1. Report's Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In December 2025, the market showed a significant upward trend or rebound after a series of important macro - events. The overall market sentiment turned bullish, but there was a risk of short - term market sentiment shock due to the possible "flame - out" of previous sentiment "leaders" such as silver, platinum, and lithium carbonate [15][96]. - For manganese silicon, the supply - demand pattern is not ideal with a loose structure, high inventory, and weak downstream building materials industry demand. However, these factors have mostly been priced in. For ferrosilicon, the supply - demand structure is basically balanced with marginal improvement. The future market trends of manganese silicon and ferrosilicon are mainly influenced by the direction of the black market and overall market sentiment, as well as cost - push issues on the manganese silicon side and supply contraction problems on the ferrosilicon side [15][96]. - In the context of the current bullish commodity sentiment, low port manganese ore inventory, and concentrated ownership of high - grade manganese ore, it is necessary to pay close attention to possible sudden events in the manganese ore sector and the progress of the "dual - carbon" policy [15][96]. 3. Summary According to Relevant Catalogs Manganese Silicon 3.1 Monthly Assessment and Strategy Recommendation - Price: Tianjin 6517 manganese silicon spot was priced at 5730 yuan/ton, up 30 yuan/ton month - on - month and 50 yuan/ton from the beginning of the month. The futures主力 (SM603) closed at 5920 yuan/ton, up 88 yuan/ton month - on - month and 182 yuan/ton from the beginning of the month. The basis was 0 yuan/ton, down 58 yuan/ton month - on - month [14][20]. - Profit: The estimated immediate profit of manganese silicon remained low. In Inner Mongolia, it was - 436 yuan/ton, up 41 yuan/ton month - on - month and 88 yuan/ton from the beginning of the month; in Ningxia, - 631 yuan/ton, up 11 yuan/ton month - on - month and down 11 yuan/ton from the beginning of the month; in Guangxi, - 484 yuan/ton, up 76 yuan/ton month - on - month and 241 yuan/ton from the beginning of the month [14][25]. - Cost: The estimated immediate cost of manganese silicon in Inner Mongolia was 6086 yuan/ton, up 39 yuan/ton month - on - month and 32 yuan/ton from the beginning of the month; in Ningxia, 6201 yuan/ton, up 39 yuan/ton month - on - month and 71 yuan/ton from the beginning of the month; in Guangxi, 6234 yuan/ton, up 4 yuan/ton month - on - month and down 41 yuan/ton from the beginning of the month [14][30]. - Supply: The weekly output of manganese silicon from the Steel Union's perspective was 19.37 tons, up 0.12 tons week - on - week, with the cumulative weekly output up about 0.25% year - on - year. In December 2025, the output was 84.35 tons, down 0.53 tons month - on - month, and the cumulative output from January to December was down 2.21 tons or 0.22% year - on - year [14][44]. - Demand: The weekly output of rebar was 188.22 tons, up 3.83 tons week - on - week, with the cumulative weekly output down about 3.73% year - on - year. The average daily hot metal output was 227.43 tons, up 0.85 tons week - on - week, with the cumulative weekly output up about 3.00% year - on - year [14][59][62]. - Inventory: The estimated visible inventory of manganese silicon was 54.45 tons, up 2.8 tons month - on - month, remaining at a high level in the same period [14][70]. 3.2 Spot - Futures Market - As of December 31, 2025, Tianjin 6517 manganese silicon spot was priced at 5730 yuan/ton, up 30 yuan/ton month - on - month and 50 yuan/ton from the beginning of the month. The futures主力 (SM603) closed at 5920 yuan/ton, up 88 yuan/ton month - on - month and 182 yuan/ton from the beginning of the month. The basis was 0 yuan/ton, down 58 yuan/ton month - on - month, and the basis rate was 0.00%, at a relatively low level in historical statistics [20]. 3.3 Profit and Cost - **Profit**: The estimated immediate profit of manganese silicon remained low. In Inner Mongolia, it was - 436 yuan/ton, up 41 yuan/ton month - on - month and 88 yuan/ton from the beginning of the month; in Ningxia, - 631 yuan/ton, up 11 yuan/ton month - on - month and down 11 yuan/ton from the beginning of the month; in Guangxi, - 484 yuan/ton, up 76 yuan/ton month - on - month and 241 yuan/ton from the beginning of the month [25]. - **Cost**: As of December 31, 2025, the price of South African ore was 35 yuan/ton - degree, up 0.5 yuan/ton - degree month - on - month and 0.8 yuan/ton - degree from the beginning of the month; Australian ore was 41.7 yuan/ton - degree, up 0.2 yuan/ton - degree