1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint of the Report - The lithium carbonate market is in a stage where supply is increasing and demand is expected to improve. It is recommended to conduct light - position oscillatory trading and control risks by paying attention to trading rhythm [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 157,200 yuan/ton, a decrease of 14,420 yuan; the net position of the top 20 is - 129,844 hands, a decrease of 6,862 hands; the position of the main contract is 217,916 hands, a decrease of 19,845 hands; the spread between near - and far - month contracts is 640 yuan/ton, an increase of 2,280 yuan; the Guangzhou Futures Exchange warehouse receipt is 11,318 hands/ton, a decrease of 19,746 hands [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 163,000 yuan/ton, a decrease of 1,500 yuan; the average price of industrial - grade lithium carbonate is 159,500 yuan/ton, a decrease of 1,500 yuan; the basis of the Li₂CO₃ main contract is 5,800 yuan/ton, an increase of 12,920 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 2,420 US dollars/ton, an increase of 45 US dollars; the average price of amblygonite is 15,000 yuan/ton, with no change; the price of lepidolite (2 - 2.5%) is 5,225 yuan/ton, with no change [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 53,520 tons, a decrease of 5,950 tons; the monthly import volume is 26,426.79 tons, a decrease of 431.27 tons; the monthly export volume is 596.08 tons, an increase of 124.52 tons; the monthly output of power batteries is 141,600 MWh, a decrease of 26,400 MWh; the monthly开工率 of lithium carbonate enterprises is 47%, a decrease of 5%; the price of lithium manganate is 54,500 yuan/ton, an increase of 500 yuan; the price of lithium hexafluorophosphate is 106,500 yuan/ton, with no change; the price of lithium cobaltate is 400,750 yuan/ton, with no change; the price of ternary material (811 type) in China is 202,500 yuan/ton, a decrease of 2,000 yuan; the price of ternary material (622 power type) in China is 182,500 yuan/ton, a decrease of 2,000 yuan [2] 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China is 198,500 yuan/ton, a decrease of 2,000 yuan; the monthly开工率 of ternary cathode materials is 45%, a decrease of 5%; the price of lithium iron phosphate is 59,800 yuan/ton, an increase of 650 yuan; the monthly开工率 of lithium iron phosphate cathodes is 55%, an increase of 1%; the monthly output of new energy vehicles is 694,000 vehicles, a decrease of 347,000 vehicles; the monthly sales volume is 765,000 vehicles, a decrease of 180,000 vehicles; the cumulative sales penetration rate of new energy vehicles is 41.18%, an increase of 0.90%; the cumulative sales volume is 1,710,000 vehicles, a decrease of 125,000 vehicles; the monthly export volume of new energy vehicles is 282,000 vehicles, a decrease of 20,000 vehicles; the cumulative export volume is 583,000 vehicles, an increase of 301,000 vehicles [2] 3.6 Industry News - The State Administration for Market Regulation issued a notice on further implementing the Anti - Unfair Competition Law of the People's Republic of China to comprehensively rectify "involution - style" competition in key industries such as platform economy, photovoltaic, lithium batteries, and new energy vehicles [2] - Cui Dongshu, the secretary - general of the Passenger Car Association, said that due to the low base in January 2025, the import of automobiles from January to February 2026 was 70,000 vehicles, a year - on - year increase of 25%. In February 2026, the import of cars was 32,000 vehicles, a year - on - year decrease of 12% and a month - on - month decrease of 17% from January [2] - The Ministry of Commerce will implement a special action to boost consumption, optimize the policy of trading in old consumer goods for new ones, promote the reform of automobile circulation and consumption, and implement a quality - improvement and people - benefiting action for service consumption [2] 3.7 Technical Analysis - On the 60 - minute MACD chart, the double lines are above the 0 - axis, and the green bars are expanding [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint of the Report - The lithium carbonate futures price is under pressure from macro - hedging and slow inventory reduction, but is supported by demand. Due to the unclear macro situation, investors are advised to participate with caution [3] 3. Summary According to Relevant Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 156,500 yuan, with a change of 4,000 yuan; the average price of SMM industrial - grade lithium carbonate is 153,500 yuan, with a change of 4,000 yuan [1] - The closing prices and price changes of different lithium carbonate futures contracts are as follows: for lithium carbonate 2604, the closing price is 158,100 yuan, with a 0.11% increase; for lithium carbonate 2605, the closing price is 157,200 yuan, with a 0.64% decrease; for lithium carbonate 2606, the closing price is 156,820 yuan, with a 0.81% decrease; for lithium carbonate 2607, the closing price is 157,160 yuan, with a 0.63% decrease; for lithium carbonate 2608, the closing price is 157,520 yuan, with a 0.98% decrease [1] Lithium Ore - The average price of lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) is 2,210 yuan, with a change of 67 yuan; the average price of lithium mica (Li20: 1.5% - 2.0%) is 3,325 yuan, with a change of 150 yuan; the average price of lithium mica (Li20: 2.0% - 2.5%) is 4,800 yuan, with a change of 200 yuan; the average price