碳酸锂 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 碳酸锂 | 日报 2025 年 11 月 25 日 碳酸锂日报 专业研究·创造价值 碳酸锂强势运行 摘要 【期货市场】主力合约 LC2601.GFE 收盘价 95400 元/吨，较前日上 涨 4920 元/吨（+5.44%），近 10 个交易日整体呈现上升走势。 【现货市场】碳酸锂现货价格为 91960 元/吨，较前日下跌 0.14%， 近 10 个交易日整体呈现上升走势。 【基差分析】当前基差为-1260 点，负基差（现货贴水），较前日 走弱 2030 点，近 10 个交易日基差整体走强。 【仓单情况】碳 ...

11月25日，华友钴业涨5.03%，截至发稿，报61.13元/股，成交37.46亿元，换手率3.33%，总市值 1159.08亿元。 截至发稿，苗宇累计任职时间10年290天，现任基金资产总规模115.76亿元，任职期间最佳基金回报 194.53%， 任职期间最差基金回报-24.91%。 王焯累计任职时间2年296天，现任基金资产总规模30.07亿元，任职期间最佳基金回报24.18%， 任职期 间最差基金回报-11.61%。 资料显示，浙江华友钴业股份有限公司位于浙江省桐乡经济开发区二期梧振东路18号，成立日期2002年 5月22日，上市日期2015年1月29日，公司主营业务涉及新能源锂电材料和钴新材料产品的研发制造。主 营业务收入构成为：镍产品34.54%，正极材料16.28%，贸易及其他15.55%，镍中间品14.91%，铜产品 5.95%，三元前驱体5.25%，锂产品4.18%，钴产品3.33%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从基金十大重仓股角度 ...

| 碳酸锂日详20251125:仍具回调空间 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期(日) | | | 2025-11-24 | 2025-11-21 | 2025-11-17 | 较昨日变化 | 近两周走势 | | 收盘价 | 近月合约 | | 90200.00 | 90960.00 | 95140.00 | -760.00 | | | 收盘价 | 连一合约 | | 90480.00 | 91020.00 | 95200.00 | -540.00 | | | -380.00 | | | | 91160.00 | 94880.00 | | | | 收盘价 | 连二合约 | | 90780.00 | | | | | | 收盘价 | 连三合约 | | 90780.00 | 91160.00 | 94780.00 | -380.00 | | | 收盘价 | | | 90480.00 | 91020.00 | 95200.00 | -540.00 | | | 成交堂(手) | | 砖酸但期货 | 454612.0 ...

-广告- 储能： 根据 ICC鑫椤锂电数据库 统计：2025年10月全球储能电池产量 63.6Gwh ， 同 比 增 长 62.2%。1-10月累计产量 469.83GWH ，同比增长77.17%。 磷酸铁锂： 根据 ICC鑫椤锂电数据库 统计：2025年10月全球磷酸铁锂产量为 40.21万吨 ，同比增长 63.7%。1-10月累计产量 309.57万吨 ，同比增长65.21%。 磷酸铁： 根据 ICC鑫椤锂电数据库 统计： 2025年10月全球磷酸铁产量为 33.65万吨 ，同比增长 60.31%。1-10月累计产量 259.41万吨 ，同比增长70.37%。 三元材料： 根据 ICC鑫椤锂电数据库 统计：2025年10月全球三元材料产量为 9.58万吨 ，同比增长 19.6%。1-10月累计产量 83.07万吨 ，同比增长3.9%。 三元前驱体： 根 据 ICC鑫椤锂电数据库 统计：2025年10月全球三元前驱体产量为 9.65万吨 ，同比 增长23.2%。1-10月累计产量 83.52万吨 ，同比增长4.67%。 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯 ...

| 碳酸锂日评20251124:仍具回调空间 | | | | | | | --- | --- | --- | --- | --- | --- | | 交易日期(日) | 2025-11-21 | 2025-11-20 | 2025-11-14 | 较昨日变化 | 近两周走势 | | 近月合约 收盘价 | 90960.00 | 98880.00 | 85720.00 | -7,920.00 | -5- | | 连一合约 收盘价 | 91020.00 | 98980.00 | 87220.00 | -7,960.00 | | | 连二合约 收盘价 | 91160.00 | 99160.00 | 87360.00 | -8,000.00 | | | 连三合约 收盘价 | 91160.00 | 99160.00 | 87060.00 | -8,000.00 | | | 收盘价 | 91020.00 | 98980.00 | 87360.00 | -7,960.00 | 11 | | 碳酸锂期货 成交堂(手) 活跃合约 (元/吨) | 1137824.00 | 1595646.00 | 757432.00 | -457 ...

