碳酸锂：储能需求旺盛，震荡运行

Report Summary 1. Report Industry Investment Rating - The report does not provide an industry investment rating [1] 2. Core View of the Report - The demand for energy storage is strong, and lithium carbonate is oscillating [1] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - Futures Market Data: For the 2511 contract, the closing price was 73,640 yuan, with a change of 460 yuan compared to T - 1; the trading volume was 343,863 lots, a decrease of 156,404 lots from T - 1; the open interest was 294,624 lots, a decrease of 5,813 lots from T - 1. For the 2601 contract, the closing price was 73,800 yuan, up 460 yuan from T - 1; the trading volume was 73,016 lots, a decrease of 37,744 lots from T - 1; the open interest was 175,407 lots, an increase of 1,532 lots from T - 1 [1] - Spot and Basis Data: The spot - 2511 basis was - 490 yuan, a change of - 160 yuan from T - 1; the spot - 2601 basis was - 650 yuan, a change of - 160 yuan from T - 1; the 2511 - 2601 basis was - 160 yuan, with no change from T - 1 [1] - Raw Material and Lithium Salt Data: The price of spodumene concentrate (6%, CIF China) was 857 yuan, up 4 yuan from T - 1; the price of lithium mica (2.0% - 2.5%) was 1,815 yuan, with no change from T - 1. The price of battery - grade lithium carbonate was 73,150 yuan, up 300 yuan from T - 1; the price of industrial - grade lithium carbonate was 70,900 yuan, up 300 yuan from T - 1 [1] 3.2 Macro and Industry News - Lithium Carbonate Price: The SMM battery - grade lithium carbonate index price was 73,116 yuan/ton, a daily increase of 281 yuan/ton. The average price of battery - grade lithium carbonate was 73,150 yuan/ton, up 300 yuan/ton from the previous workday; the average price of industrial - grade lithium carbonate was 70,900 yuan/ton, up 300 yuan/ton from the previous workday [2] - Energy Storage Project Procurement: In August 2025, 289 domestic energy storage projects were procured and landed, with a scale of 28GW/89GWh and a capacity year - on - year increase of 232%. From January to August 2025, the newly added procurement and landing scale of energy storage projects reached 302.8GWh, a year - on - year increase of 203% [3] 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral view [3]