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].

Core Viewpoint - The article highlights the upcoming 2026 (Second) Starting Point Lithium Battery Cylindrical Technology Forum and the release of the Top 20 Cylindrical Battery Rankings, emphasizing advancements in technology and market leadership in the cylindrical battery sector. Group 1: Event Details - The event is themed "All-Ear Technology Leap, Leading the Large Cylindrical Market" and will take place on April 10, 2026, at the Venus Hall, Venus Royal Hotel, Shenzhen [4] - The event is organized by Starting Point Lithium Battery and Starting Point Research Institute SPIR, with several prominent companies sponsoring and participating [4] Group 2: Company Developments - Ganfeng Lithium announced the establishment of a joint venture, Green Energy Shipping Company, to explore green applications in lithium batteries and shipping [4] - Ganfeng Lithium plans to increase its investment in Ganfeng Lithium Battery by up to 1 billion RMB [5] - Contemporary Amperex Technology Co., Ltd. (CATL) has established Taiyuan Times Battery Service Technology Co., Ltd., focusing on AI applications and IoT services [5] - Guoxuan High-Tech has received certification for its PACK laboratories from Volkswagen Group, becoming the Chinese battery company with the most certifications in this testing system [6] - Hicharge Energy signed a strategic cooperation agreement with Brawn Capital to focus on renewable energy projects, aiming for 3GWh of long-duration energy storage projects by 2030 [6] - Xiaomi's battery factory project in Beijing is set to begin construction in June 2024, indicating rapid progress towards production [7] - Liyuanheng announced the termination of its East China headquarters project due to changes in the macroeconomic environment and competition in the new energy sector [8] - Guokai Energy has launched a 20GWh energy storage cell project in Sichuan with a total investment of 5.5 billion RMB [9] - Huasheng Lithium achieved a revenue of 869 million RMB in 2025, a 72.21% increase year-on-year, and turned a profit [10] - Yalv Group signed a procurement contract for lithium ore products, committing to purchase approximately 600,000 tons over five years [14] Group 3: Market Trends - The price of battery-grade lithium carbonate has increased, with spot prices reaching 171,600 RMB per ton, indicating a rise in market demand [12] - The cylindrical battery sector is experiencing significant growth, with companies like Penghui Energy and Tianpeng Power planning to ramp up production and sales in 2025 [15]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1772） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 刊 發。 根據中華人民共和國的有關法例規定，江西贛鋒鋰業集團股份有限公司（「本 公 司」）在 深 圳 證 券 交 易 所 網 站(http://www.szse.cn/）刊 發 了 以 下 公 告。茲 載 列 如 下，僅 供 參 閱。 承董事會命 江西贛鋒鋰業集團股份有限公司 董事長 李良彬 中國‧ 江 西 二 零 二 六 年 三 月 三 十 一 日 江西赣锋锂业集团股份有限公司 2025 年年度报告全文 2025 年年度报告 第一节重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 公 ...

Group 1 - The energy metals sector in A-shares showed strong performance on March 27, with the sector index significantly rising and multiple stocks hitting the daily limit up, becoming the leading trend in the A-share market [1] - The Tonghuashun Energy Metals Index (881267) recorded an intraday increase of 7%, with total trading volume reaching 22.75 billion yuan and a turnover rate of 4.76% [2] - Key stocks such as Ganfeng Lithium, Yongxing Materials, Shengxin Lithium Energy, Rongjie Co., and Yongshan Lithium all hit the 10% limit up, with Rongjie achieving a four-day limit up streak [2] Group 2 - The recent strength in the sector is primarily driven by improved supply-demand fundamentals and support from spot prices [2] - As of March 26, the average spot price of battery-grade lithium carbonate in China was reported at 157,000 yuan per ton, with a daily increase of 1.62%, indicating a continuous upward trend that solidifies cost support for the sector [2] - Supply-side disruptions, such as the export disturbances from Zimbabwe's lithium mines and a 30% year-on-year reduction in Indonesia's nickel mining quotas, are reinforcing expectations of tightening global energy metal supplies [2] - On the demand side, the energy storage sector is becoming a core growth driver, with domestic energy storage cell production in January-February 2026 increasing by 91% year-on-year, and lithium battery industry overall production scheduling increasing by 16.5% month-on-month in March, demonstrating sustained demand resilience [2] Group 3 - Institutional views suggest that with the commencement of the new energy vehicle inventory replenishment cycle and sustained high growth in energy storage demand, the supply-demand dynamics in the energy metals industry are expected to continue improving, and the valuation repair logic for the sector will persist [3]

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。 ...

