1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The lithium carbonate futures price may be supported in the short - term due to strong demand and tight supply, with social inventory continuously decreasing but at a slower pace. The macro situation of the US - Iran conflict also creates upward pressure on prices due to capital hedging [3] 3. Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 163,000 yuan, a decrease of 1,500 yuan; SMM industrial - grade lithium carbonate has an average price of 159,500 yuan, a decrease of 1,500 yuan [1] - The closing prices of lithium carbonate futures contracts 2604, 2605, 2606, 2607, and 2608 are 158,040 yuan (-7.05%), 157,200 yuan (-7.97%), 157,000 yuan (-8.07%), 157,400 yuan (-8.01%), and 157,240 yuan (-8.15%) respectively [1] Lithium Ore - The average price of lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) is 2,313 yuan, with no change [1] - The average prices of lithium mica (Li20: 1.5% - 2.0%), lithium mica (Li20: 2.0% - 2.5%), phospho - lithium - aluminum stone (Li20: 6% - 7%), and phospho - lithium - aluminum stone (Li20: 7% - 8%) are 3,575 yuan, 5,225 yuan, 13,750 yuan, and 15,000 yuan respectively [2] Cathode Materials - The average price of lithium iron phosphate (power type) is 56,940 yuan, a decrease of 360 yuan; the average price of ternary material 811 (polycrystalline/power type) is 213,600 yuan, a decrease of 250 yuan; the average price of ternary material 523 (single - crystal/power type) is 186,750 yuan, a decrease of 500 yuan; the average price of ternary material 613 (single - crystal/power type) is 189,000 yuan, a decrease of 300 yuan [2] Price Spreads - The price difference between battery - grade and industrial - grade lithium carbonate is 3,500 yuan, with no change; the price difference between battery - grade lithium carbonate and the main contract is 5,800 yuan, an increase of 12,920 yuan; the price difference between the near - month and the first - continuous contract is 840 yuan, an increase of 2,400 yuan; the price difference between the near - month and the second - continuous contract is 1,040 yuan, an increase of 2,120 yuan [2] Inventory - The total inventory (weekly, tons) is 99,489 tons, an increase of 616 tons; the smelter inventory (weekly, tons) is 17,332 tons, an increase of 724 tons; the downstream inventory (weekly, tons) is 46,657 tons, an increase of 552 tons; the other inventory (weekly, tons) is 35,500 tons, a decrease of 660 tons; the registered warehouse receipts (daily, tons) is 11,318 tons, a decrease of 19,746 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 164,417 yuan, and the profit is - 3,567 yuan; the cash cost of purchasing lithium mica concentrate is 155,467 yuan, and the profit is 1,803 yuan [3] Industry News - The Delhi government in India plans to introduce a subsidy policy for scrapping old cars and purchasing new electric vehicles during the Delhi budget meeting next week to promote electrification and reduce the number of old, high - emission vehicles [3]

Group 1: Company Overview and Strategic Initiatives - Sichuan Development Longmang Co., Ltd. is focused on its core business, major projects, mineral resources, strategic planning, and core advantages [2] - The company plans to invest CNY 120 million in the extension project of the northern section of the Baizhu Phosphate Mine, which will enhance the mine's service life and support sustainable development [3] - The total phosphate resource reserves of the company’s subsidiaries amount to approximately 130 million tons, with an annual production capacity of 4.1 million tons [3] Group 2: Cost Management and Market Response - The company faces increased cost pressures due to rising prices of raw materials like phosphate rock and sulfur, driven by macroeconomic factors and supply-demand changes [4] - To manage these pressures, the company optimizes internal cost control and adjusts operational strategies based on market conditions [4] Group 3: New Energy Materials Development - New energy materials are a key part of the company's strategic development, extending into lithium iron phosphate and lithium dihydrogen phosphate [5] - The company’s 60,000 tons/year lithium iron phosphate facility has achieved production, while a 100,000 tons/year lithium dihydrogen phosphate project is progressing smoothly [5] Group 4: Market Dynamics and Product Pricing - The market for industrial-grade monoammonium phosphate is growing due to demand from the new energy sector, with the current average market price around CNY 6,859 per ton [6] - The company benefits from an integrated supply chain and strong product quality control, positioning it well in a competitive market [6] Group 5: Export Policies and Market Adaptability - The company adheres to legal regulations and industry standards in its export operations, demonstrating strong market adaptability [7] - It can adjust product structures and sales strategies in response to domestic and international market changes [7]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Yesterday, the lithium carbonate futures contract 2605 dropped 