1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Yesterday, the lithium carbonate futures contract 2605 dropped 7.97% to 157,200 yuan/ton. The average price of battery - grade lithium carbonate decreased by 1,500 yuan/ton to 163,000 yuan/ton, the average price of industrial - grade lithium carbonate dropped 1,500 yuan/ton to 159,500 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) fell 500 yuan/ton to 150,500 yuan/ton. The warehousing receipt inventory was concentratedly cancelled by 19,746 tons, leaving 11,318 tons [3]. - On the supply side, the weekly production data increased by 628 tons to 24,814 tons. In April, the expected production of lithium carbonate will increase by 4% month - on - month to 110,950 tons, with battery - grade lithium carbonate increasing by 4.17% to 81,190 tons and industrial - grade lithium carbonate increasing by 3.77% to 29,760 tons. On the demand side, the expected production of ternary materials in April will decrease by 3.85% month - on - month to 80,970 tons, while the production of lithium iron phosphate will increase by 5.53% to 450,000 tons. On the inventory side, the weekly social inventory of lithium carbonate increased by 616 tons to 99,489 tons, with downstream inventory increasing by 552 tons to 46,657 tons, inventory in other links decreasing by 660 tons to 35,500 tons, and upstream inventory increasing by 724 tons to 17,332 tons [3]. - Affected by the news that the suspension of lithium ore exports from Zimbabwe might be alleviated, the price of lithium carbonate futures dropped significantly. Further observation of policy changes is needed. Recently, the price of lithium ore has been continuously strengthening, reflecting the reality and expectation of tight circulation at the ore end. The reduction caused by the suspension of lithium ore exports from Zimbabwe may appear from late April to May. If the suspension continues, the gap will continue to widen. If there is an expectation of resuming exports, there will be a situation of tight current supply and loose future expectation. The impact of concentrated shipments should be vigilant. Therefore, with high uncertainty currently, it is difficult for the price to maintain at a high level. Also, from the current spot procurement and sales rhythm and inventory rhythm, if the price strengthens rapidly in the short term, the spot trading rhythm may slow down, causing a divergence between futures and spot prices to some extent. It is recommended to continue to pay attention to low - buying opportunities in the future [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract decreased from 171,620 yuan/ton on March 30, 2026, to 157,200 yuan/ton on March 31, 2026, a drop of 14,420 yuan/ton; the closing price of the continuous contract decreased from 170,060 yuan/ton to 158,040 yuan/ton, a drop of 12,020 yuan/ton [5]. - Lithium ore: The prices of lithium ore such as lithium spodumene concentrate (6%, CIF China), lithium mica (Li2O: 1.5% - 2.0%), lithium mica (Li2O: 2.0% - 2.5%), and phospho - lithium - aluminum stone (Li2O: 6% - 7%, Li2O: 7% - 8%) remained unchanged [5]. - Lithium carbonate and lithium hydroxide: The average price of battery - grade lithium carbonate decreased by 1,500 yuan/ton to 163,000 yuan/ton, the average price of industrial - grade lithium carbonate dropped 1,500 yuan/ton to 159,500 yuan/ton, and the prices of various types of lithium hydroxide also decreased to varying degrees [5]. - Other products: The price of lithium hexafluorophosphate remained unchanged at 107,000 yuan/ton. The prices of ternary precursors and cathode materials such as ternary precursor 523, ternary material 523, and lithium iron phosphate decreased to varying degrees, while the prices of some products such as manganese acid lithium and cobalt acid lithium remained unchanged [5]. 3.2 Chart Analysis - Ore prices: The report presents charts of the prices of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%, 2.0% - 2.5%), and phospho - lithium - aluminum stone (6% - 7%, 7% - 8%) from 2024 to 2026 [6][9]. - Lithium and lithium salt prices: Charts of the prices of battery - grade metallic lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2026 are shown [12][14][18]. - Spreads: Charts of spreads such as the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate, the spread between battery - grade lithium carbonate and industrial - grade lithium carbonate, and the spread between CIF China - Japan - South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide are presented [18][20]. - Precursor and cathode materials: Charts of the prices of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2026 are provided [26][28][30]. - Lithium battery prices: Charts of the prices of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2026 are shown [32][36]. - Inventory: Charts of the downstream inventory, smelter inventory, and inventory in other links of lithium carbonate from July 2025 to March 2026 are presented [39][41]. - Production cost: A chart of the production cost of lithium carbonate from 2024 to 2026, including the cash production profit of purchasing ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and lithium spodumene concentrate, is shown [44].

