Core Viewpoint - Dazhong Mining's stock increased by 5.51% on September 19, reaching a price of 12.25 CNY per share, with a trading volume of 1.04 billion CNY and a turnover rate of 0.68%, resulting in a total market capitalization of 18.473 billion CNY [1] Company Overview - Dazhong Mining Co., Ltd. is located at 55 Huanghe Street, Baotou City, Inner Mongolia, established on October 29, 1999, and listed on May 10, 2021 [1] - The company's main business includes iron ore mining, production and sales of iron concentrate and pellets, as well as processing and sales of manufactured sand and gravel [1] - Revenue composition: iron concentrate 71.07%, pellets 20.48%, sulfuric acid 4.58%, sand and gravel 2.73%, others 0.81%, zinc concentrate 0.32%, lithium ore 0.02% [1] Fund Holdings - Xinhua Fund has a significant holding in Dazhong Mining, with the Xinhua Active Value Flexible Allocation Mixed A Fund (001681) holding 127,100 shares, accounting for 1.91% of the fund's net value, ranking as the tenth largest holding [2] - The fund has generated an estimated floating profit of approximately 81,300 CNY today [2] - The Xinhua Active Value Flexible Allocation Mixed A Fund was established on December 21, 2015, with a latest scale of 57.4815 million CNY, yielding 7.36% year-to-date, ranking 6178 out of 8172 in its category; over the past year, it achieved a return of 32.45%, ranking 4925 out of 7980; since inception, it has returned 40.58% [2]

大中矿业（001203.SZ）9月19日在投资者互动平台表示，矿区资源的重大勘探收获，会计入资产负债 表，待取得采矿证后会计入无形资产；后续投产后将按照产量法计提折旧摊销。具体情况可参见公司定 期报告。 （记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：董秘您好。欣闻近日公司鸡脚山矿区探获超大型蚀变 花岗岩型锂矿床，共提交锂矿石量4.9亿吨，氧化锂资源量131万吨。请问矿区资源的重大勘探收获，是 否会计入资产负债表？按什么金额计入？计入具体哪个科目？后续的折旧摊销方法？谢谢！ ...

南华期货碳酸锂企业风险管理日报 2025年09月11日 夏莹莹 投资咨询证书：Z0016569 余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 期货价格区间预测 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 碳酸锂主力合约 | 强压力位：76000 | 40.7% | 67.2% | source： 南华研究,同花顺 锂电企业风险管理策略建议 | 行为导向 | 情景分析 | 操作思路 | 套保工具 | 操作建议 | 套保比例 | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | | 采购管理 | 产品价格无相关性：未来有 未来采购碳酸锂时价格上涨 | 为防止成本上涨，企业根据 | 期货 | 买入对应期货合约 | 20% | 67000-70000 | | | 生产电池材料的计划，担心 | 生产计划需买入对应生产计 | | | | | | | | 划的期货合约锁定采购成 ...