month - on - month and 1.7 yuan/ton - degree from the beginning of the month; Gabonese ore was 42.5 yuan/ton - degree, down 0.3 yuan/ton - degree month - on - month and up 0.5 yuan/ton - degree from the beginning of the month. The market price of off - grade metallurgical coke was 1190 yuan/ton, unchanged month - on - month and down 110 yuan/ton from the beginning of the month. The estimated immediate cost of manganese silicon in Inner Mongolia was 6086 yuan/ton, up 39 yuan/ton month - on - month and 32 yuan/ton from the beginning of the month; in Ningxia, 6201 yuan/ton, up 39 yuan/ton month - on - month and 71 yuan/ton from the beginning of the month; in Guangxi, 6234 yuan/ton, up 4 yuan/ton month - on - month and down 41 yuan/ton from the beginning of the month [27][30]. - **Manganese Ore Import**: In November 2025, the manganese ore import volume was 269.4 tons, down 40.6 tons month - on - month and up 49.4 tons year - on - year. The cumulative import volume from January to November was 2956.8 tons, up 284 tons or 10.63% year - on - year [33]. - **Manganese Ore Inventory**: As of December 31, 2025, the manganese ore port inventory decreased to 439.58 tons, down 7.22 tons month - on - month [36]. 3.4 Supply and Demand - **Supply**: The weekly output of manganese silicon from the Steel Union's perspective was 19.37 tons, up 0.12 tons week - on - week, with the cumulative weekly output up about 0.25% year - on - year. In December 2025, the output was 84.35 tons, down 0.53 tons month - on - month, and the cumulative output from January to December was down 2.21 tons or 0.22% year - on - year [44]. - **Demand**: The weekly output of rebar was 188.22 tons, up 3.83 tons week - on - week, with the cumulative weekly output down about 3.73% year - on - year. The average daily hot metal output was 227.43 tons, up 0.85 tons week - on - week, with the cumulative weekly output up about 3.00% year - on - year. The Hebei Steel Group's manganese silicon tender volume in December 2025 was 14,700 tons, down 1300 tons month - on - month and up 1100 tons year - on - year; the tender price was 5770 yuan/ton, down 50 yuan/ton month - on - month [56][59][62]. 3.5 Inventory - **Visible Inventory**: As of December 31, 2025, the estimated visible inventory of manganese silicon was 54.45 tons, up 2.8 tons month - on - month, remaining at a high level in the same period. The inventory of 63 sample enterprises from the Steel Union's perspective was 39.35 tons, up 0.75 tons month - on - month [70][73]. - **Steel Mill Inventory**: In December 2025, the average available days of manganese silicon in steel mills was 15.52 days, down 0.32 days month - on - month, remaining at a relatively low level in historical statistics [76]. 3.6 Graphical Trends - In December 2025, the manganese silicon futures price showed a volatile rebound, rising 300 yuan/ton or 5.33% month - on - month. At the daily - line level, it continued the volatile rebound trend after breaking away from the medium - term downward trend since May 2024 and was in a short - term upward cycle with no obvious position increase. It is recommended to pay attention to the pressure levels at 6000 yuan/ton and 6250 yuan/ton [79]. Ferrosilicon 3.1 Monthly Assessment and Strategy Recommendation - Price: Tianjin 72 ferrosilicon spot was priced at 5750 yuan/ton, up 50 yuan/ton month - on - month and 250 yuan/ton from the beginning of the month. The futures主力 contract (SF603) closed at 5672 yuan/ton, up 16 yuan/ton month - on - month. The basis was 78 yuan/ton, up 34 yuan/ton month - on - month, and the basis rate was 1.36%, at a relatively neutral level in historical statistics [95][101]. - Profit: The estimated immediate profit of ferrosilicon was in a loss state. In Inner Mongolia, it was - 373 yuan/ton, up 50 yuan/ton month - on - month and 231 yuan/ton from the beginning of the month; in Ningxia, - 410 yuan/ton, up 50 yuan/ton month - on - month and 201 yuan/ton from the beginning of the month; in Qinghai, - 847 yuan/ton, up 50 yuan/ton month - on - month and down 100 yuan/ton from the beginning of the month [95][106]. - Cost: The production cost in Inner Mongolia was 5693 yuan/ton, unchanged month - on - month and down 81 yuan/ton from the beginning of the month; in Ningxia, 5710 yuan/ton, unchanged month - on - month and down 5 yuan/ton from the beginning of the month; in Qinghai, 6097 yuan/ton, unchanged month - on - month and up 200 yuan/ton from the beginning of the month [95][112]. - Supply: The weekly output of ferrosilicon from the Steel Union's perspective was 9.89 tons, up 0.05 tons week - on - week, with the cumulative weekly output down about 0.54% year - on - year. In