| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 172,020.00 | -4020.00↓ 前20名净持仓（日，手） | -129,918.00 | +2610.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 378,336.00 | -3216.00↓ 近远月合约价差（日，元/吨） | -2,060.00 | +1960.00↑ | | | 广期所仓单（日，手/吨） | 38,196.00 | -265.00↓ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 172,500.00 | +500.00↑ 工业级碳酸锂平均价（日，万元/吨） | 169,000.00 | +500.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | 480.00 | +4520.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 2,155.00 | 0.00 磷锂铝石平均价（日，元/吨） | ...

碳酸锂日报 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2605 涨 3.47%至 173660 元/吨。现货价格方面，电池级碳酸锂平均价上涨 11250 元 /吨至 173000 元/吨，工业级碳酸锂平均价上涨 11250 元/吨至 169500 元/吨，电池级氢氧化锂（粗 颗粒）上涨 10000 元/吨至 163000 元/吨。仓单方面，昨日仓单库存减少 74 吨至 38451 吨。 2. 供给端，2 月 12 至 26 日，碳酸锂产量环比增加 1638 吨至 21822 吨，其中锂辉石提锂环比增加 1460 吨至 13484 吨，锂云母提锂环比减少 150 吨至 2812 吨，盐湖提锂环比增加 250 吨至 3290 吨，回收 提锂环比增加 78 吨至 2236 吨；2 月碳酸锂产量预计环比下降 16.3%至 81930 吨，各原料提锂均有下 降。需求端，2 月三元材料排产环比下降 14.6%至 69250 吨，磷酸铁锂环比下降 10.7%至 354000 吨。 库存端，周度碳酸锂社会库存环比减少 2839 吨至 100093 吨，其中下游环比减少 ...

| | 锂云母 | 3800 | 200 | - 电碳-工碳价差 元/吨 | 一 电池级碳酸锂-平均价 一工业级碳酸锂-平均价 T./ Hu T./ H4 | | --- | --- | --- | --- | --- | --- | | | (Li20:1.5%-2.0%) (3 | | | | | | | 锂云母 (Li20:2. 0%-2. 5%) | 5700 | 300 | | 碳酸锂注册仓单(吨) | | | 磷锂铝石 (Li20:6%-7%) | 14500 | 400 | | | | | 磷锂铝石 (Li20:7%-8%) | 15800 | 500 | | | | | 正极材料 | 平均价 | 涨跌 | | | | | 磷酸铁锂(动力型) | 59115 | 2730 | | | | | 三元材料811(多晶/动力型) | 212500 | 4900 | | | | | 三元材料523(单晶/动力型) | 188200 | 4700 | | | | 170 | 三元材料613(单晶/动力型) | 189750 | 4850 | | | | | 名称 | 现值 | 変化值 | | | | | ...

免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建 议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 碳酸锂产业日报 2026/2/26 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 173,660.00 | +7180.00↑ 前20名净持仓（日，手） | -122,284.00 | -2902.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 375,204.00 | -1833.00↓ 近远月合约价差（日，元/吨） | -3,280.00 | -120.00↓ | | | 广期所仓单（日，手/吨） | 38,451.00 | ...

| | 锂云母 | 3600 | 350 | - 电碳-工碳价差 元/吨 | 一 电池级碳酸锂-平均价 一 工业级碳酸锂-平均价 T. / HH 元/中 | | --- | --- | --- | --- | --- | --- | | | (Li20:1.5%-2.0%) ( | | | | | | | 锂云母 (Li20:2. 0%-2. 5%) | 5400 | 575 | | 碳酸锂注册仓单(吨) | | | 磷锂铝石 (Li20:6%-7%) HERE | 14100 | 500 | | | | | 磷锂铝石 (Li20:7%-8%) | 15300 | 600 | | | | | 正极材料 | 平均价 | 涨跌 | | | | | 磷酸铁锂(动力型) | 56385 | 2365 | | | | | 三元材料811(多晶/动力型) | 207600 | 4100 | | | | | 三元材料523(单晶/动力型) | 183500 | 3900 | | | | 170 | 三元材料613(单晶/动力型) | 184900 | 4000 | | | | | 名称 | 现值 | 变化值 | | | | ...