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The lithium carbonate market is in a stage of increasing supply and improving demand expectations. It is recommended to conduct short - term long positions at low prices with light positions and pay attention to controlling risks in trading rhythm [5] Summary by Directory 1. Week - to - Week Summary - **Market Review**: The main contract of lithium carbonate showed a strong and volatile trend on the weekly line, with a rise of +17.09%. As of the end of this week, the closing price of the main contract was 168,440 yuan/ton [5] - **Macroeconomic Outlook**: The Minister of Finance stated that fiscal policies will focus more on investing in people, increasing the proportion of public service and livelihood - related government investment, and intensifying inclusive policies directly reaching consumers [5] - **Fundamentals**: The operating rate of lithium salt plants has increased, boosting the demand for lithium ore. However, due to tightened overseas exports and uncertain resumption times of domestic large mines, the supply of lithium ore is expected to be tight, and the lithium ore price is firm. The smelter's operating rate has increased, and they adopt a strategy of holding prices and being reluctant to sell, with few spot sales. Chile's shipments have increased, and subsequent arrivals will supplement the supply. Downstream material factories are cautious and wait - and - see, and the spot market trading sentiment is weak. The export demand for new energy vehicles is improving, and the subsequent intensive release of new car models may drive the demand expectation [5] 2. Futures and Spot Market - **Futures Price**: As of March 27, 2026, the closing price of the main lithium carbonate contract was 168,440 yuan/ton, with a week - on - week increase of 24,580 yuan/ton. The near - far month spread was - 960 yuan/ton, with a week - on - week decrease of 2,860 yuan/ton [11] - **Spot Price**: As of March 27, 2026, the average price of battery - grade lithium carbonate was 158,000 yuan/ton, with a week - on - week increase of 9,000 yuan/ton. The basis of the main contract was - 10,440 yuan/ton, with a week - on - week decrease of 15,580 yuan/ton [15] 3. Upstream Market - **Lithium Spodumene**: As of March 27, 2026, the average price of lithium spodumene concentrate (6% - 6.5%) was 2,355 US dollars/ton, with a week - on - week decrease of 90 US dollars/ton [21] - **Lithium Mica**: As of March 20, 2026, the average price of phospho - lithium - aluminum stone was 13,000 yuan/ton, with a week - on - week decrease of 1,000 yuan/ton. As of the latest data, the average price of lithium mica (Li₂O: 2.0% - 3%) was 7,363 yuan/ton, with a week - on - week increase of 538 yuan/ton [25] 4. Industry Supply - **Imports and Exports**: As of February 2026, the monthly import volume of lithium carbonate was 26,426.79 tons, a decrease of 431.27 tons from January, a decline of 1.61%, and a year - on - year increase of 114.36%. The monthly export volume was 596.077 tons, an increase of 124.52 tons from January, an increase of 26.41%, and a year - on - year increase of 42.9% [31] - **Production**: As of February 2026, the monthly output of lithium carbonate was 53,520 tons, a decrease of 5,950 tons from January, a decline of 10.01%, and a year - on - year increase of 49.96%. The monthly operating rate was 43%, a month - on - month decline of 5% and a year - on - year decline of 32% [31] 5. Downstream Market - **Hexafluorophosphate Lithium**: As of March 27, 2026, the average price of hexafluorophosphate lithium was 106,500 yuan/ton, with a week - on - week decrease of 45,000 yuan/ton. As of February 2026, the monthly output of electrolyte was 184,380 tons, a decrease of 33,220 tons from January, a decline of 15.27%, and a year - on - year increase of 37.87% [34] - **Lithium Iron Phosphate**: As of the latest data this week, the average price of lithium iron phosphate (power type) was 58,250 yuan/ton, with a week - on - week increase of 1,300 yuan/ton. As of February 2026, the monthly output of lithium iron phosphate cathode materials was 267,980 tons, an increase of 22,900 tons from January, an increase of 9.34%, and a year - on - year increase of 67.91%. The monthly operating rate was 55%, a month - on - month increase of 1% and a year - on - year decrease of 2% [40] - **Ternary Materials**: As of February 2026, the monthly output of ternary materials was 53,590 tons, a decrease of 5,970 tons from January, a decline of 10.02%, and a year - on - year increase of 19.3%. The monthly operating rate was 45%, a month - on - month decrease of 5% and a year - on - year increase of 5%. As of the latest data this week, the prices of ternary materials 811, 622, and 523 continued to decline [43] - **Lithium Manganate**: As of February 2026, the monthly output of lithium manganate was 9,470 tons, a decrease of 270 tons from January, a decline of 2.77%, and a year - on - year increase of 7.61%. As of the latest data this week, the average price of lithium manganate was 56,000 yuan/ton, with no week - on - week change [48] - **Lithium Cobaltate**: As of the latest data this week, the average price of lithium cobaltate was 400,750 yuan/ton, with a week - on - week increase of 250 yuan/ton. As of February 2026, the monthly output of lithium cobaltate was 13,120 tons, a decrease of 2,510 tons from January, a decline of 16.06%, and a year - on - year increase of 108.59% [51] 6. Application Market - **New Energy Vehicle Sales**: As of February 2026, the cumulative sales of new energy vehicles accounted for 41.18% of the cumulative sales of all vehicles (penetration rate), with a month - on - month increase of 0.9% and a year - on - year increase of 0.87%. The monthly production of new energy vehicles was 694,000 units, a month - on - month decrease of 33.33%; the sales volume was 765,000 units, a month - on - month decrease of 19.05% [55] - **New Energy Vehicle Exports**: As of February 2026, the cumulative export volume of new energy vehicles was 583,000 units, a year - on - year increase of 106.74% [58] 7. Options Market - According to the option parity theory, the premium of the synthetic underlying asset is 0.01, presenting a positive arbitrage opportunity. Based on the performance of at - the - money option contracts and fundamental conditions, it is recommended to construct a long straddle option to bet on increased volatility [63]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Yesterday, the lithium carbonate futures contract 2605 dropped 0.64% to 157,220 yuan/ton. The average price of battery - grade lithium carbonate rose 4,000 yuan/ton to 156,500 yuan/ton, the average price of industrial - grade lithium carbonate rose 4,000 yuan/ton to 153,500 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) rose 4,000 yuan/ton to 145,000 yuan/ton. The warehouse receipt inventory decreased by 709 tons to 30,751 tons [3]. - On the supply side, the weekly production increased by 628 tons to 24,814 tons, and the estimated lithium carbonate production in March increased by 28% month - on - month to 106,390 tons. On the demand side, the estimated production of ternary materials in March increased by 19% month - on - month to 84,360 tons, and the production of lithium iron phosphate increased by 24% month - on - month to 430,000 tons. On the inventory side, the weekly social inventory of lithium carbonate increased by 616 tons to 99,489 tons, with downstream inventory increasing by 552 tons to 46,657 tons, other sectors decreasing by 660 tons to 35,500 tons, and upstream inventory increasing by 724 tons to 17,332 tons [3]. - The lagging demand data is difficult to strongly boost the market. The weekly inventory has turned to a slight accumulation, and the downstream inventory level has significantly rebounded. So, if the price rises sharply in the short term, it may weaken the downstream purchasing enthusiasm. However, concerns about overseas resource supply have resurfaced. In the short term, attention should be paid to potential gaps in lithium ore supply. In the long - term, the price center will still move up, so it is still advisable to consider bottom - fishing [3]. 