Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the reports. 2. Core View of the Report The current market shows a situation where spot prices of lithium carbonate have slightly declined, and the futures market is oscillating. With continuous inventory reduction and a change in the basis after a significant drop in the futures price, both the spot and futures markets are supported by the consumer side. Attention should be paid to the inflection points of consumption and inventory. If consumption weakens and mine production resumes, the inventory may shift from reduction to accumulation, leading to a potential decline in the futures market [1][3]. 3. Summary by Related Content Market Analysis - **Futures Market**: On November 5, 2025, the main contract 2601 of lithium carbonate opened at 78,440 yuan/ton and closed at 79,140 yuan/ton, a -0.45% change from the previous settlement price. The trading volume was 515,731 lots, and the open interest was 453,260 lots, down from 457,374 lots the previous day. The current basis is 1,800 yuan/ton, and the number of lithium carbonate warehouse receipts is 26,830 lots, a change of 340 lots from the previous day [1]. - **Spot Market**: According to SMM data, the price of battery - grade lithium carbonate is 78,700 - 82,300 yuan/ton, a -400 yuan/ton change from the previous day, and industrial - grade lithium carbonate is 77,900 - 78,700 yuan/ton, also a -400 yuan/ton change. The price of 6% lithium concentrate is 925 US dollars/ton, a -20 US dollars/ton change from the previous day [1]. - **Supply**: Lithium salt plants are operating at a high utilization rate, with both spodumene and salt - lake production ends maintaining over 60% utilization. It is expected that the domestic lithium carbonate production in November will remain at the same level as in October [1]. - **Demand**: The power market for new energy vehicles (both commercial and passenger) is growing rapidly, and the energy storage market has strong supply and demand, with supply remaining tight [1]. - **Company News**: On November 5, Salt Lake Co., Ltd. reported that its 40,000 - ton lithium salt project is in the trial - operation stage, and the annual production target of 3,000 tons is expected to be exceeded. Its subsidiary, Lan Ke Lithium Industry, has a total production capacity of about 40,000 tons after technological upgrades [2]. Strategy - **Unilateral**: In the short term, it is advisable to wait and see. Pay attention to the inflection points of inventory and consumption, and choose the opportunity to sell hedging at high prices [3]. - **Other Strategies**: No cross - period, cross - variety, spot - futures, or options strategies are provided [4].

Report Industry Investment Rating No relevant content provided. Core View The sharp decline in the lithium carbonate futures market on November 4, 2025, was mainly affected by the expected resumption of production at the mining end of large factories, the inflection point of inventory and consumption in the first - quarter off - season, and the weak overall commodity sentiment. Although the recent inventory has been continuously depleted, providing some support to the market, the upstream hedging willingness is strong at 82,000 yuan/ton, while the downstream procurement willingness decreases. The follow - up focus should be on the consumption and inventory inflection points. If consumption weakens and mining production resumes, inventory may shift from depletion to accumulation, and the market may experience a significant correction [2]. Summary by Related Catalogs Market Analysis - On November 4, 2025, the lithium carbonate main contract 2601 opened at 82,700 yuan/ton and closed at 78,560 yuan/ton, with a - 4.34% change from the previous trading day's settlement price. The trading volume was 975,978 lots, and the open interest was 457,374 lots, compared with 525,184 lots in the previous trading day. The current basis was 1,040 yuan/ton (average price of electric carbon - futures). The number of lithium carbonate warehouse receipts decreased by 800 lots to 26,490 lots compared with the previous trading day [1]. - The price of battery - grade lithium carbonate was reported at 79,400 - 82,400 yuan/ton, a decrease of 100 yuan/ton from the previous trading day; the price of industrial - grade lithium carbonate was reported at 78,100 - 79,300 yuan/ton, also a decrease of 100 yuan/ton. The price of 6% lithium concentrate was 945 US dollars/ton, a decrease of 30 US dollars/ton from the previous day. When the futures price dropped below 80,000 yuan/ton, some post - pricing transactions were closed [1]. - In terms of supply, the overall operating rate of lithium salt plants remained high, with the operating rates of spodumene and salt lake ends both above 60%, becoming the main supply sources. It is expected that the domestic lithium carbonate production in November can maintain the production level of October, with a roughly flat month - on - month change. In terms of demand, the power market of new energy vehicles in both commercial and passenger segments is growing rapidly; the energy storage market has strong supply and demand, and the supply remains tight [1]. Strategy - **Unilateral**: In the short term, it is advisable to wait and see. Pay attention to the inventory and consumption inflection points and choose the opportunity to sell for hedging at high prices [2]. - **Cross - period**: None [3]. - **Cross - variety**: None [3]. - **Spot - futures**: None [3]. - **Options**: None [3].