1. Report Industry Investment Rating No relevant content available. 2. Core Viewpoints of the Report - The OECD expects the global economic growth rate to be 2.9% in 2026 and rise slightly to 3% in 2027. The US economic growth rate is expected to slow from 2% in 2026 to 1.7% in 2027, and the inflation rate in the US this year will reach 4.2%, much higher than the Fed's expectation. The eurozone economic growth rate is expected to drop to 0.8% in 2026 and rebound to 1.2% in 2027. The uncertainty in the Middle East situation poses a test to global economic resilience. If energy prices remain high for a long time, it will significantly increase corporate costs, push up the inflation level, and drag down the global economic growth outlook [5][18]. - The Chinese government's work report in 2026 sets an annual economic growth target range of 4.5% - 5% and requires efforts to achieve better results in actual work. The overall labor productivity needs to be higher than the GDP growth rate, and R & D investment is used to drive the improvement of total factor productivity to offset the decline of the demographic dividend. The urbanization rate target is raised to 71.0%, with the focus shifting to quality improvement, and domestic demand potential is released through citizenization. It is expected that the 10 - year Treasury bond yield will tend to fluctuate within a narrow range at a low level due to the downward - shifting growth target, and the growth of labor productivity provides a lower - bound support through the wage - inflation spiral [26]. 3. Summary by Relevant Catalogs 3.1 Macro Data Quick View - GDP in Q4 2025 grew by 4.5% year - on - year, down from 4.8% in the previous quarter and 5.4% in the same period last year [1]. - In February 2026, the manufacturing PMI was 49.0%, down from 49.2% in the previous month and 50.2% in the same period last year; the non - manufacturing PMI for business activities was 49.5%, the same as the previous month but down from 50.4% in the same period last year [1]. - In February 2026, the monthly value of social financing scale was 2385.5 billion yuan, down from 2492.6 billion yuan in the previous month but up from 2233.1 billion yuan in the same period last year [1]. - In February 2026, M0, M1, and M2 increased by 14.1%, 5.9%, and 9.0% year - on - year respectively, higher than the previous month and the same period last year. The new RMB loans of financial institutions in February 2026 were 900 billion yuan, up from 390 billion yuan in the previous month but down from 1010 billion yuan in the same period last year [1]. - In February 2026, CPI increased by 1.3% year - on - year, up from 0.7% in the previous month and - 0.7% in the same period last year; PPI decreased by 0.9% year - on - year, an improvement from - 2.2% in the previous month and the same period last year [1]. - In February 2026, the cumulative year - on - year growth rate of fixed - asset investment was 1.8%, up from - 2.6% in the previous period but down from 4.1% in the same period last year; the cumulative year - on - year growth rate of total retail sales of consumer goods was 2.8%, down from 4.0% in the previous period and the same period last year [1]. - In February 2026, the monthly export amount increased by 39.6% year - on - year, up from 5.9% in the previous month and - 3.1% in the same period last year; the monthly import amount increased by 13.8% year - on - year, up from 1.9% in the previous month and 1.6% in the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The Ministry of Commerce will promote the implementation of policies to stimulate inbound consumption and expand service exports. It is expected that China's foreign trade will maintain a stable and positive trend, and efforts will be made to attract foreign investment [2]. - The Shanghai International Energy Exchange has set trading limits and margin ratios for the EC2703 contract of the container shipping index (European line) futures [2]. - On March 26, 34 domestic commodity varieties had positive basis, and 35 had negative basis. Among them, Shanghai tin, Shanghai nickel, and Zhengzhou cotton had the largest basis, while apples, strong wheat, and common wheat had the smallest basis [3]. - US President Trump will visit China from May 14 to 15, 2026, and the two sides are in communication about this [3][16]. - Trump postponed the strike on Iranian energy facilities by 10 days to 8 p.m. on April 6, 2026, US Eastern Time. Iran responded to the US cease - fire proposal with four conditions [4][16]. - The US Department of Defense is formulating a so - called "final blow" military option against Iran, and Iran has organized over one million people for ground combat and warned of opening a new front [5][16]. 