Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoint - The market sentiment of lithium carbonate has recovered, and the market performance is relatively strong [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: The closing prices, trading volumes, and open interests of the 2605 and 2607 contracts of lithium carbonate are presented, along with changes compared to different time points (T - 1, T - 5, etc.). For example, the 2605 contract's closing price is 148,100, with a change of -31,500 compared to T - 5 [2] - **Basis and Price Differences**: Data on basis (e.g., spot - 2605, 2605 - 2607) and price differences between different lithium products (e.g., electric carbon - industrial carbon, spot - CIF) are provided [2] - **Raw Material and Lithium Salt Prices**: Prices of lithium raw materials (lithium spodumene concentrate, lithium mica) and various lithium salts (battery - grade lithium carbonate, industrial - grade lithium carbonate, etc.) are given, along with their changes over time [2] - **Downstream Product Prices**: Prices of downstream products in the lithium industry chain, such as ternary materials, phosphoric acid iron lithium, and six - fluorophosphate lithium, are presented, along with their price changes [2] 3.2 Macro and Industry News - **Shanghai's Industrial Development Plan**: Shanghai will deepen the construction of an international economic center, carry out technological transformation and production line upgrades in industries like petrochemical and steel, and promote the development of industries such as intelligent connected new energy vehicles and marine economy. It will also improve cross - border financial service facilitation [3][4] - **Project Completion**: The "250,000 tons/year electrolyte solvent project" of Lihuayi Weiyuan Chemical Co., Ltd. has been fully put into production and produced qualified products [4] 3.3 Trend Intensity - The trend strength of lithium carbonate is 0, indicating a neutral view, with the range of trend strength being [-2, 2] [4]

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Views of the Report - The nickel market is dominated by macro - sentiment at the margin, with a game between fundamentals and speculative positions [2][5]. - In February, there are frequent maintenance and production cuts in the stainless - steel industry, and the nickel - iron expectation provides a bottom support [2][6]. - The market sentiment for lithium carbonate has warmed up, and the futures market shows a strong performance [2][12]. - For industrial silicon, attention should be paid to market sentiment changes; for polysilicon, attention should be paid to the situation of the Beijing meeting [2][16]. 3. Summary by Relevant Catalogs Nickel and Stainless - Steel Fundamental Data - The closing price of the Shanghai nickel main contract was 134,830, down 5,180 from T - 1, down 11,280 from T - 5, etc. The closing price of the stainless - steel main contract was 13,585, up 165 from T - 1, down 955 from T - 5, etc [6]. - The trading volume of the Shanghai nickel main contract was 663,364, down 144,776 from T - 1, up 139,968 from T - 5, etc. The trading volume of the stainless - steel main contract was 377,013, down 247,788 from T - 1, down 102,979 from T - 5, etc [6]. Macro and Industry News - The Indonesian government has suspended issuing new smelting licenses through the OSS platform, targeting projects producing "restricted products" [6]. - China's Ministry of Commerce and the General Administration of Customs have decided to implement export license management for some steel products from January 1, 2026 [7]. - The Indonesian government plans to significantly reduce the 2026 nickel ore production target from 379 million tons to 250 million tons [9]. Trend Intensity - The trend intensity of nickel is 0; the trend intensity of stainless - steel is 0 [11]. Lithium Carbonate Fundamental Data - The closing price of the 2605 contract was 148,100, up 15,660 from T - 1, down 31,500 from T - 5, etc. The trading volume of the 2605 contract was 619,542, down 24,772 from T - 1, up 237,229 from T - 5, etc [12]. Macro and Industry News - Shanghai will deepen the construction of an international economic center, carry out technological transformation and upgrading in industries such as petrochemical and steel, and support the development of new energy vehicle and other industries [13][14]. - The "250,000 - ton/year electrolyte solvent project" of Lihua Yiweiyuan Chemical Co., Ltd. has been fully put into production [14]. Trend Intensity - The trend intensity of lithium carbonate is 0 [14]. Industrial Silicon and Polysilicon Fundamental Data - The closing price of the Si2605 contract was 8,815 yuan/ton, up 20 from T - 1, down 45 from T - 5, etc. The closing price of the PS2605 contract was 50,000 yuan/ton, up 2,950 from T - 1, down 1,900 from T - 5 [16]. Macro and Industry News - In December 2025, there were 6,233 newly - added on - record new - energy power generation projects (excluding household - use photovoltaics) in China, including 36 wind - power projects, 6,190 photovoltaic projects, and 7 biomass - power generation projects [15][16]. Trend Intensity - The trend intensity of industrial silicon is 1; the trend intensity of polysilicon is 1 [18].

