碳酸锂：大厂复产进度超预期，弱势运行

Group 1: Report Industry Investment Rating - The trend strength of lithium carbonate is -2, indicating the most bearish view [4] Group 2: Core View of the Report - The resumption progress of large lithium carbonate manufacturers exceeds expectations, and the market is operating weakly [1] Group 3: Summary by Related Catalogs 1. Fundamental Tracking - Futures Market Data: For the 2509 contract, the closing price is 72,820 yuan, down 2,440 yuan from T - 1; the trading volume is 183 lots, down 93 lots; the open interest is 1,351 lots, down 754 lots. For the 2511 contract, the closing price is 72,900 yuan, down 1,900 yuan; the trading volume is 591,675 lots, down 190,712 lots; the open interest is 351,340 lots, down 12,797 lots. The warehouse receipt volume is 38,101 lots, up 650 lots [2] - Spot and Basis Data: The spot - 2509 basis is 1,780 yuan, the spot - 2511 basis is 1,700 yuan, and the 2509 - 2511 basis is - 80 yuan. The difference between electric carbon and industrial carbon is 2,250 yuan, and the spot - CIF difference is 7,202 yuan [2] - Raw Material and Lithium Salt Data: The price of spodumene concentrate (6%, CIF China) is 879 yuan, up 3 yuan; the price of lithium mica (2.0% - 2.5%) is 1,865 yuan, unchanged. The price of battery - grade lithium carbonate is 74,600 yuan, unchanged; the price of industrial - grade lithium carbonate is 72,350 yuan, unchanged [2] 2. Macro and Industry News - SMM's battery - grade lithium carbonate index price is 74,589 yuan/ton, up 94 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate is 74,600 yuan/ton, unchanged; the average price of industrial - grade lithium carbonate is 72,350 yuan/ton, unchanged [3] - Ningde Times' subsidiary is promoting the resumption of production at the Jianxiawo lithium mine. The approval of the mining license is progressing smoothly, and it is expected to resume production soon, faster than the market's fastest expectation [4] - Sichuan Energy Investment De'a Lithium Industry Co., Ltd., a subsidiary of Sichuan Energy Investment Power Co., Ltd., has successfully produced qualified battery - grade lithium carbonate products. The project with an annual output of 30,000 tons of lithium salt is expected to have an annual output value of 2.4 billion yuan and drive local employment [4]