Core Insights - Hunan Province has discovered a super-large altered granite-type lithium deposit in the Tongtianmiao mining section of the Jijiao Mountain area, with a total lithium ore volume of 490 million tons and lithium oxide resource amounting to 1.31 million tons [1] - The discovery includes associated strategic minerals such as rubidium, tungsten, and tin, all of which are newly identified resources [1] - Hunan Dazhonghe Lithium Mining Co., a wholly-owned subsidiary of Dazhong Mining, acquired exploration rights and has been actively involved in the exploration process [1] Company Developments - Hunan Dazhonghe Lithium Mining obtained control of the exploration rights in the Jijiashan area after acquiring 80% of Chengtai Mining's shares for 7 million yuan in April 2023 [1] - The company aims to enhance resource development efforts and establish a significant position in the new energy industry chain, contributing to long-term shareholder value [1] Industry Implications - The discovery of this large lithium resource is expected to provide solid resource support for Hunan Province's goal of building a trillion-level new energy industry chain and a hundred billion-level new energy industry base in Chenzhou City [1] - This breakthrough in resource discovery marks a significant advancement in Dazhong Mining's strategic layout within the new energy materials sector [1]

Merger Overview - The merger aims to create a stronger lithium business with a diversified growth portfolio[12] - The merger is projected to generate annual synergies of approximately US$15 million[12] - The merger will result in Sayona Shareholders and Piedmont Stockholders each accounting for an approximate 50%/50% equity holding in Sayona[12] - Sayona will issue up to 12,056,194,283 shares to Piedmont Stockholders for the merger[26] Conditional Placement - A proposed issue of 2,156,250,000 Sayona Shares at an issue price of AU$0.032 to RCF is planned to raise approximately AU$69 million[12] - Funds raised will be applied to value accretive spend post-Merger Completion[12] Resolutions and Voting Results - Resolution 1 (Merger Resolution) was approved with 97.34% of votes for[27] - Resolution 2 (Conditional Placement Resolution) was approved with 97.32% of votes for[29] - Resolution 3 (Unconditional Placement Resolution) was approved with 92.78% of votes for[31] - Resolution 4 (Name Change Resolution) to Elevra Lithium Limited was approved with 97.62% of votes for[33] - Resolution 5 (Consolidation Resolution) was approved with 94.59% of votes for[35] - Resolution 6 (Remuneration Resolution) to increase Non-Executive Director remuneration pool was approved with 88.83% of votes for[38] Lithium Resources and Production - Combined lithium ore reserve estimate is 70.4Mt @ 1.15% Li2O[7] - M&I mineral resource estimate is 153.5Mt @ 1.15% Li2O[7] - Production capacity is 593 ktpa[7]

Report Summary 1. Investment Rating The provided report does not mention the industry investment rating. 2. Core Views - The current lithium ore, lithium salt, and battery cell markets are under significant inventory pressure, and the de - stocking process is slow. The medium - to - long - term supply - demand imbalance has not been substantially alleviated [3]. - There are two short - term logics in the market. In the price decline cycle, there is a negative feedback loop of "lithium salt price drop - ore price decline - lithium salt price drop again". When the futures rebound due to macro expectations and supply - side disturbances, a "step - by - step" upward chain of "futures price increase - capacity release - increased ore consumption - ore price increase" is formed [3]. - The cost curve is flattening due to production process optimization, which drives the downward shift of the lithium carbonate price center [3]. - In the second half of the year, the futures market is expected to be divided into two stages: the futures price will fluctuate upward at the beginning of the third quarter due to improved macro - sentiment, supply disturbances, and better - than - expected off - season performance; in the fourth quarter, the futures price is expected to fluctuate downward as technological transformation is completed and production is concentrated [3]. 