1. Report Industry Investment Rating - The rating for lithium carbonate is "oscillation" [1] 2. Core Viewpoints of the Report - Last week (06/23 - 06/27), lithium salt prices rebounded strongly. The closing price of LC2507 increased by 5.7% week - on - week to 63,200 yuan/ton, and LC2509 increased by 7.5% to 63,300 yuan/ton. The closing price of the near - month contract of Liyang Zhonglian Gold lithium carbonate increased by 3.7% to 61,000 yuan/ton. The price of lithium hydroxide continued to be weak [2][11]. - The rebound of lithium carbonate futures is mainly due to the actual demand being significantly stronger than the previous market expectations. After entering July, the market can confirm the actual demand and downstream procurement rhythm through various channels. In the short term, lithium prices are expected to be oscillating and strengthening [3][12][13]. - For unilateral strategies, it is recommended to temporarily avoid short positions or move them to LC2511, and pay attention to opportunities to go long on pullbacks. For arbitrage, pay attention to the positive spread opportunity between LC2509 - LC2511 [3][14]. 3. Summary by Related Catalogs 3.1 Demand Expectation Difference Drives the Rebound of the Market, Pay Attention to Downstream Procurement Rhythm - Lithium salt prices rebounded last week. The price of lithium hydroxide was weak, the electric - industrial price difference remained flat, and the price discount of battery - grade lithium hydroxide to battery - grade lithium carbonate widened [2][11][12]. - The rebound of lithium carbonate futures is due to the demand being stronger than expected. The actual production schedule of the cell link in July is increasing month - on - month, and the orders in the cathode link also confirm the demand. The low - level heavy position due to previous pessimistic expectations amplifies the upward price elasticity [3][12]. - On the supply side, the increase in domestic lithium carbonate production due to the resumption of some subcontractors in July is roughly offset by the decline in shipments from Chile and Argentina, with limited marginal changes. The core driver of the market lies in the demand side [3][13]. 3.2 Week - on - Week Review of Industry News - Zangge Mining's Mami Cuo project obtained project approval. The project's estimated total investment is 4.537 billion yuan [15]. - From January to April 2025, China's lithium - ion battery industry maintained growth. The total output exceeded 473 GWh, a year - on - year increase of 68%. The export volume reached 155.4 billion yuan, a year - on - year increase of 25% [15]. - Ganfeng's first shipment of lithium concentrate from Mali set sail and is expected to arrive at Chinese ports in early August [16]. - Zhongkuang Resources plans to invest 121 million yuan to upgrade the production line to an annual output of 30,000 tons of high - purity lithium salt. After the project is completed, the company's total battery - grade lithium salt production capacity will reach 71,000 tons per year [16]. 3.3 Monitoring of Key High - Frequency Data in the Industrial Chain 3.3.1 Resource End: The Spot Price of Lithium Concentrate Rebounded - The spot price of lithium concentrate rebounded, but specific data is not detailed in the text [18]. 3.3.2 Lithium Salt: The Market Rebounded from a Low Level - The prices of lithium carbonate futures and some spot prices increased. For example, the closing price of the LC2507 contract increased by 5.7% week - on - week, and the LC2509 contract increased by 7.5% [12]. 3.3.3 Downstream Intermediates: Quotes Slightly Rebounded - The prices of some downstream intermediate products such as lithium iron phosphate and ternary materials showed a slight upward trend [12]. 3.3.4 Terminal: The Penetration Rate of New Energy Vehicles in China Rebounded in May - Although there are corresponding charts in the text, specific data on the rebound of the penetration rate of new energy vehicles in May is not described in detail [39].