Report Overview - Date: August 28, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] - Report Type: Carbonate Lithium Futures Daily Report [1] Industry Investment Rating - Not provided Core View - The short - term carbonate lithium futures are expected to stop falling and recover, with attention on the 77,000 support level. The current high supply pressure persists, but the inventory inflection point is looming as the downstream peak season approaches and social inventories have been decreasing for two weeks [9]. Summary by Section 1. Market Review and Operation Suggestion - Market performance: Carbonate lithium first rose and then fell. The main contract of carbonate lithium futures once rose above 81,000 due to market speculation about the suspension of Yifeng mines, but then declined as market risk preference dropped in the afternoon. Total trading volume increased while total open interest decreased, indicating a strong sentiment of capital leaving the market [9]. - Spot and futures: The spot price of electric - carbon decreased by 100 to 81,600. The spot premium over the 09 contract was 2,540, slightly higher than the previous day. As the 09 contract approaches the delivery month, the futures and spot prices are expected to converge [9]. - Raw material prices and production profits: The prices of Australian ore and lithium mica ore remained flat. The production profit of salt plants using purchased lithium spodumene narrowed to 1,988, and the production loss of salt plants using purchased lithium mica widened to 2,946. Despite this, salt - plant production enthusiasm remains high, and high supply pressure persists [9]. - Downstream product prices: The price of 5 - series power ternary materials remained flat, while the price of lithium iron phosphate decreased by 30. The upstream and downstream of the industrial chain showed resistance to price drops [9]. 2. Industry News - Energy innovation achievements: During the "High - quality Completion of the 14th Five - Year Plan" press conference, the National Energy Administration stated that during the 14th Five - Year Plan, new energy patents accounted for over 40% globally, and new energy technologies set new world records. New energy models and formats are booming, and new tracks are emerging, becoming an important source of new - quality productivity development [12]. - Company development: Del股份 is deeply involved in oxide solid - state battery technology, has built a sample trial - production line in Shanghai, and is accelerating the construction of a pilot line in Huzhou. Its products have obtained international certification, and it is promoting cooperation with automobile manufacturers and the implementation of diversified application scenarios [12]

Group 1: Market Review and Operational Suggestions - The lithium carbonate futures rebounded after hitting the bottom, with total positions and trading volume continuing to decline, and market trading sentiment weakening. The market remained in a back structure. As the delivery month approached, the September contract continued to trade at a discount to the spot price. The spot price of electric carbon dropped by 800 to 81,700, and the discount narrowed to 2,440. Downstream procurement and price - fixing activities increased slightly compared to the previous day, but the procurement volume of some manufacturers this week decreased compared to last week. Downstream procurement sentiment turned cautious, with most players waiting for further price cuts [8]. - Australian ore prices remained stable at 920, while the price of lithium mica ore dropped by 25 to 1,970. The production losses of salt plants using purchased lithium spodumene and lithium mica narrowed to 2,021 and 2,848 respectively. Considering the hedging profits provided by the futures market, salt plants still had high production enthusiasm, and the high supply pressure was difficult to ease in the short term [8]. - The prices of 5 - series power ternary materials and lithium iron phosphate dropped by 125 and 190 respectively, and the downstream prices followed suit. Short - term downstream demand is gradually entering the peak season, and downstream consumption is supported. Moreover, there are signs of a turning point in the social inventory of lithium carbonate. It is expected that the lithium carbonate futures will stop falling in the short term, and attention should be paid to the support level of 77,000 [8]. Group 2: Industry News - Guotou Xinjiang Lithium Industry Co., Ltd. (affiliated to Guotou Luojia) plans to invest approximately 800 million yuan to expand its annual lithium carbonate production capacity in Xinjiang's Lop Nur from 5,000 tons to 10,000 tons. Jiwu High - tech and Lanxiao Technology won the bids for the core systems in the equipment procurement for this expansion project [11]. - Ganfeng Lithium Battery is leading the drafting of the "Non - ferrous Metal Industry Standard of the People's Republic of China: Battery - grade Lithium Sulfide", which has entered the approval stage. On August 22, 2025, Ganfeng Lithium Battery's semi - annual report announced its upstream - downstream integrated layout of solid - state batteries. In addition, three "Electronic Industry Standards of the People's Republic of China" have completed multiple rounds of expert discussions, laying a solid foundation for the standardization of subsequent solid - state electrolyte products [11][12]

Report Information - Date: August 26, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Industry Investment Rating - Not mentioned Core View - The short - term decline of lithium carbonate futures is expected to stop as downstream demand is gradually entering the peak season, consumption is supported, and the inflection point of social inventory of lithium carbonate is looming [9] Summary by Directory 1. Market Review and Operation Suggestions - Lithium carbonate fluctuated slightly downwards, with total positions and total trading volume both decreasing, and market trading sentiment declined. The spot price of electric carbon dropped by 1400 to 82500, and the spot continued to have a premium of nearly 3000 over the futures. Downstream procurement and price - fixing behavior became more stable compared to last week [9] - Due to the active market transactions last week, downstream inventory increased. Today's trading volume declined, and downstream procurement became more cautious, waiting for further price cuts [9] - Australian ore prices remained flat at 920, lithium mica prices dropped by 60 to 1995. The profit of salt plants using purchased lithium spodumene narrowed to 2516, and the loss of salt plants using purchased lithium mica widened to 5641. In the short term, ore prices were resistant to decline, compressing salt plant profits [9] - The prices of 5 - series power ternary materials dropped by 300, and lithium iron phosphate dropped by 340, with downstream prices following the decline [9] 2. Industry News - Group14 Technologies completed a $463 million Series D financing on August 20, led by SK Inc., with participation from existing investors. The funds will be used to expand the production capacity of its silicon anode material SCC55 in the US and South Korea to meet the surging global energy storage demand [12] - The National Energy Administration released the national power industry statistics for January - July. As of the end of July, the cumulative installed power generation capacity nationwide was 3.67 billion kilowatts, a year - on - year increase of 18.2%. Among them, the installed capacity of solar power was 1.11 billion kilowatts, a year - on - year increase of 50.8%; the installed capacity of wind power was 0.57 billion kilowatts, a year - on - year increase of 22.1%. From January to July, the average utilization hours of national power generation equipment were 1806 hours, 188 hours lower than the same period last year [12]