3. Summary by Directory 3.1 Futures Data - **Price Range Forecast**: The price range of the lithium carbonate futures main contract is predicted to be between 68,000 - 80,000 yuan/ton, with a current 20 - day rolling volatility of 42.2% and a historical percentile of 73.5% over three years [2]. - **Contract Data**: The closing price of the lithium carbonate futures main contract is 70,600 yuan/ton, down 240 yuan (-0.34%) from the previous day and up 1,220 yuan (1.76%) from the previous week. The trading volume is 792,909 lots, up 48,749 lots (6.55%) from the previous day and down 541,250 lots (-40.57%) from the previous week. The open interest is 272,753 lots, down 27,867 lots (-9.27%) from the previous day and down 89,301 lots (-24.67%) from the previous week [8]. - **Month - spread Data**: The LC09 - 11 month - spread is 280 yuan/ton, unchanged from the previous day and down 480 yuan (-63%) from the previous week. The LC11 - 12 month - spread is - 180 yuan/ton, unchanged from the previous day and down 20 yuan (13%) from the previous week [11]. 3.2 Spot Data - **Lithium Ore**: The average price of lithium mica (Li₂O: 2 - 2.5%) is 1,775 yuan/ton, up 170 yuan (10.59%) from the previous week; the average price of lithium mica (Li₂O: 5 - 5.5%) is 5,735 yuan/ton, down 90 yuan (-1.55%) from the previous day and up 275 yuan (5.04%) from the previous week. The average price of lithium spodumene (Li₂O: 6%, Brazilian CIF) is 780 US dollars/ton, up 15 US dollars (1.96%) from the previous week [15]. - **Lithium Carbonate and Lithium Hydroxide**: The average price of industrial - grade lithium carbonate is 70,850 yuan/ton, down 150 yuan (-0.21%) from the previous day and up 2,050 yuan (2.98%) from the previous week. The average price of battery - grade lithium carbonate is 72,950 yuan/ton, down 200 yuan (-0.27%) from the previous day and up 2,500 yuan (3.55%) from the previous week [18]. - **Price Spread**: The difference between battery - grade and industrial - grade lithium carbonate is 2,100 yuan/ton, down 50 yuan (-2.33%) from the previous day and up 450 yuan (27.27%) from the previous week [21]. 3.3 Basis and Warehouse Receipt Data - **Basis**: The basis data of lithium carbonate shows different values for different brands. For example, the basis of Shengxin Lithium Energy (LI₂CO₃≥99.8%, LC2507) is 100 yuan [26]. - **Warehouse Receipts**: The total number of lithium carbonate warehouse receipts is 12,276, unchanged from the previous day. Some warehouses, such as Wugang Wuxi and Jiangsu Bennigang Port, had a decrease in warehouse receipts [29][30]. 3.4 Cost and Profit The report shows the production profit of purchasing lithium ore externally, theoretical delivery profit, and import profit of lithium carbonate, but specific numerical analysis is not provided in the summary part of this output [32]. 3.5 Risk Management Strategies - **Inventory Management**: For enterprises with high product inventory and fear of inventory impairment, it is recommended to short lithium carbonate futures (LC2511) to lock in finished - product profits at a recommended ratio of 50%, sell call options, and buy out - of - the - money put options [2]. - **Procurement Management**: For enterprises with future procurement plans and fear of raw material price increases, it is recommended to buy long - term lithium carbonate contracts according to the procurement plan to lock in procurement costs, sell put options, and buy out - of - the - money call options [2].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The lithium mining, lithium salt, and battery cell markets are under significant inventory pressure, with the de - stocking process progressing slowly, and the medium - to - long - term supply - demand imbalance remaining unmitigated. There are two short - term logics in the market: a negative feedback loop of "lithium salt price drop - mining price decline - further lithium salt price drop" and a stepped - up price increase chain of "futures price increase - capacity release - increased ore consumption - mining price increase". The cost curve is flattening due to technological upgrades, driving the central price of lithium carbonate down. - In the second half of the year, the futures market is expected to be divided into two stages: the futures price will rise in the early third quarter due to improved macro - sentiment, supply disruptions, and the "not - so - off - season" phenomenon; it will decline in the fourth quarter as technological upgrades are completed and production is concentratedly released. - There are multiple factors affecting the price of lithium carbonate. Positive factors include improved macro - sentiment, supply disruptions, and the