碳酸锂：关注锂矿行业政策，偏强运行

Report Overview - Report Title: "Carbonate Lithium: Pay Attention to Lithium Mine Industry Policies, Bullish Operation" - Date: July 21, 2025 Industry Investment Rating - The report gives a trend strength of 1 for carbonate lithium, indicating a "bullish" outlook. The trend strength ranges from -2 (most bearish) to 2 (most bullish) [3]. Core View - The report suggests that carbonate lithium is expected to operate bullishly, and investors should pay attention to policies in the lithium mine industry [1]. Content Summary by Section Fundamental Tracking - Futures Market Data: The closing prices of the 2509 and 2511 contracts are 69,960 and 68,620 respectively. The trading volumes are 1,206,323 and 119,615, and the open interests are 377,305 and 109,321 [1]. - Warehouse Receipts: The warehouse receipt volume is 10,239 hands, showing a decreasing trend compared to previous periods [1]. - Basis Data: The basis between spot and 2509 contract is -3,310, and between spot and 2511 contract is -1,970. The basis between 2509 and 2511 contracts is 1,340 [1]. - Raw Material Prices: The prices of lithium spodumene concentrate (6%, CIF China) and lithium mica (2.0%-2.5%) are 711 and 1,505 respectively, showing an upward trend [1]. - Lithium Salt Prices: The prices of battery-grade carbonate lithium and industrial-grade carbonate lithium are 66,650 and 65,050 respectively, both increasing compared to the previous day [1]. Macro and Industry News - Price Changes: The SMM battery-grade carbonate lithium index price is 66,468 yuan/ton, up 1,628 yuan/ton from the previous day. The average price of battery-grade carbonate lithium is 66,650 yuan/ton, up 1,700 yuan/ton, and the average price of industrial-grade carbonate lithium is 65,050 yuan/ton, also up 1,700 yuan/ton [2]. - Policy News: The Ministry of Industry and Information Technology, the National Development and Reform Commission, and the State Administration for Market Regulation jointly held a symposium on the new energy vehicle industry to standardize the competition order. The State Council Executive Meeting proposed three major measures to strengthen cost investigation, price monitoring, and product production consistency supervision [3]. - Project News: Zimbabwe's state-owned mining company Kuvimba Mining House plans to start construction of a concentrator with an annual processing capacity of 600,000 tons of lithium concentrate at its Sandawana mine in the third quarter of this year, with a total investment of $270 million, and it is expected to be put into operation in early 2027 [3].