7.97% to 157,200 yuan/ton. The average price of battery - grade lithium carbonate decreased by 1,500 yuan/ton to 163,000 yuan/ton, the average price of industrial - grade lithium carbonate dropped 1,500 yuan/ton to 159,500 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) fell 500 yuan/ton to 150,500 yuan/ton. The warehousing receipt inventory was concentratedly cancelled by 19,746 tons, leaving 11,318 tons [3]. - On the supply side, the weekly production data increased by 628 tons to 24,814 tons. In April, the expected production of lithium carbonate will increase by 4% month - on - month to 110,950 tons, with battery - grade lithium carbonate increasing by 4.17% to 81,190 tons and industrial - grade lithium carbonate increasing by 3.77% to 29,760 tons. On the demand side, the expected production of ternary materials in April will decrease by 3.85% month - on - month to 80,970 tons, while the production of lithium iron phosphate will increase by 5.53% to 450,000 tons. On the inventory side, the weekly social inventory of lithium carbonate increased by 616 tons to 99,489 tons, with downstream inventory increasing by 552 tons to 46,657 tons, inventory in other links decreasing by 660 tons to 35,500 tons, and upstream inventory increasing by 724 tons to 17,332 tons [3]. - Affected by the news that the suspension of lithium ore exports from Zimbabwe might be alleviated, the price of lithium carbonate futures dropped significantly. Further observation of policy changes is needed. Recently, the price of lithium ore has been continuously strengthening, reflecting the reality and expectation of tight circulation at the ore end. The reduction caused by the suspension of lithium ore exports from Zimbabwe may appear from late April to May. If the suspension continues, the gap will continue to widen. If there is an expectation of resuming exports, there will be a situation of tight current supply and loose future expectation. The impact of concentrated shipments should be vigilant. Therefore, with high uncertainty currently, it is difficult for the price to maintain at a high level. Also, from the current spot procurement and sales rhythm and inventory rhythm, if the price strengthens rapidly in the short term, the spot trading rhythm may slow down, causing a divergence between futures and spot prices to some extent. It is recommended to continue to pay attention to low - buying opportunities in the future [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract decreased from 171,620 yuan/ton on March 30, 2026, to 157,200 yuan/ton on March 31, 2026, a drop of 14,420 yuan/ton; the closing price of the continuous contract decreased from 170,060 yuan/ton to 158,040 yuan/ton, a drop of 12,020 yuan/ton [5]. - Lithium ore: The prices of lithium ore such as lithium spodumene concentrate (6%, CIF China), lithium mica (Li2O: 1.5% - 2.0%), lithium mica (Li2O: 2.0% - 2.5%), and phospho - lithium - aluminum stone (Li2O: 6% - 7%, Li2O: 7% - 8%) remained unchanged [5]. - Lithium carbonate and lithium hydroxide: The average price of battery - grade lithium carbonate decreased by 1,500 yuan/ton to 163,000 yuan/ton, the average price of industrial - grade lithium carbonate dropped 1,500 yuan/ton to 159,500 yuan/ton, and the prices of various types of lithium hydroxide also decreased to varying degrees [5]. - Other products: The price of lithium hexafluorophosphate remained unchanged at 107,000 yuan/ton. The prices of ternary precursors and cathode materials such as ternary precursor 523, ternary material 523, and lithium iron phosphate decreased to varying degrees, while the prices of some products such as manganese acid lithium and cobalt acid lithium remained unchanged [5]. 3.2 Chart Analysis - Ore prices: The report presents charts of the prices of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%, 2.0% - 2.5%), and phospho - lithium - aluminum stone (6% - 7%, 7% - 8%) from 2024 to 2026 [6][9]. - Lithium and lithium salt prices: Charts of the prices of battery - grade metallic lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2026 are shown [12][14][18]. - Spreads: Charts of spreads such as the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate, the spread between battery - grade lithium carbonate and industrial - grade lithium carbonate, and the spread between CIF China - Japan - South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide are presented [18][20]. - Precursor and cathode materials: Charts of the prices of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2026 are provided [26][28][30]. - Lithium battery prices: Charts of the prices of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2026 are shown [32][36]. - Inventory: Charts of the downstream inventory, smelter inventory, and inventory in other links of lithium carbonate from July 2025 to March 2026 are presented [39][41]. - Production cost: A chart of the production cost of lithium carbonate from 2024 to 2026, including the cash production profit of purchasing ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and lithium spodumene concentrate, is shown [44].

