碳酸锂：去库不及预期，关注高位回落风险

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The de - stocking of lithium carbonate is less than expected, and attention should be paid to the risk of a high - level decline [1] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - 2601 Contract: The closing price was 104,440 yuan, down 2,380 yuan from T - 1; the trading volume was 37,631 lots, down 18,448 lots from T - 1; the open interest was 68,869 lots, down 10,585 lots from T - 1 [1] - 2605 Contract: The closing price was 106,160 yuan, down 2,460 yuan from T - 1; the trading volume was 1,013,916 lots, down 144,695 lots from T - 1; the open interest was 672,711 lots, up 4,122 lots from T - 1 [1] - Warehouse Receipt Volume: It was 15,636 lots, unchanged from T - 1 [1] - Basis: Spot - 2601 was - 6,890 yuan, up 2,880 yuan from T - 1; Spot - 2605 was - 8,610 yuan, up 2,960 yuan from T - 1; 2601 - 2605 was - 1,720 yuan, up 80 yuan from T - 1 [1] - Raw Materials: The price of spodumene concentrate (6%, CIF China) was 1,326 US dollars, up 6 US dollars from T - 1; the price of lepidolite (2.0% - 2.5%) was 2,825 yuan, up 40 yuan from T - 1 [1] - Lithium Salts: The price of battery - grade lithium carbonate was 97,550 yuan, up 500 yuan from T - 1; the price of industrial - grade lithium carbonate was 94,950 yuan, up 500 yuan from T - 1 [1] 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 97,690 yuan/ton, up 519 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 97,550 yuan/ton, up 500 yuan/ton from the previous working day. The average price of industrial - grade lithium carbonate was 94,950 yuan/ton, up 500 yuan/ton from the previous working day [2] - This week, the lithium carbonate output was 22,045 tons, an increase of 47 tons from last week. The industry - wide inventory was 110,425 tons, with a de - stocking of 1,044 tons from last week [2] 3.3 Trend Intensity - The trend intensity of lithium carbonate was 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [4]