1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Fundamental improvements continue to boost bullish sentiment, and there is strong support during price pullbacks. However, there are significant differences in future demand expectations, and concerns about the sustainability of consumption at the end of the peak season still exist. The realization of energy storage demand next year depends on system costs and policy support. The rumored acceptance of the mining license change for the Jianxiawo mine is a short - term positive for the spot market, but it will be a long - term negative as supply increases. With deepening contradictions in lithium carbonate positions, prices fluctuate significantly. It is recommended to wait and see or use options tools. In the future, attention can be paid to the battery cell production schedule in the first quarter and the atmosphere in the equity market [11]. 3. Summary by Directory 3.1 Week - on - Week Assessment and Strategy Recommendation - **Weekly Highlights Summary** - **Futures and Spot Market**: On November 28, the MMLC spot index of lithium carbonate reported 93,069 yuan in the morning, down 0.26% week - on - week. The average price of MMLC battery - grade lithium carbonate was 93,300 yuan. On the same day, the closing price of LC2605 on the Guangzhou Futures Exchange was 96,420 yuan, up 4.85% this week [12]. - **Supply**: On November 27, SMM reported the weekly output of domestic lithium carbonate at 21,865 tons, a 1.2% decrease from the previous week. In October 2025, China imported 23,881 tons of lithium carbonate, a 21.9% increase from the previous month and a 3% increase year - on - year. From January to October, the total import volume of lithium carbonate in China was about 197,000 tons, a 4.9% increase year - on - year. In October 2025, Chile exported 25,000 tons of lithium carbonate, a 56% increase from the previous month. The amount exported to China was 16,200 tons, a 4.5% decrease year - on - year and a 46.0% increase from the previous month [12]. - **Demand**: According to the Passenger Car Association, from November 1 - 23, the retail sales of the new - energy passenger vehicle market nationwide reached 849,000 units, a 3% increase compared to the same period in November last year and an 8% increase from the previous month. The cumulative retail sales this year reached 10.998 million units, a 20% increase compared to the same period in November last year. From November 1 - 23, the wholesale volume of new - energy passenger vehicles by manufacturers nationwide was 995,000 units, a 4% increase compared to the same period in November last year and a 13% increase from the previous month. The cumulative wholesale volume this year was 13.051 million units, a 27% increase year - on - year [12]. - **Inventory**: On November 27, the weekly inventory of domestic lithium carbonate was reported at 115,968 tons, a decrease of 2,452 tons (-1.7%) from the previous week. The inventory days of lithium carbonate were about 26.3 days. After the centralized cancellation of warehouse receipts on November 28, 5,441 tons remained [12]. - **Cost**: The increase in lithium salt prices was transmitted upstream. On November 28, the SMM quoted the price of imported Australian SC6 lithium concentrate at 1,185 - 1,250 US dollars per ton, a weekly increase of 4.06%. In October, China imported 531,000 tons of lithium concentrate, a 5.3% increase year - on - year and a 2% increase from the previous month. From January to October, China imported 4.9 million tons of lithium concentrate, a 3.6% increase compared to last year. From January to October, the import of lithium concentrate from Australia increased by 5.1% year - on - year, and the import from Africa increased by 1.8% year - on - year (a 5.8% decrease in the first 9 months). The supply pressure of high - cost hard - rock mines has eased, and lithium ore imports have significantly supplemented the supply [12]. 3.2 Futures and Spot Market - On November 28, the MMLC spot index of lithium carbonate reported 93,069 yuan in the morning, down 0.26% week - on - week. The average price of MMLC battery - grade lithium carbonate was 93,300 yuan. The closing price of LC2605 on the Guangzhou Futures Exchange was 96,420 yuan, up 4.85% this week [12][20]. - The average discount in the exchange - standard electric carbon trading market was - 1,650 yuan (referring to the main contract LC2605). The net short position of the main lithium carbonate contract remained the same as last week [23]. - The price difference between battery - grade and industrial - grade lithium carbonate was 2,450 yuan, and the price difference between battery - grade lithium carbonate and lithium hydroxide was 11,670 yuan [26][27]. 