碳酸锂日报 碳酸锂日报 碳酸锂日报（2025 年 8 月 27 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2511 合约跌 0.75%至 79020 元/吨。现货价格方面，电池级碳酸锂平均价下跌 800 元/吨至 81700 元/吨，工业级碳酸锂平均价下跌 800 元/吨至 79400 元/吨，电池级氢氧化锂（粗颗 粒）下跌 250 元/吨至 77080 元/吨。仓单方面，昨日仓单库存增加 1060 吨至 26690 吨。 2. 消息面，据文华财经，津巴布韦 2025 年上半年锂出口量激增 30%，达到 586,197 吨锂辉石精矿，该 国将自己定位为电动汽车和电池市场的全球主要供应商。出口量从 2024 年同期的 451.824 吨急剧增 加，凸显了津巴布韦在全球供应链中日益增长的影响力及其在清洁能源转型中的战略重要性。 3. 基本面来看，供应端生产小幅放缓，减量主要还是由于云母停产所带来的，后续来看，随着前期价 格走强和海外进口的增加，锂辉石提锂依旧有望持续增加，对于供应来看，有更多的锂矿转化为碳 酸锂的形式存在，但需要注 ...

碳酸锂日报（2025 年 8 月 26 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 碳酸锂日报 1. 昨日碳酸锂期货 2511 合约跌 0.3%至 79380 元/吨。现货价格方面，电池级碳酸锂平均价下跌 1400 元/吨至 82500 元/吨，工业级碳酸锂平均价下跌 1400 元/吨至 80200 元/吨，电池级氢氧化锂（粗颗 粒）下跌 160 元/吨至 77330 元/吨。仓单方面，昨日仓单库存增加 640 吨至 25630 吨。 2. 基本面来看，供应端生产小幅放缓，减量主要还是由于云母停产所带来的，后续来看，随着前期价 格走强和海外进口的增加，锂辉石提锂依旧有望持续增加，对于供应来看，有更多的锂矿转化为碳 酸锂的形式存在，但需要注意的是，目前矿价成交价格维持高位，对碳酸锂价格仍有一定支撑；需 求端 8 月合计需求环比增加 6%，9 月迎来传统旺季，下游排产或表现依旧景气，叠加客供比例下 降，下游备货意愿较强。库存方面，社会库存维持 14.1 万吨水平，但呈现出两周小幅去库状态，且 结构上显现出来下游采购行为增加。 3. 已知资源项目的生产问题 ...

证券日报网讯 湘潭电化8月25日在互动平台回答投资者提问时表示，目前控股子公司广西立劲新材料有 限公司正与部分固态电池企业就锰酸锂应用于半固态/固态电池领域开展合作研发，但目前仍处于小批 量试验阶段。 （编辑 袁冠琳） ...

Group 1: Report Overview - Report Title: "Carbonate Lithium Market Weekly Report: Supply Slightly Increases, Demand Improves, Lithium Prices May Find Support" [2] - Date: August 22, 2025 - Researcher: Chen Sijia - Core Viewpoint: The fundamentals of carbonate lithium remain largely unchanged, with both supply and demand increasing. Although inventory is still high, it is being depleted. The report suggests a light - position, short - term long strategy when prices are low, while controlling risks [5] Group 2: Market Performance Futures Market - The closing price of the carbonate lithium main contract was 78,960 yuan/ton as of August 22, 2025, a weekly decrease of 7,940 yuan/ton, with a weekly decline of - 9.14% and an amplitude of 13.81%. The near - far month spread was 220 yuan/ton, a weekly decrease of 120 yuan/ton [5][11] Spot Market - As of August 22, 2025, the average price of battery - grade carbonate lithium was 83,900 yuan/ton, a weekly increase of 1,200 yuan/ton. The basis of the main contract was 4,940 yuan/ton, a weekly increase of 9,140 yuan/ton [17] Group 3: Upstream Market Lithium Concentrate - As of August 22, 2025, the average price of spodumene concentrate (6% - 6.5%) was 970 US dollars/ton, a weekly increase of 86 US dollars/ton. The spot exchange rate of the US dollar against the RMB was 7.1778, a weekly increase of 0.07% [21] Lithium Mica - As of August 22, 2025, the average price of lithium mica (Li₂O: 2.0% - 3%) was 2,645 yuan/ton, a weekly increase of 50 yuan/ton. The average price of lithiophilite was 7,825 yuan/ton, a weekly decrease of 615 yuan/ton [26] Group 4: Industry Supply and Demand Supply - As of July 2025, the monthly import volume of carbonate lithium was 13,845.31 tons, a decrease of 3,852.31 tons from June, a decline of 21.77% and a year - on - year decline of 42.67%. The monthly export volume was 366.347 tons, a decrease of 63.31 tons from June, a decline of 14.74% and a year - on - year increase of 37.2%. The monthly output was 44,600 tons, an increase of 500 tons from