3. Summary by Directory 3.1 Research Views - Futures price: The lithium carbonate futures contract 2605 fell 0.64% to 157,220 yuan/ton [3]. - Spot price: The average price of battery - grade lithium carbonate rose 4,000 yuan/ton to 156,500 yuan/ton, industrial - grade lithium carbonate rose 4,000 yuan/ton to 153,500 yuan/ton, and battery - grade lithium hydroxide (coarse particles) rose 4,000 yuan/ton to 145,000 yuan/ton [3]. - Warehouse receipt inventory: Decreased by 709 tons to 30,751 tons [3]. - Supply: Weekly production increased by 628 tons to 24,814 tons, and March production is expected to increase by 28% month - on - month to 106,390 tons [3]. - Demand: In March, the production of ternary materials is expected to increase by 19% month - on - month to 84,360 tons, and the production of lithium iron phosphate is expected to increase by 24% month - on - month to 430,000 tons [3]. - Inventory: Weekly social inventory increased by 616 tons to 99,489 tons, with downstream inventory increasing by 552 tons to 46,657 tons, other sectors decreasing by 660 tons to 35,500 tons, and upstream inventory increasing by 724 tons to 17,332 tons [3]. 3.2 Daily Data Monitoring - Futures: The closing price of the main contract rose 6,180 yuan/ton to 159,120 yuan/ton, and the closing price of the continuous contract rose 6,300 yuan/ton to 158,740 yuan/ton [5]. - Lithium ore: The price of lithium spodumene concentrate (6%, CIF China) rose 71 US dollars/ton to 2,143 US dollars/ton, and the prices of various types of lithium mica and lithium - phosphorus - aluminum stone also increased [5]. - Lithium carbonate: The price of battery - grade lithium carbonate rose 5,000 yuan/ton to 152,500 yuan/ton, and the price of industrial - grade lithium carbonate rose 5,000 yuan/ton to 149,500 yuan/ton [5]. - Lithium hydroxide: The prices of various types of lithium hydroxide increased by 4,000 yuan/ton or 0.1 US dollars/kg [5]. - Lithium hexafluorophosphate: The price dropped 1,000 yuan/ton to 107,000 yuan/ton [5]. - Price differences: The price difference between battery - grade and industrial - grade lithium carbonate remained unchanged at 3,000 yuan/ton, while other price differences changed to varying degrees [5]. - Precursor and cathode materials: The prices of most precursor and cathode materials increased, such as ternary materials and lithium iron phosphate [5]. - Battery cells and batteries: The prices of some battery cells and batteries increased slightly [5]. 3.3 Chart Analysis - Ore prices: Charts show the price trends of lithium spodumene concentrate, lithium mica, and lithium - phosphorus - aluminum stone from 2024 to 2026 [6][9]. - Lithium and lithium salt prices: Charts display the price trends of battery - grade metal lithium, battery - grade and industrial - grade lithium carbonate, and lithium hydroxide from 2024 to 2026 [12][14]. - Price differences: Charts present the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, etc. from 2024 to 2026 [17][19]. - Precursor and cathode materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2026 [25][27][29]. - Lithium battery prices: Charts display the price trends of 523 square ternary battery cells, square lithium iron phosphate battery cells, cobalt acid battery cells, and square lithium iron phosphate batteries from 2024 to 2026 [31][35]. - Inventory: Charts show the inventory trends of downstream, smelters, and other sectors from July 2025 to March 2026 [38][40]. - Production cost: The chart shows the production profit trends of different raw material sources from 2024 to 2026 [43].

Core Viewpoint - The article highlights the upcoming 2026 (Second) Starting Point Lithium Battery Cylindrical Battery Technology Forum and the release of the Top 20 Cylindrical Battery Rankings, focusing on advancements in all-tab technology and leadership in the large cylindrical market [3]. Group 1: Market Trends - As of March 26, the average spot price for battery-grade lithium carbonate is 157,000 yuan per ton, with a daily increase of 2,500 yuan (+1.62%) [3]. - The production data for March indicates a month-on-month increase of 21.93% in domestic battery sample enterprises' production [3]. - The production ratio of energy storage cells has risen to 40.6% [3]. Group 2: Policy Changes - Starting April 1, the export tax rebate for lithium hexafluorophosphate, lithium manganese oxide, and graphite will be canceled [3]. - The battery tax rebate rate will decrease from 9% to 6% on April 1, with a complete cancellation planned for January 1, 2027 [3]. Group 3: Company Developments - Huayi Technology announced a full production halt for 15 days, affecting approximately 4-5 kt annually, which accounts for about 5% of the industry [4]. - Ganfeng Lithium (Dongguan) has increased its registered capital from 200 million to 400 million yuan (100% increase) [5]. - Hainan Mining aims for a target of 118,000 tons of lithium concentrate and 16,000 tons of lithium salt in 2026 [6]. - Rongjie Co., Ltd. expects a lithium concentrate output of 185,600 tons in 2025, representing a year-on-year increase of 174.83% [7]. - Yahua Group signed a procurement agreement for Brazilian lithium concentrate with a scale of 180,000 tons per year [8]. - Yiwei Lithium Energy received a utility model patent authorization for battery components and modules on March 27 [9]. - Yihua Group has commenced a project for 1 million tons of phosphorus-fluorine new materials, including 100,000 tons of lithium hexafluorophosphate and 500,000 tons of iron phosphate, with plans for production in the second half of 2027 [10]. - Guoxuan High-Tech established Nanjing Guoxuan Battery Technology Co., Ltd. with a registered capital of 50 million yuan [10]. - De Yi Energy has fully initiated the foundation construction for a 20 GWh power battery project in Suzhou [11]. - Huachuang New Materials has agreed to terminate its listing guidance work after mutual consultation with CITIC Securities [12]. - Ruipu Lanjun disclosed a revenue of 24.334 billion yuan for 2025, a year-on-year increase of 36.7%, achieving a net profit of 681 million yuan [12]. - Nandu Power terminated the transfer of 100% equity in its wholly-owned subsidiary Huabo Recycling Resources [13]. - CATL signed a comprehensive strategic cooperation agreement with Sanming Transportation Group to promote low-carbon transformation in the transportation sector [13].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Yesterday, the lithium carbonate futures contract 2605 rose 4.34% to 159,120 yuan/ton. The average price of battery - grade lithium carbonate increased by 5,000 yuan/ton to 152,500 yuan/ton, the average price of industrial - grade lithium carbonate rose by 5,000 yuan/ton to 149,500 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) increased by 4,000 yuan/ton to 143,000 yuan/ton. The warehouse receipt inventory decreased by 618 tons to 31,460 tons [3]. - On the supply side, the weekly production data increased by 760 tons to 24,186 tons, and the estimated lithium carbonate production in March increased by 28% month - on - month to 106,390 tons. On the demand side, the estimated production of ternary materials in March increased by 19% month - on - month to 84,360 tons, and the production of lithium iron phosphate increased by 24% month - on - month to 430,000 tons. On the inventory side, the weekly social inventory of lithium carbonate decreased by 86 tons to 98,873 tons, with downstream inventory increasing by 458 tons to 46,105 tons, other links decreasing by 860 tons to 36,160 tons, and upstream inventory increasing by 316 tons to 16,608 tons [3]. - The lagging demand data is difficult to strongly boost the market. The weekly de - stocking speed has significantly slowed down, and the downstream inventory level has relatively