December 2025, the output was 45.42 tons, down 1.69 tons month - on - month, and the cumulative output from January to December was down 3.77 tons or 0.67% year - on - year [95][117]. - Demand: The average daily hot metal output was 227.43 tons, up 0.85 tons week - on - week, with the cumulative weekly output up about 3.00% year - on - year. From January to November 2025, the cumulative output of ferrosilicon was 36.79 tons, down 2.77 tons or 7.01% year - on - year; the cumulative output of metallic magnesium was 78.72 tons, down 1.67 tons or 2.08% year - on - year. The Hebei Steel Group's 75B ferrosilicon alloy tender volume in December 2025 was 2750 tons, up 34 tons month - on - month and 609 tons year - on - year; the tender price was 5660 yuan/ton, down 20 yuan/ton month - on - month [95][123][126]. - Inventory: The estimated visible inventory of ferrosilicon was 12.33 tons, up 0.03 tons month - on - month, remaining at a relatively neutral level in the same period [95][140]. 3.2 Spot - Futures Market - As of December 31, 2025, Tianjin 72 ferrosilicon spot was priced at 5750 yuan/ton, up 50 yuan/ton month - on - month and 250 yuan/ton from the beginning of the month. The futures主力 contract (SF603) closed at 5672 yuan/ton, up 16 yuan/ton month - on - month. The basis was 78 yuan/ton, up 34 yuan/ton month - on - month, and the basis rate was 1.36%, at a relatively neutral level in historical statistics [101]. 3.3 Profit and Cost - **Profit**: The estimated immediate profit of ferrosilicon was in a loss state. In Inner Mongolia, it was - 373 yuan/ton, up 50 yuan/ton month - on - month and 231 yuan/ton from the beginning of the month; in Ningxia, - 410 yuan/ton, up 50 yuan/ton month - on - month and 201 yuan/ton from the beginning of the month; in Qinghai, - 847 yuan/ton, up 50 yuan/ton month - on - month and down 100 yuan/ton from the beginning of the month [106]. - **Cost**: As of December 31, 2025, the price of silica in the northwest region was 210 yuan/ton, unchanged month - on - month. The price of semi - coke small materials was 780 yuan/ton, unchanged month - on - month and down 60 yuan/ton from the beginning of the month. The main - production - area electricity price was unchanged month - on - month. The production cost in Inner Mongolia was 5693 yuan/ton, unchanged month - on - month and down 81 yuan/ton from the beginning of the month; in Ningxia, 5710 yuan/ton, unchanged month - on - month and down 5 yuan/ton from the beginning of the month; in Qinghai, 6097 yuan/ton, unchanged month - on - month and up 200 yuan/ton from the beginning of the month [109][112]. 3.4 Supply and Demand - **Supply**: The weekly output of ferrosilicon from the Steel Union's perspective was 9.89 tons, up 0.05 tons week - on - week, with the cumulative weekly output down about 0.54% year - on - year. In December 2025, the output was 45.42 tons, down 1.69 tons month - on - month, and the cumulative output from January to December was down 3.77 tons or 0.67% year - on - year [117]. - **Demand**: The average daily hot metal output was 227.43 tons, up 0.85 tons week - on - week, with the cumulative weekly output up about 3.00% year - on - year. From January to November 2025, the cumulative output of ferrosilicon was 36.79 tons, down 2.77 tons or 7.01% year - on - year; the cumulative output of metallic magnesium was 78.72 tons, down 1.67 tons or 2.08% year - on - year. The Hebei Steel Group's 75B ferrosilicon alloy tender volume in December 2025 was 2750 tons, up 34 tons month - on - month and 609 tons year - on - year; the tender price was 5660 yuan/ton, down 20 yuan/ton month

1. Report Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: December 25, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] 2. Core Viewpoints - Carbonate lithium futures rose to a new high in two years, with total positions decreasing by 9,244 lots and increasing capital exit sentiment. The spot price increased by 2,000 to 101,500, Australian ore rose by 30 to 1,435, mica rose by 85 to 3,210, ternary materials rose by 700 - 800, lithium iron phosphate rose by 470 - 490, and electrolyte prices remained flat. The industry chain price increase trend continued, and there was still fundamental support. However, the short - term deviation between futures and spot prices of carbonate lithium was large. As the LC2601 contract was about to enter delivery, the pressure of futures - spot convergence might slow down the short - term upward pace of lithium prices [11] 3. Industry News Summary - On December 24, Zhongwei Co., Ltd. stated on the interactive platform that it had acquired two salt lake lithium mines in Argentina at low cost at the bottom of the