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

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]

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

1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core View of the Report - The report suggests that the lithium carbonate market is in a high - level volatile pattern, and the strategy is mainly to buy on dips [1]. 3. Summary According to Relevant Contents 3.1 Lithium Carbonate Fundamental Data - **Futures Contracts**: The closing prices of the 2605 and 2607 contracts are 171,620 and 171,700 respectively. The trading volume and open interest of the 2605 contract decreased compared to previous periods, while the 2607 contract's open interest increased [2]. - **Basis**: The basis between spot and 2605 contract is - 7,120, and between spot and 2607 contract is - 7,200. The basis between 2605 and 2607 contracts is - 80 [2]. - **Raw Materials and Lithium Salts**: The prices of lithium spodumene concentrate, lithium mica, battery - grade lithium carbonate, and other products have different degrees of changes compared to previous periods. For example, the price of battery - grade lithium carbonate is 164,500, up 6,500 compared to T - 1 [2]. 3.2 Macro and Industry News - Germany's Federal Government has passed the "2026 Climate Protection Plan", which will add 8 billion euros in the next 4 years. It aims to achieve the 2030 emission reduction target through measures such as expanding wind power installation and increasing new - energy vehicle subsidies, and is expected to reduce over 25 million tons of carbon dioxide emissions by 2030 [3]. - The International Civil Aviation Organization has issued a new rule that each civil aviation passenger can carry a maximum of two power banks and cannot charge them during the flight, aiming to enhance passenger and airline safety [4]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral view, with the value ranging from - 2 (most bearish) to 2 (most bullish) [4].

1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Report's Core View The report focuses on the analysis of the lithium carbonate market. It shows that on March 27, 2026, the lithium carbonate futures market had significant price and trading volume changes. The supply - side has a tight supply expectation due to factors like the suspension of Zimbabwean mine shipments, while the demand - side has potential improvement from new vehicle models but is restricted by cautious downstream procurement. In the short - term, the lithium carbonate price is expected to maintain a wide - range volatile pattern [1][2][3]. 3. Summary According to Relevant Catalogs 3.1 Carbonate Lithium Futures Market Data Change Analysis 3.1.1 Main Contract and Basis On March 27, 2026, the price of the lithium carbonate main contract rose significantly to 168,440 yuan/ton, up 11,240 yuan/ton from the previous day, with a growth rate of 7.15%. The basis weakened to - 12,440 yuan/ton, widening by 8,240 yuan/ton from the previous day, with a change rate of - 196.19% [1][5]. 3.1.2 Position and Trading Volume The position of the main contract increased slightly by 0.51% on March 27. The trading volume expanded significantly to 324,620 lots, an increase of 63,690 lots from the previous day, with an increase rate of 24.41% [1][5]. 3.2 Industrial Chain Supply - Demand and Inventory Change Analysis 3.2.1 Supply Side On March 27, 2026, the price of spodumene concentrate rose slightly to 17,620 yuan/ton, up 65 yuan/ton from the previous day, with a growth rate of 0.37%. The price of lepidolite concentrate remained stable at 9,400 yuan/ton. The capacity utilization rate of lithium carbonate remained at 73.46%, the same as the previous week. The suspension of Zimbabwean mine shipments led to an expectation of tight supply, while the expansion plan of the Atacama Salt Lake in Chile may increase medium - to - long - term supply, but there were no significant changes in short - term technology and operating rates, and salt factories had a strong sentiment of holding prices [2]. 3.2.2 Demand Side On March 27, 2026, the prices of downstream cathode materials rose slightly. The price of power ternary materials was reported at 184,250 yuan/ton, with a growth rate of 0.27%, and the price of power lithium iron phosphate was reported at 55,475 yuan/ton, with a growth rate of 0.66%. The battery cell price was generally stable. The sales volume of new energy vehicles increased month - on - month, and the intensive release of new models may boost demand, but downstream material factories were cautious in procurement, only maintaining a small amount of rigid demand, and the progress of order negotiations was slow [2]. 3.2.3 Inventory and Warehouse Receipts Lithium carbonate inventory increased slightly. On March 27, 2026, it was 99,489 physical tons, an increase of 616 tons from 98,873 physical tons in the previous week, with an increase rate of 0.62%. The slight increase in inventory level reflected the intensification of supply - demand game, with the upstream's willingness to ship improving while the downstream's digestion was slow [2]. 3.3 Future Price Trend In the next one to two weeks, the lithium carbonate futures price is expected to maintain a wide - range volatile pattern. The supply side is affected by the uncertainty of Zimbabwean mine shipments and the support of lithium ore prices, forming an expectation of tight supply. The demand side may have marginal improvement due to the release of new models, but the cautious downstream procurement and the year - on - year decline in new energy vehicle sales limit the upward space. In addition, macro factors such as the geopolitical risk in the Middle East disturb market sentiment, and the slight increase in inventory highlights the supply - demand stalemate. Therefore, the short - term price will lack a clear direction and seek balance in volatility [3].