3.3 Supply Side - **Domestic Production** - On November 27, SMM reported the weekly output of domestic lithium carbonate at 21,865 tons, a 1.2% decrease from the previous week. In October 2025, the domestic lithium carbonate output was 92,260 tons, a 5.7% increase from the previous month and a 54.6% increase year - on - year. The cumulative output in the first 10 months increased by 43.2% year - on - year [32]. - In October, the output of lithium carbonate from lithium spodumene was 57,150 tons, a 2.1% increase from the previous month and a 74.0% increase year - on - year. The cumulative output in the first ten months increased by 74.6% year - on - year. The output of lithium carbonate from lithium mica was 12,720 tons, a 9.8% increase from the previous month, and the cumulative output in the first ten months increased by 17.8% year - on - year [35]. - In October, the output of lithium carbonate from salt lakes increased by 15.7% to 13,840 tons, and the cumulative output from January to October increased by 9.9% year - on - year. Some salt lakes reduced production or stopped production, and the output of lithium carbonate from salt lakes decreased year - on - year during the peak season. Subsequently, Zangge Lithium Industry will resume production, and a new project of Salt Lake Co., Ltd. will be put into operation, with limited reduction during the traditional production off - season. The output of lithium carbonate from the recycling end in October was 8,550 tons, a 10.0% increase from the previous month, and the cumulative output from January to October increased by 25.2% year - on - year [38]. - **Imports** - In October 2025, China imported 23,881 tons of lithium carbonate, a 21.9% increase from the previous month and a 3% increase year - on - year. From January to October, the total import volume of lithium carbonate in China was about 197,000 tons, a 4.9% increase year - on - year. In October 2025, Chile exported 25,000 tons of lithium carbonate, a 56% increase from the previous month. The amount exported to China was 16,200 tons, a 4.5% decrease year - on - year and a 46.0% increase from the previous month [41]. 3.4 Demand Side - The battery sector dominates lithium demand. In 2024, it accounted for 87% of global consumption. Future growth in lithium salt consumption mainly depends on the growth of the lithium - battery industry, while traditional application areas have limited share and weak growth [45]. - From November 1 - 23, the retail sales of the new - energy passenger vehicle market nationwide reached 849,000 units, a 3% increase compared to the same period in November last year and an 8% increase from the previous month. The cumulative retail sales this year reached 10.998 million units, a 20% increase compared to the same period in November last year. The wholesale volume of new - energy passenger vehicles by manufacturers nationwide was 995,000 units, a 4% increase compared to the same period in November last year and a 13% increase from the previous month. The cumulative wholesale volume this year was 13.051 million units, a 27% increase year - on - year [48]. - From January to September, the total sales volume of new - energy vehicles in Europe was 2.716 million units, a 27.6% increase compared to last year. From January to September, the total sales volume of new - energy vehicles in the United States was 1.232 million units, a 11.4% increase compared to last year. Subsequently, the subsidy for electric vehicles in the United States will be cancelled, and the penetration of new - energy vehicles will face pressure [51]. - According to the China Automotive Power Battery Industry Innovation Alliance, in October, the sales volume of power and other batteries in China was 166.0 GWh, a 13.3% increase from the previous month and a 50.8% increase year - on - year. Among them, the sales volume of power batteries was 124.3 GWh, a 12.4% increase from the previous month and a 56.6% increase year - on - year; the sales volume of other batteries was 41.7 GWh, accounting for 25.1% of the total sales volume, a 15.9% increase from the previous month and a 35.7% increase year - on - year. From January to October, the cumulative sales volume of power and other batteries in China was 1,233.2 GWh, a 55.1% increase year - on - year. Among them, the cumulative sales volume of power batteries was 910.3 GWh, accounting for 73.8% of the total sales volume, a 49.9% increase year - on - year; the cumulative sales volume of other batteries was 322.8 GWh, accounting for 26.2% of the total sales volume, a 71.9% increase year - on - year [54]. - From January to October, the cumulative output of domestic lithium iron phosphate increased by 50.0% year - on - year, and the output of domestic ternary materials increased by 18.3% year - on - year. It is expected that the output of battery materials in November will reach the annual peak, driving the continued growth of lithium carbonate demand [57]. 