Core Viewpoint - Shandong Haike New Source Material Technology Co., Ltd. has signed a three-year pipeline transportation cooperation agreement with Shenzhen BYD Lithium Battery Co., Ltd. to ensure stable supply for BYD's electrolyte project in Yichang, Hubei [1] Group 1: Agreement Details - The agreement stipulates a supply guarantee of no less than 10 years for key products including Dimethyl Carbonate (DMC), Ethylene Carbonate (EC), and Ethyl Methyl Carbonate (EMC) [1] - The transportation will utilize a closed pipeline system to create an agile delivery system between upstream and downstream [1] Group 2: Innovation and Benefits - The core innovation lies in the implementation of a closed pipeline agile delivery model, addressing high transportation costs, long delivery cycles, and insufficient safety risk control in the new energy supply chain [1] - This model significantly reduces logistics costs and losses associated with road and rail transport, while ensuring product purity through a fully enclosed transportation environment and shortening delivery cycles [1]

Group 1 - The central government has approved the "Modern Capital Metropolitan Area Spatial Coordination Plan (2023-2035)", aiming to optimize the Beijing-Tianjin-Hebei urban system and enhance the functions of Beijing as the core [2] - The State Administration for Market Regulation, along with ten departments, has released the "Low-altitude Economy Standard System Construction Guide (2025 Edition)", targeting the establishment of a comprehensive standard supply system for the low-altitude economy by 2030 [3] - The Ministry of Commerce and nine other departments have issued the "2026 'Buy New Spring' Spring Festival Special Activity Plan", encouraging localities to increase subsidies for replacing old consumer goods during the Spring Festival [3] Group 2 - The Guangdong Provincial Development and Reform Commission has published the "2026 Work Plan for Optimizing Market-oriented First-class Business Environment", focusing on enhancing financing support for small and micro enterprises [4] - Shanghai has initiated the acquisition of second-hand housing for affordable rental housing projects, targeting new citizens, young people, and university graduates [5] Group 3 - Tesla announced the upcoming launch of its third-generation humanoid robot, designed to learn new skills by observing human behavior, with an expected annual production of one million units [7] - The first annual report from the Shanghai Stock Exchange has been released, showing Chip Guide Technology's projected net profit of 106 million yuan for 2025 [9] - Midea Group has spent 1.998 billion yuan to repurchase 0.35% of its shares [11] - GoerTek has repurchased 1.14% of its shares at a cost of 1.108 billion yuan [12] - Longying Hydraulic is facing a takeover bid for 12% of its shares at a price of 35.82 yuan per share [16]

Core Viewpoint - The announcement indicates that Weiyuan Co., Ltd. has successfully completed the commissioning of its 250,000 tons/year electrolyte solvent project, which will enhance its production capacity and market competitiveness [1] Group 1: Project Details - The electrolyte solvent project has achieved full process integration and has begun producing qualified products [1] - The project will increase the production capacity of electronic-grade propylene carbonate, dimethyl carbonate, ethyl methyl carbonate, and diethyl carbonate, while also producing by-products such as propylene glycol and food-grade carbon dioxide [1] Group 2: Strategic Implications - The establishment of the "propane dehydrogenation-epoxy propane-electrolyte solvent" new energy industry chain has been fully integrated, enriching the product structure [1] - This development is expected to further enhance the company's market competitiveness and promote long-term growth [1]