market trading the contradiction between high open interest and low warrant numbers. Negative factors include high future production expectations of lithium mines, continuous inventory accumulation, and delayed capacity clearance due to technological upgrades [3][5]. Summary by Relevant Catalogs 1. Futures Data - **Price Range Forecast**: The price range of the lithium carbonate main contract is predicted to be between 68,000 - 75,000 yuan/ton, with a current 20 - day rolling volatility of 42.2% and a 3 - year historical percentile of 73.5% [2]. - **Futures Contract Changes**: The closing price, trading volume, and open interest of the lithium carbonate main contract and the LC2511 contract all increased. For example, the closing price of the lithium carbonate main contract rose from 69,380 yuan/ton to 76,680 yuan/ton, a daily increase of 10.52% and a weekly increase of 12.83%. The trading volume of the LC2511 contract increased from 241,623 lots to 313,782 lots, a daily increase of 29.86% and a weekly increase of 235.73% [8]. - **Month - to - Month Spread Changes**: The month - to - month spreads of LC08 - 11, LC09 - 11, and LC11 - 12 all changed. For example, the LC09 - 11 spread increased from 760 yuan/ton to 1,680 yuan/ton, a daily increase of 121% and a weekly increase of 115% [10]. 2. Spot Data - **Lithium Ore Quotes**: The average daily quotes of various lithium ores, such as lithium mica, lithium spodumene, and amblygonite, showed different degrees of increase or decrease. For example, the average price of lithium mica with Li₂O:2 - 2.5% increased by 50 yuan/ton, a daily increase of 3.12%, and a weekly increase of 12.97% [14]. - **Lithium Carbonate/Hydroxide Quotes**: The average daily quotes of industrial - grade lithium carbonate, battery - grade lithium carbonate, and various types of lithium hydroxide also changed. For example, the average price of industrial - grade lithium carbonate increased from 63,350 yuan/ton to 68,900 yuan/ton, a daily increase of 0.15% and a weekly increase of 8.76% [17]. - **Lithium Industry Chain Spot Spreads**: The spreads between battery - grade and industrial - grade lithium carbonate, between battery - grade lithium hydroxide and lithium carbonate, and between the CIF price of battery - grade lithium hydroxide in Japan and South Korea and the domestic price all changed. For example, the spread between battery - grade and industrial - grade lithium carbonate remained at 1,650 yuan/ton with a daily change of 0% and a weekly increase of 3.13% [20]. - **Downstream Quotes**: The average daily quotes of downstream products such as lithium iron phosphate, lithium manganese iron phosphate, ternary materials, and electrolytes also changed. For example, the average price of power - type lithium iron phosphate increased from 32,665 yuan/ton to 32,690 yuan/ton, a daily increase of 0.08% [22]. 3. Basis and Warrant Data - **Lithium Carbonate Basis Quotes**: The basis quotes of different lithium carbonate brands, such as Shengxin Lithium Energy, Tianqi Lithium, and Ganfeng Lithium, remained stable. For example, the basis quote of Shengxin Lithium Energy's battery - grade lithium carbonate for the LC2507 contract was 100 yuan/ton with a daily change of 0% [26]. - **Lithium Carbonate Warrant Quantity**: The total number of lithium carbonate warrants increased from 10,754 lots to 11,654 lots, an increase of 900 lots. Some warehouses saw changes in warrant quantities, such as a 300 - lot increase in Suining Tiancheng and a 20 - lot decrease in Wugang Wuxi [29]. 4. Cost and Profit - There are graphs showing the production profit from purchasing lithium ore, theoretical delivery profit, and import profit of lithium carbonate, but specific numerical analysis is not provided in the text [31].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The supply - demand pattern of the lithium carbonate industry is continuously improving but still in an over - supply situation. The global lithium carbonate production capacity is expected to reach 2.11 million tons of LCE in 2025, with a year - on - year increase of 21.57%. The global supply surplus is about 120,000 - 280,000 tons of LCE, and 10% of high - cost production capacity needs to be eliminated to improve the balance. The demand from the power battery and energy storage markets shows different trends, and downstream enterprises adopt a low - inventory strategy. Policy factors such as the elimination of inefficient production capacity and "trade - in" policies also have an impact on the market [76][80]. 