Group 1 - The core viewpoint of the article emphasizes the advantages of solid-state batteries over traditional liquid electrolyte lithium-ion batteries, particularly in terms of safety, energy density, and cycle life [3][5][6]. - Solid-state batteries utilize non-flammable solid electrolytes, which significantly reduce the risks of fire and explosion associated with liquid electrolytes [3][5]. - The article highlights that solid-state batteries can achieve over 10,000 charge cycles, making them suitable for applications in electric vehicles and energy storage systems [5][6]. Group 2 - The structure of solid-state batteries consists of five core components: cathode material, electrolyte, separator, anode material, and current collector, which collectively influence performance and manufacturing challenges [7]. - Various solid electrolyte technologies are compared, with sulfide-based electrolytes showing superior ionic conductivity and performance, while oxide-based electrolytes offer better stability [10][11]. - The article discusses the challenges in the industrialization of solid-state batteries, including material and interface issues, as well as manufacturing bottlenecks [28][31]. Group 3 - The article outlines the key trends in solid-state battery materials, indicating that sulfide materials are the main focus for high-performance batteries, while oxide materials are more suitable for engineering applications [23][24]. - It notes that high-nickel ternary materials are preferred for high-end applications, while lithium iron phosphate (LFP) is favored for its cost-effectiveness and safety in mass production [24]. - The article emphasizes the importance of policy support in driving the industrialization of solid-state batteries, highlighting initiatives aimed at fostering collaboration across the supply chain [58][63]. Group 4 - The article identifies leading companies in the solid-state battery sector, such as CATL and Guoxuan High-Tech, which are making significant advancements in technology and production capabilities [65][71]. - It mentions that companies like Qingtao Energy and BETTERRY are focusing on sulfide solid electrolytes and have made progress in achieving high energy densities and safety standards [65][77]. - The article concludes that the solid-state battery industry is evolving with diverse material paths and ongoing research, indicating a competitive landscape among various players [25][27].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Insights - The company is a leading player in the domestic new energy cathode materials industry, with a comprehensive product matrix that includes lithium cobalt oxide, ternary materials, lithium iron phosphate, and hydrogen energy materials [4][17]. - After experiencing a period of adjustment, the company's performance is gradually recovering, with revenue returning to stable growth and significant improvement in profitability [5][26]. - The company's business structure is diversifying, laying a foundation for expanding downstream applications [6][37]. - The company maintains a solid leading position in lithium cobalt oxide and has advanced technology in high-nickel ternary materials [7][39]. - The company is actively laying out new technologies in frontier materials, establishing potential for future growth [8][10]. Summary by Sections Company Overview - The company evolved from the battery materials division of Xiamen Tungsten Industry, becoming a leader in the new energy cathode materials sector. Its product offerings are diverse, including high-voltage lithium cobalt oxide and various ternary materials, supported by strong technological innovation and a differentiated strategy [4][17]. Performance Recovery - The company faced a decline in performance due to falling prices of key raw materials like lithium, nickel, and cobalt in 2023-2024. However, by the second half of 2024, revenue decline slowed significantly, and net profit began to recover. In early 2026, the company reported revenue between 2.702 billion to 3.546 billion yuan, a year-on-year increase of 60% to 110% [5][28][29]. Business Diversification - Since 2022, the company has been releasing capacity for ternary cathode materials, creating a dual-drive pattern of lithium cobalt oxide and ternary materials. This diversification is expected to enhance applications in consumer batteries, power batteries, and energy storage [6][37]. Market Position - The company holds a dominant position in the lithium cobalt oxide market, with a projected global market share of 51% by 2025. The demand for high-voltage lithium cobalt oxide is expected to continue increasing due to policy support and upgrades in downstream applications [7][52]. Future Growth Potential - The company is investing in new technologies such as NL structural materials and solid-state battery materials, which are anticipated to drive product upgrades and benefit from the future commercialization of solid-state batteries [8][10].