June, an increase of 1.13% and a year - on - year increase of 14.36%. The monthly operating rate was 43%, a monthly decline of 5% and a year - on - year decline of 32% [31] Demand - **Electrolyte and Related Materials**: As of July 2025, the monthly output of electrolyte was 179,450 tons, an increase of 6,800 tons from June, an increase of 3.94% and a year - on - year increase of 44.16%. The average price of lithium hexafluorophosphate was 55,750 yuan/ton, a weekly increase of 8,000 yuan/ton [34] - **Lithium Iron Phosphate**: As of July 2025, the monthly output of lithium iron phosphate cathode materials was 213,960 tons, an increase of 10,660 tons from June, an increase of 5.24% and a year - on - year increase of 26.6%. The operating rate was 51%, a monthly decrease of 1% and a year - on - year decrease of 5%. The average price of lithium iron phosphate (power type) was 34,300 yuan/ton, unchanged from the previous week [39] - **Ternary Materials**: As of July 2025, the monthly output of ternary materials was 61,920 tons, an increase of 2,920 tons from June, an increase of 4.95% and a year - on - year increase of 24.09%. The operating rate was 52%, a monthly increase of 1% and a year - on - year decrease of 1%. The prices of mainstream ternary materials continued to strengthen [42] - **Lithium Manganate**: As of July 2025, the monthly output of lithium manganate was 10,120 tons, a decrease of 680 tons from June, a decline of 6.3% and a year - on - year increase of 11.21%. The average price of lithium manganate was 34,000 yuan/ton, a weekly increase of 2,000 yuan/ton [47] - **Lithium Cobaltate**: As of July 2025, the monthly output of lithium cobaltate was 12,870 tons, an increase of 470 tons from June, an increase of 3.79% and a year - on - year increase of 71.14%. The average price of lithium cobaltate was 235,000 yuan/ton, a weekly increase of 5,000 yuan/ton [50] Application End - New Energy Vehicles - As of July 2025, the monthly production of new - energy vehicles was 1,243,000 units, a monthly decrease of 1.97%; the monthly sales were 1,262,000 units, a monthly decrease of 5.04%. The penetration rate was 44.99%, a monthly increase of 0.68% and a year - on - year increase of 8.61%. The cumulative export volume was 1.308 million units, a year - on - year increase of 84.75% [52][57] Group 5: Option Market - According to the option parity theory, the premium of the synthetic underlying asset is 0.13, presenting a positive arbitrage opportunity. Based on the performance of at - the - money option contracts and fundamental conditions, it is recommended to build a long straddle option to bet on increased volatility [60]

-广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：鑫椤锂电 电池： 根据ICC鑫椤锂电数据库统计： 2025年7月年全球锂电池产量为 186.6GWH ，同比增长 48.9%。1-7月累计产量 1175.12GWH ，同比增长48.62%。 钴酸锂： 根 据 ICC鑫椤锂电数据库 统计： 2025年7月中国钴酸锂的产量达 0.99万吨 ，同比增长 13.7%。1-7月产量累计 6.07万吨 ，同比增长19.49%。 负极： 根 据 ICC鑫椤锂电数据库 统计： 2025年7月全球负极材料产量 24.4万吨 ，同比增长38.7%。 1-7月累计产量 154.44吨 ，同比增长34.21%。 电解液： 根 据 ICC鑫椤锂电数据库 统计： 2025年7月全球电解液产量为 19.05万吨 ，同比增长 38.2%。1-7月累计产量 118.66万吨 ，同比增长43.74%。 隔膜： 根据 ICC鑫椤锂电数据库 统计： 2025年7月全球隔膜产量为 26.72亿平米 ，同比增长 36.6%。1-7月累计产量 169.6亿平米 ，同比增长36.64%。 更多详 ...

