限仓提费去库放缓，锂价冲高回落

Report Industry Investment Rating - The rating for lithium carbonate is "Oscillation" [1] Core Viewpoints of the Report - Last week, lithium salt prices showed a strong trend, but there was a high - level callback on the Friday daytime session. The market expects short - term supply shortages and strong year - end demand in the energy storage sector. Regulatory measures and potential restarts of production may affect the market. The report predicts short - term callback pressure on the disk and suggests light - position short - selling opportunities [2][3][16] Summary by Directory 1. Limitation of Positions, Increase of Fees, Slower Inventory Reduction, and Lithium Prices Peaking and Falling - From November 17th to 21st, lithium salt prices were strong. LC2512 and LC2601 closing prices increased by 4.3% and 4.2% respectively to 91,000 yuan/ton. SMM battery - grade and industrial - grade lithium carbonate spot average prices rose by 8.4% and 8.6% to 92,300 and 89,900 yuan/ton. Lithium hydroxide prices also followed the upward trend [2][13] - The market was affected by supply expectations, demand support, regulatory measures, and potential restarts of production. SMM data showed an increase in lithium carbonate production and a decrease in inventory, with a slower inventory accumulation slope [3][16] 2. Review of Weekly Industry News - PMET submitted a feasibility study report for the CV5 lithium project, revealing the largest lithium spodumene resource in the Americas, with a planned annual production of about 800,000 tons of lithium spodumene concentrate [17] - Sigma suspended its Brazilian lithium mine in the third quarter, reduced production, and plans to complete expansion by the end of 2026, increasing the total capacity to 520,000 tons/year [17] - Liontown Resources' first lithium spodumene auction price was 16.7% higher than the current spot price [18] - Hunan Yueneng started the construction of a 20,000 - ton battery recycling and a 30,000 - ton lithium carbonate project [18] 3. Monitoring of Key High - Frequency Data in the Industry Chain 3.1 Resource End: Continuous Increase in Lithium Concentrate Prices - The spot average price of lithium spodumene concentrate (6%, CIF China) increased by 83 dollars/ton to 1,089 dollars/ton, a year - on - year increase of 8.3% [14] 3.2 Lithium Salt: Intensified Game of Restart Disturbances - The prices of lithium carbonate futures and spot showed an upward trend, and the profit of lithium salt plants and relevant price differences also changed [14][16] 3.3 Downstream Intermediates: Continued Strength of Ternary and Lithium Cobalt Oxide - The prices of downstream materials such as ternary materials, lithium cobalt oxide, and lithium iron phosphate showed an upward or stable trend [14] 3.4 Terminal: High - Growth Maintenance of Power Battery Installation - The power battery installation volume in China maintained high growth, and the production and sales of new energy vehicles also showed positive trends [47][48][52]