【宏观及行业新闻】 SMM 电池级碳酸锂指数价格 117373 元/吨，环比上一工作日上涨 1564 元/吨；电池级碳酸锂 11.5- 12.2 万元/吨，均价 11.85 万元/吨，环比上一工作日上涨 500 元/吨；工业级碳酸锂 11.25-11.85 万元 /吨，均价 11.55 万元/吨，环比上一工作日上涨 500 元/吨。（上海有色网） | | | 邵婉嫕 | | 投资咨询从业资格号：Z0015722 | | | shaowanyi@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 刘鸿儒（联系人） 期货从业资格号：F03124172 | | | | liuhongru@gtht.com | | | | 【基本面跟踪】 | | | | | | | | | | 碳酸锂基本面数据 | | | | | | | | | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | | | 2601合约（收盘价） | 120,000 | 460 | -2,760 | 13,180 ...

Report Investment Rating No investment rating information is provided in the report. Core Viewpoints - The finished product is expected to run in a volatile and consolidated manner, with its price center shifting downward and showing a weak operation. The lithium carbonate market is expected to move in a range, with investors being warned of capital and sentiment fluctuations and focusing on marginal supply and demand [2][4][5]. Summary by Category Finished Product - **Logic**: Yunnan and Guizhou short - process construction steel enterprises are expected to affect a total of 741,000 tons of construction steel production during the Spring Festival shutdown. In Anhui, 6 short - process steel mills have different shutdown schedules, with a daily output impact of about 16,200 tons during the shutdown. From December 30, 2024, to January 5, 2025, the transaction area of newly built commercial housing in 10 key cities decreased by 40.3% week - on - week and increased by 43.2% year - on - year. The finished product continued to decline yesterday, reaching a new low. With weak supply and demand and pessimistic market sentiment, the price center has been moving down. The winter storage this year is sluggish and provides little price support [3][4]. - **Viewpoint**: The finished product is expected to move in a volatile and consolidated manner. Later, attention should be paid to macro - policies and downstream demand [4]. Lithium Carbonate - **Logic**: The futures price of the lithium carbonate main contract closed at 120,360 yuan/ton yesterday, with trading volume decreasing by 27.5% to 730,000 lots and open interest slightly decreasing to 671,500 lots. The net short position of the main contract continued, and the long - short ratio increased. The basis of the main contract was - 20,860 yuan/ton, at a near - one - year low. The futures market's expectation of future prices is significantly higher than that of the spot market. On the spot side, the average price of electric carbon is 99,500 yuan/ton, and the price continues to rise. Upstream lithium salt plants mainly focus on long - term contracts, downstream material plants are cautious about high prices, and trading among traders is light. In terms of fundamentals, the supply of lithium carbonate is steadily increasing but at a slower pace, short - term demand has slightly decreased, and long - term demand remains resilient. The inventory is in a state of destocking, but the slope has slowed down, and the overall inventory in the industry is still tight. Policy - wise, regulatory tightening is clear, and the industry is promoting the exit of backward production capacity. The Fed's interest rate cut, the Qinghai Salt Lake Industry Plan, and the Central Economic Work Conference's deployments provide long - term support. The market sentiment is transitioning from "expectation - driven" to "fundamental verification" [3][4][5]. - **Viewpoint**: The lithium carbonate market is expected to move in a range. Investors should be vigilant about capital and sentiment fluctuations and focus on marginal supply and demand. Later, attention should be paid to macro - policy implementation, production capacity release progress, downstream demand resilience, sample inventory destocking slope, and capital and sentiment [5].

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 2025年12月22日 目 录 1 每日观点 2 基本面/持仓数据 每日观点 | | | 供给端来看 ， | 上周碳酸锂产量为21998吨 ， | 环比增长0 26% 高于历史同期平均水平 . , | | 。 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 需求端来看 ， | 上周磷酸铁锂样本企业库存为103658吨 | 环比减少0 02% ， . , | 上周三元材料样 | | | | | | 本企业库存为18524吨 | 环比减少1 68% ， . 。 | | | | | | | | 成本端来看 ， | 外购锂辉石精矿成本为104486元/吨 ， | 日 ...

