盐端减量支撑有限，盘面再度失守7万关口

Group 1: Report Industry Investment Rating - Industry investment rating for lithium carbonate: Sideways [1] Group 2: Core View of the Report - Last week, lithium salt prices fluctuated downward, with multiple lithium salt contracts and spot prices showing declines. Although some salt factories plan to reduce production and overseas producers may adjust pricing and shipping, the demand lacks unexpected performance, and the Chinese market for lithium carbonate will still accumulate inventory from April to May. Given the high channel inventory and uncertain supply - side drivers, the price is likely to be weak in the second quarter. A bearish approach is recommended, and short - selling on rebounds has higher certainty [2][3][12] Group 3: Summary by Relevant Catalog 1. Salt - end reduction has limited support, and the market has fallen below the 70,000 - yuan mark again - From April 21 - 25, lithium salt prices declined. For example, the closing price of LC2505 decreased by 2.8% to 68,400 yuan/ton, and battery - grade and industrial - grade lithium carbonate spot prices dropped by 2.3%. The price of lithium hydroxide also slightly decreased. The market fell below 70,000 yuan at the beginning of the week and remained at a low level. Despite salt - end production reduction plans and potential overseas adjustments, the demand is flat, and inventory will still accumulate. A bearish strategy is recommended for the second quarter [11][12] 2. Weekly industry news review - CATL launched the sodium - ion battery brand "Naxin", and its first product will be mass - produced in June [15] - In March 2025, China imported 534,500 physical tons of spodumene, a 6% decrease from February. Imports from different countries showed different trends [15] - The Weilasituo Lithium Polymetallic Mine in Chifeng obtained a mining license. It has large reserves and plans a two - phase development with a total investment of 5 billion yuan [15] - Australian lithium miner Liontown Resources' production and shipments increased in Q1 2025, and its operating costs decreased [16] - The Chilean regulator approved the joint - venture plan between Codelco and SQM to develop lithium resources in the Atacama Salt Lake [17] 3. Monitoring of key high - frequency data in the industrial chain 3.1 Resource end: The spot price of lithium concentrate continues to decline - The spot price of spodumene concentrate (6%, CIF China) decreased by 1.9% week - on - week to $793/ton [12] 3.2 Lithium salt: The main contract has fallen below the 70,000 - yuan mark again - Multiple lithium carbonate futures and spot prices decreased. For example, the closing price of the GFEX lithium carbonate futures near - month contract (LC2505) decreased by 2.8% to 68,380 yuan/ton [12] 3.3 Downstream intermediates: Quotes decline - The prices of downstream materials such as lithium iron phosphate, ternary materials, and cobalt - acid lithium showed different degrees of decline or slight increase [12] 3.4 Terminal: In March, China's new - energy vehicle production and sales increased significantly year - on - year - Although the specific data in the text is not detailed, it is emphasized that there was a high year - on - year increase in production and sales [40]