significantly recovered. Therefore, if the price rises sharply in the short term, it may lead to a weakening of downstream procurement enthusiasm. However, recently, due to geopolitical issues, the long - term energy substitution logic has strengthened, and the stock market has reacted more strongly. Concerns about overseas resource supply have resurfaced. In the short term, it is necessary to pay attention to whether there will be a gap in lithium ore supply. In the medium and long term, the price center will still move up, so it is still possible to consider bargain - hunting [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract was 159,120 yuan/ton, up 6,180 yuan from the previous day; the closing price of the continuous contract was 158,740 yuan/ton, up 6,300 yuan [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) was 2,143 US dollars/ton, up 71 US dollars; the price of lithium mica (Li2O:1.5% - 2.0%) was 3,175 yuan/ton, up 110 yuan; the price of lithium mica (Li2O:2.0% - 2.5%) was 4,600 yuan/ton, up 135 yuan; the price of amblygonite (Li2O:6% - 7%) was 12,325 yuan/ton, up 425 yuan; the price of amblygonite (Li2O:7% - 8%) was 13,400 yuan/ton, up 475 yuan [5]. - **Lithium Carbonate and Lithium Hydroxide**: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 152,500 yuan/ton, up 5,000 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 149,500 yuan/ton, up 5,000 yuan; the price of battery - grade lithium hydroxide (coarse particles/domestic) was 143,000 yuan/ton, up 4,000 yuan; the price of battery - grade lithium hydroxide (micropowder) was 149,500 yuan/ton, up 4,000 yuan; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 131,550 yuan/ton, up 4,000 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan and South Korea) was 18.3 US dollars/kg, up 0.1 US dollars [5]. - **Lithium Hexafluorophosphate**: The price was 107,000 yuan/ton, down 1,000 yuan [5]. - **Price Spreads**: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate was 3,000 yuan/ton, unchanged; the price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 9,500 yuan/ton, down 1,000 yuan; the price difference between CIF China, Japan and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide was - 16,893 yuan/ton, down 3,369 yuan [5]. - **Precursors and Cathode Materials**: The prices of various ternary precursors and cathode materials generally increased, while the prices of manganese - acid lithium and cobalt - acid lithium remained unchanged [5]. - **Cells and Batteries**: The price of 523 square ternary cells increased by 0.002 yuan/Wh, and the price of square lithium iron phosphate cells increased by 0.004 yuan/Wh, while other cell and battery prices remained unchanged [5]. 3.2 Chart Analysis - **Ore Prices**: Charts show the price trends of lithium spodumene concentrate, lithium mica, and amblygonite from 2024 to 2026 [6][9]. - **Lithium and Lithium Salt Prices**: Charts display the price trends of battery - grade metallic lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2026 [12][14][17]. - **Price Spreads**: Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China, Japan and South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, etc. from 2024 to 2026 [17][19]. - **Precursors and Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese - acid lithium, and cobalt - acid lithium from 2024 to 2026 [25][27][29]. - **Lithium Battery Prices**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2026 [31][35]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links from July 2025 to March 2026 [38][40]. - **Production Costs**: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2026 [43].

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - Yesterday, the lithium carbonate futures contract 2605 rose 6.11% to 152,940 yuan/ton. The average price of battery - grade lithium carbonate increased by 1,000 yuan/ton to 147,500 yuan/ton, the average price of industrial - grade lithium carbonate rose 1,000 yuan/ton to 144,500 yuan/ton, and the battery - grade lithium hydroxide (coarse particles) rose 500 yuan/ton to 139,000 yuan/ton. The warehouse receipt inventory decreased by 1,459 tons to 32,078 tons [3]. - On the supply side, the weekly production data increased by 760 tons to 24,186 tons; the estimated lithium carbonate production in March increased by 28% month - on - month to 106,390 tons. On the demand side, the estimated output of ternary materials in March increased by 19% month - on - month to 84,360 tons, and the output of lithium iron phosphate increased by 24% month - on - month to 430,000 tons. On the inventory side, the weekly social inventory of lithium carbonate decreased by 86 tons to 98,873 tons, among which the downstream inventory increased by 458 tons to 46,105 tons, other links decreased by 860 tons to 36,160 tons, and the upstream inventory increased by 316 tons to 16,608 tons [3]. - The lagging demand data is difficult to strongly boost the market. The weekly de - stocking speed has significantly slowed down, and the downstream inventory level of spot has significantly rebounded. Therefore, if the price rises sharply in the short term, it may lead to a weakening of downstream purchasing enthusiasm. However, recently, due to geopolitical issues, the long - term energy substitution logic has strengthened, and the stock market has responded more strongly. Concerns about overseas resource supply have resurfaced. In the short term, it is necessary to pay attention to whether there will be a gap in lithium ore supply. In the medium and long term, the price center will still move up, so it is still advisable to consider bottom - fishing [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - Futures, spot prices, and warehouse receipt inventory changes of lithium carbonate and related products are presented. Supply, demand, and inventory data for lithium carbonate in March are also provided, along with an outlook on the market [3]. 3.2 Daily Data Monitoring - A table shows the prices of lithium - related products in the lithium - ion battery industry chain on March 24 and March 23, 2026, including futures, lithium ore, lithium carbonate, lithium hydroxide, and other products. It also includes price differentials and the prices of some battery products [5]. 3.3 Chart Analysis 3.3.1 Ore Prices - Charts show the price trends of lithium - containing ores such as spodumene concentrate, lithium mica, and amblygonite from 2024 to 2026 [6][7][8][9][10]. 3.3.2 Lithium and Lithium Salt Prices - Charts display the price trends of battery - grade metal lithium, battery - grade and industrial - grade lithium carbonate, and battery - grade and industrial - grade lithium hydroxide from 2024 to 2026 [12][13][14][15]. 3.3.3 Price Differentials - Charts show the price differentials between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant price differentials from 2024 to 2026 [17][18][19][20]. 3.3.4 Precursor & Cathode Materials - Charts present the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2026 [25][26][27][28][29][30]. 3.3.5 Lithium - Battery Prices - Charts show the price trends of 523 square ternary cells, square lithium - iron - phosphate cells, cobalt - acid - lithium cells, and square lithium - iron - phosphate batteries from 2024 to 2026 [31][32][35][36]. 3.3.6 Inventory - Charts display the inventory trends of downstream, smelters, and other links in the lithium - carbonate industry from 2025 to 2026 [38][39][40][41]. 3.3.7 Production Costs - Chart shows the cash production profits of lithium carbonate from different raw materials such as外购三元极片黑粉, 外购磷酸铁锂极片黑粉, lithium mica concentrate, and spodumene concentrate from 2024 to 2026 [43][44]. 3.4 Team Introduction - The introduction of the non - ferrous research team members includes their educational backgrounds, positions, research directions, and professional achievements [46][47][48][49]. 3.5 Contact Information - Company address, phone number, fax, customer service hotline, and postcode are provided [51].