1. Report Industry Investment Rating - No information provided about the report industry investment rating 2. Core View of the Report - The price of lithium carbonate futures is under pressure from macro hedging and slower inventory depletion, but is supported by demand. Due to the unclear macro situation, investors are advised to participate with caution [3] 3. Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 158,000 with a rise of 1,500; SMM industrial - grade lithium carbonate has an average price of 155,000 with a rise of 1,500 [1] - Futures contracts of lithium carbonate: Li2604 has a closing price of 167,480 with a 6.55% increase; Li2605 has a closing price of 168,440 with a 6.12% increase; Li2606 has a closing price of 168,440 with a 6.23% increase; Li2607 has a closing price of 168,400 with a 6.22% increase; Li2608 has a closing price of 168,920 with a 6.83% increase [1] Lithium Ore - Lithium spodumene concentrate (CIF China, Li2O: 5.5% - 6%) has an average price of 2,230 with a rise of 20 [1] - Lithium mica (Li2O: 1.5% - 2.0%) has a price of 3,475 with a rise of 150; lithium mica (Li2O: 2.0% - 2.5%) has a price of 5,050 with a rise of 250; petalite (Li2O: 6% - 7%) has a price of 13,275 with a rise of 45; petalite (Li2O: 7% - 8%) has a price of 14,500 with a rise of 500 [2] Cathode Materials - Lithium iron phosphate (power type) has an average price of 55,475 with a rise of 365; ternary material 811 (polycrystalline/power type) has an average price of 211,150 with a rise of 400; ternary material 523 (single - crystal/power type) has an average price of 184,250 with a rise of 500; ternary material 613 (single - crystal/power type) has an average price of 186,300 with a rise of 400 [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 3,000 with no change; the spread between battery - grade lithium carbonate and the main contract is - 10,440 with a change of - 9,740; the spread between the near - month and the first - continuous contract is - 960 with a change of - 1,860; the spread between the near - month and the second - continuous contract is - 960 with a change of - 2,240 [2] Inventory - The total inventory (weekly, tons) is 99,489 with an increase of 616; the smelter inventory (weekly, tons) is 17,332 with an increase of 724; the downstream inventory (weekly, tons) is 46,657 with an increase of 552; the other inventory (weekly, tons) is 35,500 with a decrease of 660; the registered warehouse receipts (daily, tons) is 30,111 with a decrease of 640 [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 159,158, and the profit is - 3,183; the cash cost of purchasing lithium mica concentrate is 151,428, and the profit is 1,295 [3] Industry News - The Delhi government in India plans to announce a policy during the Delhi budget meeting next week to provide cash subsidies for individuals who scrap locally registered BS - IV and earlier standard fuel vehicles and purchase electric vehicles to accelerate the electrification transformation and reduce the number of old high - emission vehicles [3]

