碳酸锂：基本面变化有限，关注市场情绪变化

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The fundamentals of lithium carbonate have limited changes, and market sentiment changes should be focused on [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Data: The closing prices of the 2601 and 2605 contracts are 99,300 yuan and 100,460 yuan respectively; the trading volumes are 1,767,428 and 427,422 respectively; the open interests are 503,132 and 319,331 respectively [1] - Warehouse Receipts: The warehouse receipt volume is 26,766 lots [1] - Basis: The basis between spot and 2601 contract is -10,400 yuan; between spot and 2605 contract is -11,560 yuan; between 2601 and 2605 contracts is -1,160 yuan [1] - Raw Materials: The prices of lithium spodumene concentrate (6%, CIF China) and lithium mica (2.0%-2.5%) are 1,086 US dollars and 2,575 yuan respectively [1] - Lithium Salts: The prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, and battery - grade lithium hydroxide (micropowder) are 88,900 yuan, 86,500 yuan, and 83,850 yuan respectively [1] - Related Products: The prices of products such as lithium iron phosphate (power type) and ternary materials vary, with the price of lithium iron phosphate (power type) at 38,165 yuan [1] 3.2 Macro and Industry News - SMM battery - grade lithium carbonate index price is 89,837 yuan/ton, up 1,870 yuan/ton from the previous working day; the average price of battery - grade lithium carbonate is 88,900 yuan/ton, up 1,500 yuan/ton; the average price of industrial - grade lithium carbonate is 86,500 yuan/ton, up 1,450 yuan/ton [2] - On November 19, Liontown held a lithium spodumene concentrate auction. The auctioned 10,000 wet tons of 5.2% lithium spodumene was sold at CIF SC6 1,254 US dollars/dry ton, and the goods are expected to be shipped in the first half of January 2026 [2][3] 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral trend [3]