3. Summary According to the Directory 3.1. Market Review and Logic Sorting - The report presents the price trends of lithium carbonate, including the main contract price, battery - grade price, and basis. It also shows the trading volume, opening price, highest price, lowest price, and closing price trends of the LC futures main contract [6]. 3.2. Fundamental Analysis 3.2.1. Supply - Lithium Ore - The price, production, import, and self - sufficiency rate trends of lithium ore are presented. A supply - demand balance sheet is provided, showing the demand, production, import, export, and balance of domestic lithium ore from June 2024 to June 2025 [9][12]. 3.2.2. Supply - Lithium Carbonate - The production, import, and export trends of lithium carbonate are presented. A supply - demand balance sheet is provided, showing the demand, production, import, export, and balance of lithium carbonate from June 2024 to June 2025 [15][19]. 3.2.3. Supply - Lithium Hydroxide - The production capacity utilization rate, production, and export trends of lithium hydroxide are presented. A supply - demand balance sheet is provided, showing the demand, production, import, export, and balance of lithium hydroxide from June 2024 to June 2025 [22][24]. 3.2.4. Lithium Compound Cost - Profit - The cost - profit situations of various lithium compounds are presented, including the production profit and cost of lithium carbonate from different raw materials (such as lithium spodumene concentrate and lithium mica concentrate), the cost - profit of lithium carbonate recycling production, the processing cost composition, and the profit of lithium hydroxide processing and export [27][29][32]. 3.2.5. Inventory - The inventory trends of lithium carbonate and lithium hydroxide are presented, including the number of lithium carbonate warehouse receipts, weekly and monthly inventory by source [34]. 3.2.6. Demand - Lithium Battery - The price, production, loading volume, export volume, and cost trends of lithium batteries are presented, including different types of batteries such as power batteries and energy - storage batteries [37]. 3.2.7. Demand - Ternary Precursor - The price, cost, processing fee, production capacity utilization rate, production, and supply - demand balance of ternary precursors are presented. The supply - demand balance sheet shows the export, demand, import, production, and balance from June 2024 to June 2025 [43][46]. 3.2.8. Demand - Ternary Material - The price, cost - profit, production capacity, production, processing fee, import, export, and inventory trends of ternary materials are presented [49][51]. 3.2.9. Demand - Iron Phosphate/Iron Phosphate Lithium - The price, production cost, cost - profit, production capacity, production, export volume, and inventory trends of iron phosphate and iron phosphate lithium are presented [53][56]. 3.2.10. Demand - New Energy Vehicle - The production, export volume, sales volume, sales penetration rate, and inventory early - warning index trends of new energy vehicles are presented [61][65]. 3.3. Futures Market Performance - The trading volume, opening price, highest price, lowest price, and closing price trends of the LC futures main contract are presented. The profit and loss trends of long and short positions in the futures market are also shown, with the short - position loss trend being more obvious and the long - position profit trend being more obvious [69][72]. 3.4. Summary and Operation Suggestions - **One - month cycle**: The market is expected to be oscillating with an upward bias, but there is a risk of correction. It is recommended to cautiously go long at a low price, enter the market at 70,000 yuan/ton, with a target of 72,000 - 75,000 yuan/ton and a stop - loss at 68,000 yuan/ton. Attention should be paid to the change trend of the number of warehouse receipts [79]. - **Three - month cycle**: The over - supply situation suppresses the market. It is recommended to go short at a high price, enter the market when the price reaches 75,000 yuan/ton, with a target of 65,000 - 68,000 yuan/ton and a stop - loss at 68,000 yuan/ton. Attention should be paid to the elimination of production capacity and supply - side disturbances [79].