of phospho - lithium - aluminum stone (Li20: 6% - 7%) is 12,800 yuan, with a change of 475 yuan; the average price of phospho - lithium - aluminum stone (Li20: 7% - 8%) is 14,000 yuan, with a change of 600 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 55,110 yuan, with a change of 970 yuan; the average price of ternary material 811 (polycrystalline/power type) is 210,750 yuan, with a change of 500 yuan; the average price of ternary material 523 (single - crystal/power type) is 183,750 yuan, with a change of 500 yuan; the average price of ternary material 613 (single - crystal/power type) is 185,900 yuan, with a change of 500 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 3,000 yuan; the price spread between battery - grade lithium carbonate and the main contract is - 700 yuan, with a change of 5,920 yuan; the price spread between the near - month and the first - continuous contract is 900 yuan, with a change of 1,280 yuan; the price spread between the near - month and the second - continuous contract is 1,280 yuan, with a change of 1,120 yuan [2] Inventory - The total weekly inventory is 99,489 tons, with a change of 616 tons; the weekly inventory of smelters is 17,332 tons, with a change of 724 tons; the weekly inventory of downstream enterprises is 46,657 tons, with a change of 552 tons; the weekly inventory of others is 35,500 tons, with a change of - 660 tons; the daily registered warehouse receipts are 30,751 tons, with a change of - 709 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 157,748 yuan, and the profit is - 3,259 yuan; the cash cost of purchasing lithium mica concentrate is 145,659 yuan, and the profit is 5,594 yuan [3] Industry News - The Delhi government in India plans to announce a new policy during the Delhi budget meeting next week, providing cash subsidies to individuals who scrap locally registered pre - BS IV (National IV) fuel vehicles and purchase electric vehicles to accelerate the electrification transformation and reduce the number of old, high - emission vehicles [3] Market Environment - Macroscopically, the situation between the US and Iran persists, and funds' hedging behavior creates upward pressure. Fundamentally, the new - energy vehicle data in February was lower than expected, but the energy - storage demand remains strong [3]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The lithium carbonate fundamentals may be in a stage of sufficient supply and improving demand, with a slight reduction in industrial inventory. It is recommended to conduct short - term long - position trading at low prices with a light position and pay attention to controlling risks in trading rhythm [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract was 152,940 yuan/ton, up 3,900 yuan; the net position of the top 20 was - 83,060 lots, up 5,504 lots; the position volume of the main contract was 260,696 lots, down 8,781 lots; the spread between near and far - month contracts was 140 yuan/ton, up 580 yuan; the warehouse receipts of the Guangzhou Futures Exchange were 32,078 lots/ton, down 1,459 lots [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate was 147,500 yuan/ton, up 1,000 yuan; the average price of industrial - grade lithium carbonate was 144,500 yuan/ton, up 1,000 yuan; the basis of the Li₂CO₃ main contract was - 5,440 yuan/ton, down 2,900 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) was 2,320 US dollars/ton, unchanged; the average price of amblygonite was 12,925 yuan/ton, up 175 yuan; the price of lithium mica (2 - 2.5%) was 6,825 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of lithium carbonate was 53,520 tons, down 5,950 tons; the monthly import volume was 26,426.79 tons, down 431.27 tons; the monthly export volume was 596.08 tons, up 124.52 tons; the monthly operating rate of lithium carbonate enterprises was 47%, down 5 percentage points; the monthly output of power batteries was 141,600 MWh, down 26,400 MWh; the price of lithium hexafluorophosphate was 111,000 yuan/ton, unchanged; the price of lithium manganate was 50,000 yuan/ton, unchanged; the price of lithium cobaltate was 400,500 yuan/ton, unchanged; the price of ternary material (811 type): China was 200,500 yuan/ton, down 1,500 yuan; the price of ternary material (622 power type): China was 180,000 yuan/ton, down 1,500 yuan [2] 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type): China was 195,500 yuan/ton, down 1,000 yuan; the monthly operating rate of ternary cathode materials was 45%, down 5 percentage points; the price of lithium iron phosphate was 52,400 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes was 55%, up 1 percentage point; the monthly output of new energy vehicles (CAAM) was 694,000 vehicles, down 347,000 vehicles; the monthly sales volume of new energy vehicles (CAAM) was 765,000 vehicles, down 180,000 vehicles; the cumulative sales penetration rate of new energy vehicles (CAAM) was 41.18%, up 0.9 percentage points; the cumulative sales volume of new energy vehicles was 1,710,000 vehicles, down 125,000 vehicles; the monthly export volume of new energy vehicles was 282,000 vehicles, down 20,000 vehicles; the cumulative export volume of new energy vehicles was 583,000 vehicles, up 301,000 vehicles; the 20 - day average volatility of the underlying was 67.03%, down 4.6 percentage points; the 40 - day average volatility of the underlying was 92.05%, up 0.21 percentage points [2] 3.6 Option Situation - The total call position was 134,510 contracts, up 3,390 contracts; the total