phone of the production of the first of the first of the first of the first of the first of the first of the first of the first of the first of the first of the first and t 12 any are 6 - 2 4 3 e t any will i at 11 Callary t a e 11 per the state 10/11/2 the state e a ty 1988 ter in . e 1 ly 致远锂业主要从事锂盐产品生产及销售，2024年实现营业收入309,840.13万元，净利润2,511.67万元；2025年1-9月营业收入168,758.97万元，净利润-4,603.27 万元（未经审计）。盛新锂能表示，本次增资有利于优化致远锂业资本结构，提升其资本实力和竞争力，符合公司长远发展规划，不会对公司财务状况和经 营成果产生重大影响。 同日，盛新锂能董事会还审议通过《关于签署锂盐产品合作框架协议暨关联交易的议案》，公司拟与中 ...

人民财讯12月19日电，盛新锂能（002240）12月19日公告，公司与中创新航就锂盐产品业务合作拟签署 《2026—2030年合作框架协议》，根据协议约定，中创新航在2026年至2030年期间向公司采购锂盐产品 20万吨，具体年度采购量将在双方签订的子订单中进行约定。 ...

盛新锂能（002240）(002240.SZ)公告，公司与中创新航科技集团股份有限公司("中创新航")就锂盐产品 业务合作拟签署《2026-2030年合作框架协议》，根据协议约定，中创新航(在该业务合作中，合作双方 均包含其指定的子公司)在2026年至2030年期间向公司采购锂盐产品20万吨。 ...

Core Viewpoint - Tianhua New Energy (300390) is actively utilizing futures derivatives for hedging purposes to mitigate operational risks associated with market price fluctuations [1] Group 1: Company Operations - The company engages in futures hedging activities that are directly related to its production and operational plans [1] - The specific futures products used for hedging include lithium salts and raw materials necessary for lithium salt production [1] - The hedging mechanism aims to reduce the operational risks posed by market price volatility [1]

（文章来源：证券日报） 证券日报网讯 12月15日，盐湖股份在互动平台回答投资者提问时表示，4万吨锂盐一体化项目作为公司 重点布局，目前试运行情况良好，不仅实现了稳定运行，还顺利产出合格碳酸锂，更关键的是产能利用 率正稳步提升，当前生产状况已超出预期目标。后续公司将加快推进项目全面达产，为公司业绩增长提 供支撑。 ...

Report Overview - The report is dated December 11, 2025, focusing on the lithium carbonate market, with insights from analysts Shao Wanyi and contact person Liu Hongru [1]. Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The lithium carbonate market is experiencing high - level fluctuations due to repeated news of major manufacturers resuming production [1]. - The trend strength of lithium carbonate is 0, indicating a neutral stance [3]. Summary by Relevant Catalogs Fundamental Tracking - **Futures Contracts**: For the 2601 contract, the closing price was 94,080, with a change of 3,080 compared to T - 1; the trading volume was 58,030, and the open interest was 130,924. For the 2605 contract, the closing price was 95,980, trading volume 620,935, and open interest 605,453 [1]. - **Warehouse Receipts**: The warehouse receipt volume was 13,680, an increase of 760 compared to T - 1 [1]. - **Basis**: The basis between spot and 2601 contract was - 1,380, and between spot and 2605 contract was - 3,280. The basis between 2601 and 2605 contracts was - 1,900 [1]. - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 1,178, and lithium mica (2.0% - 2.5%) was 2,565 [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 92,700, and industrial - grade lithium carbonate was 90,250 [1]. Macro and Industry News - SMM's battery - grade lithium carbonate index price was 92,627 yuan/ton, down 22 yuan/ton from the previous workday. The average price of battery - grade lithium carbonate was 92,700 yuan/ton, down 50 yuan/ton, and industrial - grade lithium carbonate was 90,250 yuan/ton, down 100 yuan/ton [2]. - On December 10, the Communist Party of China Qinghai Provincial Committee released suggestions for formulating the 15th Five - Year Plan, aiming to build high - quality industrial clusters, including promoting the high - quality development of the lithium salt industry [3].

盐湖股份在投资者互动平台回答称，目前，4万吨锂盐项目整体运行平稳，效能提升态势良好，日产量 达60—70吨，纯度稳定在99.7%以上，装置连续无故障运行。公司本年度碳酸锂生产计划为3000吨，从 当前进展来看，该目标有望超额完成。 ...