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The lithium mining, lithium salt, and battery cell markets are under significant inventory pressure, and the de - stocking process is slow. The medium - to - long - term supply - demand imbalance has not been substantially alleviated [3]. - There are two short - term logics in the market. In the price decline cycle, there is a negative feedback loop of "lithium salt price drop - mining price loosening - lithium salt price drop again". When the futures rebound, a "futures rise - capacity release - increased ore consumption - mining price increase" chain is formed, but it will return to the oversupply fundamentals under weak demand [3]. - The futures market in the second half of the year is expected to be divided into two stages: the futures price will oscillate upward at the beginning of the third quarter due to improved macro - sentiment, supply disturbances, and better - than - expected off - season performance; it will oscillate downward in the fourth quarter due to the end of technical upgrades and increased production [3]. - Strategy suggestions: Pay attention to the long - short spread trading opportunity between LC2509 and LC2511; look for opportunities to short LC2511 at high prices [3]. 3. Summary by Directory Futures Data - **Price Range Forecast**: The price of the lithium carbonate futures main contract is expected to oscillate between 63,000 - 70,000 yuan/ton, with a current 20 - day rolling volatility of 21.5% and a historical percentile of 28.1% over three years [2]. - **Contract Price and Volume Changes**: The closing price of the lithium carbonate main contract is 67,960 yuan/ton, up 1,540 yuan (2.32%) from the previous day and 3,780 yuan (5.89%) from the previous week. The trading volume is 826,939 lots, up 348,825 lots (72.96%) from the previous day and 428,917 lots (107.76%) from the previous week. The open interest is 363,676 lots, up 23,058 lots (6.77%) from the previous day and 39,993 lots (12.36%) from the previous week [10]. - **Month - spread Changes**: The LC08 - 11 month - spread is 880 yuan/ton, up 120 yuan (15.79%) from the previous day and 280 yuan (46.67%) from the previous week; the LC09 - 11 month - spread is 780 yuan/ton, up 200 yuan (34%) from the previous day and 520 yuan (200%) from the previous week; the LC11 - 12 month - spread is - 320 yuan/ton, down 80 yuan (33%) from the previous day and unchanged from the previous week [13]. Spot Data - **Lithium Ore Prices**: The average price of lithium mica (Li2O: 2 - 2.5%) is 1,465 yuan/ton, up 15 yuan (1.03%) from the previous day and 60 yuan (4.27%) from the previous week. The average price of lithium spodumene (Li2O: 6%, Brazilian CIF) is 702.5 US dollars/ton, up 7.5 US dollars (1.08%) from the previous day and 32.5 US dollars (4.85%) from the previous week [18]. - **Carbon/Hydrogen Lithium Prices**: The average price of industrial - grade lithium carbonate is 63,350 yuan/ton, unchanged from the previous day and up 1,300 yuan (2.10%) from the previous week. The average price of battery - grade lithium carbonate is 64,950 yuan/ton, unchanged from the previous day and up 1,300 yuan (2.04%) from the previous week [21]. - **Lithium Industry Chain Spot Spreads**: The battery - grade lithium carbonate - industrial - grade lithium carbonate spread is 1,600 yuan/ton, unchanged from the previous day and the previous week; the battery - grade lithium hydroxide - battery - grade lithium carbonate spread is - 2,380 yuan/ton, unchanged from the previous day and down 1,300 yuan (120.37%) from the previous week [23]. - **Downstream Product Prices**: The average price of power - type lithium iron phosphate is 31,345 yuan/ton, unchanged from the previous day. The average price of low - end energy - storage type lithium iron phosphate is 27,660 yuan/ton, unchanged from the previous day [25]. Basis and Warehouse Receipt Data - **Lithium Carbonate Basis**: The basis quotes of different lithium carbonate brands for the LC2507 contract range from - 400 to 500 yuan/ton, with most remaining unchanged [29]. - **Lithium Carbonate Warehouse Receipts**: The total number of warehouse receipts is 10,239 lots, a decrease of 416 lots from the previous day. Some warehouses such as Wugang Wuxi, Jiuling Lithium Industry (Yichun Fengxin), and Jiuling Lithium Industry (Yichun Yifeng) have seen a decrease in warehouse receipts [34]. Cost and Profit The report shows the production profit trends of lithium carbonate from purchased lithium spodumene concentrate (Li₂O: 6%) and lithium mica concentrate (Li₂O: 2.5%), as well as the theoretical delivery profit and import profit trends of lithium carbonate, but no specific numerical analysis is provided [32].