碳酸锂：下游材料存涨价预期，偏强震荡

Group 1: Report Title and Date - The report is titled "Carbonate Lithium: Downstream Materials Have Price Increase Expectations, Stronger Sideways Movement" and was released on December 24, 2025 [1] Group 2: Industry Investment Rating - No industry investment rating is provided in the report. Group 3: Core Viewpoint - The carbonate lithium market is expected to experience a stronger sideways movement due to the price increase expectations of downstream materials [1] Group 4: Fundamental Data Summary - Futures Contracts: The 2601 contract's closing price is 118,440, with a decrease compared to previous periods; the 2605 contract's closing price is 120,360, also with a decrease compared to previous periods. The trading volume and open interest of the two contracts show different trends [2] - Warehouse Receipts: The warehouse receipt volume is 16,651, showing an increase compared to the previous period [2] - Basis: The basis between different contracts and the difference between electric carbon and industrial carbon show certain fluctuations [2] - Raw Materials: The prices of lithium spodumene concentrate and lithium mica have increased compared to previous periods [2] - Lithium Salts: The prices of battery - grade carbonate lithium, industrial - grade carbonate lithium, and other lithium salts have generally increased compared to previous periods [2] - Consumer Products: The prices of various lithium - related consumer products such as ternary materials and lithium hexafluorophosphate show different trends [2] Group 5: Macro and Industry News - SMM's battery - grade carbonate lithium index price is 99,575 yuan/ton, with a daily increase of 455 yuan/ton. The average price of battery - grade carbonate lithium is 99,500 yuan/ton, and that of industrial - grade carbonate lithium is 96,850 yuan/ton, both with a daily increase of 500 yuan/ton [3] - Hualian Holdings plans to acquire 100% of the shares of Argentum Lithium S.A. for about 1235 million yuan, obtaining 80% of the rights and interests of the Arizaro project. The main product of the target company is battery - grade carbonate lithium [4] Group 6: Trend Intensity - The trend intensity of carbonate lithium is 1, indicating a relatively strong trend [4]