industry cycle, and 100% equity transfer procedures had been completed. The two salt lake lithium mines were still in the exploration and construction stage [12] - The National Development and Reform Commission and the National Energy Administration issued several opinions to promote the large - scale development of solar thermal power generation. They supported new energy bases such as large - scale "desert, Gobi, and wasteland" new energy bases for external transmission, water - wind - solar bases for external transmission, and various self - use bases with suitable technical and economic conditions to carry out solar thermal power station project construction. They would scientifically determine the installed capacity of solar thermal power generation in the bases, optimize and improve the base regulation capacity, increase the proportion of green electricity in the base, reduce the average carbon emissions per kilowatt - hour of the base, strengthen the stable transmission of new energy, and actively explore the role of technically and economically feasible solar thermal power stations as supporting and regulating power sources in large bases [12]

Group 1: General Information - Report title: Carbonate Lithium Futures Daily Report [1] - Date: December 23, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Market Review and Operational Suggestions - Carbonate lithium futures reached a new high this year, with total positions increasing by 26,408 lots, and the 05 - 01 spread widening to 1,900. Spot electric carbon rose 1,350 to 99,000. The trade market's premium/discount to the main contract was reported at (-3,500, -1,500). Australian ore rose 50 to 1,385, lithium mica ore rose 85 to 2,920, ternary materials rose 500 - 1,000, iron - lithium rose 315 - 330, and electrolyte remained flat [9]. - The slowdown in demand at the end of the year was obvious. The weekly production of power lithium batteries, ternary, and iron - lithium all slowed down last week, and the weekly de - stocking volume slowed down for three consecutive weeks [9]. - Overall, there was an expected difference on the supply side of carbonate lithium, and demand slowed down slightly. It was expected that the de - stocking intensity of carbonate lithium would stop falling and rise, and carbonate lithium futures were prone to rise and difficult to fall [9]. Group 3: Industry News - Over 60% of global key mineral demand was met through international trade, making the global supply chain vulnerable to geopolitical tensions, export controls, and refining bottlenecks. The supply - side vulnerability was increasing as the demand for major energy - transition minerals was expected to rise sharply by 2040. Copper and nickel markets might face shortages in the mid - 2030s, and lithium supply was concentrated in a few countries, with the concentration of the refining segment increasing from about 82% in 2020 to 86% in 2024. Governments had accelerated their responses, with the number of key mineral policies issued since 2020 nearly doubling that of the previous two decades [12]. - Battery metals such as lithium, nickel, and cobalt had faced a third difficult year, struggling to digest the supply wave after the 2022 price surge. However, the electric vehicle revolution continued, and the demand for batteries and battery - forming metals was still growing rapidly. Chinese companies were leading a technological revolution to develop more powerful batteries at lower costs. Not all battery metals would succeed in the intense competition. In the first 11 months of 2025, global electric vehicle sales increased by 21% year - on - year to 18.5 million. The Chinese electric vehicle market was mainly dominated by lithium iron phosphate (LFP) batteries, which were safer, cheaper, and had a narrowing performance gap compared to NCM batteries. In 2024, LFP batteries accounted for 48% of global electric vehicle batteries, and Macquarie Bank expected this proportion to rise to 65% by 2029 [13].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core View of the Report - The lithium carbonate futures rose and then fell. After the sentiment of supply - side disturbances faded, the high point of the previous day had obvious suppression. Although the weekly inventory reduction of lithium carbonate slowed down, which was expected to dampen short - term market enthusiasm, the callback space of lithium prices was limited due to the stable price increase trend in the industrial chain [10]. 