碳酸锂：供给端扰动反复，宽幅震荡

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the given content. 2. Core View of the Report - The price of lithium carbonate is expected to experience wide - amplitude fluctuations due to repeated disturbances on the supply side [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Market Data: For the 2509 contract, the closing price was 79,040 yuan, down 220 yuan compared to T - 1; the trading volume was 15,027 lots, down 4,545 lots; the open interest was 29,214 lots, down 4,831 lots. For the 2511 contract, the closing price was 78,860 yuan, down 160 yuan; the trading volume was 729,645 lots, up 170,046 lots; the open interest was 351,322 lots, up 1,826 lots. The warehouse receipt volume was 27,477 lots, up 787 lots [2] - Price Difference Data: The spot - 2509 was 2,560 yuan, up 120 yuan; the spot - 2511 was 2,740 yuan, up 60 yuan; the basis of 2509 - 2511 was 180 yuan, down 60 yuan; the difference between electric carbon and industrial carbon was 2,300 yuan, unchanged [2] - Raw Material and Lithium Salt Data: The price of spodumene concentrate (6%, CIF China) was 920 yuan, unchanged; the price of lepidolite (2.0% - 2.5%) was 1,970 yuan, unchanged; the price of battery - grade lithium carbonate was 81,600 yuan, down 100 yuan; the price of industrial - grade lithium carbonate was 79,300 yuan, down 100 yuan [2] - Consumer Data: The price of ternary material 523 (polycrystalline/consumer - type) was 114,400 yuan, unchanged; the price of ternary material 622 (polycrystalline/consumer - type) was 117,850 yuan, unchanged; the price of ternary material 811 (polycrystalline/power - type) was 145,900 yuan, unchanged; the price of lithium hexafluorophosphate was 56,200 yuan, unchanged [2] 3.2 Macro and Industry News - The SMM battery - grade lithium carbonate index price was 81,739 yuan/ton, down 780 yuan/ton compared to the previous workday. The price range of battery - grade lithium carbonate was 79,400 - 84,000 yuan/ton, with an average price of 81,700 yuan/ton, down 800 yuan/ton. The price range of industrial - grade lithium carbonate was 78,800 - 80,000 yuan/ton, with an average price of 79,400 yuan/ton, down 800 yuan/ton [3] - In the first half of 2025, Hunan Yueneng's shipments of phosphate cathode materials reached 480,800 tons, a year - on - year increase of 55.38%. Its operating income was 14.3577771 billion yuan, a year - on - year increase of 33.17%. The net profit attributable to shareholders of the listed company was 305.1675 million yuan, a year - on - year decrease of 21.59%. The product gross profit margin was 6.97%, a decrease of 1.02 percentage points compared to the same period last year [3][4] 3.3 Trend Intensity - The trend intensity of lithium carbonate was - 1, indicating a relatively bearish outlook [4]