节后热情不减，碳酸锂大幅拉涨

Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - After the Spring Festival, the demand side remains hot, and whether the supply side can quickly replenish will be the key to the market trend. It is expected that lithium carbonate will maintain a relatively strong shock trend in the short term, and it is advisable to consider buying on dips [3] 3. Summary by Relevant Catalogs Market Analysis - On February 24, 2026, the main contract 2605 of lithium carbonate opened at 143,000 yuan/ton and closed at 152,640 yuan/ton, with a 2.21% change in the closing price compared to the previous trading day's settlement price. The trading volume was 300,191 lots, and the open interest was 342,226 lots, down from 353,975 lots in the previous trading day. The current basis is -7,720 yuan/ton (average price of electric carbon - futures). The lithium carbonate warehouse receipts were 38,759 lots, a change of 1,477 lots from the previous trading day [1] - According to SMM data, the price of battery - grade lithium carbonate is quoted at 146,000 - 158,000 yuan/ton, a change of 8,250 yuan/ton from the previous trading day, and the price of industrial - grade lithium carbonate is quoted at 143,000 - 154,000 yuan/ton, also a change of 8,250 yuan/ton from the previous trading day. The price of 6% lithium concentrate is 2,110 US dollars/ton, with no change from the previous day [1] - During the Spring Festival, the US cancelled tariffs on fentanyl and implemented reciprocal tariffs. After hedging the proposed 15% tariff increase, the comprehensive total tax rate for China's energy storage system exports to the US decreased from 48.4% to 43.4%, a decrease of about 5%. At the same time, the OBBB Act has a window period for the assessment of non - restricted entities and recognizes the battery mixing scheme, which directly improves the export profit margin of Chinese energy storage enterprises and significantly boosts the demand expectation of the overseas energy storage market for lithium carbonate [1] Inventory Analysis - According to SMM's latest statistics, the spot inventory is 110,425 tons, a month - on - month decrease of 1,044 tons. Among them, the smelter inventory is 18,090 tons, a month - on - month decrease of 1,071 tons; the downstream inventory is 41,485 tons, a month - on - month decrease of 1,253 tons; other inventories are 50,850 tons, a month - on - month increase of 1,280 tons. The downstream and smelter inventories decreased, while other inventories increased. It is expected that the de - stocking pattern will still be maintained in December, but the de - stocking has slowed down, and attention should be paid to whether there is an inventory inflection point at the end of the month [2] Strategy - Unilateral: Buy on dips - Inter - period: None - Inter - variety: None - Spot - futures: None - Options: None [4]