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - Yesterday, the lithium carbonate futures contract 2605 rose 4.53% to 171,620 yuan/ton. The average price of battery - grade lithium carbonate increased by 6,500 yuan/ton to 164,500 yuan/ton, the average price of industrial - grade lithium carbonate rose by 6,500 yuan/ton to 161,000 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) increased by 5,000 yuan/ton to 151,000 yuan/ton. The warehouse receipt inventory decreased by 709 tons to 30,751 tons [3]. - On the supply side, the weekly production data increased by 628 tons to 24,814 tons; the estimated lithium carbonate production in March increased by 28% to 106,390 tons. On the demand side, the estimated production of ternary materials in March increased by 19% to 84,360 tons; the production of lithium iron phosphate increased by 24% to 430,000 tons. On the inventory side, the weekly social inventory of lithium carbonate increased by 616 tons to 99,489 tons, with downstream inventory increasing by 552 tons to 46,657 tons, other sectors decreasing by 660 tons to 35,500 tons, and upstream inventory increasing by 724 tons to 17,332 tons [3]. - Recently, lithium ore prices have continued to strengthen, reflecting the reality and expectation of a tight supply at the ore end. The market is still worried about the lithium ore supply from Zimbabwe and Australia. If overseas supply - side risk events continue to ferment, the lithium ore supply gap may cause lithium ore prices to continue to strengthen, supporting lithium prices. The reduction in the actual supply of lithium carbonate may lead to inventory reduction, and the amplification of stocking and备货 coefficients may also drive the further invisibility of explicit inventory, driving prices to fluctuate and strengthen. However, it should be noted that from the current spot procurement and sales rhythm and inventory rhythm, if prices strengthen rapidly in the short term, the spot rhythm may slow down, causing a certain degree of divergence between futures and spot prices [3]. 3. Summary by Directory 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract was 171,620 yuan/ton, up 3,180 yuan from the previous day; the closing price of the continuous contract was 170,060 yuan/ton, up 2,580 yuan [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) was 2,313 US dollars/ton, up 83 US dollars; the price of lithium mica (Li2O:1.5% - 2.0%) was 3,575 yuan/ton, up 100 yuan; the price of lithium mica (Li2O:2.0% - 2.5%) was 5,225 yuan/ton, up 175 yuan; the price of lithiophilite (Li2O:6% - 7%) was 13,750 yuan/ton, up 475 yuan; the price of lithiophilite (Li2O:7% - 8%) was 15,000 yuan/ton, up 500 yuan [5]. - **Lithium Carbonate and Lithium Hydroxide**: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 164,500 yuan/ton, up 6,500 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 161,000 yuan/ton, up 6,000 yuan; the price of battery - grade lithium hydroxide (coarse particles/domestic) was 151,000 yuan/ton, up 5,000 yuan; the price of battery - grade lithium hydroxide (micropowder) was 157,500 yuan/ton, up 5,000 yuan; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 139,500 yuan/ton, up 5,000 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan and South Korea) was 18.45 US dollars/kg, up 0.15 US dollars [5]. - **Lithium Hexafluorophosphate**: The price remained unchanged at 107,000 yuan/ton [5]. - **Price Differences**: The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate was 3,500 yuan/ton, up 500 yuan; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 13,500 yuan/ton, down 1,500 yuan; the difference between CIF China, Japan and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide was - 23,284 yuan/ton, down 3,812 yuan [5]. - **Precursors and Cathode Materials**: The prices of some ternary precursors decreased slightly, while the prices of some ternary materials and lithium iron phosphate increased [5]. - **Cells and Batteries**: The prices of some cells and batteries increased slightly, while some remained unchanged [5]. 3.2 Chart Analysis - **Ore Prices**: Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and lithiophilite (6% - 7%, 7% - 8%) from 2024 - 2026 [6][9]. - **Lithium and Lithium Salt Prices**: Charts display the price trends of battery - grade metallic lithium , battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 - 2026 [12][14][18]. - **Price Differences**: Charts present the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China, Japan and South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, and battery - grade lithium carbonate (CIF) in Asia and domestic battery - grade lithium carbonate from 2024 - 2026 [18][20]. - **Precursors and Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 - 2026 [26][28][30]. - **Lithium Battery Prices**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 - 2026 [32][36]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other sectors from July 2025 - March 2026 [39][41]. - **Production Costs**: The chart shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉,外购磷酸铁锂极片黑粉,外购锂云母精矿, and外购锂辉石精矿 from 2024 - 2026 [44].