碳酸锂：内蒙补贴退坡，10月储能装机下滑，澳矿产量增加

Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The subsidy for independent new - type energy storage power stations in Inner Mongolia will decline in 2026, and the installed capacity of energy storage in October 2025 decreased significantly. Meanwhile, the production of Australian mines increased, which may affect the supply - demand relationship of lithium carbonate [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Market: For the 2511 contract, the closing price was 84,620 yuan, the trading volume was 252 lots, and the open interest was 1,138 lots. For the 2601 contract, the closing price was 86,540 yuan, the trading volume was 902,490 lots, and the open interest was 526,493 lots. The warehouse receipt volume was 28,099 lots [1] - Raw Materials and Lithium Salts: The price of spodumene concentrate (6%, CIF China) was 975 yuan, lithium mica (2.0% - 2.5%) was 2,220 yuan. The price of battery - grade lithium carbonate was 82,300 yuan, and industrial - grade lithium carbonate was 80,100 yuan [1] - Downstream Products: The price of lithium iron phosphate (power - type) was 36,360 yuan, and the price of ternary materials such as 523 (polycrystalline/consumer - type) was 152,325 yuan [1] 3.2 Macro and Industry News - The SMM battery - grade lithium carbonate index price was 82,339 yuan/ton, with an increase of 1,475 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate was 8.23 million yuan/ton, and that of industrial - grade lithium carbonate was 8.01 million yuan/ton, both increasing by 1,550 yuan/ton [2] - In 2026, the compensation standard for the power discharge of independent new - type energy storage power stations in Inner Mongolia to the public power grid will be 0.28 yuan/kWh, a 20% decrease compared to 2025. In October 2025, the newly installed capacity of domestic new - type energy storage projects was 1.70GW/3.52GWh, with a year - on - year decrease of 35%/49% and a month - on - month decrease of 51%/66% [3] 3.3 Trend Intensity - The trend intensity of lithium carbonate is - 1, indicating a relatively bearish view [3]