交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 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%。 3、库存: 冶炼厂库存为26104吨，环比减少7.66%,低于历史同期平均水平；下游库存为44436 吨，环比减少8.89%,高于历史同期平均水平；其他库存为47880吨，环比增加 10.25%,高于历史同期平均水平；总体库存为118420吨，环比减少1.70%,高于历史 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 同期平均水平。 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。 2025年11月27日 目 录 1 每日观点 4、盘面: 盘面:MA20向上，05合约期价收 ...

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 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 26 日 碳酸锂日报 专业研究·创造价值 碳酸锂主力换月 摘要 【期货市场】今日进行了主力换月，从 LC2601.GFE 更换为 LC2605.GFE。收盘价 96340 元/吨。 【现货市场】碳酸锂现货价格为 92820 元/吨，较前日上涨 0.94%， 近 10 个交易日整体呈现上升走势。 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 【基差分析】当前基差为-4640 点，负基差（现货贴水），较前日 走弱 3380 点，近 10 个交易日基差整体震荡。 【仓单情况】碳酸锂注册仓单量为 27050 手，较前日 ...

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 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。 2025年11月26日 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%。 供给端，2025年10月碳酸锂产量为92260实物吨，预测下月产量为92080实物吨，环比减少0.19%,2025 年10月碳酸锂进口量为23881实物吨，预测下月进口量为27000实物吨，环比增加13.06%。需求端，预 计下月需求有所强化，库存或将有所去化。成本端，6%精矿CIF价格日度环比有所减少，低于历史同期 平均水平，需求 ...

碳酸锂 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 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 25 日 碳酸锂日报 专业研究·创造价值 碳酸锂强势运行 摘要 【期货市场】主力合约 LC2601.GFE 收盘价 95400 元/吨，较前日上 涨 4920 元/吨（+5.44%），近 10 个交易日整体呈现上升走势。 【现货市场】碳酸锂现货价格为 91960 元/吨，较前日下跌 0.14%， 近 10 个交易日整体呈现上升走势。 【基差分析】当前基差为-1260 点，负基差（现货贴水），较前日 走弱 2030 点，近 10 个交易日基差整体走强。 【仓单情况】碳 ...

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 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。 2025年11月25日 目 录 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%。 3 成本端来看，外购锂辉石精矿成本为89670元/吨，日环比减少1.97%,生产所得为1350元/吨， 有所盈；外购锂云母成本为93596元/吨，日环比减少3.56%,生产所得为-4836元/吨，有所亏 损；回收端生产成本普遍大于矿石端成本，生产所得为负，排产积极性较低；盐湖端季度现金 生产成本为31477元/吨，盐湖端成本显著低于矿石端，盈利空 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 碳酸锂 邮箱：longaoming@bcqhgs.com 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 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 24 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 LC2601.GFE 收盘价 90480 元/吨，较前日下 跌 540 元/吨（-0.59%），近 10 个交易日整体呈现上升走势。 专业研究·创造价值 1 / 6 请务必阅读文末免责条款 请务必阅读文末免责条款部分 碳酸锂 | 日报 1. 产业动态 【现货市场】碳酸锂现货价格为 92090 元/吨，较前日下跌 0.29%， 近 10 个交易日整体呈现上升走势。 【基差分析】当前基 ...

有色金属周报——碳酸锂 仍具回调空间 2025年11月24日 研究所 吴金恒 从业资格号：F03100418 投资咨询从业证书号：Z0021125 TEL：010-8229 3229 投资策略 ⚫ 逻辑： ⚫ 风险提示：供应端扰动、"反内卷"情绪变化 ⚫ 策略:逢高沽空 ⚫ 运行区间：71000-100000 ⚫ 资源端，江西锂云母矿供应仍处低位，锂辉石产量增加；锂矿进口量上升。 ⚫ 供给端，上周碳酸锂周度产量再创新高，各原料产碳酸锂均上升；进口锂盐量 上升，智利出口锂盐量上升，回收端保持稳定增长。 ⚫ 需求端，新能源汽车产销增速有所放缓，周度动力电芯产量下滑，上周磷酸铁 锂去库、三元材料累库；储能电池排产保持增长，储能中标规模下滑。 ⚫ 成本端，锂辉石精矿与锂云母价格上涨。 ⚫ 库存上，总体去库，冶炼厂与下游去库，其他累库。 ⚫ 综上，江西矿端扰动反复，周度产量创新高，短期碳酸锂基本面仍呈供需双强 格局，但动力电芯周度产量走弱，下游持观望态度，现货市场成交恢复有限， 交易所采取措施为情绪降温，预计碳酸锂价格仍具回调空间。 1.1碳酸锂行情回顾 碳酸锂主力期货价格 碳酸锂主力期货成交量与持仓量 0 20000 ...

