碳酸锂：动力和储能需求短期转弱，矿端发运起量，上方承压

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - This week, the price of lithium carbonate futures contracts showed high - level fluctuations. The 2601 contract closed at 87,360 yuan/ton, up 5,060 yuan/ton week - on - week, and the 2605 contract closed at 87,880 yuan/ton, up 4,940 yuan/ton week - on - week. The spot price rose 4,750 yuan/ton to 85,150 yuan/ton [1]. - In terms of supply and demand fundamentals, short - term demand for power and energy storage has weakened, while shipments from the mining end have increased. The price of lithium ore has exceeded $1,000/ton, and port inventories have increased. Weekly production remained flat at 21,545 tons, and inventory decreased by 3,481 tons to 120,000 tons. This week, the winning bid capacity of energy storage projects was 7.537 GWH, a week - on - week decrease of 22.88%. In October 2025, passenger car retail sales decreased by 1% [2]. - In the future, the price is under upward pressure. The shipping volume of Australian mines has been above the annual average for three consecutive weeks since October 27. The production enterprises of Australian mines have significantly increased the recovery rate, and the supply will increase at the end of this year or in the first quarter of next year. From October to November, the scale of energy storage procurement and bidding has weakened month - on - month. The unilateral price of the futures main contract is expected to range from 73,000 to 88,000 yuan/ton [3]. - For cross - period trading, no recommendations are provided. Lithium salt plants are advised to adopt hedging strategies to lock in profits, and downstream enterprises are advised to reduce the hedging ratio [4]. 3. Summary by Relevant Catalogs 3.1 Market Data - The report presents figures on the price difference between lithium carbonate spot and futures, as well as the cross - period price difference of lithium carbonate futures [1][5]. 3.2 Lithium Salt Upstream Supply - Side (Lithium Ore) - Figures show the processing profit of spodumene concentrate, the average price trend, monthly import volume and price of lithium concentrate, and the monthly import volume and price of Australian lithium concentrate [8][9]. 3.3 Lithium Salt Mid - Stream Consumption - Side (Lithium Salt Products) - Multiple figures display the prices of battery - grade lithium carbonate in different regions, the price trends of domestic battery - grade and industrial - grade lithium carbonate, the processing cost of converting industrial - grade to battery - grade lithium carbonate, the price difference between battery - grade lithium hydroxide in CIF Japan, South Korea and domestic markets, the monthly export volume of lithium carbonate and lithium hydroxide, the monthly production volume, monthly production volume by raw material, monthly production volume by region, weekly production volume, monthly operating rate, monthly import and export volume, and monthly inventory of lithium carbonate [15][22][24]. 3.4 Lithium Salt Downstream Consumption - Side (Lithium Batteries and Materials) - Figures show the monthly production volume and monthly operating rate of lithium iron phosphate, the monthly production volume, monthly operating rate, monthly production volume of various types, import and export volume of ternary materials, the installed capacity of Chinese lithium batteries, and the monthly production volume of various types of domestic power lithium batteries [25][26][28].