Core Viewpoint - The announcement by the Guangxi Futures Exchange regarding the adjustment of trading fees for lithium carbonate futures has led to a significant increase in trading activity and prices, with the main contract LC2601 reaching a new high of 99,300 yuan/ton [1][11]. Trading Fee Adjustment - Starting from November 20, 2025, the trading fee for the LC2601 contract will be adjusted to 0.12% of the transaction amount, which is expected to impact speculative trading behavior [1]. - The adjustment comes amid a backdrop of rising prices, with the main contract LC2601 increasing by 4.97% to 99,300 yuan/ton as of November 19 [1]. Market Activity and Speculation - The trading activity in lithium carbonate futures has surged, with a notable increase in the "transaction to open interest ratio," which reached a peak of 2.22 on November 19, indicating heightened speculative trading [4][8]. - The overall open interest for lithium carbonate futures rose by 77,500 contracts, corresponding to an influx of 2.894 billion yuan, making it the most active futures product in China [6]. Stock Market Impact - Lithium mining stocks have seen significant gains, with companies like Jinyuan Co. experiencing three consecutive days of trading limits, making the lithium sector a major focus in the stock market this week [2][11]. - The rise in lithium carbonate futures has driven the A-share lithium mining sector to new heights, with small-cap stocks experiencing notable price increases [11]. Current Price Trends - As of November 19, the average price for battery-grade lithium carbonate in the domestic market was reported at 88,900 yuan/ton, reflecting an increase of approximately 8,000 yuan/ton since the beginning of the month [12]. - The price of battery-grade lithium carbonate has been reported as high as 93,000 to 97,000 yuan/ton by different market tracking agencies, indicating a strong upward trend in the market [12]. Market Sentiment and Future Outlook - Despite the recent price increases, the current market sentiment among downstream enterprises remains cautious, with many opting for just-in-time purchasing rather than speculative buying [15][16]. - The potential for further regulatory measures by the exchange to curb excessive speculation remains, as historical data shows that trading fees have previously been set higher [11][17].

Core Viewpoint - The lithium carbonate market is experiencing price fluctuations, with futures prices showing a 10.87% increase in October, while the spot prices for battery-grade and industrial-grade lithium carbonate have also risen [1][2]. Supply Side - Domestic lithium carbonate production in October is expected to exceed 100,000 tons, driven by increased production capacity in Sichuan, Qinghai, and Jiangsu, despite some production disruptions due to a mine shutdown in Jiangxi [2]. - The import volume of lithium carbonate is projected to decline slightly due to reduced exports from Chile in September, with the main import sources being Chile and Argentina [2]. Consumption Side - The consumption of lithium carbonate continues to exceed expectations, particularly in the power and energy storage sectors, leading to increased procurement activities in the second half of October [2][4]. - The demand for lithium carbonate is strong, with significant increases in orders for cathode materials observed mid-month, indicating a robust market [2][4]. Cost Side - Lithium ore prices have been volatile, with reports indicating prices nearing $1,000 per ton, impacting the cost structure for companies reliant on external lithium ore sources [3]. - Companies with self-supply advantages are maintaining high operational loads, while those dependent on purchased lithium ore face ongoing cost pressures [3]. Inventory Side - Total inventory levels have decreased significantly, with a reported drop of nearly 10,000 tons in October, indicating a tightening market [3]. - The lithium hydroxide market has seen price increases, with battery-grade lithium hydroxide averaging 77,375 yuan/ton by the end of October [3]. Market Outlook - The market is expected to maintain a price range of 75,000 to 85,000 yuan/ton for battery-grade lithium carbonate in the near term, with potential inventory turning points anticipated in late November [4].

