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 | | | | | ...

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 2026年2月27日 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 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 | | | | 供给端来看 上周碳酸锂产量为21822吨 环比增长8 11% 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92556吨 环比增加0 50% 上周三元材料 ， ， . , ， 。 . 成本端来看 外购锂辉石精矿成本为169235元/吨 日环比增长5 01% 生产所得为 ， ， . , | | | | | 样本企业库存为17234吨 环比减少2 99% | | 1 | 基本面: | | 中性 | | | 、 | | 。 1515元/吨 ...

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 | | | | ...

2026 年 2 月 26 日 碳酸锂：情绪面发酵，盘面或高开高走 | | 邵婉嫕 | 投资咨询从业资格号：Z0015722 | shaowanyi@gtht.com | | --- | --- | --- | --- | | | 张 航 | 投资咨询从业资格号：Z0018008 | zhanghang2@gtht.com | | 【基本面跟踪】 | | | | 碳酸锂基本面数据 | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2605合约（收盘价） | 166,480 | 2,360 | 29,140 | 18,380 | 20,280 | 74,520 | | | | 2605合约（成交量） | 322,727 | 108,363 | 27,496 | -296,815 | -268,796 | -368,912 | | | | 2605合约（持仓量） | 377,037 | 11,857 | 31,048 | 21,267 | -39,09 ...

1 每日观点 2 基本面/持仓数据 每日观点 交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 2026年2月26日 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 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 | | | 供给端来看 ， | 上周碳酸锂产量为20184吨 环比减少2 69% 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92097吨 环比减少3 08% 上周三元材料样 ， . , | | | | 本企业库存为17767吨 ， | 环比减少2 60% . 。 | | | | 成本端来看 | 外购锂辉石精矿成本为153189元/吨 日环比持平 生产所得为 -1548元/ | | 1 | 基本面: 、 | ， | ， ， 中性 。 | | | | ...

行业 日期 2026 年 2 月 26 日 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 碳酸锂期货日报 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾与操作建议 数据来源：Wind，建信期货研究发展部 数据来源：Wind，建信期货研究发展部 碳酸锂期货继续上涨，总持仓增 23195 手，资金博弈情绪高涨，钢联晚盘电碳涨 9800 至 165300 元/吨，澳矿涨 90 美元/吨，锂云母涨 125 元/吨度，三元涨 5000 元/吨，磷酸铁锂涨 1200-1250 元/吨，产业链现涨价潮。节后锂价持续大涨，主 因基本面强劲及消息面刺激，2 月 25 日津巴布韦矿业部宣布，立即暂停所有原矿 和锂精矿的出口，包括在途货物，直至另 ...

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 2026年2月25日 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 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，上周碳酸锂产量为20184吨，环比减少2.69%,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92097吨，环比减少3.08%,上周三元材料样 本企业库存为17767吨，环比减少2.60%。 成本端来看，外购锂辉石精矿成本为145499元/吨，日环比持平，生产所得为-3229元/ 吨，有所亏损；外购锂云母成本为146416元/吨，日环比增长3.00%,生产所得为74元/ 吨，有所盈利；回收端生产成本接近矿石端成本，排产积极性一般；盐湖端季度现金生 产成本为32231元/吨，盐湖端成本显著低于矿石端，盈利空间充足，排产动力十足 ...