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - The lithium carbonate futures rose and then fell. The high point of the previous day had strong suppression after supply - side disturbances subsided. The price of electric carbon increased by 500 to 97550, the price of Australian ore increased by 10 to 1340, the price of mica increased by 40 to 2825, the price of ternary increased by 200 - 800, the price of iron - lithium increased by 120, and the price of electrolyte remained flat. The weekly inventory of lithium carbonate decreased by 1044 tons to 110425 tons, and the de - stocking intensity continued to slow down [10]. 3.2行业要闻 (Industry News) - The Chilean Copper Commission (Cochilco) reported that although the global lithium carbonate price had risen significantly due to increased supply uncertainty and improved future demand prospects, it was still lower than last year's average. On December 10, the price reached $10,500 per ton, a 13% increase from the end of October. The average price this year was $9306 per ton, 24% lower than the 2024 level. Despite expected oversupply in the market this year and next, prices continued to rise. Lithium prices were expected to recover moderately in 2026, but the resumption of major mines might cause short - term price drops. The consumption of lithium - battery energy storage systems was expected to increase, driving prices up [13]. - BloombergNEF's "2025 Transition Metals Outlook" report stated that lithium supply continued to grow. Supported by new project launches in South America and Africa, the maturity of direct extraction technology, and increased secondary supply, the total lithium carbonate equivalent production capacity might increase from 1.5 million tons in 2025 to 4.4 million tons in 2035. Lithium prices were still low after falling from the peak of $80,000 per ton in 2022, but recent production interruptions and subsidy cuts had led to a slight rebound [13].

Group 1: Report Overview - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: December 9, 2025 [2] - Research Team: Non - ferrous Metals Research Team [4] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - Carbonate lithium futures rose. The expected resumption of the Jianxiawo mine did not happen. With the spot price remaining firm, the downward pressure on carbonate lithium is limited. Although the weekly destocking volume of carbonate lithium has been declining since late November and the weekly production of ternary and lithium iron phosphate decreased last week, considering market sentiment and spot support, the futures price of lithium is expected to rise slightly with fluctuations, but it is unlikely to break the previous high in the short term [9] Group 4: Market Review and Operation Suggestions - Carbonate lithium futures increased. The 01 contract quickly rebounded after falling below 90,000 in the morning. The spot price dropped by 500 to 92,750, the discount in the trading market remained the same, Australian ore rose by 15 to 1,172.5, lithium mica rose by 20 to 2,535, ternary materials rose by 0 - 50, lithium iron phosphate fell by 120 - 125, and electrolyte rose by 500. The upward price trend in the industrial chain continued [9] Group 5: Industry News - Rio Tinto tightened its lithium business expansion plan, limiting investment in ongoing projects. It aims to achieve an annual capacity of about 200,000 tons by 2028, down from the previous guidance of 225,000 tons. The company is confident in the long - term lithium demand, especially in the grid energy storage field, but will prioritize existing projects and control capital expenditure [13] - Dazhong Mining announced that the Jijiaoshan lithium mine has a resource volume of about 490 million tons, corresponding to about 3.24 million tons of lithium carbonate equivalent. The designed open - pit mining scale is 20 million tons per year, with an expected annual output of about 80,000 tons of lithium carbonate. The company obtained the mining license in October this year with a 30 - year validity [13]

Report Information - Report Title: Ferroalloy Industry Risk Management Daily Report - Date: November 19, 2025 - Author: Chen Mintao (Z0022731) [1] Industry Investment Rating - No industry investment rating information is provided in the report. Core View - Ferroalloys face the fundamental situation of high inventory and weak demand. Although the cost center of coking coal may decline due to supply guarantee, the downside space for ferroalloys is limited, and they are expected to fluctuate weakly [6]. Summary by Directory Price Range Forecast - The monthly price range forecast for ferrosilicon is 5,300 - 6,000, with a current 20 - day rolling volatility of 16.65% and a 3 - year historical percentile of 40.6%. For silicomanganese, the price range is also 5,300 - 6,000, with a current volatility of 13.22% and a 