Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View The production of lithium carbonate continues to recover, and the price is in a weak and volatile state. The trend strength of lithium carbonate is -1, indicating a relatively bearish outlook [1][4]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Market**: For the 2511 contract, the closing price is 71,000 yuan, the trading volume is 426,041 lots, and the open interest is 323,456 lots. For the 2601 contract, the closing price is 71,280 yuan, the trading volume is 84,950 lots, and the open interest is 173,476 lots. The basis shows certain fluctuations [1]. - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) is 844 yuan, and the price of lepidolite (2.0% - 2.5%) is 1,775 yuan. The prices of various lithium salts such as battery - grade lithium carbonate, industrial - grade lithium carbonate, and battery - grade lithium hydroxide also show different degrees of change [1]. - **Industry Chain Related Data**: The prices of products in the lithium battery industry chain, including lithium iron phosphate, ternary materials, and electrolyte, have different trends. For example, the price of power - type lithium iron phosphate is 33,470 yuan [1]. 3.2 Macro and Industry News - The SMM battery - grade lithium carbonate index price is 72,804 yuan/ton, with a daily decline of 610 yuan/ton. The average price of battery - grade lithium carbonate is 72,850 yuan/ton, and that of industrial - grade lithium carbonate is 70,600 yuan/ton, both down 600 yuan/ton compared to the previous working day [2]. - This week, the production of lithium carbonate is 19,963 tons, an increase of 544 tons from last week, and the weekly inventory is 138,512 tons, a decrease of 1,580 tons from last week [2]. 3.3 Trend Intensity The trend intensity of lithium carbonate is -1, within the range of [-2, 2], indicating a relatively bearish view on the market [4].