Update on Core Views from Institutional Research on the Lithium Carbonate Industry

English summary

### Update on Core Views from Institutional Research on the Lithium Carbonate Industry Time: 2026-08-01 18:15:30 Content: 1. Analysis of current supply-side status of lithium carbonate - Overseas mine supply situation: Earlier, the market expected a large arrival of lithium ore in July 2026, but actual arrivals in July were sharply lower than normal, with the largest producer receiving only 10,000 tons and others receiving small amounts of a few thousand tons. The core reason for the shortfall is that although Zimbabwe has relaxed lithium ore export quotas, local logistics and transportation are congested. The entire chain from mines to ports and then to shipment is constrained by tight capacity, causing continuous delays. The subsequent arrival pace will see lithium ore arriving in August, returning to normal levels from late August to September, and supply will return to normal from September to January-February of the following year. Full-year overall lithium ore supply is expected to be halved compared to normal levels. - Domestic mine and production situation: There is strong uncertainty about the commissioning progress of Jiangxi lithium mine projects. They are not yet fully operational, and it is uncertain whether they can be fully completed by August. Based on the current pace, progress is likely to be slow. …