Group 1: Report Industry Investment Rating - There is no information provided about the report industry investment rating in the given content. Group 2: Core Viewpoints of the Report - The price of lithium carbonate is expected to experience repeated disturbances on the supply - side and show a relatively strong oscillatory trend [1]. - The trend strength of lithium carbonate is 1, indicating a moderately positive outlook [3]. Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Contracts**: For the 2509 contract, the closing price was 86,920 yuan, the volume was 39,934 lots, and the open interest was 89,649 lots. The 2511 contract had a closing price of 86,900 yuan, a volume of 868,811 lots, and an open interest of 401,139 lots. Compared with previous periods, there were significant changes in volume and open interest [1]. - **Basis**: The basis between spot and 2509 contract was - 4,220 yuan, and between spot and 2511 contract was - 4,200 yuan. The basis between 2509 - 2511 contracts was 20 yuan [1]. - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 940 dollars, and lithium mica (2.0% - 2.5%) was 2,100 yuan. Compared with previous periods, prices showed an upward trend [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 82,700 yuan, industrial - grade lithium carbonate was 80,400 yuan, and battery - grade lithium hydroxide (micronized) was 79,010 yuan, all showing an upward trend compared with previous periods [1]. - **Consumption - related Products**: The prices of various lithium - related products such as lithium iron phosphate and ternary materials also showed different degrees of increase compared with previous periods [1]. 2. Macroeconomic and Industry News - SMM's battery - grade lithium carbonate index price was 82,725 yuan/ton, with an average price of 82,700 yuan/ton, up 700 yuan/ton from the previous trading day. The average price of industrial - grade lithium carbonate was 80,400 yuan/ton, up 650 yuan/ton [2]. - In Q2 2025, global tablet shipments reached 39 million units, a year - on - year increase of 9% and a quarter - on - quarter increase of 5%, mainly due to stable demand in China and EMEA regions. Global smartphone shipments slightly decreased to 288.9 million units, limited by relatively mild consumer demand [2][3].