[Electrolyte prices remained stable from June 30 to July 3] This week, electrolyte prices remained stable. Cost side, the price decline of LiPF6, a core raw material for electrolytes, was relatively small, while the prices of solvents and additives remained stable, maintaining a relatively stable cost structure. Demand side, due to the power market still being in the phase of digesting inventory vehicles, enterprises adjusted their production schedules downward accordingly, leading to a slight MoM decline in demand for power batteries; the ESS market, however, performed impressively, with overseas demand continuing to grow. Considering both markets, the overall demand growth was relatively small. Supply side, electrolyte enterprises continued to deepen the "produce based on sales" operational model. Limited by the issue of structural overcapacity in the industry, market competition pressure remained significant. Considering multiple factors, it is expected that electrolyte prices will continue to fluctuate rangebound in the future.