| | 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 ...

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]

| 碳酸锂日评20251127:逢高法空 | | | | | | | --- | --- | --- | --- | --- | --- | | 交易日期(日) 2025-11-26 近两周走势 | | 2025-11-25 | 2025-11-19 | 较昨日变化 | | | 近月合约 收盘价 -17 | 94260.00 | 95340.00 | 99060.00 | -1.080.00 | | | 连一合约 收盘价 | 94500.00 | 95400.00 | 99300.00 | -900.00 | 22 | | 连二合约 收盘价 | 94700.00 | 95640.00 | 99380.00 | -940.00 | 5 | | 连三合约 收盘价 | 94700.00 | 95640.00 | 99300.00 | -940.00 | | | 收盘价 | 96340.00 | 95400.00 | 99300.00 | 940.00 | 5 | | 砖酸包期货 成交堂(手) | 810231.00 | 511279.00 | 1767428.00 | 298,952.00 | 5 | | 活跃合约 ...

2025 年 11 月 27 日 碳酸锂：区间震荡，关注 12 月排产情况 | | 邵婉嫕 投资咨询从业资格号：Z0015722 | shaowanyi@gtht.com | | --- | --- | --- | | | 刘鸿儒（联系人） 期货从业资格号：F03124172 | liuhongru@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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2601合约（收盘价） | 94,500 | -900 | -4,800 | 7,920 | 12,600 | 5,460 | | | | 2601合约（成交量） | 362,655 | -148,624 | -1,404,773 | -782,674 | -151,800 | 206,105 | | | | 2601合约（持仓量） | 302,702 | -40,497 | -200,430 | -226,264 | -180,7 ...

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碳酸锂日报（2025 年 11 月 26 日） 碳酸锂日报 一、研究观点 点 评 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 2601 合约涨 4.47%至 95400 元/吨。现货价格方面，电池级碳酸锂平均价下跌 100 元/吨至 92050 元/吨，工业级碳酸锂平均价下跌 100 元/吨至 89650 元/吨，电池级氢氧化锂（粗颗 粒）下跌 100 元/吨至 81180 元/吨。仓单方面，昨日仓单库存增加 105 吨至 26615 吨。 2. 供应端， 周度产量环比增加 585 吨至 22130 吨，其中锂辉石提锂环比增加 440 吨至 13344 吨，锂云 母产量环比增加 30 吨至 2971 吨，盐湖提锂环比增加 80 吨至 3635 吨，回收料提锂环比增加 35 吨 至 2180 吨；10 月碳酸锂进口环比增加 22%吨至 2.4 万吨，其中自阿根廷进口环比增加 5%至 0.7 万 吨，自智利进口环比增加 37%至 1.5 万吨。需求端，三元材料周度产量环比增加 118 吨至 19002 吨， 周度库存环比增加 79 吨至 19290 吨；磷酸铁 ...

Supply and Demand Dynamics - Supply constraints are exceeding expectations, with winter conditions affecting lithium extraction in key regions like Qinghai and Tibet, leading to a projected capacity reduction of 15-20% [1] - Core mining operations are facing challenges, such as the Jiangxi Jianxiawo lithium mine, which is unable to resume production due to incomplete mining rights processes, and the shutdown of some mica mines due to low lithium carbonate prices, resulting in ongoing supply contraction [1] - Demand remains robust, particularly in the energy storage market, with global energy storage cell shipments expected to surge by 75% year-on-year by 2025, and domestic new energy storage installations doubling [1] - The demand for power batteries continues to grow, with October vehicle installations increasing by 10.7% month-on-month, driven by a "rush to install" ahead of the end of tax exemptions for new energy vehicles [1] - A consensus reached between China and the U.S. to suspend lithium battery export controls for one year has further amplified demand [1] Inventory and Price Movements - Lithium carbonate social inventory has been decreasing for 13 consecutive weeks, dropping to a two-year low of 109,000 tons, with turnover days falling to 28.1 days, the lowest since futures listing [2] - The supply-demand gap in November is projected to reach 16,800 tons, widening from 12,600 tons in October, creating a solid foundation for price increases [2] Technical and Market Sentiment - After experiencing significant volatility, lithium carbonate futures prices rebounded, with a notable drop of 9% on November 21, followed by a further decline of 2.88% to 90,480 yuan/ton, nearing industry cost lines, indicating strong rebound demand [3] - Policy impacts are gradually dissipating, as adjustments to trading fees and limits on November 24 led to a temporary price drop, but the market quickly absorbed this negative news, allowing prices to rise again based on fundamental pricing logic [3] Industry Chain and Financial Support - The price transmission within the industry chain is evident, with upstream lithium spodumene prices reaching 3,000 USD/ton, increasing production costs for lithium carbonate, while downstream processing fees for lithium iron phosphate have also risen significantly [4] - The futures market for lithium carbonate has maintained a holding volume of over 1 million contracts, attracting significant attention from investors, with trading volumes on November 25 reaching 511,300 contracts, indicating strong bullish sentiment [4]

