Report Industry Investment Rating - No information provided Core View of the Report - The crackdown on illegal mining of mineral resources by the Work Safety Committee Office of the State Council has further catalyzed bullish sentiment. Coupled with the market's re - pricing of the delayed resumption time of lithium mines, it has triggered a rise in lithium carbonate futures prices. Based on the destocking logic caused by the mismatch between supply and demand in the fundamentals, it is expected that the futures price will maintain a bullish trend [3] Summary According to Relevant Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 99,500 yuan/ton, with a change of 500 yuan; the average price of SMM industrial - grade lithium carbonate is 96,850 yuan/ton, with a change of 500 yuan [1] Lithium Ore - The price of lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) is 1,404 yuan, with a change of 26 yuan [1] - The price of lithium mica (Li20: 1.5% - 2.0%) is 125 yuan; the price of lithium mica (Li20: 2.0% - 2.5%) is 3,125 yuan, with a change of 205 yuan; the price of amblygonite (Li20: 6% - 7%) is 11,425 yuan, with a change of 575 yuan; the price of amblygonite (Li20: 7% - 8%) is 12,875 yuan, with a change of 575 yuan [2] Cathode Materials - The average price of lithium iron phosphate (power - type) is 40,735 yuan, with a change of 122.5 yuan; the average price of ternary material 811 (polycrystalline/power - type) is 164,700 yuan, with a change of 300 yuan; the average price of ternary material 523 (single - crystal/power - type) is 147,300 yuan, with a change of 200 yuan; the average price of ternary material 613 (single - crystal/power - type) is 147,100 yuan, with a change of 300 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2,650 yuan, with a change of 0 yuan; the price spread between battery - grade lithium carbonate and the main contract is - 20,860 yuan, with a change of - 5,480 yuan; the price spread between the near - month and the first - continuous contract is - 160 yuan, with a change of - 100 yuan; the price spread between the near - month and the second - continuous contract is - 320 yuan, with a change of - 20 yuan [2] Inventory - The total inventory (weekly, tons) is 110,425 tons, with a change of - 1,044 tons; the inventory of smelters (weekly, tons) is 18,090 tons, with a change of - 1,071 tons; the inventory of downstream (weekly, tons) is 41,485 tons, with a change of - 1,253 tons; the inventory of others (weekly, tons) is 50,850 tons, with a change of 1,280 tons; the registered warehouse receipts (daily, tons) is 16,651 tons, with a change of 112 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 107,766 yuan, and the profit is - 10,149 yuan; the cash cost of purchasing lithium mica concentrate externally is 103,138 yuan, and the profit is - 7,988 yuan [3]

Report Investment Rating - No information provided Core View - The price of lithium carbonate is falling, and the demand - side production increase is small. The support below the price is weak. In the short term, the futures price may continue to be under pressure [3] Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 71,200 yuan/ton, down 150 yuan; SMM industrial - grade lithium carbonate average price is 69,100 yuan/ton, down 150 yuan [1] - Futures prices of lithium carbonate contracts from 2508 to 2512 are all falling, with the 2508 contract closing at 67,300 yuan, down 3.19% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) price is 760 yuan, with no change [1] - Lithium mica prices range from 1,085 yuan to 1,710 yuan depending on Li₂O content; phospho - lithium - aluminum stone prices range from 5,275 yuan to 6,200 yuan and are falling [2] Cathode Materials - The average price of lithium iron phosphate (power type) is 32,595 yuan, down 35 yuan; the average prices of ternary materials 811, 523, and 613 are rising [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 2,100 yuan; the difference between battery - grade lithium carbonate and the main contract is 3,360 yuan, up 1,050 yuan [2] Inventory - Total inventory (weekly) is 141,726 tons, down 1,444 tons; smelter inventory (weekly) is 51,958 tons, down 3,427 tons; downstream inventory (weekly) is 45,888 tons, up 3,073 tons; other inventory (weekly) is 43,880 tons, down 1,090 tons; registered warehouse receipts (daily) are 14,443 tons, up 1,840 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 68,421 yuan, and the profit is 7,529 yuan; the profit of purchasing lithium mica concentrate externally is - 6,997 yuan [3]