3.2.2 Metals - In the two weeks after the Iran war, the Turkish central bank sold and swapped about 60 tons of gold, putting downward pressure on gold prices. The Turkish gold reserve decreased by 6 tons in the week of March 13 and 52.4 tons in the week of March 20 [6]. - In January 2026, there was a surplus of 17,000 tons in the global refined copper market [6]. - On March 25, the inventory of aluminum, zinc, tin, copper, nickel, lead decreased, while the inventory of aluminum alloy and cobalt remained stable [6]. - As of the week of March 20, Russia's central bank gold and foreign exchange reserves were 776.8 billion US dollars, down from 803.2 billion US dollars in the previous period [7]. - In February, Hong Kong's gold exports to the Chinese mainland were 63.818 metric tons, up from 36.544 metric tons in January [7]. - On March 25, the price of battery - grade lithium carbonate rose by 4960 yuan to 152,500 yuan per ton, rising for two consecutive days [8]. 3.2.3 Coal, Coke, Steel, and Minerals - In February 2026, China exported 783.8 tons of steel, a month - on - month increase of 1.1%, and the export average price was 729 US dollars per ton, a month - on - month increase of 6.7% [9]. - The Indian steel ministry is seeking help from the petroleum ministry to deal with the liquefied petroleum gas shortage in steel mills [9]. - A new large - scale light rare - earth mine was discovered in Sichuan, with an additional rare - earth resource amount of 966.6 million tons in the Maoniuping mining area [9]. 3.2.4 Energy and Chemicals - The fuel surcharge for domestic airline tickets will increase on April 5, 2026 [10]. - The BASF (Guangdong) integrated base has been fully put into operation, with 18 sets of equipment, 32 production lines, and more than 70 products [10]. - As of the week of March 20, the US natural gas inventory was 182.9 billion cubic feet, a decrease of 5.4 billion cubic feet from the previous week, an increase of 9 billion cubic feet from the same period last year, and an increase of 1.4 billion cubic feet from the five - year average [11]. - The Trump administration is reported to be studying the economic impact of oil prices soaring to 200 US dollars per barrel, but the White House denies this [11]. - Due to the blockade of the Strait of Hormuz, Iraq has to cut oil production, and the output of its southern main oil fields has dropped by 80% to about 800,000 barrels per day [11]. - Two major Russian oil shipping ports in the Baltic Sea were attacked by Ukrainian drones, and about 40% of Russia's crude oil export capacity has been suspended [12]. - Barclays Bank warns that if the blockade of the Strait of Hormuz lasts for more than a few weeks, the global oil market may lose up to 14 million barrels of supply per day [12]. - The US diesel market shows signs of supply shortage, and the average diesel price in California has exceeded the historical high [12]. 3.2.5 Agricultural Products - As of March 25, 2026, the import of Australian beef has reached 50% of the annual quota, and a 55% tariff will be imposed thereafter [13]. - The domestic pig price is expected to remain low in the first half of 2026 and may strengthen around July. The supply of standard pigs will be concentrated from March to July 2026, and the market is in a situation of strong supply and weak demand [13][14]. - The EU Commission predicts that the available output of EU common wheat in the 2026/27 season will be 125.9 million tons, down from 134.2 million tons in the 2025/26 season [14]. 3.3 Financial News Compilation 3.3.1 Open Market - On March 26, the central bank conducted 224 billion yuan of 7 - day reverse repurchase operations, with a net investment of 211 billion yuan [15]. 3.3.2 Key News - Trump will visit China from May 14 to 15, 2026, and the two sides are in communication [3][16]. - Trump postponed the strike on Iranian energy facilities, and Iran responded to the US cease - fire proposal [4][16]. - The US Department of Defense is formulating a military option against Iran, and Iran has made preparations for ground combat [5][16]. - The central budget in 2026 has added 49 specific projects, and the disclosure of departmental budgets and budget performance targets has been strengthened [17]. - Eight departments including the National Healthcare Security Administration have issued a plan to establish a long - term care insurance system, with a total premium rate of about 0.3% [17]. - The OECD released an economic outlook report, predicting global and regional economic growth rates and warning of the impact of the Middle East situation on the global economy [5][18]. - The State Administration for Market Regulation held a symposium on fair competition among enterprises and will strengthen antitrust supervision and support enterprises to expand overseas markets [18]. - The South Korean Ministry of Finance will repurchase 5 trillion won of national bonds in two batches to stabilize the bond market [19]. - There are major events in the bond market, including new defaults, changes in controlling shareholders, mergers, and bond redemptions [19]. - Credit rating agencies have made ratings and rating adjustments for some domestic and foreign entities [19]. 