put position was 125,117 contracts, up 3,981 contracts; the put - to - call ratio of total positions was 93.02%, up 0.6313 percentage points; the implied volatility of at - the - money IV was 0.59%, up 0.0407 percentage points [2] 3.7 Industry News - Dazhong Mining plans to cooperate with Meishan High - tech Zone Management Committee and Wanhua Chemical (Sichuan) Battery Materials Technology Co., Ltd. to invest in building a "200,000 - ton lithium salt project" in Meishan High - tech Industrial Park, with a total planned capacity of 200,000 tons of lithium salt in three phases [2] - Zijin Mining executives said at the 2025 annual performance briefing that in 2026, the lithium price reversal trend has started, and the lithium industry is evolving from a paper surplus to a tight - balance state. By 2030, the demand is expected to exceed 3 million tons [2] - Goldman Sachs' macro - economic team believes that in the short term, oil prices face upward risks, and low - income emerging economies are most vulnerable. In the medium term, the extreme fluctuations in energy prices caused by the Middle East conflict may prompt oil - importing countries to focus on enhancing energy supply security in the next few years, and China may benefit from the increasing global demand for electric vehicles, batteries, and power - generation equipment [2] 3.8 Market Analysis - The main contract of lithium carbonate fluctuated strongly, with a 6.11% increase at the close. The position volume decreased month - on - month, and the spot price was at a discount to the futures price, with the basis weakening compared to the previous day [2] - On the fundamental side, the price of lithium ore fluctuated weakly as the lithium carbonate price adjusted. Overseas miners were more willing to sell at favorable prices, and smelters were relatively active in inquiring and purchasing. The supply side saw upstream smelters adopting a price - holding and sales - withholding strategy, with a slight increase in the weekly inventory of smelters. In terms of imports and exports, the export volume and average price from Chile both increased significantly, and it is expected that the domestic lithium carbonate supply will remain sufficient after the arrival of the ships. On the demand side, downstream battery factories maintained a strategy of purchasing at low prices, and their restocking sentiment weakened after the price rebound. The trading sentiment in the spot market became more active as the lithium price fluctuated downward, and the downstream inventory increased weekly [2] - In the options market, the put - to - call ratio of positions was 93.02%, up 0.6313% month - on - month, indicating a bullish sentiment in the options market, and the implied volatility increased slightly [2] - Technically, on the 60 - minute MACD chart, the two lines were below the 0 axis, and the red bars were expanding [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The lithium carbonate market is in a stage of sufficient supply and acceptable demand. It is recommended to conduct light - position oscillating trading and control risks by paying attention to trading rhythm [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 142,600 yuan/ton, down 7,520 yuan; the net position of the top 20 is - 107,513 lots, up 3,249 lots; the main contract trading volume is 282,745 lots, down 24,677 lots; the spread between near and far - month contracts is - 220 yuan/ton, down 500 yuan; the Guangzhou Futures Exchange warehouse receipts are 35,769 lots [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 152,500 yuan/ton, down 3,000 yuan; the average price of industrial - grade lithium carbonate is 149,500 yuan/ton, down 3,000 yuan; the basis of the Li₂CO₃ main contract is 9,900 yuan/ton, up 4,520 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 2,475 US dollars/ton, down 30 US dollars; the average price of amblygonite is 13,350 yuan/ton, down 275 yuan; the price of lithium mica (2 - 2.5%) is 7,213 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 53,520 tons, down 5,950 tons; the monthly import volume is 23,988.66 tons, up 1,933.47 tons; the monthly export volume is 911.90 tons, up 152.66 tons; the monthly operating rate of lithium carbonate enterprises is 47%, down 5 percentage points; the monthly output of power batteries is 141,600 MWh, down 26,400 MWh; the price of lithium manganate is 51,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 111,000 yuan/ton, unchanged; the price of cobalt - acid lithium is 400,500 yuan/ton, unchanged; the price of ternary material (811 type): China is 202,000 yuan/ton, unchanged; the price of ternary material (622 power type): China is 181,500 yuan/ton, unchanged [2] 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type): China is 196,500 yuan/ton, unchanged; the monthly operating rate of ternary cathode materials is 45%, down 5 percentage points; the price of lithium iron phosphate is 52,400 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathode is 55%, up 1 percentage point; the monthly output of new energy vehicles (China Association of Automobile Manufacturers) is 694,000 vehicles, down 347,000 vehicles; the monthly sales volume is 765,000 vehicles, down 180,000 vehicles; the cumulative sales penetration rate of new energy vehicles (China Association of Automobile Manufacturers) is 41.18%, up 0.90 percentage points; the monthly export volume of new energy vehicles is 282,000 vehicles; the cumulative sales volume of new energy vehicles is 1,710,000 