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 General Information - The report is a daily report on non - ferrous metals dated October 21, 2025, focusing on various non - ferrous metals including copper, alumina, electrolytic aluminum, etc. [2] Group 2: Report Industry Investment Rating - Not provided in the content Group 3: Core Views - **Copper**: Macroeconomically, Sino - US trade relations ease, and the 4th Plenary Session of the 20th CPC Central Committee is being watched. Fundamentally, copper mine supply disturbances increase. SMM expects a decrease in electrolytic copper production in October. Consumption shows "peak season without peak". The recommended trading strategies are long on dips, continue to hold inter - market positive spreads, and wait on options [2][4][5]. - **Alumina**: The supply - demand surplus will become more significant after downstream electrolytic aluminum plants complete their stockpiling. Some small - scale production cuts and maintenance have started, and more are expected in November. The price is expected to bottom out around 2800 yuan. Strategies include short - term low - level consolidation and waiting on spreads and options [11][12][13]. - **Electrolytic Aluminum**: Macroeconomic factors will drive the price this week. The consumption resilience in the fundamentals provides support. The strategy is to be bullish on dips and cautious on chasing highs [17][18]. - **Cast Aluminum Alloy**: Macroeconomic factors drive the price. High social inventory and warehouse receipts may limit the upside. The price is expected to be strong in the short - term. Strategies include being bullish on dips and waiting on spreads and options [24][25]. - **Zinc**: The import zinc ore loss widens, and domestic processing fees decline. The supply of refined zinc may increase, and consumption may weaken. The price shows an external - strong and internal - weak pattern. Strategies include waiting on all trading types [27][31][33]. - **Lead**: Downstream lead - storage enterprise orders improve, but production may increase in mid - to - late October, and the price may fall. Strategies include holding short positions and selling out - of - the - money call options [38][39]. - **Nickel**: The macro - environment fluctuates, and there is cost support, but the supply - demand surplus restricts the upside. The price is expected to oscillate widely with a downward center. Strategies include shorting at the upper limit of the oscillation range and selling a wide - straddle combination [43][45][46]. - **Stainless Steel**: The price is below the cost, and the terminal demand is not optimistic. It may keep a weak oscillation pattern. Strategies include weak oscillation and waiting on spreads [51][52]. - **Tin**: Sino - US trade tensions ease, and the Fed may cut interest rates. The supply of tin ore is tight, and demand recovers slowly. The price may oscillate around the integer level. Strategies include waiting on options [58][59][60]. - **Industrial Silicon**: Polysilicon production cuts in November are bearish for demand. The price is under short - term pressure but may not fall deeply. Strategies include waiting for a full correction [63][64][65]. - **Polysilicon**: The supply - demand balance will improve in November. The short - term correction space is limited. Strategies include buying on dips, holding reverse spreads, and adjusting option strategies [70][71][72]. - **Lithium Carbonate**: Inventory and warehouse receipts decrease, indicating strong demand. The price's oscillation center moves up. Strategies include being bullish on the oscillation, waiting on spreads, and selling out - of - the - money put options [74][75]. Group 4: Summary by Metals Copper - **Market Review**: The futures price of Shanghai copper 2512 rose 0.16% to 85400 yuan/ton, and the index position decreased by 2 lots. The spot price showed different trends in different regions [2]. - **Important Information**: The 4th Plenary Session of the 20th CPC Central Committee is held, and Japan, Spain, and South Korea express concerns about copper processing and refining fees [2]. - **Logic Analysis**: Macroeconomic and fundamental factors affect the market, and the export window may open again [2]. - **Trading Strategies**: Long on dips, hold inter - market positive spreads, and wait on options [5]. Alumina - **Market Review**: The futures price of alumina 2601 fell 6 yuan to 2810 yuan/ton, and the position decreased. The spot price decreased in most regions [6]. - **Related Information**: There are procurement, production adjustment, inventory, and import - export data [7][8][9][10]. - **Logic Analysis**: The supply - demand surplus becomes more obvious, and production cuts are expected [11]. - **Trading Strategies**: Short - term low - level