3.3.3 Bond Market Summary - The inter - bank bond market in China has warmed up, with the yields of major interest - rate bonds falling, and the bond futures rising. The money market is generally loose, and the short - term interest rates show different trends [20][21][22]. - The exchange bond market has mixed performance, with some bonds rising and some falling [20]. - The convertible bond index has fallen, with some convertible bonds rising and some falling [20][21]. - The yields of European and US bonds have generally risen [23][24]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar closed down on March 26, and the RMB central parity rate against the US dollar was depreciated. The US dollar index rose, and non - US currencies generally fell [25]. 3.3.5 Research Report Highlights - CITIC Securities believes that the government work report in 2026 has set an economic growth target, and the 10 - year Treasury bond yield is expected to fluctuate at a low level [26]. 3.3.6 Today's Reminders - On March 27, 179 bonds will be listed, 134 bonds will be issued, 163 bonds will be paid, and 320 bonds will pay principal and interest [27]. 3.4 Stock Market Key News - The A - share market fell with shrinking trading volume. The battery industry chain rose, while insurance stocks and some technology - related sectors fell [28]. - The Hong Kong stock market fell, with the Hang Seng Index and the Hang Seng Technology Index both dropping significantly. Consumer and technology stocks were hit hard, and southbound funds had a net inflow [28].

1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views Aluminum - The current oversupply situation in the aluminum market has not been substantially reversed. Short - term strategy is to maintain a bearish view on rallies. For long - term, the global supply growth elasticity is limited, and the long - term bullish logic remains valid. The short - term aluminum price will fluctuate widely with macro - sentiment and geopolitical news, with the Shanghai Aluminum main contract expected to trade between 23,000 - 25,000 yuan/ton [1]. Aluminum Alloy - The short - term raw material cost at a high level strongly supports the ADC12 price, but the demand follows slowly and the negative feedback effect of high prices is emerging. The market is expected to continue the high - level shock pattern, with the main contract reference range of 22,000 - 23,500 yuan/ton [2]. Copper - In the short - term, the copper price is in an adjustment phase. The supply - demand fundamentals have improved and the inventory pressure has weakened. The medium - to - long - term logic of copper supply - demand contradiction has not changed significantly. The short - term adjustment may provide an opportunity for long - term long positions, but the price is still suppressed before the market risk appetite recovers significantly. The main focus is on the pressure around 97,000 - 98,000 yuan/ton [3]. Zinc - In the context of supply improvement, high inventory, and limited macro - bullish factors, the zinc price is under short - term pressure. It is recommended to pay attention to the zinc ore TC, marginal changes in demand, and macro - indicators, with the main focus on the support around 22,000 - 22,500 yuan/ton [5]. Nickel - The news of Indonesia's export tax has a short - term positive impact on sentiment. The macro - expectation is volatile. The contradiction in the raw material end supports the price, but the insufficient digestion of actual inventory is a constraint. The disk is expected to run in a strong range, with the main contract reference range of 134,000 - 142,000 yuan/ton [7]. Stainless Steel - Recently, the cost logic of stainless steel is strong. The news fermentation and the tight raw material end in reality provide support. The steel mill production has increased significantly, and the demand is gradually recovering but the terminal acceptance is still weak. It is expected to maintain a strong shock in the short - term, with the main contract reference range of 14,200 - 14,800 yuan/ton [10]. Lithium Carbonate - The war expectation is volatile, and the macro - sentiment has weakened again. The fundamentals are resilient but the marginal driving force is weakening. The mine - end disturbance still has room for fermentation, and the bottom support is still strong. It is expected to maintain range - bound fluctuations in the short - term, with the main contract reference range of 150,000 - 160,000 yuan/ton [12]. Tin - The US - Iran conflict is at a stalemate, and the market risk - aversion sentiment has resurfaced, causing the tin price to fall. The medium - to - long - term bullish logic still exists. If there are signs of the conflict ending, long positions can be established on dips [14]. Industrial Silicon - Industrial silicon is facing the pressure of oversupply with expected production growth. The cost end strongly supports the bottom. It is expected to oscillate around 8,000 - 9,000 yuan/ton. It is necessary to pay attention to production control, environmental protection, and cost - end fluctuations [15]. Polysilicon - The polysilicon market is oversupplied, and the price is expected to continue to fall. The market sentiment tends to trade for market - clearing, and the price is expected to fall towards the lowest cash cost. It is recommended to wait and see for now [17]. 