碳酸锂日报 碳酸锂日报（2025 年 8 月 22 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 碳酸锂日报 三、图表分析 3.1 矿石价格 1. 昨日碳酸锂期货主力合约跌 0.17%至 82760 元/吨。现货价格方面，电池级碳酸锂平均价下跌 500 元 /吨至 85200 元/吨，工业级碳酸锂平均价下跌 500 元/吨至 82900 元/吨，电池级氢氧化锂（粗颗粒） 下跌 50 元/吨至 77690 元/吨。仓单方面，昨日仓单库存增加 275 吨至 24320 吨。 2. 供应端，周度产量环比减少 842 吨至 19138 吨，其中锂辉石提锂环比增加 520 吨至 12179 吨，锂云 母提锂环比减少 1250 吨至 2650 吨，盐湖提锂环比减少 90 吨至 2650 吨，回收料提锂环比增加 78 吨 至 1757 吨。同时，预计 8 月供应环比仍小有增加 3%至 8.42 万吨。需求端，8 月两大正极材料耗锂 预计环比增加 8%至 8.6 万吨 LCE。库存端，社会库存环比减少 713 吨至 141543 吨，上游和其他环 节库存减少，下游延续 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On August 14, 2025, the 2511 contract of lithium carbonate futures rose 0.28% to 85,300 yuan/ton. The average price of battery - grade lithium carbonate increased by 1,000 yuan/ton to 82,000 yuan/ton, the average price of industrial - grade lithium carbonate rose by 950 yuan/ton to 79,750 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) increased by 1,050 yuan/ton to 73,040 yuan/ton. The warehouse receipt inventory increased by 260 tons to 21,939 tons [3]. - In terms of supply, the weekly output increased by 424 tons to 19,980 tons. It is expected that the supply in August will increase by 3% to 84,200 tons. In terms of demand, the lithium consumption of two major cathode materials in August is expected to increase by 8% to 86,000 tons of LCE. In terms of inventory, the total social inventory decreased by 162 tons to 142,256 tons, with upstream destocking and restocking in other and downstream sectors [3]. - Against the background of anti - involution and sustained demand, short - term production suspension has boosted market sentiment. There is a risk of correction after the previous rapid rise, and the market may fluctuate in the short term. The production suspension of mines can adjust the supply - demand balance of lithium resources, but the suspension period needs attention. As prices rise, some enterprises may resume production, and overseas imports are expected to increase. Future focus should be on actual lithium salt supply, overseas import increments, terminal customer supply, and potential issues with other mining licenses [3]. 3. Summary by Directory 2. Daily Data Monitoring - Futures: The closing price of the main contract was 85,300 yuan/ton, up 200 yuan from the previous day; the closing price of the continuous contract was 73,480 yuan/ton, down 9,140 yuan [5]. - Lithium ore: The price of lithium spodumene concentrate (6%, CIF China) was 937 US dollars/ton, up 11 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) was 1,300 yuan/ton, up 25 yuan; the price of lithium mica (Li2O: 2.0% - 2.5%) was 2,075 yuan/ton, up 45 yuan [5]. - Lithium salts and other products: Various lithium salts, lithium hydroxides, and other product prices showed different degrees of increase or remained stable, and there were also corresponding changes in price differences [5]. 3. Chart Analysis 3.1 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 lithium phosphate - aluminum ore (6% - 7%) from 2024 to 2025 [6][8]. 3.2 Lithium and Lithium Salt Prices - Charts present the price trends of metal 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 2025 [11][13][15]. 3.3 Price Differences - Charts display the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF Japan - South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide, etc., from 2024 to 2025 [18][19][21]. 3.4 Precursor & Cathode Materials - Charts show the price trends of ternary precursors and ternary materials, as well as the price trends of lithium iron phosphate, lithium manganate, and lithium cobalt oxide from 2024 to 2025 [23][26][29]. 3.5 Lithium Battery Prices - Charts present the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobalt oxide cells, and square lithium iron phosphate batteries from 2024 to 2025 [31][33]. 3.6 Inventory - Charts show the inventory trends of downstream, smelters, and other sectors from December 2024 to August 2025 [35][37]. 3.7 Production Costs - Charts display 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, and外购锂辉石精矿 from 2024 to 2025 [39][40].

