868811.00 | 154,848.00 | | | 活跃合约 (元/吨) 持仓量(手) | 362254.00 | ...

2025 年 8 月 24 日 有色金属 电碳价格连续 1 个月上涨，氧化镨钕价格创 2 年新高 ——金属新材料高频数据周报（20250818-20250824） 要点 军工新材料：铼粉价格上涨。（1）本周电解钴价格 26.00 万元/吨，环比 +0%。本周电解钴和钴粉价格比值 0.86 ，环比-1.7%；电解钴和硫酸钴价格 比值为 4.95 ，环比-0.6%。（2）碳纤维本周价格 83.8 元/千克，环比+0%。 毛利 -8.59 元/千克。 新能源车新材料：锂精矿价格下跌。（1）本周 Li2O 5%锂精矿中国到岸价 840 美元/吨，环比 -2.55%。（2）本周电碳、工碳和电池级氢氧化锂价格分 别为 8.35 、8.12 和 7.69 万元/吨，环比+7.9%、+8.08%和+8.5%。电碳与工 碳价差为 2024 年 11 月以来新低，或代表锂电景气度相较工业领域有所减 弱。（3）本周硫酸钴价格 5.20 万元/吨，环比+0%。（4）本周磷酸铁锂、 523 型正极材料价格分别为 3.43 、11.44 万元/吨，环比+0%、-0.1%。（5） 本周氧化镨钕价格 622.34 元/公斤，环比+11.6% ...

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有色、钢铁行业 行业研究 | 行业周报 如何理解当前稀土板块的行情 ——有色钢铁行业周观点（2025 年第 34 周） 核心观点 投资建议与投资标的 风险提示 国内宏观经济增速放缓；关税等因素影响出口需求与产业链稳定性；原材料价格波动 国家/地区 中国 行业 有色、钢铁行业 报告发布日期 2025 年 08 月 24 日 刘洋 021-63325888*6084 liuyang3@orientsec.com.cn 执业证书编号：S0860520010002 香港证监会牌照：BTB487 | | | | 重视有色新材料在 AI 硬件的加速应用：— | 2025-08-17 | | --- | --- | | —有色钢铁行业周思考（2025 年第 33 | | | 周） | | | 电解铝：盈利拉久期，周期转红利：—— | 2025-08-15 | | 铝行业深度报告 | | | 大阅兵催化限产政策落地，行业供给侧变 | 2025-08-12 | | 化或将临近 | | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 看 ...

盛新锂能集团股份有限公司（以下简称"公司"）全资子公司四川致远锂业有限公司（以下简称"致远锂 业"）因业务发展需要，拟向中国光大银行股份有限公司成都分行（以下简称"光大银行"）申请不超过 人民币3,000万元（含本数）综合授信额度，期限不超过13个月。2025年8月20日，公司与光大银行签署 了《最高额保证合同》，为上述事项提供连带责任保证。 公司全资子公司盛威致远国际有限公司（以下简称"盛威国际"）因业务发展需要，拟向中国建设银行股 份有限公司成都第六支行（以下简称"建设银行"）申请不超过35,000万元（含本数）综合授信额度，期 限不超过12个月。2025年8月21日，公司与建设银行签署了《最高额保证合同》，为上述事项提供连带 责任保证。 公司分别于2025年3月21日、2025年4月11日召开第八届董事会第十八次会议和2024年年度股东大会，审 议通过了《关于对下属子公司提供担保额度预计的议案》，同意公司（含下属子公司）在下属子公司向 银行、融资租赁公司等金融及类金融机构申请融资及日常经营需要时为其提供担保，担保总金额不超过 人民币110亿元，对外担保额度有效期为公司2024年年度股东大会审议通过之日起 ...

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