Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core View of the Report - The expectation of production resumption restricts the upward space of lithium carbonate [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Market Data**: The closing price of the 2511 contract was 80,460 yuan, with a volume of 425 and an open interest of 2,507. The closing price of the 2601 contract was 82,300 yuan, with a volume of 810,655 and an open interest of 490,951. The warehouse receipt volume was 27,332 lots. The spot - 2511 was -60 yuan, and the spot - 2601 was -1,900 yuan. The basis of 2511 - 2601 was -1,840 yuan [2]. - **Raw Material Prices**: The price of lithium spodumene concentrate (6%, CIF China) was 927 yuan, and the price of lithium mica (2.0% - 2.5%) was 2,120 yuan. The price of battery - grade lithium carbonate was 80,400 yuan, and the price of industrial - grade lithium carbonate was 78,200 yuan [2]. - **Lithium Salt and Related Product Prices**: The price of battery - grade lithium hydroxide (micropowder) was 80,500 yuan, and the price of battery - grade lithium hydroxide (CIF) was 9,750 yuan. The price of lithium iron phosphate (power type) was 35,900 yuan, and the price of ternary materials also had corresponding values [2]. 3.2 Macro and Industry News - The SMM battery - grade lithium carbonate index price was 80,371 yuan/ton, up 108 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 80,400 yuan/ton, and that of industrial - grade lithium carbonate was 78,200 yuan/ton, both remaining unchanged from the previous working day [3]. - In October 2025, the domestic energy storage market completed 10GW/29.4GWh of energy storage system and EPC general contracting bidding work, and there were also procurement orders for 130MWh of battery cells, 180MWh of DC side, and 225MW of PCS [3][4]. 3.3 Trend Intensity - The trend intensity of lithium carbonate was -1, indicating a relatively bearish view, with the range of trend intensity being integers in the [-2, 2] interval [4].

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The fundamental situation of lithium carbonate continues to show a tight supply - demand balance. The total inventory has been decreasing for 12 consecutive weeks, and the de - stocking amplitude has further expanded. Although domestic production has continuously reached new highs and the import volume is expected to increase in November, the terminal market is strong. However, the expected acceleration of the resumption of production may put pressure on the price. It is recommended to take appropriate profit - taking for long positions near the previous high and wait for opportunities to go long on dips [5]. 3. Summary by Relevant Catalogs 3.1 Macro Overview - In October, China's official manufacturing PMI dropped to 49, and the non - manufacturing index rose to 50.1. Exports denominated in US dollars decreased by 1.1% year - on - year, and imports increased by 1.0% year - on - year. The eurozone's manufacturing PMI was 50 in October, with Germany and France in continuous contraction. The US ISM manufacturing PMI contracted for 8 consecutive months, but the service PMI reached an 8 - month high. The US government shutdown has entered its 36th day [3]. 3.2 Supply Side - This week, the weekly output of lithium carbonate continued to increase, remaining above 23,000 tons and reaching a new high for the year. The average industry operating rate rebounded to over 50%. In October 2025, Chile exported 25,000 tons of lithium carbonate, a 56% increase from the previous month, with 16,200 tons exported to China [3]. 3.3 Demand Side - According to the preliminary statistics of the Passenger Car Association, from October 1 - 31, the retail sales of the national passenger car market were 2.387 million vehicles, a 6% year - on - year increase and a 7% increase from the previous month. The cumulative retail sales this year were 19.395 million vehicles, a 9% year - on - year increase. The wholesale volume of national passenger car manufacturers was 2.922 million vehicles, a 7% year - on - year increase and a 4% increase from the previous month. The cumulative wholesale volume this year was 23.769 million vehicles, a 12% year - on - year increase [4]. 3.4 Cost and Profit - This week, the price of the mining end increased. The price of African SC 5% remained unchanged at $630 per ton compared to last week. The CIF price of Australian 6% spodumene was $940 per ton, a decrease of $53 per ton from last week. The market price of lepidolite was 2,775 yuan per ton, an increase of 100 yuan from last week. The production cost of lithium carbonate was 71,169 yuan per ton, a decrease of 9 yuan from last week, and the industry profit was 8,904 yuan per ton, an increase of 1,887 yuan [4]. 3.5 Total Inventory - As of November 6, the total inventory of lithium carbonate was 123,953 tons, a decrease of 3,406 tons from last week. The inventory of upstream smelters was 30,715 tons, a decrease of 1,336 tons from the previous week [5]. 