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The lithium ore, lithium salt, and battery cell markets are under significant inventory pressure, and the de - stocking process is slow. The medium - to - long - term supply - demand imbalance has not been substantially alleviated [3]. - There are two short - term logics in the current market. In the price decline cycle, there is a negative feedback loop of "lithium salt price drop - ore price loosening - further lithium salt price drop". When the futures rebound, it creates a hedging window for lithium salt enterprises, forming a step - by - step upward chain of "futures price increase - capacity release - increased ore consumption - ore price increase", but the price will eventually fall back due to the oversupply fundamentals [3]. - The futures market in the second half of the year is expected to be divided into two stages: the futures price will fluctuate upwards at the beginning of the third quarter due to improved macro - sentiment, supply disruptions, and the "not - so - off - season" phenomenon; it will fluctuate downwards in the fourth quarter due to the end of technological transformation and increased production [3]. - Strategy suggestions: pay attention to the long - short spread trading opportunity between LC2509 and LC2511; pay attention to the opportunity of short - selling LC2511 at high prices [3]. 3. Summary by Directory 3.1 Futures Data - **Price Range Prediction**: The predicted price range of the lithium carbonate futures main contract is 63,000 - 70,000 yuan/ton, with a current 20 - day rolling volatility of 21.3% and a historical percentile of 27.1% in the past three years [2]. - **Daily Changes**: The closing price of the lithium carbonate main contract is 66,660 yuan/ton, up 180 yuan or 0.27% from the previous day; the trading volume is 764,028 lots, down 250,530 lots or 24.69%; the open interest is 342,146 lots, down 14,015 lots or 3.94%. The closing price of the LC2511 contract is 66,100 yuan/ton, up 100 yuan or 0.15%; the trading volume and open interest remain unchanged [10]. - **Month - to - Month Spread Changes**: The LC08 - 11 spread is 760 yuan/ton, up 40 yuan or 5.56%; the LC09 - 11 spread is 560 yuan/ton, up 80 yuan or 17%; the LC11 - 12 spread is - 340 yuan/ton, up 60 yuan or - 15% [13]. 3.2 Spot Data - **Lithium Ore Prices**: The average daily prices of various lithium ores show different changes. For example, the average price of lithium mica (Li2O: 5 - 5.5%) is 4,975 yuan/ton, down 20 yuan or - 0.40%; the average price of Australian lithium spodumene concentrate (CIF China) is 690 US dollars/ton, down 2.5 US dollars or - 0.36% [18]. - **Carbon/Hydrogen Lithium Prices**: The average daily prices of industrial - grade and battery - grade lithium carbonate and lithium hydroxide also have different changes. For example, the average price of industrial - grade lithium carbonate is 63,300 yuan/ton, up 250 yuan or 0.40% [21]. - **Lithium Industry Chain Spot Spreads**: The current value of the battery - grade lithium carbonate - industrial - grade lithium carbonate spread is 1,600 yuan/ton, unchanged from the previous day; the battery - grade lithium hydroxide - battery - grade lithium carbonate spread is - 2,330 yuan/ton, down 250 yuan or 12.02% [23]. - **Downstream Product Prices**: The prices of downstream products such as lithium iron phosphate, ternary materials, and electrolytes also show different changes. For example, the average price of power - type lithium iron phosphate is 31,330 yuan/ton, up 55 yuan or 0.18% [25]. 3.3 Basis and Warehouse Receipt Data - **Basis Quotations**: The basis quotations of different lithium carbonate brands for the LC2507 contract are provided, such as the basis of Shengxin Lithium Energy is 400 yuan/ton, and that of Tianqi Lithium is 500 yuan/ton [29]. - **Warehouse Receipt Quantities**: The total number of warehouse receipts is 11,204 lots, down 1 lot from the previous day. Different warehouses have different changes in warehouse receipt quantities, such as Wugang Wuxi's warehouse receipts decreasing by 20 lots, and Suining Tiancheng's increasing by 120 lots [34]. 3.4 Cost and Profit - The report presents the production profit of lithium carbonate from purchasing lithium spodumene concentrate (Li₂O: 6%) and lithium mica concentrate (Li₂O: 2.5%), as well as the theoretical delivery profit and import profit of lithium carbonate [32].