碳酸锂：厂库扩容，便利仓单交割

Report Summary 1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating. 2. Core Viewpoints - The report presents the latest data on the lithium carbonate market, including prices, trading volumes, and inventory levels. It also provides macro and industry news, such as price changes, factory warehouse expansion for futures delivery, and import data. The trend strength of lithium carbonate is -1, indicating a bearish outlook [2][3][4]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Contract Data: The closing prices, trading volumes, and open interest of the 2601 and 2605 contracts are presented, showing fluctuations compared to previous periods. For example, the 2601 contract's closing price was 112,480, with a change of 2,760 compared to T - 1 [2]. - Warehouse Receipts: The warehouse receipt volume was 16,411 hands, an increase of 900 compared to T - 1 [2]. - Basis: The basis between spot and futures contracts, as well as between different futures contracts, is provided. For example, the spot - 2601 basis was -13,480 [2]. - Raw Materials and Lithium Salts: Prices of raw materials (lithium spodumene concentrate, lithium mica) and lithium salts (battery - grade lithium carbonate, industrial - grade lithium carbonate, etc.) are given, showing price increases compared to previous periods. For instance, battery - grade lithium carbonate was 99,000 yuan/ton, an increase of 1,350 yuan/ton compared to T - 1 [2]. - Downstream Products: Prices of downstream products such as lithium iron phosphate, ternary materials, and electrolyte are presented, with some showing price increases [2]. 3.2 Macro and Industry News - Price Changes: SMM's battery - grade lithium carbonate index price was 99,120 yuan/ton, a daily increase of 1,283 yuan/ton. Battery - grade lithium carbonate averaged 99,000 yuan/ton, up 1,350 yuan/ton, and industrial - grade lithium carbonate averaged 96,350 yuan/ton, up 1,300 yuan/ton [3]. - Futures Delivery Warehouse Expansion: The Guangzhou Futures Exchange announced the addition of several companies as lithium carbonate futures delivery factories and increased the maximum standard warehouse receipt volumes at multiple storage points [4]. - Import Data: In November 2025, China's lithium spodumene imports reached 729,000 physical tons, a 12% monthly increase, equivalent to about 81,000 tons of lithium carbonate equivalent (LCE). Australia was the main source of incremental imports, with a 44% monthly increase [4]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is -1, indicating a relatively bearish view on the market [4].