Report Industry Investment Rating - No information provided Core View of the Report - In the context of the un - resumed production of underground mines and the ban on ore exports in Zimbabwe, the supply side of lithium carbonate has become tighter. The increase in battery export VAT rebate rate will lead to a surge in downstream purchasing demand, resulting in intensified supply - demand mismatch in Q1 and a bullish view on lithium carbonate futures prices [3] Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 172,500 with a rise of 500; SMM industrial - grade lithium carbonate has an average price of 169,000 with a rise of 500 [1] Lithium Futures Contracts - Carbonate lithium 2603 has a closing price of 170,500 with a 0.6% increase; carbonate lithium 2604 has a closing price of 171,400 with a 0.64% decrease; carbonate lithium 2605 has a closing price of 172,020 with a 0.96% decrease; carbonate lithium 2606 has a closing price of 172,560 with a 0.61% decrease; carbonate lithium 2607 has a closing price of 172,800 with a 0.71% decrease [1] Lithium Ore - Lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) has an average price of 2360 with a decrease of 12; lithium mica (Li20: 1.5% - 2.0%) has an average price of 3685 with a decrease of 40; lithium mica (Li20: 2.0% - 2.5%) has an average price of 5525 with a decrease of 75; phospho - lithium - aluminum stone (Li20: 6% - 7%) has an average price of 13,775 with a decrease of 300; phospho - lithium - aluminum stone (Li20: 7% - 8%) has an average price of 15,050 with a decrease of 300 [1][2] Cathode Materials - Lithium iron phosphate (power type) has an average price of 58,990 with a rise of 120; ternary material 811 (polycrystalline/power type) has an average price of 212,000; ternary material 523 (single - crystal/power type) has an average price of 187,800; ternary material 613 (single - crystal/power type) has an average price of 189,450 [2] Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 3500 with a change of - 1; the difference between battery - grade lithium carbonate and the main contract is 480 with a change of 4520; the difference between the near - month and the first - continuous contract is - 620 with a change of 3180; the difference between the near - month and the second - continuous contract is - 1160 with a change of 2980 [2] Inventory - The total weekly inventory is 100,093 tons with a decrease of 2839; the smelter's weekly inventory is 18,382 tons; the downstream's weekly inventory is 40,021 tons with a decrease of 4471; other weekly inventory is 41,690 tons with an increase of 170; the daily registered warehouse receipts are 38,196 tons with a decrease of 765 [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 167,425, and the profit is 2831; the cash cost of purchasing lithium mica concentrate externally is 162,390, and the profit is 4190 [3] New Energy Vehicle Market - In January 2026, the production and sales of new energy vehicles reached 1.041 million and 945,000 respectively, with year - on - year increases. The export of new energy vehicles was 302,000, doubling year - on - year [3]

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]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - In the short term, the increase in demand leads to a supply - demand mismatch, which supports the futures price. However, in the long - term, the pattern of supply surplus remains unchanged. The approaching traditional peak season of new energy vehicles creates downstream stocking demand, and with the increase in capacity electricity price and the expansion of the spot price difference, the economy of independent energy storage becomes apparent, resulting in strong installation demand. The continuous reduction of social inventory due to substantial terminal digestion and the active downstream stocking support the futures price. On the supply side, the overall increase in production is the main factor suppressing the futures price [3] 3. Summary According to Relevant Catalogs 3.1 Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 73,550 yuan, down 50 yuan; the average price of SMM industrial - grade lithium carbonate is 71,300 yuan, down 50 yuan [1] - The closing prices and price increases of lithium carbonate futures contracts: the price of lithium carbonate 2510 is 73,760 yuan, up 1.15%; lithium carbonate 2511 is 73,920 yuan, up 0.93%; lithium carbonate 2512 is 73,960 yuan, up 0.85%; lithium carbonate 2601 is 73,900 yuan, up 0.98%; lithium carbonate 2602 is 73,400 yuan, up 0.77% [1] 3.2 Lithium Ore - The price of lithium spodumene concentrate (CIF China) is 858 yuan, and the prices of different grades of lithium mica and phospho - lithium - aluminum stone are also given, such as lithium mica (Li20:1.5% - 2.0%) at 1140 yuan, lithium mica (Li20:2.0% - 2.5%) at 1875 yuan, phospho - lithium - aluminum stone (Li20:6% - 7%) at 6150 yuan, and phospho - lithium - aluminum stone (Li20:7% - 8%) at 7285 yuan [1][2] 3.3 Cathode Materials - The average price of lithium iron phosphate (power type) is 33,640 yuan, down 10 yuan; the average price of ternary material 811 (polycrystalline/power type) is 149,350 yuan, up 550 yuan; the average price of ternary material 523 (single - crystal/power type) is 121,750 yuan, up 400 yuan; the average price of ternary material 613 (single - crystal/power type) is 126,650 yuan, up 450 yuan [2] 3.4 Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 2250 yuan, with no change; the difference between battery - grade lithium carbonate and the main contract is - 370 yuan, down 1090 yuan; the difference between the near - month and the first - continuous contract is - 160 yuan, up 40 yuan; the difference between the near - month and the second - continuous contract is - 200 yuan, up 60 yuan [2] 3.5 Inventory - The total inventory (weekly, tons) is 136,825 tons, down 706 tons; the inventory of smelters (weekly, tons) is 33,492 tons, down 964 tons; the inventory of downstream (weekly, tons) is 60,893 tons, up 1398 tons; the inventory of others (weekly, tons) is 42,440 tons, down 1140 tons; the registered warehouse receipts (daily, tons) is 41,119 tons, up 790 tons [2] 3.6 Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 75,433 yuan, and the profit is - 2953 yuan; the cash cost of purchasing lithium mica concentrate externally is not clearly stated, and the profit is - 8238 yuan [3] 3.7 Company News - Longpan Times, a joint - venture company of CATL and Longpan Technology, stopped production on September 25th, most employees are on holiday, and it may resume production in November due to the stop of raw material supply from CATL's Yichun Shixiawo lithium mine [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]