碳酸锂：区间震荡，关注地方以旧换新补贴暂停

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The price of lithium carbonate is expected to fluctuate within a range, and attention should be paid to the suspension of local trade - in subsidies [1][2][3] Group 3: Summary by Related Catalogs 1. Fundamental Tracking - Futures Market Data: For the 2511 contract, the closing price was 72,880, down 1,160 from T - 1; the trading volume was 481,020, up 138,301 from T - 1; the open interest was 248,640, down 12,501 from T - 1. For the 2601 contract, the closing price was 72,820, down 1,180 from T - 1; the trading volume was 110,012, up 24,442 from T - 1; the open interest was 173,994, down 4,353 from T - 1. The warehouse receipt volume was 40,329, up 20 from T - 1 [1] - Base - related Data: The spot - 2511 was 720, down 290 from T - 1; the spot - 2601 was 780, down 250 from T - 1; the 2511 - 2601 was 60, up 40 from T - 1; the electric carbon - industrial carbon was 2,250, unchanged from T - 1; the spot - CIF was 6,892, up 120 from T - 1 [1] - Raw Material Data: The price of lithium spodumene concentrate (6%, CIF China) was 857, up 1 from T - 1; the price of lithium mica (2.0% - 2.5%) was 1,875, unchanged from T - 1 [1] - Lithium Salt Data: The price of battery - grade lithium carbonate was 73,600, down 150 from T - 1; the price of industrial - grade lithium carbonate was 71,350, down 150 from T - 1; the price of battery - grade lithium hydroxide (micropowder) was 78,850, down 100 from T - 1 [1] - Consumption - related Data: The price of ternary material 523 (polycrystalline/consumer type) was 117,625, up 1,100 from T - 1; the price of ternary material 622 (polycrystalline/consumer type) was 120,375, up 600 from T - 1; the price of ternary material 811 (polycrystalline/power type) was 148,800, up 750 from T - 1; the price of lithium hexafluorophosphate was 58,250, up 250 from T - 1 [1] 2. Macroeconomic and Industry News - The SMM battery - grade lithium carbonate index price was 73,491 yuan/ton, down 187 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 73,600 yuan/ton, down 150 yuan/ton from the previous working day, and the average price of industrial - grade lithium carbonate was 71,350 yuan/ton, down 150 yuan/ton from the previous working day [2] - The Jiangsu Provincial Department of Commerce adjusted the automobile trade - in policy, suspending the automobile replacement subsidy policy at 24:00 on September 28, 2025. Consumers who met the application conditions and obtained the new - car invoice between January 1, 2025, and September 28, 2025, had to submit complete application materials before 24:00 on October 20, 2025 [2][3] - On the morning of September 28, the 40,000 - ton basic lithium salt integrated project and the 20,000 - ton lithium carbonate project of China Salt Lake Industry Group Co., Ltd. were successfully put into production in Golmud City, Haixi Mongolian and Tibetan Autonomous Prefecture [3] 3. Trend Intensity - The trend intensity of lithium carbonate was 0, indicating a neutral view [3]