3.5 Inventory - On November 27, the weekly inventory of domestic lithium carbonate was reported at 115,968 tons, a decrease of 2,452 tons (-1.7%) from the previous week. The inventory days of lithium carbonate were about 26.3 days. The registered warehouse receipts of lithium carbonate on the Guangzhou Futures Exchange on November 27 were 26,781 tons, a 0.5% decrease during the week. After the centralized cancellation of warehouse receipts on November 28, 5,441 tons remained [64]. - The inventory of cathode materials is at a high level, and downstream demand is strong. The consumption of power batteries and energy - storage batteries is booming, and the inventory is at a recent low [67]. 3.6 Cost Side - On November 28, the SMM quoted the price of imported Australian SC6 lithium concentrate at 1,185 - 1,250 US dollars per ton, a weekly increase of 4.06% [74]. - In October, China imported 531,000 tons of lithium concentrate, a 5.3% increase year - on - year and a 2% increase from the previous month. From January to October, China imported 4.9 million tons of lithium concentrate, a 3.6% increase compared to last year. From January to October, the import of lithium concentrate from Australia increased by 5.1% year - on - year, and the import from Africa increased by 1.8% year - on - year (a 5.8% decrease in the first 9 months). The supply pressure of high - cost hard - rock mines has eased, and lithium ore imports have significantly supplemented the supply [77].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：300432 证券简称：富临精工 公告编号：2025-078 富临精工股份有限公司 关于子公司增资扩股暨筹划重大资产重组的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 1、富临精工股份有限公司（以下简称"公司"、"富临精工"）、宁德时代新能源科技股份有限公司（以 下简称"宁德时代"）拟共同对公司子公司江西升华新材料有限公司（以下简称"江西升华"）增资扩股， 富临精工拟增资人民币1,000,000,000元，认购江西升华新增注册资本人民币813,008,130元，宁德时代拟 增资人民币2,563,380,110元，认购江西升华新增注册资本人民币2,084,048,870元。本次交易完成后，宁 德时代持有江西升华的股权比例为51.0000%，富临精工持有江西升华的股权比例为47.4096%。 决策审批程序和信息披露义务。 三、风险提示 本次交易尚处于筹划阶段，尚需按照重大资产重组相关规定履行董事会、股东大会审议决策程序及证券 监管机构的审批程序，存在未能通过有关决策、审批程序的风险 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 碳酸锂 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 【现货市场】碳酸锂现货价格为 93780 元/吨，较前日上涨 0.47%， 近 10 个交易日整体呈现上升走势。 【基差分析】当前基差为-2620 点，负基差（现货贴水），较前日 走强 1060 点，近 10 个交易日基差整体走强。 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。 碳酸锂 | 日报 2025 年 11 月 28 日 碳酸锂日报 专业研究·创造价值 碳酸锂震荡企稳 摘要 【期货市场】主力合约 LC2605.GFE 收盘价 96420 元/吨，较前日上 涨 600 元/吨（+0.63%），近 10 个交易日整体呈现上升走势。 【仓单情况】碳酸 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The lithium carbonate market is expected to see an increase in both supply and demand, with inventory continuing to decline. It is recommended to conduct short - term long trades with a light position at low prices and control risks by paying attention to trading rhythms [6]. Summary by Directory 1. Weekly Highlights Summary - **Market Review**: The weekly line of the lithium carbonate main contract fluctuated strongly, with a rise of +5.93% and an amplitude of 10.85%. As of the end of this week, the main contract closed at 96,420 yuan/ton [6]. - **Macroeconomic Policy**: Six departments jointly issued an implementation plan to promote consumption, aiming to optimize the consumer goods supply structure by 2027 [6]. - **Fundamentals**: In the raw material segment, lithium prices are relatively good, driving up the price of lithium ore. Mines are more willing to sell, and smelters are more active in purchasing. The supply of domestic lithium carbonate is expected to increase, while the demand side is also supported by the peak consumption season of downstream battery materials, the boost in pre - holiday car - buying enthusiasm due to the subsidy policy change for new energy vehicles next year, and the significant increase in the energy storage industry [6]. - **Trading Advice**: Conduct short - term long trades with a light position at low prices and control risks [6]. 