1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The fundamentals of lithium carbonate may be in a stage of sufficient supply and acceptable demand. It is recommended to conduct short - term long trades on dips and pay attention to controlling risks in trading rhythm [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract was 159,620 yuan/ton, up 7,540 yuan; the net position of the top 20 was - 108,643 lots, down 5,488 lots; the position volume of the main contract was 310,683 lots, down 6,281 lots; the spread between near - and far - month contracts was - 40 yuan/ton, down 4,600 yuan; the warehouse receipts of GZFE were 36,393 lots/ton, down 10 lots [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate was 156,500 yuan/ton, down 2,500 yuan; the average price of industrial - grade lithium carbonate was 153,000 yuan/ton, down 2,500 yuan; the basis of the Li₂CO₃ main contract was - 3,120 yuan/ton, down 10,040 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) was 2,505 US dollars/ton, unchanged; the average price of amblygonite was 13,825 yuan/ton, down 175 yuan; the price of lithium mica (2 - 2.5%) was 7,213 yuan/ton, down 75 yuan [2] 3.4 Industry Situation - The monthly output of lithium carbonate was 53,520 tons, down 5,950 tons; the monthly import volume was 23,988.66 tons, up 1,933.47 tons; the monthly export volume was 911.90 tons, up 152.66 tons; the monthly operating rate of lithium carbonate enterprises was 47%, down 5 percentage points; the monthly output of power batteries was 141,600 MWh, down 26,400 MWh; the price of lithium manganate was 51,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate was 111,000 yuan/ton, unchanged; the price of lithium cobaltate was 400,500 yuan/ton, unchanged; the price of ternary material (811 type) in China was 202,000 yuan/ton, unchanged; the price of ternary material (622 power type) in China was 181,500 yuan/ton, unchanged [2] 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China was 196,500 yuan/ton, unchanged; the monthly operating rate of ternary cathode materials was 45%, down 5 percentage points; the price of lithium iron phosphate was 52,400 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes was 55%, up 1 percentage point; the monthly output of new energy vehicles (CAAM) was 694,000 vehicles, down 347,000 vehicles; the monthly sales volume of new energy vehicles (CAAM) was 765,000 vehicles, down 180,000 vehicles; the cumulative sales penetration rate of new energy vehicles (CAAM) was 41.18%, up 0.90 percentage points; the cumulative sales volume of new energy vehicles was 1,710,000 vehicles, down 125,000 vehicles; the monthly export volume of new energy vehicles was 282,000 vehicles, down 20,000 vehicles; the cumulative export volume of new energy vehicles was 583,000 vehicles, up 301,000 vehicles; the 20 - day average volatility of the underlying was 73.43%, up 1.45 percentage points; the 40 - day average volatility of the underlying was 98.20%, up 0.66 percentage points [2] 3.6 Option Situation - The total call position was 118,003 lots, up 5,038 lots; the total put position was 103,783 lots, up 2,868 lots; the put - call ratio of total positions was 87.95%, down 1.3835 percentage points; the implied volatility of at - the - money IV was 0.69%, up 0.0091 percentage points [2] 3.7 Industry News - Academician Ouyang Minggao said that 2026 will start a new round of high - quality development cycle led by innovation, and there will be seven technological development directions in the new energy vehicle industry in the next five years. When the penetration rate of new energy vehicles exceeds 50%, the market will enter the late mass market [2] - Cui Dongshu said that the average retail price of passenger cars rose from 165,000 yuan in 2021 to 184,000 yuan in 2024, dropped to 170,000 yuan in 2025, and rose to 180,000 yuan in February 2026 [2] - The central bank announced that in the first two months of this year, RMB loans increased by 5.61 trillion yuan, and the increment of social financing scale was 9.6 trillion yuan, an increase of 316.2 billion yuan year - on - year. At the end of February, M2 increased by 9% year - on - year, and the stock of social financing scale increased by 8.2% year - on - year. The average interest rate of newly issued corporate loans and personal housing loans in February was about 3.1% [2] - The Ministry of Finance and other three departments will carry out the pilot application for making up for the short - board of county - level charging and swapping facilities in 2026, planning to support 59 joint pilot counties across the country [2] 3.8 Market Analysis - The main contract of lithium carbonate rebounded slightly, with a 1.75% increase at the close. The position volume decreased month - on - month, the spot price was at a discount to the futures price, and the basis weakened compared with the previous day [2] - On the fundamentals, the price of lithium ore fluctuated with the high - level shock of lithium carbonate price. The supply was generally sufficient, and the demand was cautious, with a slight reduction in overall inventory. The demand had resilience but its sustainability needed further observation [2] - In the option market, the put - call ratio of positions was 87.95%, down 1.3835% month - on - month. The market sentiment was bullish, and the implied volatility increased slightly [2] - Technically, on the 60 - minute MACD, the two lines were below the 0 axis, and the green bars converged [2]