碳酸锂：关注矿证变化，节前建议轻仓操作

Industry Investment Rating - No information regarding the industry investment rating is provided in the report. Core Viewpoint - The report suggests paying attention to changes in mining certificates and recommends light - position operations before the holiday for lithium carbonate [1]. Summary by Relevant Sections Fundamental Tracking - Contract Data: The 2511 contract's closing price was 73,920, with a change of 1,040 compared to T - 1; volume was 465,591, down 15,429 from T - 1; and open interest was 251,749, up 3,109 from T - 1. The 2601 contract's closing price was 73,900, up 1,080 from T - 1; volume was 130,921, up 20,909 from T - 1; and open interest was 174,714, up 720 from T - 1 [1]. - Warehouse Receipt and Basis: The warehouse receipt volume was 41,119, up 790 from T - 1. The basis of spot - 2511 was - 370, and spot - 2601 was - 350 [1]. - Raw Materials and Lithium Salts: The price of lithium spodumene concentrate (6%, CIF China) was 858, up 1 from T - 1; lithium mica (2.0% - 2.5%) was 1,875, unchanged from T - 1. The price of battery - grade lithium carbonate was 73,550, down 50 from T - 1; industrial - grade lithium carbonate was 71,300, down 50 from T - 1 [1]. Macro and Industry News - SMM's battery - grade lithium carbonate index price was 73,456 yuan/ton, down 35 yuan/ton from the previous workday. The average price of battery - grade lithium carbonate was 73,550 yuan/ton, down 50 yuan/ton; industrial - grade lithium carbonate was 71,300 yuan/ton, down 50 yuan/ton [2]. - Huayou Cobalt's subsidiary in Zimbabwe is investing $400 million to build a lithium sulfate processing plant, which is in the final construction phase and will be completed before the Zimbabwean government's lithium concentrate export ban in January 2027 [3]. Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral view, with the range of trend intensity being integers in the [- 2,2] interval [3].