磷酸铁： 根据ICC鑫椤资讯数据统计：2025年10月全球磷酸铁产量为33.65万吨，同比增长60.31%。1- 10月累计产量259.41万吨，同比增长70.37%。 三元材料： 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 电池： 根据鑫椤资讯统计:2025年10月全球电池产量231.8GWH;同比增长49.1%；2025年1-10月全 球锂电池产量1822.08GWH;同比增长49.13%。 储能： 根据ICC鑫椤资讯数据统计：2025年10月全球储能电池产量63.6Gwh，同比增长62.2%。1-10 月累计产量469.83GWH,同比增长77.17%。 磷酸铁锂： 根据ICC鑫椤资讯数据统计：2025年10月全球磷酸铁锂产量为40.21万吨，同比增长63.7%。 1-10月累计产量309.57万吨，同比增长65.21%。 根据ICC鑫椤资讯数据统计：2025年10月全球三元材料产量为9.58万吨，同比增长19.6%。1- 10月累计产量83.07万吨，同比增长3.9%。 三元前驱体： 根据ICC鑫椤资讯数据统计：2025年10月全球三元前驱体产量为9.6 ...

姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 碳酸锂 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 有色金属 | 日报 2025 年 11 月 21 日 碳酸锂日报 专业研究·创造价值 碳酸锂大幅回落 摘要 【期货市场】主力合约 LC2601.GFE 收盘价 91020 元/吨，较前日 下跌 7960 元/吨（-8.04%），近 10 个交易日整体呈现上升走势。 【现货市场】碳酸锂现货价格为 92360 元/吨，较前日上涨 1.12%，近 10 个交易日整体呈现上升走势。 【基差分析】当前基差为-800 点，负基差（现货贴水），较前日 走强 7890 点，近 10 个交易日基差整体走强。 【仓单情况】碳酸 ...

Report Industry Investment Rating - Not provided Core View - The current supply and demand are both strong. The news of the resumption of lithium mines in Jiangxi is inconsistent. The lithium carbonate production remains at a high level. High prices intensify the downstream wait - and - see sentiment, and the spot market trading volume is low. The power demand shows signs of peaking. The multi - empty game intensifies, and the trading channel is crowded. It is expected that the lithium price will fluctuate widely, and it is necessary to guard against a sharp fall after a rise. Production enterprises can conduct selling hedging at high positions [1] Summary by Related Catalogs 1. Lithium Carbonate Futures and Spot Prices - On November 19, 2025, the closing prices of the near - month, continuous - one, continuous - two, and continuous - three contracts of lithium carbonate futures were 99,060 yuan/ton, 99,300 yuan/ton, 99,300 yuan/ton, and 99,300 yuan/ton respectively, with increases of 5,640 yuan/ton, 5,780 yuan/ton, 5,860 yuan/ton, and 5,780 yuan/ton compared with the previous day. The trading volume was 1,767,428 lots (+279,704), and the open interest was 503,132 lots (+18,775). The SMM battery - grade lithium carbonate average price was 88,900 yuan/ton (+1,500), and the lithium carbonate (99.2% industrial - grade/ domestic) average price was 81,100 yuan/ton (+1,450) [1] 2. Lithium Ore and Related Product Prices - The price of spodumene concentrate (6%, CIF China) was 1,086 US dollars/ton (+102), the price of lithium mica (Li2O:1.5% - 2.0%) was 1,625 yuan/ton (+50), and the price of lithium mica (Li2O:2.0% - 2.5%) was 2,575 yuan/ton (+110) [1] 3. Downstream Product Prices - The average price of ternary precursor 523 (polycrystalline/consumer - type) was - 50 yuan/ton, the average price of ternary material 523 (single - crystal/power - type) was 141,150 yuan/ton (+500), the average price of lithium iron phosphate (power - type) was 38,165 yuan/ton (+365) [1] 4. Production and Sales Data in the New Energy Vehicle Market - From November 1 - 16, the new - energy retail penetration rate of the national passenger vehicle market was 62.5%, and the new - energy wholesale penetration rate of national passenger vehicle manufacturers was 60.6%. In the first week of November, the production of pure - fuel light - duty vehicles was 331,000 units, a 3% year - on - year decrease compared with the same period last November and a 59% increase compared with the same period last month. The total production of hybrid and plug - in vehicles was 185,000 units, an 8% year - on - year decrease compared with the same period last November and a 27% increase compared with the same period last month [1] 5. Lithium Carbonate Inventory - The registered inventory was 26,611 tons (+155). The SMM lithium carbonate inventory of smelters, downstream, and others was 32,051 tons, 48,772 tons, and 2,200 tons respectively. The total inventory was 120,472 tons, a decrease compared with the previous period [1]