consolidation, wait on spreads and options [12][13]. Electrolytic Aluminum - **Market Review**: The futures price of Shanghai aluminum 2512 rose 35 yuan to 20965 yuan/ton, and the position increased. The spot price rose in different regions [15]. - **Related Information**: There are meetings, trade talks, inventory, and economic data [15][16]. - **Trading Logic**: Macroeconomic and fundamental factors support the price [17]. - **Trading Strategies**: Bullish on dips, cautious on chasing highs [18]. Cast Aluminum Alloy - **Market Review**: The futures price of cast aluminum alloy 2512 rose 60 yuan to 20460 yuan/ton. The spot price was stable in most regions [20]. - **Related Information**: There are meetings, trade talks, warehouse receipt, inventory, and import - export data [20][21][23]. - **Trading Logic**: Macroeconomic factors drive the price, and supply - demand factors affect the upside [24]. - **Trading Strategies**: Bullish on dips, wait on spreads and options [24][25]. Zinc - **Market Review**: The futures price of Shanghai zinc 2512 rose 0.39% to 21970 yuan/ton, and the index position decreased. The spot market was weak [26]. - **Related Information**: There are inventory, production, and import - export data of zinc mines and refined zinc [27]. - **Logic Analysis**: The import loss of zinc ore widens, and the supply of refined zinc may increase [31]. - **Trading Strategies**: Wait on all trading types [33]. Lead - **Market Review**: The futures price of Shanghai lead 2512 rose 0.2% to 17155 yuan/ton, and the index position increased. The spot price rose, and downstream procurement was active [35]. - **Related Information**: There are inventory and import - export data [36][37]. - **Logic Analysis**: Downstream demand improves, but production may increase [38]. - **Trading Strategies**: Hold short positions, wait on spreads, and sell out - of - the - money call options [39]. Nickel - **Market Review**: The futures price of Shanghai nickel NI2512 rose 460 to 121380 yuan/ton, and the index position decreased. The spot premium was stable [41]. - **Important Information**: There are import - export, production, and consumption data [42]. - **Logic Analysis**: The macro - environment fluctuates, and the supply - demand surplus restricts the upside [43][45]. - **Trading Strategies**: Short at the upper limit of the oscillation range, wait on spreads, and sell a wide - straddle combination [46][47][48]. Stainless Steel - **Market Review**: The futures price of stainless steel SS2512 rose 55 to 12665 yuan/ton, and the index position decreased. The spot price was in a certain range [50]. - **Important Information**: There are import - export and procurement price data [51]. - **Logic Analysis**: The price is below the cost, and demand is not optimistic [51]. - **Trading Strategies**: Weak oscillation, wait on spreads [52]. Tin - **Market Review**: The futures price of Shanghai tin 2511 rose 1920 yuan/ton or 0.69% to 280870 yuan/ton, and the position increased. The spot price rose, and demand recovery was weak [55]. - **Related Information**: There are meetings, cooperation agreements, and mobile phone market data [56][57]. - **Logic Analysis**: The supply of tin ore is tight, and demand recovers slowly [58]. - **Trading Strategies**: Oscillate around the integer level, wait on options [59][60]. Industrial Silicon - **Important Information**: Polysilicon production cuts are expected in November [63]. - **Logic Analysis**: The price is under short - term pressure but may not fall deeply [64]. - **Strategy Suggestions**: Wait for a full correction, no arbitrage and option strategies for now [65][66][67]. Polysilicon - **Important Information**: Polysilicon production cuts are expected in November [69]. - **Logic Analysis**: The supply - demand balance will improve, and short - term correction space is limited [70]. - **Strategy Suggestions**: Buy on dips, hold reverse spreads, and adjust option strategies [71][72]. Lithium Carbonate - **Market Review**: The futures price of lithium carbonate 2601 fell 200 to 75980 yuan/ton, and the index position decreased. The spot price rose [73]. - **Important Information**: There are production plan changes, import - export, and new energy vehicle production data [74]. - **Logic Analysis**: Inventory and warehouse receipts decrease, indicating strong demand [74]. - **Trading Strategies**: Bullish on the oscillation, wait on spreads, and sell out - of - the - money put options [75]. Group 5: Price and Related Data - There are daily data tables for various non - ferrous metals including copper, alumina, aluminum, zinc, lead, nickel, tin, industrial silicon, polysilicon, and lithium carbonate, showing price, spread, profit, and inventory data [76][77][78][79][80][81][82][83][84][85] - There are also various