| | 锂云母 | 2875 | | ■ 电碳-工碳价差 元/吨 | 一 电池级碳酸锂-平均价 一 工业级碳酸锂-平均价 TT / H4 | | --- | --- | --- | --- | --- | --- | | | (Li20:1.5%-2.0%) (3 | | | | | | | 锂云母 (Li20:2.0%-2.5%) | 4375 | | | 碳酸锂注册仓单(吨) | | | 磷锂铝石 (Li20:6%-7%) | 13000 | | | | | | 磷锂铝石 (Li20:7%-8%) | 13900 | | | | | | 正极材料 | 平均价 | 涨跌 | | | | | 磷酸铁锂(动力型) | 50015 | 245 | | | | | 三元材料811(多晶/动力型) | 199200 | 200 | | | | | 三元材料523 (単晶/动力型) | 173800 | 300 | | | | 125 | 三元材料613(单晶/动力型) | 175800 | 300 | | | | | 名称 | 现值 | 变化值 | | | | | 电碳-工碳 | 3500 | FO | | | | ...

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The overall fundamentals of lithium carbonate may gradually shift to a stage of slightly reduced supply and slightly increased demand, with continued destocking in the industry. It is recommended to conduct light - position oscillating trading and pay attention to controlling risks in trading rhythm [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 165,680 yuan/ton, a decrease of 15,840 yuan; the net holding of the top 20 is - 154,659 lots, a decrease of 1,878 lots; the main contract's open interest is 416,719 lots, a decrease of 22,009 lots; the spread between near - and far - month contracts is - 1,100 yuan/ton, an increase of 780 yuan; the warehouse receipts of GZFE are 28,646 lots/ton, an increase of 490 lots [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 181,500 yuan/ton, an increase of 10,500 yuan; the average price of industrial - grade lithium carbonate is 178,000 yuan/ton, an increase of 10,500 yuan; the basis of the Li₂CO₃ main contract is 15,820 yuan/ton, an increase of 26,340 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 2,010 US dollars/ton, an increase of 75 US dollars; the average price of amblygonite is 17,775 yuan/ton, an increase of 200 yuan; the price of lithium mica (2 - 2.5%) is 7,150 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 56,820 tons, an increase of 2,840 tons; the monthly import volume is 23,988.66 tons, an increase of 1,933.47 tons; the monthly export volume is 911.90 tons, an increase of 152.66 tons; the monthly operating rate of lithium carbonate enterprises is 49%, an increase of 2%; the monthly output of power batteries is 201,700 MWh, an increase of 25,400 MWh; the price of lithium manganate is 47,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 138,000 yuan/ton, a decrease of 20,000 yuan; the price of lithium cobaltate is 400,500 yuan/ton, unchanged; the price of ternary material (811 type) in China is 205,000 yuan/ton, an increase of 5,000 yuan; the price of ternary material (622 power - type) in China is 188,500 yuan/ton, an increase of 5,000 yuan [2] 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China is 203,500 yuan/ton, an increase of 5,000 yuan; the monthly operating rate of ternary cathode materials is 50%, a decrease of 1%; the price of lithium iron phosphate is 52,400 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 60%, a decrease of 3%; the current - month output of new energy vehicles (according to CAAM) is 1,718,000 vehicles, a decrease of 162,000 vehicles; the current - month sales volume is 1,710,000 vehicles, a decrease of 113,000 vehicles; the cumulative sales penetration rate of new energy vehicles (according to CAAM) is 47.94%, an increase of 0.45%; the cumulative sales volume and year - on - year increase of new energy vehicles are 16,490,000 vehicles, an increase of 3,624,000 vehicles; the current - month export volume of new energy vehicles is 300,000 vehicles, unchanged; the cumulative export volume and year - on - year increase of new energy vehicles are 2.615 million vehicles, an increase of 1.331 million vehicles; the 20 - day average volatility of the underlying is 92.88%, an increase of 8.20%; the 40 - day average volatility of the underlying is 72.41%, an increase of 5.01% [2] 3.6 Option Situation - The total holding of call options is 102,521 contracts, a decrease of 9,064 contracts; the total holding of put options is 164,446 contracts, an increase of 4,088 contracts; the put - call ratio of the total holding is 160.4%, an increase of 16.693%; the at - the - money implied volatility (IV) is 0.71%, an increase of 0.0328% [2] 3.7 Industry News - The National Market Operation and Consumption Promotion Work Conference emphasized promoting the expansion and upgrading of commodity consumption, implementing the replacement of old consumer goods with new ones, and