碳酸锂：库存累库，关注下方空间

1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core View of the Report - The report focuses on the inventory accumulation of lithium carbonate and suggests paying attention to the downward space [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Contracts: For the 2605 contract, the closing price was 157,200, down 1,920 from T - 1; the trading volume was 260,930, up 27,626 from T - 1; the open interest was 246,385, down 5,572 from T - 1. For the 2607 contract, the closing price was 157,160, down 1,500 from T - 1; the trading volume was 34,454, up 5,007 from T - 1; the open interest was 112,109, up 5,868 from T - 1 [2]. - Warehouse Receipts: The warehouse receipt volume was 30,751, down 709 from T - 1 [2]. - Basis: The basis of spot - 2605 was - 700, up 5,920 from T - 1; the basis of spot - 2607 was - 660, up 5,500 from T - 1; the basis of 2605 - 2607 was 40, up 420 from T - 1 [2]. - Raw Materials: The price of spodumene concentrate (6%, CIF China) was 2,210, up 67 from T - 1; the price of lepidolite (2.0% - 2.5%) was 4,800, up 200 from T - 1 [2]. - Lithium Salts: The price of battery - grade lithium carbonate was 156,500, up 4,000 from T - 1; the price of industrial - grade lithium carbonate was 153,500, up 4,000 from T - 1 [2]. - Related Products: The price of lithium iron phosphate (power type) was 55,110, up 970 from T - 1; the price of ternary material 523 (polycrystalline/consumer type) was 191,800, up 250 from T - 1 [2]. 3.2 Macro and Industry News - New宙邦 disclosed that in 2025, its total operating revenue was 9.639 billion yuan, a year - on - year increase of 22.84%; the net profit attributable to the parent company was 1.097 billion yuan, a year - on - year increase of 16.48%. It has introduced several domestic and foreign leading battery customers, and some have achieved hundred - ton - level procurement for semi - solid battery R & D and small - batch production. The company believes that in the future, solid - state batteries will focus on niche application scenarios with high energy density and low cycle requirements, and the market scale is relatively limited; liquid electrolytes will still dominate in mainstream fields such as power batteries and energy storage [3][4]. - China's first independently developed new - type energy storage artificial intelligence data analysis platform was officially put into use. The platform can remotely and real - time detect equipment defects and generate maintenance plans automatically [4]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral view. The range of trend intensity is an integer in the interval [-2, 2], with -2 being the most bearish and 2 being the most bullish [4].