graphs showing price trends, spreads, and inventory changes of different non - ferrous metals [87][90][94][98][105][107][110][117][119][124][126][130][132][138][142][146][150][154][157][162][165][170][174]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The core driving logic for lithium carbonate futures prices in the next month will focus on the resumption of production on the supply side and restocking on the demand side. The supply of lithium salts will increase due to the capacity release of salt lakes in October, and if the resumption of production at "Jianxiaowo" exceeds market expectations, it will expand the supply scale and push the futures price into a weakening and fluctuating channel. On the demand side, the demand from downstream lithium battery material enterprises is expected to maintain a month - on - month growth trend before the end of the year, which may drive the spot procurement demand for lithium salts and provide a phased support for futures prices. Overall, the lithium carbonate futures price is expected to fluctuate in the range of 72,000 - 80,000 yuan/ton [3]. - There are both positive and negative factors affecting the lithium carbonate market. Positive factors include the policies from the Ministry of Industry and Information Technology and the National Energy Administration to support the new energy industry, which may extend the peak season to the end of the year, and the export control measures on lithium batteries and related materials that may trigger a short - term rush to export. Negative factors include the planned resumption of production at the "Jianxiaowo" lithium mine in November and the pressure from concentrated warehouse receipt cancellations in November [4][5]. 3. Summary by Relevant Catalogs 3.1 Futures Data - **Price and Volatility Forecast**: The strong support level for the lithium carbonate LC2601 contract is 68,000 yuan/ton, with a current 20 - day rolling volatility of 18.5% and a historical percentile of 16.3% over three years [2]. - **Futures Contract Data**: The closing price of the lithium carbonate main contract is 74,940 yuan/ton, up 2,220 yuan (3.05%) daily and 1,600 yuan (2.18%) weekly. The trading volume is 268,890 lots, up 43,652 lots (19.38%) daily but down 92,203 lots (- 25.53%) weekly. The open interest is 177,951 lots, down 10,572 lots (- 5.61%) daily and 51,071 lots (- 22.30%) weekly. Similar data are provided for the weighted contract and various spreads [8]. - **Seasonal Charts**: Seasonal charts for month - to - month spreads (e.g., LC11 - 12, LC11 - 01, LC01 - 05) and historical volatility, implied volatility, and option open - interest PCR are presented [10][13] 3.2 Spot Data - **Lithium Ore Prices**: The average daily prices of various lithium ores, including lithium mica, lithium spodumene, and phospho - lithium - aluminum stone, are reported, along with their daily and weekly changes. For example, the average price of lithium mica (Li2O: 2 - 2.5%) is 1,755 yuan/ton, up 30 yuan (1.74%) daily but down 80 yuan (- 4.36%) weekly [19]. - **Carbon/Hydrogen Lithium Prices**: The average daily prices of industrial - grade and battery - grade lithium carbonate and lithium hydroxide are given, showing slight declines in most cases. For instance, the average price of industrial - grade lithium carbonate is 70,750 yuan/ton, with no daily change but a weekly decline of 550 yuan (- 0.77%) [22]. - **Price Spreads**: The spreads between different types of lithium products, such as the difference between battery - grade and industrial - grade lithium carbonate, are analyzed. The current value of the battery - grade minus industrial - grade lithium carbonate spread is 2,250 yuan/ton, with no daily or weekly change [25]. - **Downstream Product Prices**: The average daily prices of downstream products like lithium iron phosphate, ternary materials, and electrolytes are reported, with some products showing price increases. For example, the average price of ternary material 523 (consumer - type) is 128,925 yuan/ton, up 3,500 yuan (3%) [28]. 3.3 Basis and Warehouse Receipt Data - **Basis**: The basis of the lithium carbonate main - continuous contract and brand - specific basis quotes are presented. For example, the basis quote for Tianqi Lithium (LI2CO3≥99.8%) in the LC2507 contract is 300 yuan/ton [29][30]. - **Warehouse Receipts**: The total number of lithium carbonate warehouse receipts is 30,456 lots, a decrease of 2,620 lots from the previous day. The quantity of warehouse receipts at different warehouses/branches is also provided [33]. 3.4 Cost and Profit - The production profit from purchasing lithium spodumene concentrate (Li₂O:6%) and lithium mica concentrate (Li₂O:2.5%), import profit, and theoretical delivery profit of lithium carbonate are analyzed through charts [34].