利润估算 种类 88224 外购锂辉石精矿现金成本 N # 利 外购锂辉石精矿利润 2549 >EE 外购锂云母精矿现金成本 90365 外购锂云母精矿利润 -1850 、行业协会将建议设成本红线规范报价磷酸铁锂行业推进反内卷。由于我回磷酸铁锂行业陷入连续多年整体性亏损的窘境，产业无序竞争 账价内卷现象威肋全行业生存根基与持续发展大局，中国化学与物理电源行业协会将发布《关于参考磷酸铁锂成本指数及规范行业发展的通 知》。该《通知》建议，企业应将协会11月18日披露的行业平均成本区间作为报价的重要参考，不要突破成本红线开展低价倾销。记者? 中国化学与物理电源行业协会将自本月起，每月定期披露行业平均成本区间,为企业报价提供权威监管依据。同时，协会建议企业雇 息报送义务,企业每月定期向协会如实、完整提交产能、产量、库存等经营数据,作为行业资源配等重要参考依据。 SMM,本周碳酸锂增产585吨,去库2052吨 H a 价格运行到10万元后，市场核心关注需求旺季的延续性和江西矿端的复产节奏。上周受到去库幅度收窄和矿端复产消息，部分获利盘了结离 引发市场回调。目前，终端需求仍维持旺盛，由于前期加速上涨，市场积累了大量获利盘 ...

2025 年 11 月 24 日 碳酸锂：多空博弈加剧，关注大厂复工进展 | | 邵婉嫕 投资咨询从业资格号：Z0015722 | shaowanyi@gtht.com | | --- | --- | --- | | | 刘鸿儒（联系人） 期货从业资格号：F03124172 | liuhongru@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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2601合约（收盘价） | 91,020 | -7,960 | 3,660 | 8,720 | 13,900 | 6,540 | | | | 2601合约（成交量） | 1,137,824 | -457,822 | 380,392 | 327,169 | 761,375 | 959,871 | | | | 2601合约（持仓量） | 411,327 | -68,275 | -105,451 | -79,624 | 58,096 | 2 ...

ITG国贸期货 投资咨询业务资格:证监许可【2012】31号 炭酸锂数据日报 白素娜 投资咨询号:Z0013700 从业资格号: F3023916 国贸期货研究院 2025/11/24 研究助理 陈宇森 从业资格号:F03123927 贵金属与新能源研究中心 据来源: SMM,公升新闻整理 平均价 100000 锂化合物 涨跌 SMM电池级碳酸锂 1000 92300 2500 80000 SMM工业级碳酸锂 89900 1000 2000 收盘价 期货合约 涨跌幅 60000 碳酸锂2512 90960 -8. 99% 91020 碳酸锂2601 -9% 40000 碳酸锂2602 -9% 91040 碳酸锂2603 91160 -8.99% 500 碳酸锂2604 91880 -8.99% 平均价 锂矿 锂辉石精矿(CIF中国) 1089 -28 = (120.5 5%-6%) | | 锂云母 (Li20:1.5%-2.0%) | 1615 | -95 | 电碳-工碳价差 元/吨 | 一 电池级碳酸锂-平均价 - 工业级碳酸锂-平均价 | | --- | --- | --- | --- | --- | - ...