Core Viewpoint - The company, Haike Xinyuan, forecasts a significant increase in net profit for 2025, driven by the growth in the electric vehicle and energy storage markets, despite reporting a negative net profit range [1] Group 1: Financial Performance - The company expects a net profit attributable to shareholders of between -197 million and -175 million yuan for 2025, representing a year-on-year increase of 26.22% to 34.46% [1] - The projected net profit after deducting non-recurring gains and losses is estimated to be between -205 million and -182 million yuan, reflecting a year-on-year increase of 24.01% to 32.53% [1] Group 2: Market Demand and Product Performance - The demand for the company's main products, electrolyte solvents and additives, is expected to continue rising due to the rapid development of the downstream electric vehicle and energy storage markets [1] - The company has achieved significant year-on-year growth in product sales through deep collaboration with leading industry clients [1] Group 3: Operational Improvements - The company is continuously advancing its technological upgrades to enhance operational excellence, leading to a gradual improvement in overall profitability [1] - Although there was a price increase for the main products in late November 2025, the effect on annual profitability was not fully realized due to the timing near year-end [1]

Group 1: Automotive Industry Profit and Growth - In 2025, the automotive industry is expected to achieve a profit of 461 billion yuan, a year-on-year increase of 0.6% [1] - The total revenue for the automotive industry in 2025 is projected to be 11,179.6 billion yuan, with a year-on-year growth of 7.1% [1] - The production of automobiles in 2025 is anticipated to reach 34.78 million units, reflecting a year-on-year increase of 10% [1] Group 2: Electric Vehicle Market Trends - Global sales of pure electric vehicles are projected to exceed 12.1 million units in 2025, maintaining double-digit year-on-year growth [3] - The entry-level electric vehicle market is becoming a new growth core due to declining battery costs and improved charging infrastructure [3] Group 3: Company Developments - BYD plans to launch at least three new models in South Korea, aiming for annual sales exceeding 10,000 units [4] - Li Auto will adjust and close a small number of inefficient retail stores this year, which is part of normal business adjustments [5] - XPeng Motors expects to achieve "very strong" growth this year, with overseas sales growth potentially outpacing domestic sales [6] Group 4: Strategic Partnerships and Collaborations - Haike New Energy has signed a strategic order with BYD for the supply of electrolyte solvents, with a minimum annual supply of 100,000 tons [7] - BYD and ExxonMobil have signed a long-term strategic cooperation memorandum to explore broader collaboration in hybrid and related fields [8] - VinFast is collaborating with Autobrains to develop autonomous driving technology, focusing on enhancing the technology level of its upcoming electric vehicles [10] Group 5: Market Performance and Forecasts - Stellantis expects to sell over 2.42 million new vehicles in Europe in 2025, achieving a market share of 16% despite overall market demand being weak [9] - General Motors reported a revenue of $45.29 billion for Q4 2025, a year-on-year decrease of 5.1%, with an adjusted EPS of $2.51 [9]

Market Overview - The A-share market saw a collective decline in the three major indices, with the Shanghai Composite Index down by 0.09%, the Shenzhen Component Index down by 0.85%, and the ChiNext Index down by 0.91% [9] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 32,810 billion [9] - In the Asia-Pacific market, the Hong Kong Hang Seng Index rose by 0.06%, while the Nikkei 225 Index fell by 1.79% [9] - In the European market, the DAX Index increased by 0.13%, while the CAC40 Index decreased by 0.15% [9] - In the US market, the Dow Jones Industrial Average rose by 0.64%, the S&P 500 Index increased by 0.5%, and the Nasdaq Composite Index rose by 0.43% [9] International News - The US plans to increase tariffs on South Korean goods from 15% to 25% due to the lack of approval from the South Korean National Assembly on a previously agreed trade deal [8] - The European Parliament has not yet decided whether to resume the approval process for the EU-US trade agreement [8] - Nvidia has expanded its partnership with CoreWeave, investing an additional $2 billion to support the construction of AI factories [8] - The EU has launched an investigation into Elon Musk's AI chatbot Grok regarding the dissemination of illegal content [10] Domestic News - The Chinese government is set to introduce policies to boost service consumption, including measures to expand inbound consumption and promote the replacement of old consumer goods [11] - The People's Bank of China emphasized the gradual expansion of macro-prudential policy coverage to maintain financial market stability [11] Important Announcements - Zijin Mining plans to acquire 100% of the shares of United Gold for 28 billion [13] - Haike New Source has signed a long-term cooperation agreement with BYD for the supply of at least 100,000 tons of electrolyte solvent annually [13] - Jiuding New Materials is accelerating the construction of a large-scale wind turbine blade production line [13] Research Recommendations - Eve Air Mobility completed a $150 million five-year debt financing, bringing total funds to $1.2 billion for eVTOL technology development and FAA certification [15]