Report Summary 1. Report Industry Investment Rating - No information provided about the industry investment rating in the report. 2. Core View of the Report - The lithium carbonate futures rebounded after hitting a bottom. Although the supply pressure remains as the weekly production reached a record high last week, the demand growth is higher than the supply, leading to inventory reduction. It is expected that it is difficult for lithium carbonate to open a downward space in the short - term [10]. 3. Summary by Relevant Catalogs 3.1. Market Review and Operation Suggestions - The lithium carbonate futures hit a bottom and then rebounded. The main contract dropped to a minimum of 72,360 during the session. All industrial products fell during the session, and lithium carbonate futures followed suit, but it turned positive first driven by downstream point - price purchases at low points. The spot electric carbon price remained flat at 73,850, and the spot still had a slight premium over the futures. The price of Australian ore remained flat at 832.5, and the price of lithium mica remained flat at 1,900. The production loss of plants using externally - purchased lithium spodumene narrowed to 2,759, and the production loss of plants using externally - purchased lithium mica remained flat at 8,521. Although salt plants are currently making losses, it does not affect their production enthusiasm [10]. 3.2. Industry News - On September 22, Chile's economic development agency Corfo submitted a resolution to the Comptroller General's Office (CGR) to approve the modification of the contract for the Atacama Salt Lake project with SQM Salar SpA and the OMA mineral lease contract, extending the contract validity to 2030. It also submitted a new mineral lease contract for the Atacama Salt Lake with Codelco and its subsidiary Minera Tarar SpA, with a contract validity from 2031 to 2060. SQM and Codelco are expected to finalize a partnership for the development of the Atacama Salt Field in northern Chile this year, marking the local's first large - scale entry into lithium production [13]. - Jiuzhou Hi - Tech (300631.SZ) announced that it signed a procurement contract worth 81.5 million yuan (including 13% VAT), with a tax - free amount of 72.1239 million yuan, with SDIC Xinjiang Lithium Industry Co., Ltd. for the "Membrane Treatment System Procurement" project of the expansion and renovation project for comprehensive utilization of old brine lithium extraction from the Lop Nur Salt Lake. The signing of this contract is expected to have a positive impact on the company's future performance [13].

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].

Group 1: Market Review and Operational Suggestions - The lithium carbonate futures rebounded after hitting the bottom, with total positions and trading volume continuing to decline, and market trading sentiment weakening. The market remained in a back structure. As the delivery month approached, the September contract continued to trade at a discount to the spot price. The spot price of electric carbon dropped by 800 to 81,700, and the discount narrowed to 2,440. Downstream procurement and price - fixing activities increased slightly compared to the previous day, but the procurement volume of some manufacturers this week decreased compared to last week. Downstream procurement sentiment turned cautious, with most players waiting for further price cuts [8]. - Australian ore prices remained stable at 920, while the price of lithium mica ore dropped by 25 to 1,970. The production losses of salt plants using purchased lithium spodumene and lithium mica narrowed to 2,021 and 2,848 respectively. Considering the hedging profits provided by the futures market, salt plants still had high production enthusiasm, and the high supply pressure was difficult to ease in the short term [8]. - The prices of 5 - series power ternary materials and lithium iron phosphate dropped by 125 and 190 respectively, and the downstream prices followed suit. Short - term downstream demand is gradually entering the peak season, and downstream consumption is supported. Moreover, there are signs of a turning point in the social inventory of lithium carbonate. It is expected that the lithium carbonate futures will stop falling in the short term, and attention should be paid to the support level of 77,000 [8]. Group 2: Industry News - Guotou Xinjiang Lithium Industry Co., Ltd. (affiliated to Guotou Luojia) plans to invest approximately 800 million yuan to expand its annual lithium carbonate production capacity in Xinjiang's Lop Nur from 5,000 tons to 10,000 tons. Jiwu High - tech and Lanxiao Technology won the bids for the core systems in the equipment procurement for this expansion project [11]. - Ganfeng Lithium Battery is leading the drafting of the "Non - ferrous Metal Industry Standard of the People's Republic of China: Battery - grade Lithium Sulfide", which has entered the approval stage. On August 22, 2025, Ganfeng Lithium Battery's semi - annual report announced its upstream - downstream integrated layout of solid - state batteries. In addition, three "Electronic Industry Standards of the People's Republic of China" have completed multiple rounds of expert discussions, laying a solid foundation for the standardization of subsequent solid - state electrolyte products [11][12]