1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - In 2026, the global lithium market maintains a trend of increasing supply and demand. The supply of lithium resources is expected to reach 2.08 million tons, a year - on - year increase of 22%, while the demand is expected to reach 2.03 million tons, a year - on - year increase of 26%. With the supply growth slightly slower than the demand, the surplus level narrows, and the central price of lithium price fluctuations moves up [4][157]. - Although the year - on - year growth rate of domestic new - energy passenger vehicle sales is not good, the average battery loading per vehicle is increasing steadily. The demand for lithium in this part can still maintain a 19% positive growth. The breakthrough in battery technology in the Q1 press conferences of domestic car companies may drive the demand for electric vehicles. The export of new - energy vehicles may bring more expectations, and the new - energy penetration rate of overseas passenger and commercial vehicles may be boosted due to the sharp rise in international oil prices. The growth rate of energy storage is still promising, with an average annual growth rate of new energy storage installations of 51% from 2025 - 2027 and 47% from 2026 - 2030 [4][153]. - The current absolute futures price has given profits compared with the cash - flow cost, but the fundamental expectation of tightening lithium carbonate supply and expanding overseas demand conflicts with the current weak macro - economic expectation, making the profit vulnerable. The subsequent focus should be on inventory changes, which can support the lithium price to a certain extent [4]. 3. Summary by Relevant Catalogs 2026 Supply Outlook - In 2026, the lithium market still faces the situation that some mines have not resumed production and new production capacities need to ramp up. The export ban in Zimbabwe has not been lifted as of mid - March, which may tighten the supply of tradable lithium ore. The total output in 2026 is expected to be 1.96 million tons of lithium carbonate equivalent (excluding hand - mined ore and recycled volume), a year - on - year increase of 24% [4]. 2026 Demand Outlook - New - energy passenger vehicles: As of March 15, 2026, the year - on - year growth rate of domestic new - energy passenger vehicle sales is not good, but the average battery loading per vehicle is increasing. As of February 2026, the average battery loading of pure - electric and plug - in hybrid passenger vehicles increased by 22% and 38% year - on - year respectively. The demand for lithium in this part can maintain a 19% positive growth. The battery technology breakthroughs in car companies' press conferences in Q1 may drive the demand for electric vehicles. As of January 2026, the cumulative export of Chinese new - energy passenger vehicles reached 286,000, a year - on - year increase of 103.62%. The new - energy penetration rate of overseas passenger and commercial vehicles may be boosted by the sharp rise in international oil prices [4][125][153]. - Energy storage: If the new installation scale reaches 180GW by the end of 2027, the average annual growth rate of new energy storage installations from 2025 - 2027 may reach 51%. From 2026 - 2030, the average annual growth rate of new energy storage installation power is 47%, and the actual growth rate may be higher [4][150][153]. 2026Q1 Review - After the Spring Festival, Ningde and other smelters resumed production, but the demand increase was limited, and the futures price gradually declined. The transaction price of lithium ore loosened, and the futures price dropped significantly during the day. Affected by macro - economic factors, the commodity market declined generally. The prices of lithium ore and lithium salt declined in a spiral. After the price of ore stopped falling, the market began to fluctuate sideways. During this period, the rumor of the shutdown of Jianxiawo was refuted. The supply in Jiangxi and Qinghai was frequently disturbed, and the market fluctuated more. After the shutdown of Jianxiawo was confirmed, the market limit - up. Speculative funds left the market, and the market limit - down. The energy storage demand exploded, and the power battery market was not in the off - season. Some lithium ore listed companies publicly expressed their optimism about the demand, and the price of lithium carbonate rose rapidly. The resumption time of Jianxiawo was continuously postponed, and the lithium price fluctuated frequently around this disturbance. The exchange's strict supervision increased the upward pressure on the lithium price. Coupled with the rapid decline of non - ferrous and precious metal prices during the day, the lithium price followed the decline. After the Spring Festival, Zimbabwe imposed an export ban, and the supply of lithium carbonate was expected to tighten further. The lithium price fluctuated at a high level, but affected by the war between the US and Iran, the macro - economy weakened, and the lithium price lacked upward momentum [7]. Supply: Lithium Ore Resources Continue to Be Released, Pay Attention to Supply Chain Risks - Australian lithium mines: According to the announcements of Australian mining companies in Q4 of 2025, the production guidance of lithium spodumene in FY26 has been steadily increased. The production of Australian lithium mines is expected to maintain positive growth in 2026, with an expected annual output of 530,000 tons of lithium carbonate equivalent, a month - on - month increase of 7% [102][107]. - African lithium mines: The export ban in Zimbabwe has not been resolved as of March 18, which may cause quarterly - level supply shortages of global lithium resources. The output of African lithium mines is expected to reach 340,000 tons (in terms of LCE) in 2026, a year - on - year increase of 44% [108][110]. - South American salt lakes: The first - production plans of some projects have been advanced to 2026. The supply in 2026 is expected to reach 517,000 tons, a year - on - year increase of 24%. The proportion of lithium production from Argentine salt lakes is expected to increase [111][113]. - Domestic lithium resources: The output of domestic lithium resources is still relatively loose. In 2026, the domestic supply is expected to reach 460,000 tons of lithium carbonate equivalent, a year - on - year increase of 31%. The resumption of production of Jianxiawo and the supply from Zimbabwe need to be monitored [114][117]. Demand: The Overseas