Core Viewpoint - The battery-grade manganese market is expected to continue its rapid growth, with a projected shipment volume of 57,000 tons in the first half of 2025, representing a year-on-year increase of 54% [1]. Group 1: Market Dynamics - Traditional manganese-based materials, particularly lithium manganese oxide, remain the largest application area, accounting for over 80% of the market in the first half of 2025. However, the share of new manganese-based cathode materials, such as lithium manganese iron phosphate, is increasing significantly [3]. - The new manganese-based cathode materials are anticipated to become the largest application market for battery-grade manganese as technologies like lithium iron phosphate and high-voltage nickel manganese oxide scale up in the near future [4]. Group 2: Production Processes - There are currently three main production processes for battery-grade manganese: metal manganese, manganese sulfate, and recycling methods. The metal manganese process holds the highest market share, with leading companies including Zhonggang Tianyuan. The manganese sulfate process ranks second, represented by Huicheng New Materials, while the recycling method is led by Shidai Zhongneng. Compared to 2024, the market share of the metal manganese process has decreased in the first half of 2025, while the shares of manganese sulfate and recycling methods have increased [6]. Group 3: Industry Concentration - The battery-grade manganese industry has a high concentration, with leading companies such as Zhonggang Tianyuan, Huicheng New Materials, Hunan Shuangfu, Zhongzhe New Materials, and Guangxi Manganese Hua collectively holding an 80% market share in the first half of 2025 [8]. Group 4: Future Outlook - With breakthroughs in manganese-based cathode material technology, the penetration rate of manganese materials is expected to continue increasing. Coupled with the inherent advantages of low cost and long cycle life of manganese materials, the shipment volume is projected to maintain high growth [10].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The lithium carbonate market is in a stage where supply increases slightly and demand gradually warms up, with large price fluctuations and an improving industry outlook [5]. - The central bank and six other departments issued the "Guiding Opinions on Financial Support for New - type Industrialization," aiming to develop a mature financial system for high - end, intelligent, and green manufacturing by 2027 [5]. - It is recommended to conduct short - term long positions at low prices with a light position and control risks [5]. 3. Summary by Directory **Weekly Highlights Summary** - Market Review: The weekly line of the lithium carbonate main contract fluctuated strongly, with a change of +11.67% and an amplitude of 14.36%. As of the end of the week, the main contract closed at 76,960 yuan/ton [5]. - Outlook: Macroeconomically, policies support the high - end development of the manufacturing industry. In terms of fundamentals, the raw material price fluctuates, the supply may increase, and the demand is gradually warming up. The overall industry expectation is improving [5]. - Strategy: Conduct short - term long positions at low prices with a light position and control trading rhythm to manage risks [5]. **Futures and Spot Market** - Futures Price: As of August 8, 2025, the closing price of the lithium carbonate main contract was 76,960 yuan/ton, a week - on - week increase of 8,040 yuan/ton. The near - far month spread was - 1,660 yuan/ton, a week - on - week decrease of 920 yuan/ton [11]. - Spot Price: As of August 8, 2025, the average price of battery - grade lithium carbonate was 71,900 yuan/ton, a week - on - week increase of 550 yuan/ton. The basis of the main contract was - 5,060 yuan/ton, a week - on - week decrease of 7,490 yuan/ton [15]. **Upstream Market** - Lithium Spodumene: As of August 8, 2025, the average price of lithium spodumene concentrate (6% - 6.5%) was 780 US dollars/ton, a week - on - week decrease of 30 US dollars/ton. The US dollar - RMB spot exchange rate decreased by 0.21% week - on - week [19]. - Lithium Mica: As of August 8, 2025, the average price of lithium mica (Li₂O: 2.0% - 3%) was 2,358 yuan/ton, a week - on - week increase of 18 yuan/ton. The average price of phospho - lithium - aluminum stone was 6,650 yuan/ton, a week - on - week increase of 455 yuan/ton [24]. **Industry Situation** - Supply: As of June 2025, the monthly import volume of lithium carbonate was 17,697.62 tons, a