3 - year historical percentile of 17.9% [3]. Hedging Strategies - **Inventory Management**: When the finished product inventory is high and there are concerns about price drops, enterprises with long positions can short - sell SF2601 and SM2601 ferroalloy futures at a 15% hedging ratio. The recommended entry range is 6,200 - 6,250 for SF and 6,400 - 6,500 for SM to lock in profits and cover production costs [3]. - **Procurement Management**: When the procurement inventory is low and enterprises want to purchase based on orders, those with short positions can buy SF2601 and SM2601 ferroalloy futures at a 25% hedging ratio. The recommended entry range is 5,200 - 5,300 for SF and 5,300 - 5,400 for SM to lock in procurement costs in advance [3]. Market Review - Recently, ferroalloys rebounded slightly due to environmental inspection news, rising on reduced positions. However, the high - inventory situation remains unchanged. Today, ferroalloys followed coking coal and weakened in a fluctuating manner. The view of a weakly - fluctuating market for ferroalloys persists [4]. Core Logic - The steel mill profitability rate has fallen below 40%, leading to a slight decline in hot metal production, which is expected to continue. The demand for ferroalloys is expected to decline. The inventory of the five major steel products has increased seasonally, and ferroalloys also have high inventory. The production profit of ferroalloys is gradually decreasing, and there is little expectation for continued production increases. Downstream demand is entering the off - season, and the inventory of ferrosilicon and silicomanganese enterprises is at the highest level in the past 5 years. Silicomanganese enterprise inventory increased by 10.3% month - on - month, and ferrosilicon enterprise inventory increased by 3.3% month - on - month. This week, ferrosilicon production started to decrease, and silicomanganese production has been decreasing for multiple weeks. Reducing inventory may rely on production cuts [5]. Factors Analysis - **Positive Factors**: Ferrosilicon production decreased by 4.38% week - on - week this week, and silicomanganese continued its production - reduction trend. In October, the production of magnesium ingots increased by 21.96% month - on - month [8]. - **Negative Factors**: The steel market failed to meet expectations during the peak season, and the steel mill profitability rate fell below 40%, increasing the negative feedback pressure. The coil and plate segment still has high inventory and high production. Although production decreased month - on - month, it is still at the highest level in the past 5 years. Consumption has no driving force, and inventory has increased seasonally. Recently, Thailand launched an anti - dumping investigation on domestic steel plates. Silicomanganese enterprise inventory increased by 10.3% month - on - month, and ferrosilicon enterprise inventory increased by 3.3% month - on - month, indicating high inventory pressure [9][11]. Daily Data - **Ferrosilicon**: On November 19, 2025, the basis in Ningxia was 38, and the basis difference between 01 - 05 contracts was 2. Spot prices in different regions remained stable. The number of warehouse receipts decreased by 47 compared to the previous day [9]. - **Silicomanganese**: On November 19, 2025, the basis in Inner Mongolia was 308, and the basis difference between 01 - 05 contracts was - 58. Spot prices in some regions decreased slightly, and the number of warehouse receipts decreased by 119 compared to the previous day [10][12].

Group 1: Report Overview - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: November 12, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Market Review and Operation Suggestions - Futures Market: Carbonate lithium futures prices rose significantly, with total positions increasing by 77,114 lots. After the evaluation report of the Jianxiawo mining area was released, the resumption time of the mine was postponed, and strong demand led to a short - term influx of funds. However, the current futures market sentiment is more exuberant than the spot market, and there is a high risk of short - term chasing [11]. - Spot Market: The price of electric carbon increased by 350 to 80,750. The spot price was significantly at a discount to the futures price. The price increase of lithium hexafluorophosphate and electrolyte slowed down. The price of Australian ore increased by 55 to 995, lithium mica ore increased by 60, ternary materials increased by 100 - 1,500, and lithium iron phosphate increased by 80 - 90. The industrial chain is still in the price - rising channel [11]. Group 3: Industry News - Copper in Data