3.6 Market Review - As of November 7, LC2601 closed at 82,300 yuan per ton, a 1.9% increase from last week. The spot price of battery - grade lithium carbonate was 80,250 yuan per ton, a 2.7% decrease from last week. The basis discount widened, and the main contract's open interest was 492,000. The main contract first declined and then rose this week. On Tuesday, the market was impacted by the news of the full resumption of mica mines by CATL and Guoxuan, causing the lithium price to drop significantly. However, due to strong downstream demand, tight supply - demand balance, and continuous de - stocking, the price was difficult to fall deeply [8]. 3.7 Product Output and Operating Rate - **Lithium Carbonate**: As of November 7, the output was 23,465 tons, a week - on - week increase of 145 tons. The enterprise operating rate was 51.53%, a week - on - week decrease of 1.12%. The price increase stimulated production enthusiasm, and the production of some enterprises increased [10]. - **Lithium Hydroxide**: As of November 7, the output was 6,455 tons, a week - on - week increase of 165 tons. The enterprise operating rate was 36.72%, a week - on - week decrease of 4.72%. Mainstream holders focused on fulfilling long - term contracts, and cathode material manufacturers were cautious in purchasing [12]. - **Lithium Iron Phosphate**: As of November 7, the output was 96,856 tons, a week - on - week increase of 8,420 tons. The enterprise operating rate was 85.24%, a week - on - week increase of 7.41%. The industry was in a situation of both strong supply and demand [14]. - **Ternary Materials**: The demand in the power field was strong, and the production schedule increased slightly [16]. - **Other Cathode Materials**: The demand structure was differentiated, and the supply remained stable [24]. 3.8 Inventory Situation - **Lithium Carbonate Industry**: As of November 6, the total inventory was 123,953 tons, a decrease of 3,406 tons from last week. The warehouse receipt inventory was 27,332 tons, a decrease of 289 tons from last week. The post - holiday de - stocking accelerated, and the warehouse receipt continued to decline, intensifying the tightness of spot circulation [32]. - **Lithium Iron Phosphate Industry**: As of November 7, the total inventory was 40,132 tons, a decrease of 541 tons from last week. The finished - product inventory continued to decline, and the market demand drove inventory digestion [35]. 3.9 Cost and Profit of Products - **Lithium Carbonate**: As of November 7, the production cost was 71,169 yuan per ton, a decrease of 9 yuan from last week, and the industry profit was 8,904 yuan per ton, an increase of 1,887 yuan. The price of lithium ore followed the fluctuation of lithium carbonate, and the de - stocking trend supported the price [49]. - **Lithium Hydroxide**: As of November 7, the production cost was 68,465 yuan per ton, a decrease of 1,001 yuan from last week, and the industry profit was 7,643 yuan per ton, an increase of 943 yuan from last week. The supply tightened, and the inventory de - stocking supported the price [51]. - **Lithium Iron Phosphate**: As of November 7, the production cost was 36,677 yuan per ton, a decrease of 220 yuan from last week, and the loss was 2,463 yuan per ton, an increase of 37 yuan per ton from last week. Although the raw material price was strong and the demand was high, the over - capacity of conventional products limited price increases [53]. - **Ternary Materials and Other Products**: The cost - profit transmission was not smooth, and the industry profit level faced challenges [56].

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core Viewpoint - The recovery expectation restricts the upside space of lithium carbonate, and it will fluctuate within a range [1] - The trend strength of lithium carbonate is 0, indicating a neutral view [4] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **2511 Contract**: The closing price was 79,300 yuan, down 2,540 yuan; the trading volume was 20,286 lots, down 10,997 lots; the open interest was 10,627 lots, down 8,078 lots [1] - **2601 Contract**: The closing price was 80,780 yuan, down 2,620 yuan; the trading volume was 915,245 lots, up 86,128 lots; the open interest was 510,440 lots, down 22,431 lots [1] - **Warehouse Receipts**: The number of warehouse receipts was 27,621 lots, down 20 lots [1] - **Basis**: The basis of spot - 2511 was 1,250 yuan; the basis of spot - 2601 was -230 yuan; the basis of 2511 - 2601 was -1,480 yuan [1] - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 944 US dollars; the price of lepidolite (2.0% - 2.5%) was 2,180 yuan [1] - **Lithium Salts**: The price of battery - grade lithium carbonate was 80,550 yuan, up 550 yuan; the price of industrial - grade lithium carbonate was 78,350 yuan, up 550 yuan [1] 2. Macro and Industry News - SMM's battery - grade lithium carbonate index price was 80,530 yuan/ton, up 649 yuan/ton compared with the previous working day [2] - In October 2025, the domestic lithium iron phosphate production reached 395,700 tons, a significant month - on - month increase of 11.21%. It is expected to reach 405,600 tons in November [2][4] - Most enterprises maintained full - load production, the orders of B - series suppliers increased slightly, and the overall industry operating rate continued to rise. The expected production in November will increase by 2.5% [4]