3. Summaries by Directory Aluminum Price and Spread - SMM A00 aluminum price decreased by 1.05% to 23,510 yuan/ton, and the alumina prices in different regions had small increases or remained unchanged [1]. Fundamental Data - In February, the production of alumina, domestic and overseas electrolytic aluminum decreased, while the electrolytic aluminum import volume increased and the export volume decreased. The开工 rates of some aluminum - related industries increased, and the social inventory of electrolytic aluminum and aluminum rods, as well as the inventory of electrolytic aluminum plants and alumina plants, showed different changes [1]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 prices in different regions decreased, and the price difference between Jiangxi Baotai Network ADC12 and A00 aluminum increased significantly [2]. Fundamental Data - In February, the production of recycled and primary aluminum alloy ingots, as well as waste aluminum, decreased. The import and export volumes of unforged aluminum alloy ingots also decreased. The开工 rates of recycled and primary aluminum alloy industries decreased, and the inventory of recycled aluminum alloy showed a downward trend [2]. Copper Price and Spread - SMM 1 electrolytic copper price decreased by 0.28% to 95,325 yuan/ton, and the refined - scrap price difference decreased by 80.31% [3]. Fundamental Data - In February, the production and import volume of electrolytic copper decreased. The import copper concentrate index decreased, and the domestic mainstream port copper concentrate inventory decreased slightly. The开工 rates of electrolytic copper and scrap copper rod - making industries increased, and the global visible inventory started to decline this week [3]. Zinc Price and Spread - SMM 0 zinc ingot price decreased by 0.35% to 22,840 yuan/ton, and the import loss increased [5]. Fundamental Data - In February, the production of refined zinc decreased, the import volume decreased significantly, and the export volume increased. The开工 rates of galvanizing, die - casting zinc alloy, and zinc oxide industries increased, and the domestic zinc ingot seven - region social inventory decreased [5]. Nickel Price and Spread - SMM 1 electrolytic nickel price increased by 1.12% to 139,350 yuan/ton, and the prices of some nickel - related products and cost data showed different changes [7]. Fundamental Data - China's refined nickel production decreased, and the import volume increased significantly. The SHFE inventory decreased slightly, the social inventory increased, and the LME inventory decreased slightly [7]. Stainless Steel Price and Spread - The prices of 304/2B stainless steel coils in Wuxi and Foshan remained unchanged, and the futures - spot price difference increased [10]. Fundamental Data - China's 300 - series stainless steel crude steel production increased, while Indonesia's decreased. The import and export volumes of stainless steel increased significantly, and the 300 - series social inventory and SHFE warehouse receipts increased slightly [10]. Lithium Carbonate Price and Spread - SMM battery - grade lithium carbonate average price increased by 2.62% to 156,500 yuan/ton, and the prices of other lithium - related products also had different changes [12]. Fundamental Data - In February, the production and demand of lithium carbonate decreased, the import volume decreased slightly, and the export volume increased. The total inventory, downstream inventory, and smelter inventory of lithium carbonate decreased [12]. Tin Price and Spread - SMM 1 tin price decreased by 1.34% to 352,800 yuan/ton, and the import loss increased [14]. Fundamental Data - In February, the import of tin ore decreased, the production of refined tin decreased, the import volume increased, and the export volume decreased. The开工 rates of tin - related industries decreased, and the inventory of tin decreased [14]. Industrial Silicon Price and Spread - The prices of industrial silicon in different regions remained unchanged, and the futures price decreased slightly [15]. Fundamental Data - The national and regional production of industrial silicon decreased, the开工 rates decreased, the production of organic silicon DMC and polysilicon decreased, and the export volume decreased. The social inventory increased slightly [15]. Polysilicon Price and Spread - The average price of N - type re - feed material decreased by 1.85% to 39,750 yuan/ton, and the futures price decreased by 3.29% to 35,540 yuan/ton [17]. Fundamental Data - The production of polysilicon and silicon wafers decreased, the import and export volumes of polysilicon and silicon wafers had different changes, and the inventory of polysilicon and silicon wafers decreased [17].