2. Futures and Spot Market - **Futures Price**: As of November 28, 2025, the closing price of the lithium carbonate main contract was 96,420 yuan/ton, a weekly increase of 5,400 yuan/ton. The near - far month spread was - 1,860 yuan/ton, a weekly decrease of 1,660 yuan/ton [9]. - **Spot Price**: As of November 28, 2025, the average price of battery - grade lithium carbonate was 93,750 yuan/ton, a weekly increase of 1,450 yuan/ton. The basis of the main contract was - 2,670 yuan/ton, a weekly decrease of 3,950 yuan/ton [16]. 3. Upstream Market - **Lithium Spodumene**: As of November 28, 2025, the average price of lithium spodumene concentrate (6% - 6.5%) was $1,220/ton, a weekly increase of $10/ton [20]. - **Lithium Mica and Phosphorus - Lithium - Aluminum Stone**: As of November 28, 2025, the average price of lithium mica (Li₂O: 2.0% - 3%) was 3,894 yuan/ton, a weekly decrease of 34 yuan/ton. The average price of phosphorus - lithium - aluminum stone was 10,525 yuan/ton, a weekly increase of 425 yuan/ton [25]. 4. Industry Supply - **Imports and Exports**: As of October 2025, the monthly import volume of lithium carbonate was 23,880.69 tons, a 21.86% increase from September and a 2.95% year - on - year increase. The monthly export volume was 245.912 tons, a 63.06% increase from September and a 17.93% year - on - year decrease [30]. - **Production**: As of October 2025, the monthly output of lithium carbonate was 51,530 tons, a 9.31% increase from September and a 62.15% year - on - year increase. The monthly operating rate was 43%, a 5% decrease from the previous month and a 32% year - on - year decrease [30]. 5. Downstream Demand - **Hexafluorophosphate Lithium and Electrolyte**: As of November 28, 2025, the average price of hexafluorophosphate lithium was 180,000 yuan/ton, a weekly increase of 5,000 yuan/ton. As of October 2025, the monthly output of electrolyte was 219,900 tons, a 6.98% increase from September and a 41.32% year - on - year increase [33]. - **Lithium Iron Phosphate**: As of the latest data this week, the average price of power - type lithium iron phosphate was 39,100 yuan/ton, a weekly increase of 10,000 yuan/ton. As of October 2025, the monthly output of lithium iron phosphate cathode materials was 266,880 tons, an 8.36% increase from September and a 45.92% year - on - year increase. The monthly operating rate was 64% [38]. - **Ternary Materials**: As of October 2025, the monthly output of ternary materials was 62,020 tons, a 1.77% decrease from September and a 15.95% year - on - year increase. The monthly operating rate was 52%. As of the latest data this week, the prices of 811 - type, 622 - type, and 523 - type ternary materials remained stable [41]. - **Lithium Manganate**: As of October 2025, the monthly output of lithium manganate was 10,300 tons, a 3.83% increase from September and a 3.65% year - on - year decrease. As of the latest data this week, the average price of lithium manganate was 36,000 yuan/ton, a weekly decrease of 1,000 yuan/ton [46]. - **Lithium Cobaltate**: As of the latest data this week, the average price of lithium cobaltate was 343,500 yuan/ton, remaining unchanged from the previous week. As of October 2025, the monthly output of lithium cobaltate was 15,790 tons, a 4.71% increase from September and a 116.01% year - on - year increase [49]. - **New Energy Vehicles**: As of October 2025, the penetration rate of new energy vehicles was 46.75%. The monthly production was 1,772,000 vehicles, a 9.59% increase from the previous month, and the monthly sales were 1,715,000 vehicles, a 6.92% increase from the previous month. The cumulative export volume was 2.014 million vehicles, a 90.36% year - on - year increase [52][56]. 6. Options Market - Based on the option parity theory and the performance of at - the - money contracts, combined with the fundamental situation, it is recommended to construct a short straddle option to short volatility. The premium of the synthetic underlying is - 0.01, presenting a reverse arbitrage opportunity [61].

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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 交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 | | | 供给端来看 ， | 上周碳酸锂产量为22130吨 环比增长2 71% 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102584吨 环比减少2 05% ， . , | | 上周三元材料 | | | | | | | | | | 样本企业库存为19290吨 | 环比增加0 41% ， . 。 | | | | | | | | | | | | 成本端来看 | 外购锂辉石精矿成本为91118元/吨 日环比增长3 28% | 生产所得为398 | | | | | | | | | 1 | 基本面: 、 | ， | ， . , | | | 中性 | | | | | 。 | | | | 元/吨 ...

