碳酸锂：下游采买有所降温，高位震荡

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core View of the Report - The downstream procurement of lithium carbonate has cooled down, and the price is in a high - level oscillation [1]. 3) Summary by Related Catalogs a. Fundamental Tracking - Futures Market Data: For the 2605 contract, the closing price was 147,260 yuan, with a change of 1,060 yuan compared to T - 1; the trading volume was 329,126 lots, a decrease of 262,397 lots from T - 1; the open interest was 411,331 lots, a decrease of 4,802 lots from T - 1. For the 2607 contract, the closing price was 147,800 yuan, up 860 yuan from T - 1; the trading volume was 60,102 lots, a decrease of 74,923 lots from T - 1; the open interest was 119,847 lots, an increase of 1,403 lots from T - 1 [1]. - Warehouse Receipts and Basis: The warehouse receipt volume was 27,698 lots, an increase of 240 lots from T - 1. The basis of spot - 2605 was 3,740 yuan, a decrease of 8,060 yuan from T - 1; the basis of spot - 2607 was 3,200 yuan, a decrease of 7,860 yuan from T - 1; the basis of 2605 - 2607 was - 540 yuan, an increase of 200 yuan from T - 1 [1]. - Raw Materials and Lithium Salts: The price of spodumene concentrate (6%, CIF China) was 1,950 yuan, a decrease of 30 yuan from T - 1; the price of lithium mica (2.0% - 2.5%) was 4,710 yuan, a decrease of 125 yuan from T - 1. The price of battery - grade lithium carbonate was 151,000 yuan, a decrease of 7,000 yuan from T - 1; the price of industrial - grade lithium carbonate was 147,500 yuan, a decrease of 7,000 yuan from T - 1 [1]. b. Macro and Industry News - Lithium Carbonate Price: The SMM battery - grade lithium carbonate index price was 151,665 yuan/ton, a decrease of 7,812 yuan/ton compared to the previous working day; the average price of battery - grade lithium carbonate was 151,000 yuan/ton, a decrease of 7,000 yuan/ton from the previous working day; the average price of industrial - grade lithium carbonate was 147,500 yuan/ton, a decrease of 7,000 yuan/ton from the previous working day [2]. - Company Fund - Raising: On January 19, Hunan Yueneng New Energy Battery Materials Co., Ltd. announced a plan to raise no more than 4.788 billion yuan through a private placement. The funds will be mainly used for the production capacity construction of energy - storage battery cathode materials and to supplement working capital. The projects include a 320,000 - ton/year lithium manganese iron phosphate project with an investment of 2.8 billion yuan, a 75,000 - ton/year ultra - long - cycle lithium iron phosphate project with an investment of 500 million yuan, and a 100,000 - ton/year iron phosphate project with an investment of 600 million yuan [3]. c. Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral trend, with the value ranging from - 2 (most bearish) to 2 (most bullish) [3].