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The lithium carbonate futures price may be supported in the short - term due to strong demand for energy storage and tight supply caused by the US - Iran war affecting Australian mine diesel progress, despite the upper pressure from funds' risk - aversion due to the ongoing US - Iran situation. Also, the social inventory is in continuous destocking, but the destocking amplitude is slowing down [3] Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 164,500 yuan, with a change of 6,500 yuan; SMM industrial - grade lithium carbonate average price is 161,000 yuan, with a change of 6,000 yuan [1] - Futures contracts: lithium carbonate 2604 closed at 170,060 yuan with a 4.34% increase; 2605 closed at 171,620 yuan with a 4.53% increase; 2606 closed at 171,140 yuan with a 4.15% increase; 2607 closed at 171,700 yuan with a 4.38% increase; 2608 closed at 172,140 yuan with a 3.95% increase [1] Lithium Ore - Lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) average price is 2,313 yuan, with a change of 83 yuan; lithium mica (Li20: 1.5% - 2.0%) is 3,575 yuan with a change of 100 yuan; lithium mica (Li20: 2.0% - 2.5%) is 5,225 yuan with a change of 175 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 13,750 yuan with a change of 475 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 15,000 yuan with a change of 500 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power - type) is 57,300 yuan, with a change of 1,825 yuan; the average price of ternary material 811 (polycrystalline/power - type) is 213,850 yuan, with a change of 2,700 yuan; the average price of ternary material 523 (single - crystal/power - type) is 187,250 yuan, with a change of 3,000 yuan; the average price of ternary material 613 (single - crystal/power - type) is 189,300 yuan, with a change of 3,000 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 3,500 yuan, with a change of - 500 yuan; the spread between battery - grade lithium carbonate and the main contract is - 7,120 yuan, with a change of 3,320 yuan; the spread between the near - month and the first - continuous contract is - 1,560 yuan, with a change of - 600 yuan; the spread between the near - month and the second - continuous contract is - 1,080 yuan, with a change of - 120 yuan [2] Inventory - The total inventory (weekly, tons) is 99,489 tons, with a change of 616,724 tons; the smelter inventory (weekly, tons) is 17,332 tons; the downstream inventory (weekly, tons) is 46,657 tons, with a change of 552 tons; the other inventory (weekly, tons) is 35,500 tons, with a change of - 660 tons; the registered warehouse receipts (daily, tons) is 31,064 tons, with a change of 953 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 164,478 yuan, and the profit is - 2,142 yuan; the cash cost of purchasing lithium mica concentrate externally is 155,467 yuan, and the profit is 3,273 yuan [3] Industry News - The Delhi government in India plans to announce a policy during the Delhi budget meeting next week to provide cash subsidies to individuals who scrap locally registered BS - IV and earlier standard fuel vehicles and purchase electric vehicles to accelerate electrification and reduce the number of old high - emission vehicles [3]

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Views of the Report - The supply side of lithium carbonate has increased, with last week's production at 24,814 tons, 59% higher than the historical average. The demand side shows an increase in the inventory of sample enterprises of lithium iron phosphate and ternary materials. The cost side varies, with different production profits for different raw materials. The overall inventory is increasing, and the 2605 contract is expected to fluctuate in the range of 167,160 - 177,280 [8]. - There are both positive and negative factors in the market. Positive factors include the production cut plan of lithium mica manufacturers and the decrease in the import volume of lithium carbonate from Chile. Negative factors include the high - level supply from ore and salt lake ends with limited decline [9][10]. - The main logic is the emotional shock caused by news under the tight supply - demand balance [11]. 3. Summary According to the Directory 3.1 Daily Views - **Fundamentals**: Supply increased last week, with lithium carbonate production at 24,814 tons, 59% higher than the historical average. The inventory of lithium iron phosphate and ternary materials sample enterprises increased. The cost of purchased lithium spodumene concentrate is 159,158 yuan/ton, with a loss of 2,142 yuan/ton; the cost of purchased lithium mica is 151,428 yuan/ton, with a profit of 3,273 yuan/ton. The cost of the salt lake end is significantly lower than that of the ore end, with sufficient profit margins [8]. - **Basis**: On March 30, the spot price of battery - grade lithium carbonate was 164,500 yuan/ton, and the basis of the 05 contract was - 7,120 yuan/ton, showing a spot discount [8]. - **Inventory**: The smelter inventory was 17,332 tons, a 4.36% increase, lower than the historical average; the downstream inventory was 46,657 tons, a 1.20% increase, higher than the historical average; other inventories were 35,500 tons, a 1.82% decrease, lower than the historical average; the total inventory was 99,489 tons, a 0.62% increase, lower than the historical average [8]. - **Disk**: The MA20 is downward, and the futures price of the 05 contract is above the MA20, showing a neutral situation [8]. - **Main Force Position**: The net short position of the main force is decreasing, showing a bearish situation [8]. - **Expectation**: In February 2026, the production of lithium carbonate was 83,090 physical tons, and it is predicted that next month's production will be 106,390 physical tons, a 28.04% increase. The import volume is expected to increase by 19.27%. Next month's demand is expected to strengthen, and inventory may be depleted. The CIF price of 6% concentrate has increased daily, and the demand - leading situation has weakened. The 2605 contract is expected to fluctuate in the range of 167,160 - 177,280 [8]. 