Centers: As the power density of AI servers exceeds 100kW/cabinet, high - speed copper cables are gradually replacing some optical modules as the mainstream choice for internal interconnection in data centers. In 2026, the global copper demand in data centers is expected to reach 710,000 tons, with AI - related scenarios contributing over 40% of the increase [12]. - Fortune Minerals: Fortune Minerals received a binding loan offer of CAD 3.8 million (about USD 2.7 million) from Prosper NWT. The loan will help the company acquire a refinery and existing facilities in Lamont County, Alberta. The company plans to build a hydrometallurgical plant there to process concentrates from the NICO cobalt - gold - bismuth - copper mine. The NICO project is in the late - stage development phase, and the mine's core deposit has a reserve of 33.1 million tons [12]. - NICO Project Funding: In March, the NICO project received additional funding support from the Canadian and US governments. The Canadian domestic funding reached CAD 7.5 million (about USD 5.5 million), covering 75% of the CAD 10 million additional engineering and testing work. The US Department of Defense awarded the company USD 6.38 million to expand cobalt production capacity [13]

Report Overview - Report Type: Carbonate Lithium Futures Daily Report [1] - Date: October 31, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] 1. Report Industry Investment Rating - Not provided 2. Report's Core View - The carbonate lithium futures continued to rise, with total positions increasing by 36,888 to 912,869 hands. Although the afternoon rally narrowed due to increased market selling pressure after the China-US summit in Busan, the upward trend is expected to continue. The current strong demand in the carbonate lithium market drives inventory reduction, and price transmission is smooth, with the price increase being acceptable to the industry. Moreover, the weekly production of carbonate lithium decreased by 228 tons to 21,080 tons, and it is expected to decline further in November and December. The weekly inventory decreased by 3,008 tons to 127,358 tons, indicating an accelerating de-stocking process [9]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **Futures Market**: Carbonate lithium futures rose, with total positions increasing by 36,888 to 912,869 hands. The afternoon rally narrowed due to market selling pressure after the China-US summit in Busan [9]. - **Spot Market**: The carbonate lithium spot price increased by 850 to 80,000, Australian ore rose by 30 to 985, lithium mica rose by 50 to 2,180, ternary materials rose by 100 - 300, lithium iron phosphate rose by 200 - 255, and electrolytes rose by 500 - 850, showing a continuous price increase in the industrial chain [9]. - **Production and Inventory**: Weekly carbonate lithium production decreased by 228 tons to 21,080 tons, mainly due to a 270 - ton decrease in the production of carbonate lithium from spodumene. It is expected that production will decline in November and December. Weekly inventory decreased by 3,008 tons to 127,358 tons, with an accelerating de - stocking speed [9]. 3.2 Industry News - **New宙邦**: On October 29, at the performance briefing, New宙邦 stated that since the third quarter of 2025, the electrolyte industry has gradually rebounded from the historical low in the first half of the year. The price transmission of hexafluorophosphate to electrolytes is gradually taking effect. As some customers still have annual or semi - annual long - term contracts, the fourth quarter is a price transition period, but new contracts will fully refer to the latest hexafluorophosphate price, and the transmission efficiency will further improve [13]. - **Nandu Power Supply (300068)**: On October 29, during an institutional survey, Nandu Power Supply said that with the strategic layout of countries for large - scale grid connection of renewable energy and improved energy security, the energy storage market is growing rapidly. The company currently has about 8.9 billion yuan in unshipped orders, including about 5.5 billion yuan in large - scale energy storage orders (4 billion yuan domestic and 1.5 billion yuan overseas), about 1.67 billion yuan in data center lithium - battery orders (all overseas), about 380 million yuan in unshipped orders for civilian lithium - battery products, about 470 million yuan in communication lithium - battery orders (with a small overseas proportion), and about 790 million yuan in lead - acid battery orders (mostly domestic). The company's overseas large - scale energy storage orders mainly come from countries and regions such as Australia, Europe, and the UK [13][14].

