1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report 2. Core View of the Report - The destocking of lithium carbonate continues, but spot trading is weak, and the price will continue to fluctuate within a range [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: The closing price of the 2601 contract is 95,920 yuan, down 1,060 yuan from the previous day; the closing price of the 2605 contract is 97,720 yuan, down 1,160 yuan from the previous day. The trading volume and open interest of the two contracts have different degrees of change. The warehouse receipt volume is 15,050 lots, an increase of 300 lots from the previous day [1] - **Basis Data**: The basis of spot - 2601 is -1,420 yuan, the basis of spot - 2605 is -3,220 yuan, the basis of 2601 - 2605 is -1,800 yuan. The difference between electric carbon and industrial carbon is 2,500 yuan, and the difference between spot and CIF is 18,471 yuan [1] - **Raw Material Data**: The price of lithium spodumene concentrate (6%, CIF China) is 1,220 yuan, up 10 yuan from the previous day; the price of lithium mica (2.0% - 2.5%) is 2,605 yuan, up 15 yuan from the previous day [1] - **Lithium Salt Data**: The price of battery - grade lithium carbonate is 94,500 yuan, up 1,000 yuan from the previous day; the price of industrial - grade lithium carbonate is 92,000 yuan, up 1,000 yuan from the previous day. The prices of other lithium salts and related products also have different degrees of change [1] 3.2 Macro and Industry News - SMM battery - grade lithium carbonate index price is 94,581 yuan/ton, up 1,022 yuan/ton compared with the previous working day. The average price of battery - grade lithium carbonate is 94,500 yuan/ton, up 1,000 yuan/ton; the average price of industrial - grade lithium carbonate is 92,000 yuan/ton, up 1,000 yuan/ton [2] - As of December 12th, the inventory of lithium ore spot in ports and warehouses of 30 sample lithium ore traders is 165,000 tons, an increase of 5,000 tons from the previous week, and the salable inventory is 114,000 tons, an increase of 14,000 tons from the previous week [3] 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, which is in a neutral state [3]