Investment Rating - The report does not provide an overall investment rating for the industry Core Viewpoints - The supply of domestic lithium carbonate is expected to be loose, with production and inventory at a high level, but the price may have an upward space due to government - led clearance and the impact of automobile consumption. It is recommended to set up a stop - loss line and hold long positions in appropriate quantities, paying attention to the support level around 58,000 - 62,000 and the pressure level around 66,000 - 70,000. [5] - The UK Transport Secretary plans to invest £6 million in building household and logistics warehouse chargers and has a £2.5 billion plan to support the transition of automakers to zero - emission vehicle manufacturing. [1] - A 720V high - voltage solid - state lithium salt battery has been mass - produced in China, while Panasonic delays production in the US, and Derui Battery is advancing new capacity acceptance work. [2] - The production plan of the OaoL factory in the US is to produce at least 100 tons of graphite - based lithium salt, but OneD Battery Sciences has closed its pilot manufacturing factory due to tariff policies. [2] - Domestic lithium salt factories increase long - term contract procurement or customer - supplied models, but downstream cathode material factories have a low willingness to take delivery yet still have rigid demand procurement. [5] Industry Information Supply - side Information - The daily cash production cost of spodumene and lepidolite - produced lithium carbonate is about 60,000 yuan/ton, with negative production profit, while the cash production cost of spodumene, lepidolite, and salt - lake - produced lithium carbonate in the fourth quarter is about 2,000 - 6,130 yuan/ton, with positive production profit. The import window is closed, and the monthly import volume of lithium carbonate may decrease. [1][3][5] - China's monthly production of lithium hydroxide by smelting and causticizing methods may decrease in July, and the inventory in factories and warehouses may increase. The daily cash production cost of lithium hydroxide is about 3,000 - 6,600 yuan/ton, with negative production profit. The production line of a group is planned to be completed in 2025, and the production volume of lithium hydroxide may be affected. [3][5] - The production cost of cobalt tetroxide in China is about 11,000 - 14,000 yuan/ton, with positive profit, which may lead to an increase in the production and export volume of cobalt tetroxide in China in July. The monthly processing fee of ternary materials in China has decreased, the daily average production cost of multi - brand typical ternary materials is about 10,000 yuan/ton, with negative production profit, and the inventory in factories has increased, which may lead to an increase in the production volume of ternary materials in China in July. [5] - The daily production cost of externally - sourced raw material - used ternary precursor is about 9,500 yuan/ton, with negative production profit, and the production volume of ternary precursor in China may increase in July. The export volume of ternary precursor in China may increase in July. [5] Demand - side Information - The monthly average production cost of different production processes of iron phosphate is about 10,600 - 12,900 yuan/ton, and the production volume of iron phosphate in China may increase in July. [4][5] - The monthly average production cost of different production processes of lithium iron phosphate is about 29,000 - 55,000 yuan/ton, and the inventory in factories has increased. [5] - The export volume of 3C - type ternary precursor in China may increase in July, and the monthly processing fee of ternary materials has decreased. [5] Market Price Information - On July 11, 2025, compared with the previous day, the closing price of lithium carbonate futures has changed as follows: the closing price of the near - month contract decreased by 1,460 yuan/ton, the closing price of the active contract increased by 100 yuan/ton, and the inventory decreased by 1,588 tons. [1] - The average price of lithium ore increased by 1 yuan/ton, the average price of lepidolite remained unchanged, the average price of phosphate - lithium aluminum remained unchanged, the average price of metallic lithium remained unchanged, the average price of lithium carbonate (99.5% battery - grade/ domestic) increased by 100 yuan/ton, the average price of lithium carbonate (99.2% industrial - grade/ domestic) increased by 100 yuan/ton, and the average price of lithium hydroxide (56.5% battery - grade/ domestic) remained unchanged. [1] Company Information - Jianheng Aorui Technology Co., Ltd. in Inner Mongolia has achieved mass production of 720V high - voltage solid - state lithium salt batteries, making China the third country in the world to achieve commercial mass production of solid - state lithium salt batteries. [2] - Panasonic Holdings will adjust the production plan of its new EV battery factory in the US, delaying the production plan. [2] - Derui Battery is advancing the acceptance work of new capacity, and the new capacity will be gradually released according to sales and orders. [2] - OaoL plans to produce at least 100 tons of graphite - based lithium salt in the US, but OneD Battery Sciences has closed its pilot manufacturing factory due to tariff policies. [2]