Core Viewpoint - The successful launch of Guangzhou Youmei Recycling Technology Co., Ltd. marks a significant step for GAC Group in completing its energy ecosystem and is part of the three-year anniversary activities of Youpai Energy [1][3]. Group 1: Company Developments - Guangzhou Youmei is the first waste battery material recycling project in Guangzhou, utilizing advanced processes to create a competitive advantage with low consumption, high recovery rates, and cost efficiency [1][4]. - The collaboration between GAC Group and Greenme Group has transitioned from strategic planning to practical operations, focusing on the efficient conversion of retired batteries into battery-grade lithium carbonate and other key materials [2][4]. - GAC Group aims to explore a new circular economy model for waste battery collection, processing, and recycling, leveraging its location and industrial cluster advantages in Guangzhou [5]. Group 2: Strategic Initiatives - Youpai Energy is committed to implementing GAC Group's "GLASS Green Clean Plan" and "2 Energy Action," emphasizing its responsibility in extending producer responsibility [1][4]. - Future plans include enhancing the recycling network, innovating business models, and developing battery traceability and carbon footprint tracking systems in collaboration with Greenme Group [2][4]. - GAC Group is focused on sustainable development through technological innovation, aiming to improve resource utilization efficiency and support the national "dual carbon" strategy [3][5].

Core Viewpoint - The lithium battery industry is experiencing a recovery in material prices, leading to improved financial performance for several companies in the sector [2][3]. Group 1: Industry Events - The 2026 (Second) Starting Point Lithium Battery Cylindrical Cell Technology Forum and the release of the Top 20 Cylindrical Battery Rankings will take place on April 10, 2026, in Shenzhen [2]. - The event is organized by Starting Point Lithium Battery and Starting Point Research Institute SPIR, with participation from numerous companies in the lithium battery materials sector [2]. Group 2: Financial Performance of Companies - Many companies in the anode and cathode materials sector have reported significant profits, with some achieving net profits in the billions [3]. - WanHua Chemical reported a revenue of 203.235 billion yuan, with a growth rate of 11.62%, but a net profit decrease of 3.88% to 12.527 billion yuan [5]. - Tianhua New Energy's revenue reached 75.49 billion yuan, growing by 14.23%, but its net profit fell by 51.77% to 402 million yuan [5]. - The performance of companies like RuiTaiLai and BeiDaiRui shows strong growth in the anode materials segment, with RuiTaiLai achieving a net profit increase of 98% [5][6]. Group 3: Market Trends - The global shipment of lithium battery cathode materials is projected to reach 4.798 million tons in 2025, a year-on-year increase of 48.5%, driven by the growth in electric vehicles and energy storage markets [11]. - The demand for lithium iron phosphate (LFP) is expected to surge, particularly in large-capacity battery cells [11][12]. - The anode materials segment is also expected to see significant growth, with shipments projected at 2.723 million tons, a 48% increase, primarily driven by artificial graphite [12]. Group 4: Company Strategies - WanHua Chemical is transitioning towards battery materials, aiming for a new business target of 100 billion yuan, having established a closed-loop system from upstream resources to downstream applications [7]. - Tianhua New Energy is focusing on lithium hydroxide and lithium carbonate for battery production, while also exploring next-generation battery technologies [8]. - Cangge Mining has reported a significant revenue increase in Q4, attributed to the recovery in lithium carbonate prices and strong performance in potassium chloride and copper mining [9].