Group 1: Report Overview - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: September 17, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] - Research Team: Non-ferrous Metals Research Team [4] Group 2: Market Review and Operation Suggestions - Market Performance: Carbonate lithium futures rose and then fell. The market continued to trade on the anti-involution signal released by the article "Deeply Promote the Construction of a National Unified Market" in Qiushi, but the upward momentum was limited without specific policies. The total open interest decreased while the total trading volume increased slightly, indicating an increasing willingness of funds to leave the market [11]. - Spot Price: The spot price of electric carbon increased by 400 to 72,850. The premium of the futures price over the spot price widened. As the Double Festival approaches, downstream buyers have a demand for stocking up at low prices, which supports the spot price of carbonate lithium [11]. - Raw Material Price: The price of Australian ore increased by 10 to $820 per ton, and the price of lithium mica increased by 40 to 1,815 yuan per ton. The production loss of salt plants using purchased lithium spodumene narrowed to 3,280 yuan per ton, while the production loss of salt plants using purchased lithium mica widened to 7,539 yuan per ton [11]. - Supply and Demand: Although salt plants are currently operating at a loss, it does not affect their production enthusiasm. The weekly production of carbonate lithium last week was close to the historical high, and the supply pressure remains. The demand is in the peak season. The short-term focus is on the mineral type change of the mines in production in Yichun by the end of the month and the resumption progress of the Jianxiaowo Mine. Before the variables at the mine end are settled, the market sentiment is still difficult to make a clear directional choice [11]. Group 3: Industry News - Production Capacity Upgrade: On September 16, Salt Lake Co., Ltd. (000792.SZ) stated on the investor interaction platform that the original annual production capacity of 30,000 tons of carbonate lithium in Lanke Lithium Industry has been increased to 40,000 tons after technological upgrading. The company will continue to benchmark against the industry's advanced level to further improve resource extraction and utilization efficiency and promote high-quality industrial development [12]. - Battery Technology: Fuan Technology stated on the interaction platform that its third-generation semi-solid-state battery introduces solid electrolytes into the positive and negative electrodes and uses in-situ solidification technology to further reduce the electrolyte content in the battery cells. It is planned to be mass-produced in 2026. The energy density of the current soft-pack battery cells has reached 400Wh/kg. The reduction of electrolyte and the introduction of solid oxide electrolytes are beneficial to improving the safety of the battery cells. The compatibility of solid electrolytes with high-energy-density active materials helps to ultimately achieve a high-safety all-solid-state battery with an energy density of over 500Wh/kg [12].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Due to the faster - than - expected news of the resumption of production at Ningde Times' Jianxiawo Mine, the morning trading of lithium carbonate futures opened sharply lower, and the price almost recovered the gains from the supply - side production cut hype in August. Although there is uncertainty about the resumption of production, market sentiment improved slightly. The spot price center shifted downwards, and downstream material factories were actively pricing at low points. In the context of industry overcapacity, the willingness of holders to hold up prices is weak. The impact of the resumption of production at Jianxiawo Mine on the spot market is difficult to be fully absorbed by demand. It is recommended to wait for the risk to land before taking unilateral actions [9]. 3. Summary by Relevant Sections 3.1 Market Review and Operation Suggestions - **Market Performance**: Affected by the news of the resumption of production at Ningde Times' Jianxiawo Mine, the morning trading of lithium carbonate futures opened sharply lower, with the main contract reaching a minimum of 68,600. The price almost recovered the gains from the supply - side production cut hype in August. Although an insider said there was uncertainty about the resumption, the market sentiment improved limitedly, and the main contract barely stood above 70,000 at the end of the session. The spot price center moved down, with electric carbon dropping 1,150 to 73,450. Downstream material factories were actively pricing at low points due to rigid procurement demand during the peak season [9]. - **Raw Material Prices**: Australian ore dropped 45 to 805 US dollars per ton, and lithium mica ore dropped 50 to 1,815 yuan per ton. The profit of salt factories improved, with the production loss of salt factories purchasing lithium mica narrowing to 7,321 yuan per ton and that of salt factories purchasing lithium spodumene narrowing to 1,507 yuan per ton [9]. - **Operation Suggestions**: In the context of industry overcapacity, the willingness of holders to hold up prices is weak. The impact of the resumption of production at Jianxiawo Mine on the spot market is difficult to be fully absorbed by demand. It is necessary to continue to pay attention to the implementation of the resumption of production at Jianxiawo Mine, and it is recommended to wait for the risk to land before taking unilateral actions [9]. 3.2 Industry News - **Galan Lithium's Project Progress**: Australian Galan Lithium announced that the first - phase construction of its Hombre Muerto West (HMW) lithium salt project in Argentina has made significant progress. The design of Pool 4 has been completed, which will support an operation of 4,000 tons per year of lithium carbonate equivalent. The construction of a nanofiltration plant in Sydney is in progress. The project has a mid - term goal of achieving an annual output of 21,000 tons of LCE in 2026, 40,000 tons in 2028, and potentially increasing to 60,000 tons in 2030 [12]. - **Ningde Times' Mine Resumption**: On September 10, it was learned that Ningde Times' subsidiary Yichun Times New Energy Mining Co., Ltd. held a "Jianxiawo Lithium Mine Resumption Work Meeting" on September 9 to discuss the resumption of production at the Jianxiawo Lithium Mine. The goal is to complete the resumption of production by November this year, but it is uncertain whether this goal can be achieved, and it may be adjusted according to the actual progress. Investors are advised to view market news rationally [12][13].