Group 1: Major Transactions - Zijin Mining plans to acquire 100% equity of United Gold for 28 billion yuan, which has gold resources of 533 tons [1] - Jiuding New Materials' wholly-owned subsidiary intends to acquire 100% equity of Jiuding New Energy to accelerate the development of large megawatt wind turbine blade production line projects [1] - Conch Cement plans to purchase bank wealth management products with a maximum daily balance not exceeding 50 billion yuan by 2026 [1] - Efort is planning to acquire equity in Shengpu Co., with stock suspension in effect [1] - Sanxing Biomedical has obtained CE certification for its Nipah virus nucleic acid test kit and a domestic research version [1] Group 2: Investment and Development Plans - Sanwei Communication is jointly investing to establish a partnership enterprise focused on non-listed equity in high-tech industries such as smart manufacturing, aerospace, and new energy [1] - Haike New Source has signed a long-term cooperation agreement with BYD Lithium Battery to supply at least 100,000 tons of electrolyte solvent annually [1] - Chuanhuan Technology plans to invest 1.1 billion yuan to build a manufacturing headquarters in East China [1] - Zhejiang Haideman intends to raise no more than 1.517 billion yuan through a private placement for high-end composite machine tool industrialization and robot hardware manufacturing R&D projects [1] - Anlu Technology plans to issue shares to specific targets to raise no more than 1.262 billion yuan for advanced process platform FPGA chip R&D projects [1] Group 3: Earnings Forecasts - China Rare Earth expects a net profit of 143 million to 185 million yuan in 2025, indicating a turnaround from losses [1] - Litong Electronics anticipates a net profit increase of 997% to 1241% in 2025, driven by profitability in its computing business [1] - Sanofi Guojian expects a 1097% quarter-on-quarter net profit growth in Q4, with confirmed revenue of approximately 2.89 billion yuan from Pfizer for the 707 project [1] - Purun Co. forecasts a 696% quarter-on-quarter net profit growth in Q4 2025, with rapid market share growth in its "Storage+" product series [1] - Duofluo expects a quarter-on-quarter net profit increase of 356% to 655% in Q4 2025, with significant sales growth in key products like lithium hexafluorophosphate [1] - Fujilai anticipates a year-on-year net profit increase of 282.17% to 296.80% in 2025 [1] - Chunzhong Technology expects a year-on-year net profit increase of 209% to 238% in 2025, with an impact of 303 million yuan from holding shares in Muxi [1] - Zhongke Electric anticipates a year-on-year net profit increase of 50% to 70% in 2025, due to increased production capacity and cost reduction in lithium battery anode materials [1]

Industry News - The Ministry of Commerce announced plans to optimize the implementation of a trade-in program for consumer goods, promoting consumption of major durable goods such as home appliances [5] - The Ministry of Commerce aims to significantly develop service trade this year and will introduce policies to expand inbound consumption [5][6] - The China Banking and Insurance Regulatory Commission emphasized the need for proactive assessment of systemic financial risks and maintaining the stability of financial markets [6] - The China Automotive Industry Association held a meeting to discuss industry challenges including chip shortages and promoting consumption [7] - The Beijing Human-Robot Innovation Center successfully connected humanoid robots to low-orbit satellites, marking a global first in this technology [8] Company News - Yushutech announced its partnership as the robot collaborator for the 2026 Spring Festival Gala [9] - Tencent plans to distribute 1 billion yuan in cash for the Spring Festival, while Baidu will follow with a 500 million yuan cash giveaway [17] - Zijin Mining announced plans to acquire 100% of United Gold for 28 billion yuan [10] - *ST Tianshan announced that its stock may be delisted [10] - Dongfang Risheng expects a net loss of 2.3 to 2.9 billion yuan for 2025 [10] - Chunzhong Technology anticipates a net profit of 265 to 290 million yuan for 2025, a year-on-year increase of 209% to 238% [10] - China Rare Earth expects a net profit of 143 to 185 million yuan for 2025, indicating a turnaround from losses [10]