Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View - The terminal demand is strong, the de - stocking amplitude is increasing, and the lower - end support is strengthening. Additionally, the mine end restricts the increase in lithium salt production, and the upper - end pressure is released slowly. Therefore, lithium carbonate is recommended to be treated bullishly in the short term [2]. 3. Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 88,900 yuan, up 1,500 yuan; SMM industrial - grade lithium carbonate average price is 86,500 yuan, up 1,450 yuan [1]. - Futures contracts: The closing prices of lithium carbonate 2512, 2601, 2602, 2603, and 2604 are 99,060 yuan (up 4.63%), 99,300 yuan (up 4.97%), 99,380 yuan (up 4.94%), 99,300 yuan (up 4.99%), and 100,260 yuan (up 5.38%) respectively [1]. Lithium Ore - The average price of lithium spodumene concentrate (CIF China) is 1,086 dollars/ton, up 30 dollars/ton [1]. - Lithium mica (Li2O: 1.5% - 2.0%) average price is 1,625 yuan/ton, up 50 yuan/ton; lithium mica (Li2O: 2.0% - 2.5%) average price is 2,575 yuan/ton, up 110 yuan/ton; phospho - lithium - aluminum stone (Li2O: 6% - 7%) average price is 8,950 yuan/ton; phospho - lithium - aluminum stone (Li2O: 7% - 8%) average price is 10,400 yuan/ton, up 500 yuan/ton [2]. Cathode Materials - The average price of lithium iron phosphate (power type) is 38,165 yuan, up 365 yuan; the average price of ternary material 811 (polycrystalline/power type) is 161,150 yuan, up 300 yuan; the average price of ternary material 523 (single - crystal/power type) is 143,050 yuan, up 500 yuan; the average price of ternary material 613 (single - crystal/power type) is 143,350 yuan, up 400 yuan [2]. Price Differences - The price difference between battery - grade and industrial - grade lithium carbonate is 2,400 yuan, up 50 yuan; the price difference between battery - grade lithium carbonate and the main contract is - 4,280 yuan, down 10,400 yuan; the price difference between the near - month and the first - continuous contract is - 140 yuan, down 240 yuan; the price difference between the near - month and the second - continuous contract is - 320 yuan, down 200 yuan [2]. Inventory - The total weekly inventory is 120,472 tons, down 3,481 tons; the smelter weekly inventory is 28,270 tons, down 2,445 tons; the downstream weekly inventory is 48,772 tons, down 3,236 tons; other weekly inventory is 50,000 tons, up 4,343 tons; the daily registered warehouse receipts are 155 tons [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 89,477 yuan, and the profit is - 1,822 yuan; the cash cost of purchasing lithium mica concentrate externally is 94,173 yuan, and the profit is - 8,745 yuan [2]. Market Events - On November 19, Liontown held a lithium spodumene concentrate auction. The auction target was 10,000 wet tons of 5.2% lithium spodumene, and the final transaction price was CIF SC6 1,254 dollars/dry ton. The goods are expected to be shipped in the first half of January 2026 [2]. - The Guangzhou Futures Exchange adjusted the trading fee standard for relevant lithium carbonate futures contracts. Starting from the trading time on November 20, 2025, the trading fee standard for the lithium carbonate futures LC2601 contract was adjusted to 0.012% of the transaction amount, and the intraday flat - today fee standard was also adjusted to 0.012% of the transaction amount [2]. - Shengxin Lithium Energy (002240.SZ) announced that it plans to sign a "Cooperation Framework Agreement from 2026 - 2030" with Huayou Holdings Group for lithium salt product business cooperation. Huayou Holdings Group is expected to purchase 221,400 tons of lithium salt products from the company from 2026 to 2030 [2].