Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views - The price of lithium carbonate is in a high - level shock, and attention should be paid to the risk of seasonal weakening of power demand [1] - The trend strength of lithium carbonate is - 1, indicating a relatively bearish view [4] Group 3: Summary by Related Catalogs Fundamental Tracking - **Futures Contracts**: For the 2511 contract, the closing price was 84,920, the trading volume was 549, and the open interest was 584. For the 2601 contract, the closing price was 86,580, the trading volume was 1,145,329, and the open interest was 528,966 [1] - **Warehouse Receipts**: The warehouse receipt volume was 28,287 hands [1] - **Basis**: The basis between spot and 2511 contract was - 1,620; between spot and 2601 contract was - 3,280; between 2511 and 2601 contracts was - 1,660 [1] - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 984, and the price of lepidolite (2.0% - 2.5%) was 2,245 [1] - **Lithium Salts**: The price of battery - grade lithium carbonate was 83,300, and the price of industrial - grade lithium carbonate was 81,100 [1] - **Related Products**: The price of lithium iron phosphate (power type) was 36,605, and the price of ternary material 523 (polycrystalline/consumer type) was 153,325 [1] Macro and Industry News - The SMM battery - grade lithium carbonate index price was 83,228 yuan/ton, with a daily increase of 889 yuan/ton. The average price of battery - grade lithium carbonate was 83,300 yuan/ton, and that of industrial - grade lithium carbonate was 81,100 yuan/ton, both with a daily increase of 1,000 yuan/ton [2] - In October 2025, the production and sales of new energy vehicles were 1.772 million and 1.715 million respectively, with year - on - year increases of 21.1% and 20% [2] - From January to October 2025, the production and sales of new energy vehicles were 13.015 million and 12.943 million respectively, with year - on - year increases of 33.1% and 32.7% [4]