1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints of the Report - The supply - side of lithium carbonate showed a decrease last week, with a production of 20,744 tons, a 3.82% week - on - week reduction but still above the historical average. The demand - side saw a decrease in the inventory of sample enterprises of lithium iron phosphate and ternary materials. Cost - side analysis indicates that the cost of externally purchased spodumene concentrate remained flat, while the cost of lithium mica increased. The overall situation shows a tight supply - demand balance, with the market influenced by news - driven sentiment oscillations [8]. - The expected supply of lithium carbonate in the next month is predicted to decline, with production and imports decreasing by 16.31% and 11.02% respectively compared to the previous month. However, the demand is expected to strengthen, and inventory may be depleted. The price of lithium carbonate 2605 is expected to fluctuate in the range of 141,920 - 155,200 [8]. 3. Summary by Relevant Catalogs 3.1 Daily Views - **Fundamentals**: Supply decreased last week, demand - side inventory declined, and cost - side conditions varied. The cost of externally purchased spodumene concentrate was 141,645 yuan/ton, remaining unchanged daily, resulting in a loss of 5,050 yuan/ton. The cost of externally purchased lithium mica was 140,647 yuan/ton, a 2.70% daily increase, also with a loss. The production cost of the recycling end was generally higher than that of the ore end, while the quarterly cash production cost of the salt lake end was significantly lower, with sufficient profit margins and strong production motivation [8]. - **Basis**: On February 12th, the spot price of battery - grade lithium carbonate was 142,500 yuan/ton, and the basis of the 05 contract was - 6,920 yuan/ton, indicating a spot discount to the futures [8]. - **Inventory**: The smelter inventory was 18,356 tons, remaining unchanged week - on - week and below the historical average. Downstream inventory increased by 1.91% week - on - week and was above the historical average. Other inventories decreased by 4.44% week - on - week and were above the historical average. The total inventory decreased by 2.39% week - on - week and was below the historical average [8]. - **Disk**: The MA20 was downward, and the futures price of the 05 contract closed below the MA20 [8]. - **Main Position**: The main position was net short, and short positions increased [8]. - **Expectation**: In February 2026, lithium carbonate production and imports are expected to decline, while demand is expected to strengthen, and inventory may be depleted. The price of lithium carbonate 2605 is expected to fluctuate in the range of 141,920 - 155,200 [8]. 3.2 Market Overview - **Price and Basis**: The prices of various lithium compounds, including lithium carbonate, lithium hydroxide, and related upstream products, showed different degrees of change. For example, the price of battery - grade lithium carbonate increased by 3.26% to 142,500 yuan/ton, and the price of industrial - grade lithium carbonate increased by 3.35% to 139,000 yuan/ton [14]. - **Supply - side Data**: The weekly operating rate remained unchanged at 87.14%. The daily production cost of spodumene remained flat at 141,645 yuan/ton, while the daily production cost of lithium mica increased by 2.70% to 140,647 yuan/ton. The monthly total production of lithium carbonate decreased by 11.49% to 26,950 tons [17]. - **Demand - side Data**: The monthly production of lithium iron phosphate decreased by 5.00% to 325,200 tons, and the monthly export of lithium iron phosphate decreased by 47.82% to 4,028,745 kilograms. The monthly total battery loading volume increased by 4.92% to 98,100 GWh [17]. 3.3 Supply - **Lithium Ore**: The price of lithium ore, production, and import volume showed different trends. The supply - demand balance of domestic lithium ore showed fluctuations, with a balance of 12,364 LCE in January 2026 [25][28]. - **Lithium Carbonate**: The weekly operating rate of lithium carbonate production from different raw materials and the monthly production and import volume were presented. The supply - demand balance of lithium carbonate also showed fluctuations, with a balance of 2,693 physical tons in January 2026 [32][40]. - **Lithium Hydroxide**: The weekly capacity utilization rate, monthly production, export volume, and supply - demand balance of lithium hydroxide were analyzed. The supply - demand balance of lithium hydroxide was - 1,361 physical tons in January 2026 [43][45]. 3.4 Cost and Profit of Lithium Compounds - The cost and profit of externally purchased spodumene concentrate, lithium mica concentrate, and various recycling production methods for lithium carbonate were analyzed. The profit and cost of lithium hydroxide production by different methods, as well as the profit of related processing and conversion, were also presented [48][50][53]. 3.5 Inventory - The weekly inventory of lithium carbonate in smelters and the total inventory, as well as the monthly inventory of lithium hydroxide by source, were shown [56]. 3.6 Demand - **Lithium Battery - Power Battery**: The price, production, loading volume, and export volume of power batteries were analyzed. The monthly production of power battery cells and the monthly loading volume showed different trends [58]. - **Lithium Battery - Energy Storage**: The inventory, winning bids, operating rate, production, and cost of energy - storage batteries were presented [60]. - **Ternary Precursor**: The price, cost, profit, processing fee, capacity utilization rate, production, and supply - demand balance of ternary precursors were analyzed [63][66]. - **Ternary Material**: The price, cost, profit, processing fee, operating rate, production, and inventory of ternary materials were analyzed [70][72]. - **Phosphorus Iron/Phosphorus Iron Lithium**: The price, production cost, profit, capacity, operating rate, production, and export volume of phosphorus iron and phosphorus iron lithium were presented [74][77]. - **New Energy Vehicle**: The production, sales, export volume, sales penetration rate, retail - wholesale ratio, and dealer inventory of new energy vehicles were analyzed [82][83][86].