promoting large - scale consumption such as automobiles and household items. Jiangsu Province will continue to promote large - scale equipment updates and optimize the replacement of old consumer goods with new ones in 2026. Beijing's new energy vehicle ownership exceeds 1.3 million, and new energy and "National V - standard" vehicles account for over 80%. In 2026, Chongqing has opened applications for automobile replacement subsidies with the first - batch funds of 185 million yuan. India will reduce the automobile import tariff from a maximum of 110% to 40% after reaching a trade agreement with the EU [2] 3.8 Market Analysis - The lithium carbonate main contract first rose and then fell, with a - 6.56% decline at the close. The open interest decreased month - on - month, the spot price was at a premium to the futures price, and the basis strengthened compared with the previous day. On the fundamentals, the raw material lithium ore quotes continued to be strong, the smelters had sufficient raw material inventory and a strong wait - and - see attitude. The supply side saw an increase in the willingness of lithium salt plants to ship and produce, with stable domestic supply, but production may decrease as the long holiday approaches. The demand side maintained on - demand procurement, but pre - holiday stocking demand increased in February, and the spot market trading sentiment improved. In the options market, the put - call ratio of the holding was 160.4%, an increase of 16.693% month - on - month, the option market sentiment was bearish, and the implied volatility slightly increased. Technically, in the 60 - minute MACD, the two lines were above the 0 - axis and the green bars expanded [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The lithium carbonate market is in a stage where supply is stable and demand remains cautious, with the inventory destocking rate slowing down. It is recommended to trade with a light position in a slightly bullish and volatile manner, paying attention to trading rhythm and risk control [2] Summary by Relevant Catalogs Futures Market - The closing price of the main contract was 168,780 yuan/ton, up 2,040 yuan from the previous day. The net position of the top 20 was -154,648 lots, up 876 lots [2] - The trading volume of the main contract was 436,686 lots, up 8,758 lots from the previous day. The spread between near - and far - month contracts was -2,280 yuan/ton, down 620 yuan [2] - The Guangzhou Futures Exchange warehouse receipts were 28,886 lots/ton, up 230 lots [2] Spot Market - The average price of battery - grade lithium carbonate was 164,500 yuan/ton, up 6,000 yuan from the previous day. The average price of industrial - grade lithium carbonate was 161,000 yuan/ton, up 6,000 yuan [2] - The basis of the Li₂CO₃ main contract was -4,280 yuan/ton, up 3,960 yuan [2] Upstream Situation - The average price of spodumene concentrate (6% CIF China) was 1,855 US dollars/ton, up 10 US dollars from the previous day [2] - The average price of amblygonite was 17,350 yuan/ton, up 400 yuan from the previous day. The price of lepidolite (2 - 2.5%) was 6,963 yuan/ton, up 200 yuan [2] Industry Situation - The monthly output of lithium carbonate was 56,820 tons, up 2,840 tons. The monthly import volume was 23,988.66 tons, up 1,933.47 tons [2] - The monthly export volume of lithium carbonate was 911.90 tons, up 152.66 tons. The monthly operating rate of lithium carbonate enterprises was 49%, up 2 percentage points [2] - The monthly output of power batteries was 201,700 MWh, up 25,400 MWh [2] - The price of lithium manganate was 45,000 yuan/ton, unchanged. The price of lithium hexafluorophosphate was 147,500 yuan/ton, down 6,500 yuan [2] - The price of lithium cobalt oxide was 400,500 yuan/ton, unchanged [2] Downstream and Application Situation - The price of ternary material (811 type) in China was 197,000 yuan/ton, unchanged. The price of ternary material (622 power - type) in China was 195,500 yuan/ton [2] - The price of ternary material (523 single - crystal type) in China was 180,500 yuan/ton, unchanged. The monthly operating rate of ternary cathode materials was 50%, down 1 percentage point [2] - The price of lithium iron phosphate was 52,400 yuan/ton, unchanged. The monthly operating rate of lithium iron phosphate cathodes was 60%, down 3 percentage points [2] - The monthly output of new energy vehicles (according to CAAM) was 1,718,000 units, down 162,000 units. The monthly sales volume was 1,710,000 units, down 113,000 units [2] - The cumulative sales penetration rate of new energy vehicles (according to CAAM) was 47.94%, up 0.45 percentage points. The cumulative sales volume and year - on - year increase were 16,490,000 units, up 3,624,000 units [2] - The monthly export volume of new energy vehicles was 300,000 units, unchanged. The cumulative export volume and year - on - year increase were 2,615,000 units, up 1,331,000 units [2] Option Situation - The 20 - day average volatility of the underlying was 82.54%, down 0.85 percentage points. The 40 - day average volatility was 65.79%, down 0.71 percentage points [2] - The total call position was 109,916 contracts, down 1,293 contracts. The total put position was 155,908 contracts, up 3,761 contracts [2] - The total put - call ratio of positions was 141.84%, up 5.0311 percentage points. The implied volatility of at - the - money IV was 0.68%, up 0.0254 percentage points [2] Industry News - The Ministry of Finance will implement a notice to address abnormal low - price issues in government procurement starting from February 1, 2026 [2] - The Ministry of Industry and Information Technology revised and issued two review requirements to strengthen the access management of road motor vehicle production enterprises and products [2] - As of the end of December 2025, the number of electric vehicle charging facilities in China reached 20.092 million, and the world's largest charging network has been built [2] - The German government will provide subsidies of up to 6,000 euros for families purchasing new electric vehicles starting from January 1, 2026 [2] - In December 2025, China's cumulative export volume of lithium hexafluorophosphate was about 1,330 tons, a month - on - month increase of about 48.6%, and the cumulative import volume was about 32 tons [2] - In 2026, the first batch of 93.6 billion yuan of ultra - long - term special treasury bonds for equipment renewal funds have been allocated, supporting about 4,500 projects and driving total investment of over 460 billion yuan [2] Market Analysis - The main lithium carbonate contract showed a slightly bullish and volatile trend, closing up 2.55%. The trading volume increased month - on - month, the spot price was at a discount to the futures price, and the basis strengthened compared with the previous day [2] - In terms of fundamentals, smelters in the raw material segment have sufficient raw material inventory, but their purchasing attitude is cautious due to high ore prices. On the supply side, due to large market fluctuations, upstream producers have different attitudes towards sales, and upstream inventory has accumulated while production remains relatively stable. On the demand side, downstream buyers are sensitive to lithium prices, being cautious when prices are high and mainly purchasing for刚需. When prices fall from high levels, they are more active in inquiring, and spot market transactions have slightly improved. Overall, they mainly focus on digesting inventory and remain cautious. The inventory destocking rate in the lithium carbonate industry has slowed down [2] - In the option market, the put - call ratio of positions was 141.84%, up 5.0311% month - on - month. Market sentiment was bearish, and implied volatility slightly increased [2] - Technically, on the 60 - minute MACD chart, both lines were above the 0 axis, and the red bars slightly converged [2]

研究员: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 | 项目类别 | 数据指标 最新 | | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价（日，元/吨） 120,360.00 | | +5980.00↑ 前20名净持仓（日，手） | -141,692.00 | +5257.00↑ | | | 主力合约持仓量（日，手） 671,573.00 | | -316.00↓ 近远月合约价差（日，元/吨） | -1,560.00 | +20.00↑ | | | 广期所仓单（日，手/吨） 16,651.00 | | +240.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） 99,500.00 | | +500.00↑ 工业级碳酸锂平均价（日，万元/吨） | 96,850.00 | +500.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） -20,860.00 | | -5480.