vehicles, down 125,000 vehicles; the cumulative export volume of new energy vehicles is 583,000 vehicles, up 301,000 vehicles; the 20 - day average volatility of the target is 70.75%, down 4.70 percentage points; the 40 - day average volatility of the target is 95.45%, up 0.54 percentage points [2] 3.6 Option Situation - The total holding of call options is 126,843 lots, up 3,056 lots; the total holding of put options is 114,600 lots, up 4,007 lots; the put - call ratio of total holdings is 90.35%, up 1.0065 percentage points; the implied volatility of at - the - money IV is 0.58%, down 0.0884 percentage points [2] 3.7 Industry News - On the afternoon of March 19, the spodumene concentrate auction of Albemarle ended. The auction target was 14,520 tons of spodumene concentrate produced by Wodgina, with a transaction price of CIF price SC6 2,018 US dollars/ton, expected to arrive at the port in April and be picked up from Zhenjiang Port [2] - The China Automobile Dealers Association released the "2025 National Automobile Dealer Survival Status Survey Report", indicating that in 2025, automobile dealers generally failed to meet their annual sales targets, price inversion continued, losses in new - car business intensified, the loss - making proportion of automobile dealers increased, and the profit - making proportion narrowed. Only 44.3% of dealers met their annual targets, and the situation was worse than in 2024 [2] - In February, automobile production and sales were 1.672 million and 1.805 million vehicles respectively, down 31.7% and 23.1% month - on - month, and down 20.5% and 15.2% year - on - year. From January to February, automobile production and sales were 4.122 million and 4.152 million vehicles respectively, down 9.5% and 8.8% year - on - year. In February, new energy vehicle production and sales were 694,000 and 765,000 vehicles respectively, down 21.8% and 14.2% year - on - year, and new energy vehicle sales accounted for 42.4% of total new - car sales. From January to February, new energy vehicle production and sales were 1.735 million and 1.71 million vehicles respectively, down 8.8% and 6.9% year - on - year, and new energy vehicle sales accounted for 41.2% of total new - car sales [2] - In February, new energy vehicle exports were 282,000 vehicles, down 6.6% month - on - month and up 110% year - on - year; traditional fuel vehicle exports were 391,000 vehicles, up 2.8% month - on - month and up 26.2% year - on - year. From January to February, new energy vehicle exports were 583,000 vehicles, up 110% year - on - year; traditional fuel vehicle exports were 769,000 vehicles, up 22.2% year - on - year [2] 3.8 Market Analysis - The main lithium carbonate contract oscillated weakly, closing down 6.37%. The trading volume decreased month - on - month, the spot price was at a premium to the futures price, and the basis strengthened compared with the previous day [2] - Fundamentally, the price of lithium ore fluctuated with the high - level oscillation of the lithium carbonate price. Mines still had a strong sentiment to hold prices, releasing goods at high levels, and smelters were also relatively active in buying and inquiring. On the supply side, smelter production resumption was basically completed, the operating rate rebounded, and there was still a sentiment of holding prices and惜售 among upstream and traders, with some goods released at high prices. In terms of Chilean exports, exports in February declined. It is expected that after the ships arrive at the port, the domestic import volume may slightly converge, and the overall supply of domestic lithium carbonate remains sufficient. On the demand side, downstream demand was cautious, mostly adopting the strategy of buying on dips. The trading situation in the spot market was a bit light, the overall industrial inventory decreased slightly, and the demand was resilient but its sustainability needs further observation [2] - In terms of options, the put - call ratio of holdings was 90.35%, up 1.0065% month - on - month. The option market sentiment was bullish, and the implied volatility slightly decreased [2] - Technically, on the 60 - minute MACD, the double lines were below the 0 axis, and the green bars expanded [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The upper pressure and lower support of lithium carbonate futures prices are obvious. The upper pressure mainly comes from the continuous heating up of the US - Iran situation, triggering the market's re - inflation expectation and risk - aversion sentiment. The lower support is due to strong demand, with the production schedules of battery factories in April and May rising month - on - month, driving the release of the purchasing demand for lithium carbonate. In the short term, due to the unclear macro - situation, investors are advised to participate with caution [3] Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 155,500 yuan, with a decrease of 2,500 yuan; SMM industrial - grade lithium carbonate average price is 152,500 yuan, with a decrease of 2,000 yuan. The price difference between battery - grade and industrial - grade lithium carbonate is 3,000 yuan, with a decrease of 500 yuan [1][2] Futures Contracts - The closing price of lithium carbonate 2604 is 149,880 yuan, with a decline of 4.74%; lithium carbonate 2605 is 150,120 yuan, with a decline of 4.43%; lithium carbonate 2606 is 150,040 yuan, with a decline of 3.56%; lithium carbonate 2607 is 149,600 yuan, with a decline of 4.52%; lithium carbonate 