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The lithium carbonate market is showing signs of stabilization. The futures and spot prices have generally been on an upward trend in the past 10 trading days, but the short - term supply elasticity is insufficient. The futures contract LC2601.GFE closed at 98,980 yuan/ton, down 320 yuan/ton (-0.32%) from the previous day, while the spot price of lithium carbonate was 91,330 yuan/ton, up 2.69% from the previous day. The current basis is - 8,690 points, and the registered warehouse receipts increased by 150 lots (+0.56%) to 26,916 lots [4]. 3. Summary by Directory 3.1 Industry Dynamics - **Futures Market**: The closing price of the main lithium carbonate futures contract was 98,980 yuan/ton, down 320 yuan/ton from the previous day, and the settlement price was 100,020 yuan/ton, up 1,860 yuan/ton from the previous day. Compared with 5 trading days ago, the closing price increased by 11,140 yuan/ton, and the settlement price increased by 11,660 yuan/ton [6]. - **Lithium Ore Prices**: The prices of lithium spodumene from different origins (Australia, Brazil, Zimbabwe, etc.) increased, with the price range of Australian CIF6 China lithium spodumene concentrate being 1,230 - 1,280 US dollars/ton, up 50 - 40 US dollars/ton from the previous day. The prices of lithium mica with different Li2O contents in China also rose, such as the average price of lithium mica (Li2O:1.5 - 2) increasing by 145 yuan/ton to 2,245 yuan/ton [6]. - **Lithium Salt Prices**: The price of domestic 99.5% electric - grade lithium carbonate was 91,330 yuan/ton, up 2,390 yuan/ton from the previous day, and the price of domestic 56.5% lithium hydroxide was 80,600 yuan/ton, up 1,500 yuan/ton from the previous day. The price difference between lithium hydroxide (56.5%, domestic) and lithium carbonate (99.5% electric, domestic) was - 10,730 yuan/ton, down 890 yuan/ton from the previous day [6]. - **Downstream Product Prices**: The price of some downstream products such as electrolyte (manganese - acid lithium) and lithium iron phosphate (cathode material) increased, while the prices of some ternary materials and precursors remained stable or changed slightly [6]. 3.2 Related Charts - **Ore and Lithium Prices**: The charts show the price changes of lithium mica, lithium carbonate futures, lithium hydroxide, lithium carbonate basis, and the price difference between lithium hydroxide and lithium carbonate over time [8]. - **Cathode & Ternary Materials**: The charts display the price changes of manganese - acid lithium, lithium iron phosphate, cobalt - acid lithium, ternary precursors, and ternary materials [10][15]. - **Other Related Data of Lithium Carbonate Futures**: The charts present the changes in the trading volume, open interest, and registered warehouse receipts of lithium carbonate futures [17][18].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - From the supply side, last week's lithium carbonate production was 21,545 tons, a 0.05% week - on - week increase, higher than the historical average. In October 2025, the production was 92,260 tons, and the predicted production for next month is 92,080 tons, a 0.19% decrease. The import volume in October was 22,000 tons, and it is predicted to be 27,000 tons next month, a 22.73% increase [8][10]. - From the demand side, last week, the inventory of lithium iron phosphate sample enterprises was 104,738 tons, a 0.92% week - on - week decrease, and the inventory of ternary material sample enterprises was 19,211 tons, a 1.74% decrease. It is expected that the demand will strengthen next month, and the inventory may be depleted [8]. - From the cost side, the cost of purchased lithium spodumene concentrate is 87,553 yuan/ton, a 2.42% daily increase, resulting in a loss of 1,376 yuan/ton. The cost of purchased lithium mica is 91,635 yuan/ton, a 2.85% daily increase, with a loss of 7,641 yuan/ton. The production cost at the recycling end is close to that of the ore end, with average production enthusiasm. The quarterly cash production cost at the salt lake end is 31,477 yuan/ton, significantly lower than the ore end, with sufficient profit margins and strong production motivation [9]. - The 2601 contract of lithium carbonate will fluctuate in the range of 92,020 - 95,020 [10]. - The main logic is the emotional shock caused by news under the tight balance of supply and demand [14]. 