Incremental Space May Expand - New - energy passenger vehicles: Although the year - on - year growth rate of domestic new - energy passenger vehicle sales is not good, the average battery loading per vehicle is increasing, and the demand for lithium can maintain positive growth. The battery technology breakthroughs in car companies' press conferences in 2026 may drive the penetration rate of new - energy vehicles. The export of new - energy passenger vehicles is growing rapidly, and the growth rate of plug - in hybrid exports is particularly prominent [125][128][135]. - New - energy commercial vehicles: The domestic new - energy commercial vehicle market has great growth potential. Overseas, considering the sharp rise in international diesel prices, the demand for new - energy commercial vehicles may increase. The battery loading of new - energy commercial vehicles is increasing, and the demand for lithium carbonate has shown a high - growth trend [142][146]. - Energy storage: The cost of energy - storage batteries decreased in Q1 of 2026. The domestic new - energy storage plan aims to reach 18GW by the end of 2027, with an average annual growth rate of 51% from 2025 - 2027. From 2026 - 2030, the average annual growth rate of new energy storage installation power is 47%, and the actual growth rate may be higher [149][150]. Annual Balance Sheet - In 2026, the global lithium market maintains a trend of increasing supply and demand. The supply of lithium resources is expected to reach 2.08 million tons, a year - on - year increase of 22%, while the demand is expected to reach 2.03 million tons, a year - on - year increase of 26%. The surplus level narrows, and the central price of lithium price fluctuations moves up [155][157].

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - Yesterday, the lithium carbonate futures 2605 rose 1.02% to 149,040 yuan/ton. The average price of battery - grade lithium carbonate fell 2,500 yuan/ton to 146,500 yuan/ton, the average price of industrial - grade lithium carbonate fell 2,500 yuan/ton to 143,500 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) fell 3,500 yuan/ton to 138,500 yuan/ton. The warehouse receipt inventory decreased by 781 tons to 33,537 tons [3]. - On the supply side, the weekly production data increased by 760 tons to 24,186 tons; the estimated lithium carbonate production in March increased by 28% to 106,390 tons. On the demand side, the estimated output of ternary materials in March increased by 19% to 84,360 tons; the output of lithium iron phosphate increased by 24% to 430,000 tons. On the inventory side, the weekly social inventory of lithium carbonate decreased by 86 tons to 98,873 tons, with downstream inventory increasing by 458 tons to 46,105 tons, other links decreasing by 860 tons to 36,160 tons, and upstream inventory increasing by 316 tons to 16,608 tons [3]. - The lagging demand data is difficult to strongly boost the market. The weekly de - stocking speed has significantly slowed down, and the downstream inventory level has relatively and significantly rebounded. Therefore, if the price rises sharply in the short term, it may lead to a weakening of downstream purchasing enthusiasm. However, recently, due to geopolitical issues, the long - term energy substitution logic has strengthened, and the stock market has reacted more strongly. Concerns about overseas resource supply have resurfaced. In the short term, it is necessary to focus on whether there will be a gap in lithium ore supply. In the medium - to - long term, the price center will still move upwards, so it is still advisable to consider bottom - fishing [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract was 149,040 yuan/ton, up 5,180 yuan from March 20; the closing price of the continuous contract was 147,860 yuan/ton, up 2,860 yuan from March 20 [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) was 2,028 US dollars/ton, down 29 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) was 3,020 yuan/ton, down 40 yuan; the price of lithium mica (Li2O: 2.0% - 2.5%) was 4,400 yuan/ton, down 50 yuan; the price of amblygonite (Li2O: 6% - 7%) was 11,750 yuan/ton, down 225 yuan; the price of amblygonite (Li2O: 7% - 8%) was 12,750 yuan/ton, down 250 yuan [5]. - **Lithium Carbonate and Lithium Hydroxide**: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 146,500 yuan/ton, down 2,500 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 143,500 yuan/ton, down 2,500 yuan; the price of battery - grade lithium hydroxide (coarse particles/domestic) was 138,500 yuan/ton, down 3,500 yuan; the price of battery - grade lithium hydroxide (micropowder) was 145,000 yuan/ton, down 3,500 yuan; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 127,050 yuan/ton, down 3,000 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) was 18.1 US dollars/kg, down 0.1 US dollars [5]. - **Lithium Hexafluorophosphate**: The price was 108,000 yuan/ton, down 1,000 yuan [5]. - **Price Spreads**: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate was 3,000 yuan/ton, unchanged; the price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 8,000 yuan/ton, down 1,000 yuan; CIF China, Japan, and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide was - 13,536 yuan/ton, up 3,070 yuan [5]. - **Precursors and Cathode Materials**: The prices of some ternary precursors and cathode materials remained unchanged, while the prices of some ternary materials and lithium iron phosphate decreased. For example, the price of ternary material 523 (polycrystalline/consumer - type) was 189,250 yuan/ton, down 1,550 yuan; the price of lithium iron phosphate (power - type) was 52,680 yuan/ton, down 610 yuan [5]. - **Cells and Batteries**: The prices of most cells and batteries remained unchanged, with only a slight increase in the price of 523 square ternary cells (0.002 yuan/Wh) and square lithium iron phosphate cells (0.004 yuan/Wh) [5]. 3.2 Chart Analysis - **Ore Prices**: Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and amblygonite (6% - 7%, 7% - 8%) from 2024 to 2026 [6][9]. - **Lithium and Lithium Salt Prices**: Charts display the price trends of battery - grade metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2026 [12][14][17]. - **Price Spreads**: Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China, Japan, and South Korea battery - grade lithium hydroxide - battery - grade lithium hydroxide, and battery - grade lithium carbonate (CIF) Asia - domestic, as well as the basis from 2024 to 2026 [17][19][23]. - **Precursors and Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese dioxide, and cobalt - acid lithium from 2024 to 2026 [25][27][29]. - **Lithium Battery Prices**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2026 [31][35]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links from July 2025 to March 2026 [38][40]. - **Production Costs**: The chart shows the production profit trends of lithium carbonate from different raw materials (such as外购三元极片黑粉, 外购磷酸铁锂极片黑粉, 外购锂云母精矿, 外购锂辉石精矿) from 2024 to 2026 [43]. 