1. Report Industry Investment Rating - No information provided in the reports 2. Core Viewpoints - The spot trading of lithium carbonate has shown some improvement and is in a volatile state [1] - The trend strength of lithium carbonate is 0, indicating a neutral outlook [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: The 2509 contract's closing price was 79,260 yuan, down 320 yuan from the previous day; its trading volume was 19,572 lots, up 3,687 lots; and its open interest was 34,045 lots, down 10,665 lots. The 2511 contract's closing price was 79,020 yuan, down 360 yuan; its trading volume was 559,599 lots, down 67,317 lots; and its open interest was 349,496 lots, down 19,171 lots [1] - **Warehouse Receipts**: The warehouse receipt volume was 26,690 lots, up 1,060 lots from the previous day [1] - **Basis**: The basis between the spot and the 2509 contract was 2,440 yuan, down 480 yuan; the basis between the spot and the 2511 contract was 2,680 yuan, down 440 yuan; the basis between the 2509 and 2511 contracts was 240 yuan, up 40 yuan [1] - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 920 US dollars, down 5 US dollars; the price of lithium mica (2.0% - 2.5%) was 1,970 yuan, down 25 yuan [1] - **Lithium Salts**: The price of battery - grade lithium carbonate was 81,700 yuan, down 800 yuan; the price of industrial - grade lithium carbonate was 79,400 yuan, down 800 yuan [1] - **Related Products**: The price of lithium iron phosphate (power type) was 35,620 yuan, down 190 yuan; the price of ternary material 523 (polycrystalline/consumer type) was 114,400 yuan, down 60 yuan [1] 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 81,739 yuan/ton, down 780 yuan/ton from the previous day; the average price of battery - grade lithium carbonate was 81,700 yuan/ton, down 800 yuan/ton; the average price of industrial - grade lithium carbonate was 79,400 yuan/ton, down 800 yuan/ton [2] - Galan Lithium completed its due diligence on August 25 and met all conditions for placing 20 million Australian dollar shares to Clean Elements Fund. The funds will be paid in two installments. Galan will have the funds to complete the first - phase construction of the Hombre Muerto West (HMW) project and start producing the first batch of lithium chloride concentrate in the first half of 2026, with an annual capacity of 4,000 tons LCE [3]