New Consumption - Multiple Hong Kong consumer companies reported impressive annual results, with expectations for increased travel due to spring break policies [2][7] - Pop Mart plans to launch several co-branded products and enter the small home appliance market, enhancing its brand influence through IP operations [8][16] - The gaming industry shows strong performance, with Macau's visitor numbers expected to rise 15% to 40.1 million in 2025, leading to excellent results for major gaming companies [9] Medical Devices - China's medical device market is projected to exceed 1 trillion yuan by 2030, with significant growth potential in the medical consumables sector [19] - The global medical device market reached $47.94 billion in 2023 and is expected to grow to $63.80 billion by 2028, indicating robust demand [19] - The high-value medical consumables market in China is expected to grow from 60.2 billion yuan in 2015 to 250.4 billion yuan in 2024, with a compound annual growth rate of 17.2% [19] Automotive - China's heavy truck exports to the Middle East are expected to exceed 50,000 units in 2025, with significant contributions from Saudi Arabia and the UAE [31][32] - The ongoing conflict in the Middle East is anticipated to boost demand for inland transportation, benefiting heavy truck exports [31] Precious Metals - Gold and silver prices have experienced significant volatility, with gold prices dropping 10.71% to $4,504.15 per ounce recently [23][24] - The geopolitical situation in the Middle East and the Federal Reserve's stance on interest rates are influencing market dynamics, with expectations for prolonged high rates [24][26] - Long-term demand for gold remains strong due to macroeconomic uncertainties and central bank purchases, reinforcing its value as a hedge against credit risk [29]

1. Report Industry Investment Rating - The report gives a "Volatility" rating for lithium carbonate [4] 2. Core Viewpoints of the Report - Lithium ore supply is facing continuous disruptions, with the ore end mainly in a state of inventory reduction and maintaining a tight pattern. Although the tightness of the ore end has not yet been fully reflected in the salt end, there is potential for the salt end to become tight in the future. The short - term direct demand for lithium carbonate is increasing, and in the long - term, there is support from the narrative of new energy replacing old energy. It is recommended to focus on the opportunity of buying on dips, but it is difficult for the spot price to drive the futures price to break through the previous high before the supply disruption is actually realized [1][2] 3. Summary According to the Directory 3.1. Mineral End Disturbances Frequent, and the Transmission from Mineral Tightness to Salt Tightness Remains to Be Seen - **Price Changes**: In the week of 3/23 - 3/27, lithium salt prices rose significantly. The closing price of LC2605 increased by 17.1% to 168,400 yuan/ton; the average spot prices of SMM battery - grade and industrial - grade lithium carbonate increased by 6.0% and 6.2% to 158,000 and 155,000 yuan/ton respectively. The price of lithium hydroxide fluctuated accordingly [11] - **Supply Side**: Zimbabwe has stopped exporting lithium ore for one month, and the situation is more pessimistic than expected. In Australia, due to the limited diesel supply caused by the Iran war, the mining operations of some iron ore producers have been affected, and the market is worried about the supply of lithium ore. However, the probability of large - scale shutdown of Australian mines is low. The lithium ore inventory days are at a low level, and the ore for April - May has basically been sold out. The ore processing fee has decreased in disguise [1][13] - **Demand Side**: The market focuses on the change of power demand. From March 16 - 22, the retail sales of new - energy passenger vehicles were 210,000, a year - on - year increase of 5%; the wholesale volume was 218,000, a year - on - year decrease of 8%. Considering the improvement of power demand and the increase in the battery capacity per vehicle, the report is not pessimistic about power demand [1][14] - **Mineral Tightness and Salt Tightness**: The tightness of the ore end has not been fully reflected in the salt end. This week, SMM's lithium carbonate inventory increased by 616 tons. Considering off - balance - sheet inventory, lithium carbonate supply is relatively loose. It is estimated that in Q2 2026, lithium carbonate supply will increase slightly, demand will still be supported, and inventory is expected to decrease, but the decline may be lower than that in Q1. If the issues in Zimbabwe and other places are resolved, inventory may increase significantly in Q3; otherwise, lithium carbonate may continue to reduce inventory, and the salt end may become more tense [2][15] 3.2. Weekly Industry News Review - **雅化集团**: Yahua Group signed a "Purchase and Sales Agreement" with MGLIT. Yahua Group will purchase at least 120,000 dry metric tons of spodumene concentrate from MGLIT each year for five years after MGLIT's stable production. The minimum purchase price is set at $1,000 per dry metric ton (based on 6% lithium oxide content) [16] - **大中矿业**: Dazhong Mining plans to cooperate with Wanhua Battery Materials and others to invest in a 200,000 - ton lithium salt project in Meishan High - tech Industrial Park. The project will be built in three phases, with the first - phase annual production of 30,000 tons, the second - phase of 70,000 tons, and the long - term plan of 100,000 tons. The total investment in the first and second phases is 2.2 billion yuan [16] 3.3. Key High - Frequency Data Monitoring of the Industrial Chain - **Resource End**: The price trends of ore and salt are consistent [17] - **Lithium Salt**: The inventory of lithium salt has changed from reduction to increase. This week, SMM's lithium carbonate inventory increased by 616 tons, with the total inventory days at 27.9 days [15] - **Downstream Intermediate Products**: The demand in March is still supported. The production and price of downstream intermediate products such as ternary materials and lithium iron phosphate have certain changes [44][46] - **Terminal**: Attention should be paid to the subsequent power sales. The installation volume and production - sales growth rate of power batteries and new - energy vehicles are important indicators [57]