2608 is 150,000 yuan, with a decline of 4.69% [1] Lithium Ore - The average price of lithium spodumene concentrate (CIF China) is 2,157 yuan, with a decrease of 28 yuan; lithium mica (Li20: 1.5% - 2.0%) is 3,225 yuan, with a decrease of 135 yuan; lithium mica (Li20: 2.0% - 2.5%) is 4,800 yuan, with a decrease of 160 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 12,550 yuan, with a decrease of 175 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 13,625 yuan, with a decrease of 200 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 54,870 yuan, with a decrease of 605 yuan; ternary material 811 (polycrystalline/power type) is 211,800 yuan, with a decrease of 500 yuan; ternary material 523 (single - crystal/power type) is 183,950 yuan, with a decrease of 800 yuan; ternary material 613 (single - crystal/power type) is 185,650 yuan, with a decrease of 600 yuan [2] Price Spreads - The price difference between battery - grade and industrial - grade lithium carbonate is 3,000 yuan, with a decrease of 500 yuan; the price difference between battery - grade lithium carbonate and the main contract is 5,380 yuan, with an increase of 2,700 yuan; the price difference between the near - month and the first - continuous contract is - 240 yuan, with a decrease of 360 yuan; the price difference between the near - month and the second - continuous contract is - 160 yuan, with a decrease of 1,020 yuan [2] Inventory - The total inventory (weekly, tons) is 98,959 tons, with a decrease of 414 tons; the smelter inventory (weekly, tons) is 16,292 tons, with a decrease of 1,184 tons; the downstream inventory (weekly, tons) is 45,647 tons, with an increase of 1,890 tons; the other inventory (weekly, tons) is 37,020 tons, with a decrease of 1,120 tons; the registered warehouse receipts (daily, tons) is 35,769 tons, with a decrease of 696 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 154,180 yuan, and the profit is - 680 yuan; the cash cost of purchasing lithium mica concentrate externally is 145,659 yuan, and the profit is 4,614 yuan [3] Policy News - The US decided not to impose tariffs on battery materials imported from China, and the US International Trade Commission found that imports did not cause damage to the domestic industry [3]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The lithium carbonate market is in a stage of sufficient supply and acceptable demand. It is recommended to conduct short - term long trades at low prices and pay attention to trading rhythm to control risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 155,320 yuan/ton, a decrease of 4,300 yuan; the net position of the top 20 is - 108,591 lots, an increase of 52 lots; the position of the main contract is 308,842 lots, a decrease of 1,841 lots; the spread between near - and far - month contracts is 600 yuan/ton, an increase of 640 yuan; the warehouse receipts of GZFE are 36,465 lots, an increase of 72 lots [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 158,000 yuan/ton, an increase of 1,500 yuan; the average price of industrial - grade lithium carbonate is 154,500 yuan/ton, an increase of 1,500 yuan; the basis of the Li₂CO₃ main contract is 2,680 yuan/ton, an increase of 5,800 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 2,505 US dollars/ton, unchanged; the average price of amblygonite is 13,825 yuan/ton, unchanged; the price of lithium mica (2 - 2.5%) is 7,213 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 53,520 tons, a decrease of 5,950 tons; the monthly import volume is 23,988.66 tons, an increase of 1,933.47 tons; the monthly export volume is 911.90 tons, an increase of 152.66 tons; the monthly operating rate of lithium carbonate enterprises is 47%, a decrease of 5 percentage points [2] 3.5 Downstream and Application Situation - The monthly output of power batteries is 141,600 MWh, a decrease of 26,400 MWh. The prices of manganese - acid lithium, hexafluorophosphate, cobalt - acid lithium, and various ternary materials remain unchanged. The monthly operating rate of ternary cathode materials is 45%, a decrease of 5 percentage points; the monthly operating rate of lithium iron phosphate cathode is 55%, an increase of 1 percentage point. The monthly production of new energy vehicles is 694,000, a decrease of 347,000; the monthly sales are 765,000, a decrease of 180,000; the cumulative sales penetration rate is 41.18%, an increase of 0.90 percentage points; the cumulative sales are 1,710,000, a decrease of 125,000; the monthly export volume is 282,000, a decrease of 20,000; the cumulative export volume is 583,000, an increase of 301,000 [2] 3.6 Option Situation - The 20 - day average volatility of the underlying is 74.08%, an increase of 0.65 percentage points; the 40 - day average volatility is 96.17%, a decrease of 2.03 percentage points. The total holding of call options is 121,646 lots, an increase of 3,643 lots; the total holding of put options is 108,067 lots, an increase of 4,284 lots. The put - call ratio of total positions is 88.84%, an increase of 0.8878 percentage points; the implied volatility of at - the - money IV is 0.69%, a decrease of 0.0061 percentage points [2] 3.7 Industry News - Academician Ouyang Minggao said that 2026 will start a new round of high - quality development cycle led by innovation, and there will be seven technological development directions in the new energy vehicle industry in the next five years. When the penetration rate of new energy vehicles exceeds 50%, it will enter the late mass market [2] - China and the US held economic and trade consultations in Paris, France, reaching some new consensuses and agreeing to study the establishment of a cooperation mechanism to promote bilateral trade and investment. China will take necessary measures to safeguard its legitimate rights and interests [2] - Premier Li Qiang presided over the 11th plenary meeting of the State Council, deploying the implementation of key work in 2026, including promoting the construction of a unified national market, expanding and improving the service industry, developing new - generation intelligent manufacturing, etc. [2] 3.8 Market Analysis - The main contract of lithium carbonate opened high and declined, with a 0.39% increase at the close. The position decreased month - on - month, the spot price was at a premium to the futures price, and the basis strengthened compared with the previous day [2] - On the fundamental side, the price of lithium ore fluctuates with the high - level shock of lithium carbonate price. The smelters' production resumption is basically completed, and the supply is generally sufficient. The downstream demand is cautious, and the overall inventory of the industry is slightly reduced [2] - In terms of options, the put - call ratio of positions is 88.84%, an increase of 0.8878% month - on - month. The option market sentiment is bullish, and the implied volatility slightly decreases [2] - Technically, the 60 - minute MACD has both lines below the 0 - axis, and the red bar is converging [2]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - In January 2026, the new energy vehicle market in China operated steadily, with production and sales of 1.041 million and 0.945 million vehicles respectively, a year-on-year increase of 2.5% and 1% respectively. In the same month, new energy vehicle exports maintained high - speed growth, with 0.302 million vehicles exported, a year - on - year doubling [3]. - Affected by the escalating situation between the US and Iran, capital's risk - aversion sentiment increased. Coupled with the large increase in lithium carbonate prices in the early stage, there was a short - term need for capital to take profits, leading to a decline in lithium carbonate prices. The supply and demand of lithium carbonate both increased, and downstream continuous restocking supported prices. Overall, with fundamental support, the price of lithium carbonate may fluctuate in the short term under the pressure of risk aversion [3]. Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate had an average price of 158,500 with an increase of 3,750; SMM industrial - grade lithium carbonate had an average price of 155,250 with an increase of 4,000 [1]. Lithium Ore - Lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) had an average price of 2,213 with an increase of 43; lithium mica (Li20: 1.5% - 2.0%) had an average price of 3,480 with an increase of 25; lithium mica (Li20: 2.0% - 2.5%) had an average price of 5,200 with an increase of 10; phospho - lithium - aluminum stone (Li20: 6% - 7%) had an average price of 13,175 with an increase of 200; phospho - lithium - aluminum stone (Li20: 7% - 8%) had an average price of 14,350 with an increase of 200 [1][2]. Positive Electrode Materials - The average price of lithium iron phosphate (power type) was 55,595 with an increase of 910; the average price of ternary material 811 (polycrystalline/power type) was 211,500 with an increase of 2,000; the average price of ternary material 523 (single - crystal/power type) was 183,250 with an increase of 1,200; the average price of ternary material 613 (single - crystal/power type) was 184,750 with an increase of 1,000 [2]. Price Differences - The difference between battery - grade and industrial - grade lithium carbonate was 3,250 with a decrease of 250; the difference between battery - grade lithium carbonate and the main contract was - 4,500 with an increase of 1,810; the difference between the near - month and the first - continuous contract was - 880 with a decrease of 320; the difference between the near - month and the second - continuous contract was - 640 with a decrease of 820 [2]. Inventory - The total weekly inventory was 99,373 tons with a decrease of 720 tons; the weekly inventory of smelters was 17,476 tons with a decrease of 906 tons; the weekly inventory of downstream was 43,757 tons with an increase of 3,736 tons; the weekly inventory of others was 38,140 tons with a decrease of 3,550 tons; the daily registered warehouse receipts were 37,019 tons with an increase of 158 tons [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate was 157,787, and the profit was - 1,355; the cash cost of purchasing lithium mica concentrate was 154,890, and the profit was - 1,853 [3].