Report Summary 1) Report Industry Investment Rating - The trend strength of lithium carbonate is rated as "1", indicating a "moderately strong" outlook, with a range of [-2, 2] where -2 is most bearish and 2 is most bullish [3]. 2) Core View of the Report - Lithium carbonate's basis is stable and the market is trending moderately strong [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Futures Contracts**: The closing prices of the 2511 and 2601 contracts are 81,740 and 82,900 respectively. The trading volume of the 2511 contract decreased by 21,579, while the 2601 contract decreased by 69,886. The open interest of the 2511 contract decreased by 10,759, and the 2601 contract increased by 18,079 [1]. - **Warehouse Receipts**: The warehouse receipt volume is 27,525 hands, an increase of 190 compared to the previous day [1]. - **Basis**: The basis between spot and 2511 contract is -2,590, and between spot and 2601 contract is -3,750. The basis between 2511 and 2601 contracts is -1,160 [1]. - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) is 928, an increase of 3. The price of lithium mica (2.0% - 2.5%) is 2,130, an increase of 65 [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate is 79,150, an increase of 650. The price of industrial - grade lithium carbonate is 76,950, an increase of 650 [1]. - **Downstream Products**: The prices of various downstream products such as ternary materials and lithium hexafluorophosphate also showed different degrees of changes. For example, the price of lithium hexafluorophosphate is 103,000, an increase of 2,500 [1]. Macro and Industry News - **Lithium Carbonate Price**: The SMM battery - grade lithium carbonate index price is 79,207 yuan/ton, a daily increase of 654 yuan/ton. The average price of battery - grade lithium carbonate is 7.915 million yuan/ton, a daily increase of 650 yuan/ton. The average price of industrial - grade lithium carbonate is 7.695 million yuan/ton, a daily increase of 650 yuan/ton [2]. - **Liontown Resources**: In Q3 2025, Kathleen Valley produced 87,200 tons of lithium concentrate, a 1.5% increase. It sold 77,500 tons, a 20.4% decrease. The recovery rate reached 70%. The FOB operating cost was 715 dollars/ton, a 21.7% increase. The average CIF price of SC6 was 700 dollars/ton. The open - pit mine will be mined out next quarter, and underground mining volume will increase by 105%. Future production, recovery rate, and operating efficiency are expected to improve, and the annual FOB operating cost will decline [3].

Core Viewpoint - The lithium carbonate basis quotes remain stable today, with a subdued trading atmosphere in the spot market [1] Pricing Summary - The Fubao lithium carbonate basis index is at 510 CNY/ton (flat) [1] - The average price for Fubao electric carbon spot basis LC07-mineral material is 650 CNY/ton (flat) [1] - The average price for Fubao electric carbon spot basis LC07-brine material is 150 CNY/ton (flat) [1] - The average price for Fubao electric carbon spot basis LC07-recycled material is 200 CNY/ton (flat) [1] - The average price for Fubao industrial carbon spot basis LC07-comprehensive material is -800 CNY/ton (flat) [1] Market Sentiment - Holders are maintaining the previous trading day's basis quotes due to continuous declines in lithium prices, leading to a growing wait-and-see attitude among downstream buyers [1] - Currently, purchases are made only as needed, resulting in generally low transaction volumes [1]