3.3 Team Members Introduction - Zhan Dapeng, a science master, is the director of the non - ferrous research department at Everbright Futures Research Institute, a senior precious metals researcher, and a gold intermediate investment analyst. He has more than ten years of commodity research experience and has won many awards [47]. - Wang Heng, a master of finance from the University of Adelaide in Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon. He has won relevant analyst awards [47]. - Zhu Xi, a master of science from the University of Warwick in the UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel. She has won relevant analyst awards [48]. 3.4 Contact Information - Company address: 6th Floor, Building 1, Lujiazui Century Financial Plaza, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. - Company phone: 021 - 80212222. - Fax: 021 - 80212200. - Customer service hotline: 400 - 700 - 7979. - Zip code: 200127 [51].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The lithium carbonate futures main contract showed a weak and volatile trend this week, with a decline of 5.41%. As of the end - of - week closing, the main contract was quoted at 143,860 yuan/ton. The macro - economic environment features the implementation of a more proactive fiscal policy in 2026. In terms of fundamentals, the price of lithium ore has weakened with the回调 of lithium carbonate prices. The supply of lithium carbonate is expected to remain sufficient, and the demand is improving. The overall industrial inventory is slightly decreasing. The report suggests light - position short - term long trading at low prices, while paying attention to trading rhythm and risk control [5]. 3. Summary by Relevant Catalog 3.1. Weekly Highlights Summary - **Market Performance**: The lithium carbonate main contract was weak and volatile on the weekly line, with a decline of 5.41% and a closing price of 143,860 yuan/ton [5]. - **Macro - environment**: In 2026, a more proactive fiscal policy will be implemented, focusing on seven aspects such as supporting the construction of a strong domestic market and accelerating high - level scientific and technological self - reliance. - **Fundamentals** - **Raw Materials**: The price of lithium ore weakened, overseas miners were more willing to sell at favorable prices, and smelters were more active in inquiring and buying [5]. - **Supply**: Upstream smelters adopted a price - holding and selling - sparing strategy, and the weekly inventory of smelters increased slightly. The export volume and average price of Chilean lithium carbonate increased significantly, and the domestic supply is expected to remain sufficient [5]. - **Demand**: Downstream battery factories maintained a strategy of buying on dips. The spot market trading sentiment became active as the lithium price declined, and the downstream inventory increased weekly [5]. - **Investment Suggestion**: Light - position short - term long trading at low prices, with attention to trading rhythm and risk control [5]. 3.2. Futures and Spot Market Conditions 3.2.1. Futures Price - The futures price of lithium carbonate showed a weakening trend. As of March 20, 2026, the closing price of the main contract was 143,860 yuan/ton, a week - on - week decrease of 8,220 yuan/ton. The near - far month spread was 1,140 yuan/ton, a week - on - week decrease of 3,420 yuan/ton [11]. 3.2.2. Spot Price - The spot price of lithium carbonate also weakened. As of March 20, 2026, the average price of battery - grade lithium carbonate was 149,000 yuan/ton, a week - on - week decrease of 10,000 yuan/ton. The basis of the main contract was 5,140 yuan/ton, a week - on - week decrease of 1,780 yuan/ton [15]. 3.3. Upstream Market Conditions 3.3.1. Lithium Spodumene - The price of lithium spodumene concentrate (6% - 6.5%) weakened. As of March 20, 2026, the average price was 2,445 US dollars/ton, a week - on - week decrease of 60 US dollars/ton [21]. 3.3.2. Lithium Mica - The price of lithium mica also weakened. As of March 20, 2026, the average price of phospho - lithium - aluminum stone was 13,000 yuan/ton, a week - on - week decrease of 1,000 yuan/ton; the average price of lithium mica (2% ≤ Li₂O < 3%) was 6,825 yuan/ton, a week - on - week decrease of 463 yuan/ton [25]. 3.4. Industry Conditions 3.4.1. Supply Side - **Import and Export**: As of February 2026, the monthly import volume of lithium carbonate was 26,426.79 tons, a decrease of 431.27 tons from January, a decline of 1.61%, and a year - on - year increase of 114.36%. The monthly export volume was 596.077 tons, an increase of 124.52 tons from January, an increase of 26.41%, and a year - on - year increase of 42.9% [31]. - **Production**: As of February 2026, the monthly output of lithium carbonate was 53,520 tons, a decrease of 5,950 tons from January, a decline of 10.01%, and a year - on - year increase of 49.96%. The monthly operating rate was 43%, a month - on - month decrease of 5% and a year - on - year decrease of 32% [31]. 3.4.2. Demand Side - **Hexafluorophosphate Lithium**: As of March 20, 2026, the average price was 111,000 yuan/ton, with no change week - on - week. As of February 2026, the monthly output of electrolyte was 184,380 tons, a decrease of 33,220 tons from January, a decline of 15.27%, and a year - on - year increase of 37.87% [34]. - **Lithium Iron Phosphate**: As of the latest data this week, the average price of power - type lithium iron phosphate was 57,600 yuan/ton, a week - on - week decrease of 1,300 yuan/ton. As of February 2026, the monthly output of lithium iron phosphate cathode materials was 267,980 tons, an increase of 22,900 tons from January, an increase of 9.34%, and a year - on - year increase of 67.91%. The monthly operating rate was 55%, a month - on - month increase of 1% and a year - on - year decrease of 2% [41]. - **Ternary Materials**: As of February 2026, the monthly output of ternary materials was 53,590 tons, a decrease of 5,970 tons from January, a decline of 10.02%, and a year - on - year increase of 19.3%. The monthly operating rate was 45%, a month - on - month decrease of 5% and a year - on - year increase of 5%. As of the latest data this week, the prices of 811 - type, 622 - type, and 523 - type ternary materials remained stable [44]. - **Lithium Manganate**: As of February 2026, the monthly output of lithium manganate was 9,470 tons, a decrease of 270 tons from January, a decline of 2.77%, and a year - on - year increase of 7.61%. As of the latest data this week, the average price of lithium manganate was 56,000 yuan/ton, with no change week - on - week [49]. - **Lithium Cobaltate**: As of February 2026, the monthly output of lithium cobaltate was 13,120 tons, a decrease of 2,510 tons from January, a decline of 16.06%, and a year - on - year increase of 108.59%. As of the latest data this week, the average price of lithium cobaltate was 400,500 yuan/ton, with no change week - on - week [52]. 