1. Report Industry Investment Rating - No information provided on the industry investment rating in the report [1] 2. Core View of the Report - The macro - expectations of lithium carbonate are fluctuating, and the fundamentals remain weak. The trend strength of lithium carbonate is 0, indicating a neutral stance [1][3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: - For the 2507 contract, the closing price was 61,680, with a change of 920 compared to T - 1; the trading volume was 236,197, up 31,417 from T - 1; the open interest was 178,235, down 16,496 from T - 1. - For the 2509 contract, the closing price was 61,740, up 760 from T - 1; the trading volume was 168,732, up 56,115 from T - 1; the open interest was 216,554, up 21,790 from T - 1 [1] - **Warehouse Receipts**: The warehouse receipt volume was 32,837 hands, down 110 from T - 1 [1] - **Basis**: - The basis of spot - 2507 was - 1,180, down 770 from T - 1; the basis of spot - 2509 was - 1,240, down 610 from T - 1; the basis of 2507 - 2509 was - 60, up 160 from T - 1 [1] - **Raw Materials**: - The price of lithium spodumene concentrate (6%, CIF China) was 630, up 2 from T - 1; the price of lithium mica (2.0% - 2.5%) was 1,210, up 25 from T - 1 [1] - **Lithium Salts**: - The price of battery - grade lithium carbonate was 60,500, up 150 from T - 1; the price of industrial - grade lithium carbonate was 58,900, up 150 from T - 1; the price of battery - grade lithium hydroxide (micropowder) was 66,050, down 300 from T - 1 [1] - **Related Products**: - The price of lithium iron phosphate (power type) was 30,445, up 40 from T - 1; the price of lithium iron phosphate (mid - high - end energy - storage type) was 28,950, up 30 from T - 1; the price of lithium iron phosphate (low - end energy - storage type) was 26,650, up 40 from T - 1 [1] 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 60,704 yuan/ton, up 105 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 60,500 yuan/ton, up 150 yuan/ton from the previous working day, and the average price of industrial - grade lithium carbonate was 58,900 yuan/ton, up 150 yuan/ton from the previous working day [1] - Zimbabwe will ban the export of lithium concentrate from 2027 to promote more local processing [1][3] - The adsorption lithium extraction device of the 40,000 - ton/year basic lithium salt integrated project in the Qarhan production area of China Salt Lake Industry Group Co., Ltd., a subsidiary of China Minmetals Corporation, completed the intermediate handover and entered the trial - production stage [1][3] 3.3 Trend Strength - The trend strength of lithium carbonate is 0, with the range of trend strength being integers in the [- 2,2] interval, where - 2 means the most bearish and 2 means the most bullish [3]