Report Summary 1) Report Industry Investment Rating - No investment rating is provided in the report. 2) Core Viewpoints - The destocking speed of lithium carbonate has slowed down, and the cooling market sentiment may lead to a price correction [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - **2601 Contract**: The closing price was 98,980 yuan, down 320 yuan; the trading volume was 1,595,646 lots, down 171,782 lots; the open interest was 479,602 lots, down 23,530 lots [1]. - **2605 Contract**: The closing price was 100,120 yuan, down 340 yuan; the trading volume was 627,740 lots, up 200,318 lots; the open interest was 339,769 lots, up 20,438 lots [1]. - **Warehouse Receipts**: The quantity was 26,916 lots, up 150 lots [1]. - **Basis**: The basis between spot and 2601 contract was -7,680 yuan; the basis between 2601 and 2605 contracts was -1,140 yuan [1]. - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 1,117 yuan, up 31 yuan; the price of lepidolite (2.0%-2.5%) was 2,700 yuan, up 125 yuan [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 91,300 yuan, up 2,400 yuan; the price of industrial - grade lithium carbonate was 88,900 yuan, up 2,400 yuan [1]. Macro and Industry News - The SMM battery - grade lithium carbonate index price was 92,400 yuan/ton, up 2,563 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate was 91,300 yuan/ton, up 2,400 yuan/ton; the average price of industrial - grade lithium carbonate was 88,900 yuan/ton, up 2,400 yuan/ton [2]. - This week, the lithium carbonate output was 22,130 tons, an increase of 585 tons from last week, and the industry inventory was 118,420 tons, a destocking of 2,052 tons from last week [2]. Trend Intensity - The trend intensity of lithium carbonate was -1, indicating a bearish view [3].

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].