Core Viewpoint - LG Chem has secured a significant contract worth 3.76 trillion KRW (approximately 25.7 billion USD) for the supply of cathode materials for electric vehicle batteries, effective from November 15, 2025, to July 31, 2029, indicating strong demand in the EV sector [3]. Group 1: Contract Details - The newly acquired contract corresponds to an estimated battery shipment volume of about 60 GWh [4]. - LG Chem's existing U.S. customers include major automakers such as Toyota, General Motors, Tesla, and Hyundai [4]. - In October 2023, LG Chem signed a long-term supply contract with Toyota North America, expected to reach 2.86 trillion KRW by 2030 [4]. Group 2: Previous Agreements - In February of the previous year, LG Chem entered an eight-year supply agreement with General Motors valued at 25 trillion KRW, covering the period from 2026 to 2035 [5]. - In September of the previous year, LG Chem signed an agreement with Prime Planet Energy & Solutions (PPES) to supply cathode materials starting in 2026 [5]. Group 3: Production Capacity and Developments - LG Chem currently has a cathode material production capacity of 150,000 tons across South Korea, China, and other regions, with a new plant under construction in Tennessee, USA, expected to produce 60,000 tons annually by 2026 [6]. - The company has also signed long-term supply contracts for core lithium battery materials with Huayou Cobalt, totaling 164,000 tons over five years [7]. Group 4: Strategic Shifts - LG Chem has decided to exit the battery separator business and plans to lay off about 1,000 employees globally, focusing resources on strengthening its core areas such as cathode materials [7]. - The company is also exploring next-generation battery technologies, including sodium-ion batteries, and has signed a joint development agreement with Sinopec [7]. Group 5: LG Energy Solution's Strategy - LG Energy Solution is shifting its strategy towards lithium iron phosphate (LFP) technology and expanding into the energy storage system (ESS) market to mitigate risks associated with fluctuating electric vehicle demand [8]. - The company plans to start mass production of LFP batteries in South Korea by 2027, marking its first domestic production of LFP batteries [8]. - As of the end of Q3 this year, LG Energy Solution has accumulated nearly 120 GWh of orders for energy storage batteries, primarily from North America and Europe [8]. Group 6: Market Context - Both LG Chem and LG Energy Solution's strategic shifts reflect their pursuit of new breakthroughs amid intense competition from Chinese and domestic rivals [9]. - U.S. government policies aimed at supply chain incentives are prompting companies like General Motors and Tesla to reduce reliance on Chinese suppliers, which may benefit the South Korean lithium battery industry [9].

碳酸锂 期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 【现货市场】碳酸锂现货价格为 88940 元/吨，较前日上涨 1.74%， 近 10 个交易日整体呈现上升走势。 【基差分析】当前基差为-9220 点，负基差（现货贴水），较前日 走弱 2040 点，近 10 个交易日基差整体走弱。 【仓单情况】碳酸锂注册仓单量为 26766 手，较前日增加 155 手 （+0.58%），近 10 个交易日仓单整体增加。 【供需关系】储能电芯需求超预期。 （仅供参考，不构成任何投资建议） 专业研究·创造价值 1 / 6 请务必阅读文末免责条款 请务必阅读文末免责条款部分 有 ...