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The fundamentals of lithium carbonate may be in a stage of increasing supply and demand. The short - term resumption of demand may drive a slight reduction in industrial inventory. The option market sentiment is bullish with a decline in implied volatility. It is recommended to conduct light - position short - term long trades at low prices and pay attention to trading rhythm to control risks [2] Summary by Related Catalogs Futures Market - The closing price of the main contract is 155,860 yuan/ton, up 2,800 yuan; the net position of the top 20 is - 104,187 hands, up 2,344 hands; the position volume of the main contract is 332,374 hands, down 6,637 hands; the spread between near and far - month contracts is - 2,960 yuan/ton, up 1,620 yuan; the warehouse receipts of GZEE are 36,840 hands/ton, down 315 hands [2] Spot Market - The average price of battery - grade lithium carbonate is 156,000 yuan/ton, up 2,000 yuan; the average price of industrial - grade lithium carbonate is 152,500 yuan/ton, up 2,000 yuan; the basis of the Li₂CO₃ main contract is 140 yuan/ton, down 800 yuan [2] Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 2,345 US dollars/ton, unchanged; the average price of amblygonite is 14,000 yuan/ton, up 225 yuan; the price of lithium mica (2 - 2.5%) is 7,175 yuan/ton, unchanged [2] Industry Situation - The monthly output of lithium carbonate is 53,520 tons, down 5,950 tons; the monthly import volume is 23,988.66 tons, up 1,933.47 tons; the monthly export volume is 911.90 tons, up 152.66 tons; the monthly operating rate of lithium carbonate enterprises is 49%, up 2%; the monthly output of power batteries is 168,000 MWh, down 33,700 MWh; the price of lithium manganate is 52,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 112,500 yuan/ton, down 9,500 yuan; the price of lithium cobaltate is 400,500 yuan/ton, unchanged; the price of ternary material (811 type) in China is 202,000 yuan/ton, unchanged; the price of ternary material (622 power type) in China is 181,500 yuan/ton, unchanged [2] Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China is 196,500 yuan/ton, unchanged; the monthly operating rate of ternary cathode materials is 0%; the price of lithium iron phosphate is 52,400 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 0%; the monthly output of new energy vehicles (CAAM) is 1,041,000 vehicles, down 677,000 vehicles; the monthly sales volume of new energy vehicles (CAAM) is 945,000 vehicles, down 765,000 vehicles; the cumulative sales penetration rate of new energy vehicles (CAAM) is 40.28%, down 7.65%; the cumulative sales volume of new energy vehicles is 945,000 vehicles, up 1,000 vehicles; the monthly export volume of new energy vehicles is 302,000 vehicles, up 20,000 vehicles; the cumulative export volume of new energy vehicles is 302,000 vehicles, up 152,000 vehicles; the 20 - day average volatility of the underlying is 104.42%, down 2.84%; the 40 - day average volatility of the underlying is 98.62%, down 3.13% [2] Option Situation - The total subscription position is 173,737 contracts, up 16,177 contracts; the total put position is 152,968 contracts, up 4,436 contracts; the put - call ratio of the total position is 88.05%, down 6.2244%; the implied volatility of at - the - money IV is 0.68%, down 0.0018% [2] Industry News - China's new - quality productivity has developed steadily with rich scientific and technological innovation achievements. The industrial structure has been continuously optimized, and the energy consumption per unit of GDP has decreased. The "15th Five - Year Plan" draft will be reviewed and approved. China will boost consumption and introduce more policies for Hong Kong. The US tariff rate may return to the previous level, and China's February PMI data shows different trends [2] Market Analysis - The main lithium carbonate contract fluctuated widely, with a 3% increase at the close. The position volume decreased month - on - month. The spot price was at a premium to the futures price, and the basis weakened compared with the previous day. Overseas lithium ore supply may be affected, and the smelter operating rate will increase. The supply of lithium carbonate in China will grow, and the demand is expected to pick up [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The lithium carbonate market is in a stage of increasing supply and demand in the short - term. The resumption of work in demand may drive a slight reduction in industrial inventory. It is recommended to conduct short - term long - position trading at low prices with a light position and pay attention to controlling risks in trading rhythm [2] 3. Summary by Relevant Catalogs 3.1 Market Data 3.1.1 Futures Market - The closing price of the main contract is 153,060 yuan/ton, up 2,200 yuan; the net position of the top 20 is - 106,531 hands, up 22,174 hands; the position of the main contract is 339,011 hands, down 593 hands; the spread between near and far - month contracts is - 4,580 yuan/ton, down 1,440 yuan; the Guangzhou Futures Exchange warehouse receipt is 37,155 hands/ton, down 600 hands [2] 3.1.2 Spot Market - The average price of battery - grade lithium carbonate is 154,000 yuan/ton, down 7,000 yuan; the average price of industrial - grade lithium carbonate is 150,500 yuan/ton, down 7,000 yuan; the basis of the Li₂CO₃ main contract is 940 yuan/ton, down 9,200 yuan [2] 3.1.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 2,345 US dollars/ton, unchanged; the average price of amblygonite is 13,775 yuan/ton, down 700 yuan; the average price of lepidolite (2 - 2.5%) is 7,175 yuan/ton, down 688 yuan [2] 3.1.4 Industry Situation - Lithium carbonate production is 59,470 tons, up 2,650 tons; imports are 23,988.66 tons, up 1,933.47 tons; exports are 911.90 tons, up 152.66 tons; the enterprise operating rate is 49%, up 2 percentage points [2] 3.1.5 Downstream and Application Situation - The production of power batteries is 168,000 MWh, down 33,700 MWh; the price of lithium manganate is 52,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 122,000 yuan/ton, unchanged; the price of cobalt - acid lithium is 400,500 yuan/ton, unchanged; the price of ternary materials (811 type) is 202,000 yuan/ton, down 5,000 yuan; the price