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The lithium carbonate market shows a trend where the main contract is oscillating stronger. The fundamentals are in a stage of increasing supply and stable high - level demand. The industry inventory is continuously decreasing, and the outlook is positive. In the options market, the sentiment is bearish with a slightly rising implied volatility. Technically, the 60 - minute MACD has double lines above the 0 - axis with a shrinking red column. The trading strategy is to trade lightly with a slightly stronger oscillation and pay attention to controlling risks in trading rhythm [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 114,380 yuan/ton, up 2980 yuan; the net position of the top 20 is - 146,949 hands, up 8070 hands; the position of the main contract is 671,889 hands, up 3060 hands; the spread between near - and far - month contracts is - 1,580 yuan/ton, down 120 yuan; the warehouse receipts of GZFE are 16,411 hands/ton, up 900 hands [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 99,000 yuan/ton, up 1350 yuan; the average price of industrial - grade lithium carbonate is 96,350 yuan/ton, up 1300 yuan; the basis of the Li₂CO₃ main contract is - 15,380 yuan/ton, down 1630 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 0 US dollars/ton, down 1320 US dollars; the average price of phospho - lithium - aluminum stone is 12,300 yuan/ton, up 500 yuan; the price of lithium mica (2 - 2.5%) is 4,575 yuan/ton, up 174 yuan [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 53,980 tons, up 2450 tons; the monthly import volume is 22,055.19 tons, down 1825.51 tons; the monthly export volume is 759.24 tons, up 513.33 tons; the monthly operating rate of lithium carbonate enterprises is 47%, unchanged. The monthly output of power batteries is 176,300 MWh, up 5700 MWh; the price of lithium manganate (daily) is 37,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 180,000 yuan/ton, unchanged; the price of lithium cobaltate is 346,600 yuan/ton, up 500 yuan [2] 3.5 Downstream and Application Situation - The price of ternary materials (811 type) in China is 167,000 yuan/ton, unchanged; the price of ternary materials (622 power type) in China is 148,500 yuan/ton, unchanged; the price of ternary materials (523 single - crystal type) in China is 159,500 yuan/ton, unchanged. The monthly operating rate of ternary cathode materials is 51%, down 1%; the price of lithium iron phosphate is 40,600 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 63%, down 1%. The monthly production of new energy vehicles is 1,880,000 units, up 108,000 units; the monthly sales are 1,823,000 units, up 108,000 units; the cumulative sales penetration rate is 47.48%, up 0.74%; the cumulative sales are 14,780,000 units, up 3,518,000 units; the monthly export volume is 300,000 units, up 44,000 units; the cumulative export volume is 2.315 million units, up 1.174 million units [2] 3.6 Option Situation - The total holding of call options is 113,809 contracts, down 5198; the total holding of put options is 141,148 contracts, up 13,277; the put - call ratio of total holdings is 124.02%, up 16.5735%; the implied volatility of at - the - money IV is 0.40%, up 0.0170% [2] 3.7 Industry News - In November 2025, China imported 22,055 tons of lithium carbonate, a month - on - month decrease of 8% and a year - on - year increase of 15%. From January to November, the cumulative import was 219,000 tons, a cumulative year - on - year increase of 5.8%. In November, China exported 759 tons of lithium carbonate, a month - on - month increase of 209% and a year - on - year increase of 248%. From January to November, the cumulative export was 4378 tons, a cumulative year - on - year increase of 36.6% [2] - In November 2025, China's spodumene import volume reached 729,000 physical tons, a month - on - month increase of 12%, equivalent to about 81,000 tons of lithium carbonate equivalent (LCE). Australia was the main source of incremental imports, with 425,000 tons imported in that month, a significant month - on - month increase of 44%, accounting for 58% of the total import [2] - In November 2025, China's lithium hydroxide export volume was 3357 tons, a month - on - month increase of 17% and a year - on - year decrease of 39%. Exports to South Korea and Japan accounted for 87% of the total export volume. In November, China imported 1420 tons of lithium hydroxide, a month - on - month increase of 11% [2] - The resumption of production at Ningde Times' Yichun Jianxiawo lithium mine has new progress. On December 19, the Yichun Tendering Network in Jiangxi Province released the first environmental impact assessment information publicity for the mining project of the lithium mine [2]