1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - The inventory of lithium carbonate is being reduced, and the purchasing willingness is increasing, so there may be support at the lower level [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market**: - For the 2605 contract, the closing price is 163,220 yuan, the trading volume is 431,256 lots, and the open interest is 443,942 lots [1] - For the 2607 contract, the closing price is 164,400 yuan, the trading volume is 103,578 lots, and the open interest is 130,744 lots [1] - **Basis**: - The basis of spot - 2605 is -4,220 yuan; the basis of spot - 2607 is -5,400 yuan; the basis of 2605 - 2607 is -1,180 yuan; the difference between electric carbon and industrial carbon is 3,500 yuan; the difference between spot and CIF is 43,998 yuan [1] - **Raw Materials and Lithium Salts**: - The price of lithium spodumene concentrate (6%, CIF China) is 2,060 yuan; the price of lithium mica (2.0% - 2.5%) is 4,935 yuan [1] - The price of battery - grade lithium carbonate is 159,000 yuan; the price of industrial - grade lithium carbonate is 155,500 yuan; the price of battery - grade lithium hydroxide (micropowder) is 154,850 yuan [1] - The prices of various types of lithium iron phosphate and ternary materials are also provided, as well as the prices of hexafluorophosphate lithium and electrolyte [1] 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price is 160,260 yuan/ton, down 5,337 yuan/ton from the previous working day; the average price of battery - grade lithium carbonate is 159,000 yuan/ton, down 4,000 yuan/ton; the average price of industrial - grade lithium carbonate is 155,500 yuan/ton, down 4,000 yuan/ton [2] - The price of electrolyte (for lithium iron phosphate) is 35,750 yuan [2] 3.3 Production and Inventory - This week, the lithium carbonate production is 22,605 tons, an increase of 70 tons from last week; the industry inventory is 109,679 tons, achieving a de - stocking of 263 tons from last week [3] 3.4 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral view [3]