3.4.3. Application Side - **New Energy Vehicle Sales**: As of February 2026, the penetration rate of new energy vehicles was 41.18%, with a month - on - month increase of 0.9% and a year - on - year increase of 0.87%. The monthly production was 694,000 vehicles, a month - on - month decrease of 33.33%; the sales volume was 765,000 vehicles, a month - on - month decrease of 19.05% [56]. - **New Energy Vehicle Exports**: As of February 2026, the cumulative export volume of new energy vehicles was 583,000, a year - on - year increase of 106.74% [59]. 3.5. Options Market - According to the option parity theory, the premium of the synthetic underlying asset is 0.24, presenting a positive arbitrage opportunity. Based on the performance of at - the - money option contracts and fundamental conditions, it is recommended to construct a long straddle option strategy to bet on increased volatility [62].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Yesterday, the lithium carbonate futures contract 2605 dropped 6.73% to 14,600 yuan/ton. The average price of battery - grade lithium carbonate decreased by 3,000 yuan/ton to 152,500 yuan/ton, the average price of industrial - grade lithium carbonate dropped 3,000 yuan/ton to 149,500 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) fell 2,500 yuan/ton to 145,500 yuan/ton. The warehouse receipt inventory decreased by 1,029 tons to 34,740 tons [3]. - On the supply side, the weekly production increased by 760 tons to 24,186 tons, and the lithium carbonate production in March is expected to increase by 28% month - on - month to 106,390 tons. On the demand side, the production of ternary materials in March is expected to increase by 19% month - on - month to 84,360 tons, and the production of lithium iron phosphate is expected to increase by 24% month - on - month to 430,000 tons. On the inventory side, the weekly social inventory of lithium carbonate decreased by 86 tons to 98,873 tons, with downstream inventory increasing by 458 tons to 46,105 tons, inventory in other links decreasing by 860 tons to 36,160 tons, and upstream inventory increasing by 316 tons to 16,608 tons [3]. - Recently, the market sentiment has been dragging down, with bearish news being hyped. The open interest of the main lithium carbonate contract decreased by about 25,000 lots yesterday. Fundamentally, the overall contradiction is not prominent, but the month - on - month situation is gradually weakening. The weekly de - stocking speed has slowed down, and the terminal data is also difficult to boost the market. In the short term, it may still operate weakly, and overseas geopolitics and market sentiment should also be noted. However, the decrease in the absolute inventory level and the increasing stocking coefficient of downstream after price drops may support the price, and long - term investors can consider bottom - fishing [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - The price of lithium carbonate futures and spot decreased, and the warehouse receipt inventory decreased. The supply, demand, and inventory data of lithium carbonate in March were given, and the short - term and long - term market trends were analyzed [3]. 3.2 Daily Data Monitoring - The prices of various products in the lithium - battery industry chain on March 19 and March 18, 2026, were presented, including futures, lithium ore, lithium carbonate, lithium hydroxide, lithium hexafluorophosphate, precursors, cathode materials, cells, and batteries. The price changes were also provided [5]. 3.3 Chart Analysis 3.3.1 Ore Prices - Charts of the prices of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%, 2.0% - 2.5%), and amblygonite (6% - 7%, 7% - 8%) were shown, with price trends from 2024 to 2026 [6][9]. 3.3.2 Lithium and Lithium Salt Prices - Charts of the prices of battery - grade metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate were presented, showing price trends from 2024 to 2026 [12][14][18]. 3.3.3 Spreads - Charts of various spreads were provided, such as the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate, the spread between battery - grade and industrial - grade lithium carbonate, the spread between CIF Japan - South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide, and the basis [18][20][24]. 3.3.4 Precursors & Cathode Materials - Charts of the prices of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobaltate were shown, with price trends from 2024 to 2026 [26][28][30]. 3.3.5 Lithium Battery Prices - Charts of the prices of 523 square ternary cells, square lithium iron phosphate cells, cobaltate cells, and square lithium iron phosphate batteries were presented, showing price trends from 2024 to 2026 [32][36]. 3.3.6 Inventory - Charts of downstream inventory, smelter inventory, and inventory in other links were provided, showing the inventory trends from July 2025 to March 2026 [38][39][42]. 3.3.7 Production Costs - A chart of the production costs of lithium carbonate from different raw materials was shown, including the cash production profit of purchasing ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and lithium spodumene concentrate from 2024 to 2026 [43][44]. 3.4 Team Introduction - The members of the non - ferrous research team were introduced, including Zhan Dapeng, Wang Heng, and Zhu Xi, along with their educational backgrounds, positions, research directions, and professional achievements [47][48]. 3.5 Contact Information - The company's address, phone number, fax, customer service hotline, and postal code were provided [51].