Guo Tai Jun An Qi Huo·2025-11-11 02:10Report Summary 1. Report Industry Investment Rating - The trend strength of lithium carbonate is rated as 0, indicating a neutral outlook. The strength ranges from -2 (most bearish) to 2 (most bullish), with classifications including weak,偏弱, neutral, 偏强, and strong [3]. 2. Report's Core View - The short - term trend of lithium carbonate is strong, with both the expected and actual demand in the energy storage sector being robust [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Contracts: For the 2511 contract, the closing price is 84,500 yuan, with a decrease in trading volume and open interest compared to previous periods. The 2601 contract has a closing price of 87,240 yuan, and its trading volume and open interest show different trends compared to historical data. For example, the trading volume of the 2601 contract on the current day is 986,569, an increase of 175,914 from the previous day [1]. - Basis: The basis between spot and 2511 contract is -3,750 yuan, and between spot and 2601 contract is -6,490 yuan. The difference between 2511 and 2601 contracts is -2,740 yuan [1]. - Raw Materials: The price of lithium spodumene concentrate (6%, CIF China) is 966 yuan, and lithium mica (2.0% - 2.5%) is 2,180 yuan. The price of battery - grade lithium carbonate is 80,750 yuan, showing an upward trend compared to previous periods [1]. - Related Products: The prices of various lithium - related products such as ternary materials, phosphoric acid iron lithium, and electrolytes also show different changes. For instance, the price of ternary material 523 (polycrystalline/consumer - type) is 149,325 yuan, an increase of 1,500 yuan from the previous day [1]. 3.2 Macro and Industry News - Price Information: The SMM battery - grade lithium carbonate index price is 80,864 yuan/ton, a daily increase of 493 yuan/ton. The average price of battery - grade lithium carbonate is 80,750 yuan/ton, up 350 yuan/ton from the previous day, and the average price of industrial - grade lithium carbonate is 78,550 yuan/ton, also up 350 yuan/ton [2]. - Policy News: The National Development and Reform Commission and the National Energy Administration issued a guidance on promoting new energy consumption and regulation, which aims to promote new energy consumption nearby and enhance the adaptability of the new power system to new energy, and improve the capacity price mechanism of regulatory resources [3]. - Company News: Ganfeng Lithium announced that the PPGS lithium salt lake project in Argentina has obtained the "Environmental Impact Assessment Report", and the project is expected to submit an application to the Argentine government in the first half of 2026. The project has about 1,507 million tons of LCE proven + controlled resources [3].