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 provided in the content 2. Core Viewpoint of the Report - The lithium carbonate market is 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 trading rhythm to control risks [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main contract is 157,200 yuan/ton, down 1,920 yuan; the net position of the top 20 is - 104,322 hands, down 8,399 hands; the position of the main contract is 246,385 hands, down 5,572 hands; the spread between near - and far - month contracts is 940 yuan/ton, up 860 yuan; the Guangzhou Futures Exchange warehouse receipt is 30,751 hands/ton, down 709 hands [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 156,500 yuan/ton, up 4,000 yuan; the average price of industrial - grade lithium carbonate is 153,500 yuan/ton, up 4,000 yuan; the basis of the Li₂CO₃ main contract is - 700 yuan/ton, up 5,920 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 2,290 US dollars/ton, down 30 US dollars; the average price of amblygonite is 14,000 yuan/ton, up 600 yuan; the price of lithium mica (2 - 2.5%) is 7,363 yuan/ton, up 450 yuan [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 53,520 tons, down 5,950 tons; the monthly import volume is 26,426.79 tons, down 431.27 tons; the monthly export volume is 596.08 tons, up 124.52 tons; the monthly operating rate of lithium carbonate enterprises is 47%, down 5%; the monthly output of power batteries is 141,600 MWh, down 26,400 MWh; the price of lithium manganate is 50,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 106,500 yuan/ton, down 45,000 yuan; the price of lithium cobaltate is 400,750 yuan/ton, up 250 yuan; the price of ternary material (811 type) in China is 200,500 yuan/ton, unchanged; the price of ternary material (622 power type) in China is 180,500 yuan/ton, up 500 yuan [2] 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China is 196,500 yuan/ton, up 1,000 yuan; the monthly operating rate of ternary cathode materials is 45%, down 5%; the price of lithium iron phosphate is 52,400 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 55%, up 1%; the monthly output of new energy vehicles (according to CAAM) 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 is 41.18%, up 0.9%; the cumulative sales volume is 1,710,000 vehicles, down 125,000 vehicles; the monthly export volume is 282,000 vehicles, down 20,000 vehicles; the cumulative export volume is 583,000 vehicles, up 301,000 vehicles; the 20 - day average volatility of the target is 66.52%, down 1.99%; the 40 - day average volatility is 89.49%, down 0.5% [2] 3.6 Option Situation - The total call position is 137,649 contracts, down 292; the total put position is 138,342 contracts, up 4,006; the put - call ratio of total positions is 100.5%, up 3.1169%; the implied volatility of at - the - money IV is 0.68%, up 0.0598% [2] 3.7 Industry News - Yahua Group (002497.SZ) announced a five - year lithium concentrate purchase agreement; Haohua Technology stated its production capacity of lithium - related products; Chinese Premier Li Qiang had a phone call with Dutch Prime Minister Rutte to discuss cooperation [2] 3.8 Market Analysis - The main contract of lithium carbonate showed a volatile trend, with a decline of 0.64% at the close. The position decreased month - on - month, the spot was at a discount to the futures, and the basis strengthened compared with the previous day. On the fundamental side, the price of lithium ore weakened, the overseas miners were more willing to sell at good prices, and the smelters were more active in inquiring and buying. The supply side adopted a price - holding and selling - sparing strategy, and the weekly inventory of smelters increased slightly. In terms of imports and exports, the export volume and average price from Chile increased significantly, and the domestic supply of lithium carbonate is expected to remain sufficient. On the demand side, downstream battery factories maintained a low - price purchasing strategy, were sensitive to price fluctuations, and their replenishment sentiment weakened after the price rebounded. The trading sentiment in the spot market became active with the price volatility, and the downstream inventory increased weekly [2]