3.2 Market Overview - **Upstream Prices**: The prices of lithium spodumene, lithium mica concentrate, and other upstream products have increased to varying degrees. For example, the price of lithium spodumene (6%) increased from 2,230 to 2,313 US dollars/ton, a 3.72% increase [14]. - **Disk Prices and Basis**: The prices of various lithium salts, cathode materials, and lithium batteries have changed. For example, the price of battery - grade lithium carbonate increased from 158,000 to 164,500 yuan/ton, a 4.11% increase [14]. 3.3 Supply - Related - **Lithium Ore**: The price of lithium ore (6% CIF) has changed over time. The production of lithium spodumene mines and lithium mica in China has different trends. The import volume of lithium concentrate has decreased, and the self - sufficiency rate of lithium ore has also changed [24]. - **Lithium Carbonate**: The weekly and monthly production, capacity, and import volume of lithium carbonate from different sources (lithium spodumene, lithium mica, salt lake, and recycling) have different trends and changes [31]. - **Lithium Hydroxide**: The weekly capacity utilization rate, monthly production, and export volume of lithium hydroxide have changed. The production from smelting and causticizing sources also shows different trends [40]. 3.4 Cost - Profit of Lithium Compounds - The cost and profit of purchased lithium spodumene concentrate, lithium mica concentrate, and recycled materials for lithium carbonate production have changed over time. The processing cost composition of lithium mica and lithium spodumene also shows different proportions [46]. - The profit of lithium carbonate import, industrial - grade lithium carbonate purification, and lithium hydroxide carbonation to lithium carbonate has changed [46][49]. 3.5 Inventory - The weekly and monthly inventory of lithium carbonate and lithium hydroxide from different sources (smelter, downstream, etc.) has changed. The number of lithium carbonate warehouse receipts has also increased [54]. 3.6 Demand - Related - **Lithium Battery - Power Battery**: The price, production, loading volume, and export volume of power batteries have changed. The cost of power battery cells has also changed [57]. - **Lithium Battery - Energy Storage**: The inventory, winning bid situation, production, and cost of energy - storage batteries have changed [59]. - **Ternary Precursor**: The price, cost, processing fee, capacity utilization rate, and production of ternary precursors have changed. The supply - demand balance also shows different situations [62][65]. - **Ternary Material**: The price, cost, profit, processing fee, production, and inventory of ternary materials have changed [70][73]. - **Phosphoric Acid Iron/Phosphoric Acid Iron Lithium**: The price, production cost, profit, capacity, and production of phosphoric acid iron and phosphoric acid iron lithium have changed [74]. - **New Energy Vehicle**: The production, sales, export volume, and sales penetration rate of new energy vehicles have changed [82].

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].

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Insights - The company has shown significant improvement in profitability, with strong growth in electrolyte sales [5] - The demand for battery materials remains robust, leading to increased capacity utilization [6] - The daily chemical materials segment has become a new growth point, with ongoing efforts to expand both domestic and international markets [7] Summary by Sections Financial Performance - In 2025, the company achieved revenue of approximately 166.50 billion yuan, a year-on-year increase of 33%, and a net profit attributable to shareholders of about 13.62 billion yuan, up 181.43% [4] - The forecast for 2026-2028 projects revenues of 301.6 billion yuan, 381.5 billion yuan, and 475.7 billion yuan respectively, with corresponding EPS of 2.92 yuan, 3.46 yuan, and 4.01 yuan [10][12] Product Performance - The company's core product, electrolyte, saw sales exceed 720,000 tons in 2025, representing a growth of approximately 44% [5] - The company has reached a near full production capacity of 850,000 tons for electrolytes and is expected to break through several key technologies in 2026 [5] Market Expansion - The daily chemical materials business achieved sales of over 120,000 tons in 2025, with a year-on-year growth of 10.69% [7] - The company is actively investing in the daily chemical sector and expanding its international channels [7]