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Report Summary 1. Report Date and Title - Date: November 24, 2025 - Title: "Carbonate Lithium: Intensified Long - Short Game, Focus on the Resumption of Work of Large Factories" [1] 2. Analysts and Contacts - Analyst: Shao Wanyi (Investment Consulting Qualification Number: Z0015722) - Contact: Liu Hongru (Futures Practitioner Qualification Number: F03124172) [1] 3. Fundamental Data of Carbonate Lithium 3.1 Futures Contracts Data - 2601 Contract: Closing price is 91,020 yuan, down 7,960 yuan compared to T - 1; trading volume is 1,137,824 lots, down 457,822 lots; open interest is 411,327 lots, down 68,275 lots [2] - 2605 Contract: Closing price is 91,960 yuan, down 8,160 yuan compared to T - 1; trading volume is 691,639 lots, up 63,899 lots; open interest is 336,423 lots, down 3,346 lots [2] 3.2 Other Data - Warehouse Receipts: 26,848 lots, down 68 lots compared to T - 1 - Basis: Spot - 2601 is 1,280 yuan; Spot - 2605 is 340 yuan; 2601 - 2605 is - 940 yuan - Raw Materials: Lithium spodumene concentrate (6%, CIF China) is 1,089 yuan, down 28 yuan compared to T - 1; lithium mica (2.0% - 2.5%) is 2,550 yuan, down 150 yuan [2] - Lithium Salts: Battery - grade carbonate lithium is 92,300 yuan, up 1,000 yuan compared to T - 1; industrial - grade carbonate lithium is 89,900 yuan, up 1,000 yuan [2] 4. Macro and Industry News - SMM battery - grade carbonate lithium index price is 92,801 yuan/ton, up 401 yuan/ton compared to the previous working day; battery - grade carbonate lithium is 89,800 - 94,800 yuan/ton, with an average price of 92,300 yuan/ton, up 1,000 yuan/ton; industrial - grade carbonate lithium is 88,300 - 91,500 yuan/ton, with an average price of 89,900 yuan/ton, up 1,000 yuan/ton [3] - From November 15th to November 21st, there were 36 project tenders with a total scale of 20.31GWh, and 15 projects were awarded with a total capacity of 6.338GWh [3] 5. Trend Intensity - The trend intensity of carbonate lithium is 0, indicating a neutral view. The trend intensity ranges from - 2 to 2, where - 2 means the most bearish and 2 means the most bullish [5]