of ternary materials (622 power type) is 181,500 yuan/ton, down 4,000 yuan; the price of ternary materials (523 single - crystal type) is 196,500 yuan/ton, down 4,000 yuan; the operating rate of ternary cathode materials is 0%, down 50 percentage points; the price of lithium iron phosphate is 52,400 yuan/ton, unchanged; the operating rate of lithium iron phosphate cathode is 0%, down 60 percentage points [2] 3.1.6 New Energy Vehicle Situation - The monthly production of new energy vehicles is 1,041,000 units, down 677,000 units; the monthly sales are 945,000 units, down 765,000 units; the cumulative sales penetration rate is 40.28%, down 7.65 percentage points; the cumulative sales are 945,000 units, up 1,000 units; the monthly export volume is 302,000 units, up 2,000 units; the cumulative export volume is 302,000 units, up 152,000 units [2] 3.1.7 Option Situation - The total call position is 157,560 contracts, up 12,097 contracts; the total put position is 148,532 contracts, down 26,048 contracts; the put - call ratio of the total position is 94.27%, down 25.7467 percentage points; the at - the - money implied volatility is 0.68%, down 0.0126 percentage points [2] 3.2 Industry News - Automobile market financial promotion methods are diverse, with over twenty car brands offering financial purchase discounts since January. Shenzhen offers subsidies for car replacement. In February, the manufacturing PMI was 49.0%, down 0.3 percentage points; the non - manufacturing business activity index was 49.5%, up 0.1 percentage point; the composite PMI output index was 49.5%, down 0.3 percentage points. The 2026 national passenger car market shows a special trend of differentiated growth [2] 3.3 Market Analysis - The main lithium carbonate contract fluctuates weakly, with a decrease of 2.86% at the close. The position decreases month - on - month, the spot price is higher than the futures price, and the basis weakens compared with the previous day. Overseas lithium ore supply may be affected, and the smelter operating rate will increase. The supply of lithium carbonate in China will increase. The downstream will resume work, and export demand may pick up [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The lithium carbonate market is in a stage of increasing supply and demand. Short - term demand growth may lead to a slight reduction in industrial inventory. It is recommended to conduct light - position oscillating trading and control risks by paying attention to trading rhythm [2] - The options market sentiment is bearish, and the implied volatility is decreasing [2] Summary by Directory Futures Market - The closing price of the main contract is 172,020 yuan/ton, down 4,020 yuan; the net position of the top 20 is - 129,918 hands, up 2,610 hands; the position of the main contract is 378,336 hands, down 3,216 hands; the spread between near and far - month contracts is - 2,060 yuan/ton, up 1,960 yuan; the Guangzhou Futures Exchange warehouse receipt is 38,196 hands/ton, down 265 hands [2] Spot Market - The average price of battery - grade lithium carbonate is 172,500 yuan/ton, up 500 yuan; the average price of industrial - grade lithium carbonate is 169,000 yuan/ton, up 500 yuan; the basis of the Li₂CO₃ main contract is 480 yuan/ton, up 4,520 yuan [2] Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 2,155 US dollars/ton, unchanged; the average price of amblygonite is 15,050 yuan/ton, down 300 yuan; the price of lithium mica (2 - 2.5%) is 7,963 yuan/ton, unchanged [2] Industry Situation - The monthly output of lithium carbonate is 59,470 tons, up 2,650 tons; the monthly import volume is 23,988.66 tons, up 1,933.47 tons; the monthly export volume is 911.90 tons, up 152.66 tons; the enterprise start - up rate is 49%, up 2 percentage points; the monthly output of power batteries is 168,000 MWh, down 33,700 MWh [2] Downstream and Application Situation - The prices of manganese acid lithium, lithium hexafluorophosphate, cobalt acid lithium, and various ternary materials remain unchanged. The start - up rates of ternary cathode materials and lithium iron phosphate cathode are 0%, down 50 and 60 percentage points respectively. The monthly output of new energy vehicles is 1,041,000, down 677,000; the monthly sales volume is 945,000, down 765,000; the cumulative sales penetration rate is 40.28%, down 7.65 percentage points; the cumulative sales volume is 945,000, up 1,000; the monthly export volume is 302,000, up 2,000; the cumulative export volume is 302,000, up 152,000 [2] Option Situation - The total call position is 139,017, up 7,365; the total put position is 171,353, up 11,910; the put - call ratio of total positions is 123.26%, up 2.15 percentage points; the at - the - money IV implied volatility is 0.69, down 0.0293 [2] Industry News - In February 2026, the inventory warning index of Chinese automobile dealers was 56.2%, down 0.7 percentage points year - on - year and 3.2 percentage points month - on - month [2] - Shenzhen's plan supports automobile scrapping and renewal, with different subsidy standards for new - energy and fuel vehicles [2] - In Pudong New Area, personal consumers buying new cars can get district - level subsidies of up to 5,000 yuan from March 1, 2026 [2] - Some new - energy vehicle manufacturers released February delivery data and March purchase discount activities [2] - The 2025 National Economic and Social Development Statistical Bulletin shows that GDP increased by 5.0%, national total income increased by 5.1%, etc. [2]