| | 锂云母 | 1665 | 20 | 电硕-工候价差 元/吨 | - 电池级碳酸锂-平均价 一工业级碳酸锂-平均价 | | --- | --- | --- | --- | --- | --- | | | (Li20:1.5%-2.0%) | | | | | | | 锂云母 (Li20:2.0%-2.5%) | 2590 | 25 | | 碳酸锂注册仓单(吨) | | | 磷锂铝石 (Li20:6%-7%) | 8900 | | | | | | 磷锂铝石 (Li20:7%-8%) | 10250 | | | | | | 正极材料 | 平均价 | 涨跌 | | | | | 磷酸铁锂(动力型) | 39230 | 120 | | | | | 三元材料811(多晶/动力型) | 161700 | 50 | | | | | 三元材料523 (単晶/动力型) | 144300 | 150 | | | | | 三元材料613(单晶/动力型) | 144550 | 200 | | | | | 名称 | 现值 | 変化值 | | | | | 电碳-工碳 | 2450 | 50 | | | | 价 差 | 电碳-主力合约 ...

11月28日，锂电池板块快速走强。截至发稿，希荻微涨超16%，万润新能、川金诺涨超12%，金浦钛业、瑞玛精密等涨停，盛新锂能涨近7%。 | < V | 锂电池 | | E | | --- | --- | --- | --- | | | 4091.30 1.15% | | | | 成份股 | 股吧 | | 资讯 | | 名称 | 最新 | 涨幅 ↓ | 涨跌 | | 希荻微 | 17.78 | 16.59% | 2.53 | | 688173 科创 闘 | | | | | 万润新能 | 88.16 | 12.55% | 9.83 | | 688275 科创 融 | | | | | 川金诺 | 24.80 | 12.17% | 2.69 | | 300505 | | | | | 金浦钛业 | 3.17 | 10.07% | 0.29 | | 000545 融 | | | | | 航天机电 | 9.30 | 10.06% | 0.85 | | 600151 | | | | | 瑞玛精密 | 28.44 | 10.02% | 2.59 | | 002976 | | | | | 道明光学 | 12.44 | 9.99% ...

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating [1] 2. Core View of the Report The report focuses on the fundamentals of lithium carbonate, presenting price, volume, and inventory data. It shows that the price of battery - grade and industrial - grade lithium carbonate has increased, while production has decreased and inventory has been reduced. The trend strength of lithium carbonate is - 2, indicating a bearish outlook [1][2][3] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: For the 2601 contract, the closing price was 94,000 yuan, down 500 yuan from T - 1; the trading volume was 216,915, down 145,740 from T - 1; the open interest was 280,208, down 22,494 from T - 1. For the 2605 contract, the closing price was 95,820 yuan, down 520 yuan from T - 1; the trading volume was 741,463, down 68,768 from T - 1; the open interest was 507,882, up 29,828 from T - 1 [1] - **Basis Data**: The basis of spot - 2601 was - 700 yuan; the basis of spot - 2605 was - 2,520 yuan; the basis of 2601 - 2605 was - 1,820 yuan. The difference between electric carbon and industrial carbon was 2,450 yuan; the difference between spot and CIF was 15,748 yuan [1] - **Raw Material Data**: The price of lithium spodumene concentrate (6%, CIF China) was 1,126 yuan, up 13 yuan from T - 1; the price of lithium mica (2.0% - 2.5%) was 2,590 yuan, up 25 yuan from T - 1 [1] - **Lithium Salt Data**: The price of battery - grade lithium carbonate was 93,300 yuan, up 500 yuan from T - 1; the price of industrial - grade lithium carbonate was 90,850 yuan, up 450 yuan from T - 1; the price of battery - grade lithium hydroxide (micronized powder) was 86,500 yuan, up 400 yuan from T - 1 [1] - **Related Product Data**: The price of lithium iron phosphate (power type) was 39,230 yuan, up 120 yuan from T - 1; the price of ternary material 523 (polycrystalline/consumer type) was 156,325 yuan, up 100 yuan from T - 1; the price of hexafluorophosphate lithium was 165,500 yuan, up 2,500 yuan from T - 1 [1] 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 93,958 yuan/ton, up 543 yuan/ton from the previous trading day. Battery - grade lithium carbonate was priced at 90,600 - 96,000 yuan/ton, with an average price of 93,300 yuan/ton, up 500 yuan/ton from the previous trading day. Industrial - grade lithium carbonate was priced at 89,200 - 92,500 yuan/ton, with an average price of 90,850 yuan/ton, up 450 yuan/ton from the previous trading day [2] 3.3 Production and Inventory - This week, the production of lithium carbonate was 21,865 tons, a decrease of 265 tons from last week. The total industry inventory was 115,968 tons, with a de - stocking of 2,452 tons from last week [3] 3.4 Trend Strength - The trend strength of lithium carbonate was - 2, indicating a bearish outlook [3]