Report Information - Date: August 26, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Industry Investment Rating - Not mentioned Core View - The short - term decline of lithium carbonate futures is expected to stop as downstream demand is gradually entering the peak season, consumption is supported, and the inflection point of social inventory of lithium carbonate is looming [9] Summary by Directory 1. Market Review and Operation Suggestions - Lithium carbonate fluctuated slightly downwards, with total positions and total trading volume both decreasing, and market trading sentiment declined. The spot price of electric carbon dropped by 1400 to 82500, and the spot continued to have a premium of nearly 3000 over the futures. Downstream procurement and price - fixing behavior became more stable compared to last week [9] - Due to the active market transactions last week, downstream inventory increased. Today's trading volume declined, and downstream procurement became more cautious, waiting for further price cuts [9] - Australian ore prices remained flat at 920, lithium mica prices dropped by 60 to 1995. The profit of salt plants using purchased lithium spodumene narrowed to 2516, and the loss of salt plants using purchased lithium mica widened to 5641. In the short term, ore prices were resistant to decline, compressing salt plant profits [9] - The prices of 5 - series power ternary materials dropped by 300, and lithium iron phosphate dropped by 340, with downstream prices following the decline [9] 2. Industry News - Group14 Technologies completed a $463 million Series D financing on August 20, led by SK Inc., with participation from existing investors. The funds will be used to expand the production capacity of its silicon anode material SCC55 in the US and South Korea to meet the surging global energy storage demand [12] - The National Energy Administration released the national power industry statistics for January - July. As of the end of July, the cumulative installed power generation capacity nationwide was 3.67 billion kilowatts, a year - on - year increase of 18.2%. Among them, the installed capacity of solar power was 1.11 billion kilowatts, a year - on - year increase of 50.8%; the installed capacity of wind power was 0.57 billion kilowatts, a year - on - year increase of 22.1%. From January to July, the average utilization hours of national power generation equipment were 1806 hours, 188 hours lower than the same period last year [12]

Group 1: Report Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: August 19, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Market Review and Operation Suggestions - **Market Performance**: Carbonate lithium futures rose significantly, with the main contract breaking through 90,000 yuan during the session. The spot price of electric carbon increased by 1,900 yuan to 84,600 yuan, Australian ore rose by 45 to 1,035, lithium mica ore rose by 85 to 2,185, 5-series power-type ternary materials rose by 500, and lithium iron phosphate rose by 515. The production profit of salt plants purchasing lithium spodumene narrowed to 1,069, and the production loss of salt plants purchasing lithium mica expanded to 4,968. The current futures price has a premium of over 4,000 yuan over the spot price [12]. - **Main Drivers**: The rise was mainly due to the news that the mining license of Qinghai Xitai Jinaier Salt Lake of CITIC Guoan expired, and short - term disturbances in the resource side were the main cause of lithium price fluctuations [12]. - **Outlook**: The high supply is expected to remain unchanged in the short term, but the market's short - term trading sentiment is still concentrated on the production cuts and suspensions in the lithium resource sector. It is expected that the price of carbonate lithium is likely to rise and difficult to fall [12]. Group 3: Industry News - **Ganfeng Lithium**: On August 18, Ganfeng Lithium stated on the interactive platform that the future reversal of lithium prices depends on the intensity of supply - side clearance and the pace of demand growth. The company is optimistic about long - term lithium demand, will adjust production capacity flexibly and optimize hedging strategies, and the current volume of carbonate lithium futures hedging is low [13]. - **India's Policy Proposal**: India proposed to reduce the goods and services tax for entry - level two - wheelers, small cars, and hybrid passenger cars, and the proposal is expected to be implemented before October [13]