3. Summaries According to the Table of Contents 3.1 Daily Views - **Supply**: Last week's production was 21,545 tons, up 0.05% week - on - week. October 2025 production was 92,260 tons, predicted next - month production is 92,080 tons (down 0.19%). October import was 22,000 tons, predicted next - month import is 27,000 tons (up 22.73%) [8][10]. - **Demand**: Last week, lithium iron phosphate sample enterprise inventory was 104,738 tons (down 0.92%), ternary material sample enterprise inventory was 19,211 tons (down 1.74%). Next - month demand is expected to strengthen, and inventory may be depleted [8]. - **Cost**: Purchased lithium spodumene concentrate cost is 87,553 yuan/ton (up 2.42% daily), loss of 1,376 yuan/ton. Purchased lithium mica cost is 91,635 yuan/ton (up 2.85% daily), loss of 7,641 yuan/ton. Salt lake end cost is 31,477 yuan/ton, with strong production motivation [9]. - **Other Factors**: On November 18, the spot price of battery - grade lithium carbonate was 87,400 yuan/ton, and the basis of the 01 contract was - 6,120 yuan/ton, with the spot at a discount to the futures. The overall inventory was 120,472 tons, a 2.80% week - on - week decrease, higher than the historical average. The MA20 of the disk is upward, and the 01 contract price closed above the MA20. The net short position of the main contract decreased [11]. - **Leverage and Risks**: Positive factors include the production cut plan of lithium mica manufacturers and the decrease in the import volume of lithium carbonate from Chile. Negative factors are the high and limited - decline supply at the ore/salt lake end [12][13]. 3.2 Fundamental/Position Data - **Market Data**: The futures closing prices of various contracts decreased, with the 01 contract down 1,680 yuan (-1.76%). The basis of various contracts increased, with the 01 contract basis increasing by 2,930 yuan (-32.38%). The registered warehouse receipts decreased by 342 lots (-1.27%). The price of lithium spodumene (6%) increased by 32 US dollars/ton (3.13%), and the price of lithium mica concentrate (2.5%) increased by 125 yuan/ton (5.34%) [17]. - **Supply - side Data**: The weekly operating rate was 75.34%, unchanged. The daily production cost of lithium spodumene increased by 2,071 yuan/ton (2.42%), and the monthly processing cost decreased by 170 yuan/ton (-0.83%). The monthly production of lithium carbonate in October was 92,260 tons, a 5.73% increase [19]. - **Demand - side Data**: The monthly operating rate of lithium iron phosphate increased by 5.88%, and the monthly production increased by 19,800 tons (6.35%). The monthly operating rate of lithium iron phosphate increased by 10.54%, and the monthly export increased by 1,091,564 kilograms (54.57%) [19].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - The main contract of lithium carbonate futures (LC2601.GFE) closed at 93,520 yuan/ton, down 1,680 yuan/ton (-1.76%) from the previous day, showing an upward trend in the past 10 trading days. - The spot price of lithium carbonate was 87,420 yuan/ton, up 1.45% from the previous day, also showing an upward trend in the past 10 trading days. - The current basis was -7,180 points, a negative basis (spot discount), weakening by 690 points from the previous day, and the basis has been weakening overall in the past 10 trading days. - The registered warehouse receipts of lithium carbonate were 26,611 lots, down 342 lots (-1.27%) from the previous day, and the warehouse receipts have been decreasing overall in the past 10 trading days. - Social inventory has dropped to a low level. [4] 3. Summary by Directory 3.1 Industry Dynamics - **Futures**: The main contract closing price was 93,520 yuan/ton, down 1,680 yuan/ton from the previous day and up 6,980 yuan/ton from the previous week; the main contract settlement price was 94,600 yuan/ton, up 1,940 yuan/ton from the previous day and up 7,840 yuan/ton from the previous week. - **Lithium Ore**: The prices of lithium spodumene from different origins (Australia, Brazil, Zimbabwe, Mali) showed varying degrees of increase compared to the previous day and week; the prices of lithium mica with different Li2O contents in the Chinese market also increased. - **Lithium Compounds**: The price of domestic 99.5% electric-grade lithium carbonate was 87,420 yuan/ton, up 1,250 yuan/ton from the previous day and up 5,060 yuan/ton from the previous week; the price of domestic 56.5% lithium hydroxide showed an upward trend, while some market prices of battery - grade and industrial - grade lithium hydroxide remained unchanged. - **Downstream Products**: The prices of some ternary materials and precursors remained stable, while the price of some products such as lithium hexafluorophosphate increased. [6] 3.2 Related Charts - **Ore and Lithium Prices**: Charts showed the price changes of lithium mica, lithium carbonate futures, lithium hydroxide, lithium carbonate basis, and the price difference between lithium hydroxide and lithium carbonate. - **Cathode & Ternary Materials**: Charts presented the price changes of manganese - acid lithium, lithium iron phosphate, cobalt - acid lithium, ternary precursors, and ternary materials. - **Lithium Carbonate Futures Other Related Data**: Charts showed the changes in trading volume, open interest, and registered warehouse receipts of lithium carbonate futures. [7][10][16]