decrease of 3,448.16 tons from May, a decline of 16.31% and a year - on - year decline of 9.63%. The monthly output was 44,100 tons, an increase of 2,000 tons from May, an increase of 4.75% and a year - on - year increase of 5% [29]. **Downstream Situation** - Demand: The quotes of hexafluorophosphate lithium, lithium iron phosphate, ternary materials, lithium manganate, and lithium cobaltate remained flat. The output of electrolyte increased, while the output of lithium iron phosphate, ternary materials, lithium manganate, and lithium cobaltate decreased [32][35][39][44][47]. - Application: As of June 2025, the penetration rate of new energy vehicles was 44.32%, with a month - on - month increase of 0.33% and a year - on - year increase of 9.12%. The monthly sales volume was 1,329,000 vehicles, a month - on - month increase of 1.68%. The cumulative export volume was 1.06 million vehicles, a year - on - year increase of 75.21% [49][55]. **Options Market** - It is recommended to construct a long straddle option to bet on increased volatility. The synthetic underlying asset's premium/discount is - 0.27, presenting a reverse arbitrage opportunity [56][58].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The fundamentals of lithium carbonate are relatively loose with profit recovery and increased production, but there is still uncertainty in supply - side fluctuations. It is expected that the short - term price of lithium carbonate will fluctuate widely. Investors are advised to wait and see and not chase high prices (View Score: 0) [1]. 3. Summary by Relevant Catalogs 3.1 Lithium Carbonate Futures - **Prices**: On August 7, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts were 70,000 yuan/ton, 71,920 yuan/ton, 72,300 yuan/ton, and 72,300 yuan/ton respectively, showing an increase compared to the previous day. The closing price of the active contract was 72,300 yuan/ton, up 2,680 yuan/ton from the previous day [1]. - **Trading Volume and Open Interest**: The trading volume of the active contract was 766,669 lots (+341,310), and the open interest was 289,832 lots (+32,062) [1]. - **Inventory**: The inventory was 16,443 tons, an increase of 1,420 tons from the previous day. The registered warehouse receipts were 16,443 tons (+1,420) [1]. - **Spreads and Basis**: The spread between near - month and consecutive - one contracts was - 1,920 yuan/ton, a decrease of 1,520 yuan/ton from the previous day. The basis (SMM battery - grade lithium carbonate dry average price - lithium carbonate active contract closing price) changed from a premium to a discount, decreasing by 2,530 yuan/ton [1]. 3.2 Lithium Ore and Lithium - Related Product Prices - **Lithium Ore**: The average price of lithium spodumene concentrate (6%, CIF China) was 757 US dollars/ton, up 9 US dollars/ton from the previous day. The prices of various types of lithium mica also increased [1]. - **Lithium - Related Products**: The average prices of battery - grade and industrial - grade lithium carbonate increased by 150 yuan/ton. The average price of some lithium - related products such as ternary precursors, ternary materials, and phosphoric acid lithium iron also showed an upward trend [1]. 3.3 Cobalt Spot Prices - The average price of electrolytic cobalt remained unchanged at 266,500 yuan/ton. The average prices of cobalt sulfate and tricobalt tetroxide increased by 100 yuan/ton and 650 yuan/ton respectively [1]. 3.4 SMM Lithium Carbonate Inventory - The total SMM lithium carbonate inventory was 142,418 tons on August 7, 2025, an increase of 692 tons compared to the previous week. Among them, the inventory of downstream increased by 2,271 tons, while the inventory of smelters and others decreased [1]. 3.5 Market News and Demand - Supply Situation - **Market News**: In July, China's imports and exports were 3.91 trillion yuan, a year - on - year increase of 6.7%. Exports were 2.31 trillion yuan, up 8%, and imports were 1.6 trillion yuan, up 4.8% [1]. - **Supply - Demand**: Last week, the production of lithium carbonate increased. The production of phosphoric acid lithium iron and ternary materials increased, while the production plan of lithium cobalt oxide decreased and that of lithium manganate increased in August. The production of power batteries decreased last week. In July, the year - on - year growth rate of new energy vehicle production and sales continued, but the sales volume decreased month - on - month, and the 3C shipments were average. The production plan of energy - storage batteries increased in August [1].