Citic Securities: Maintains the lithium price forecast range for 2026 at 12,000-20,000 yuan/ton.

The research report from CITIC Securities stated that since 2026, the price of lithium has been increasing, with overseas lithium mines resuming production at a faster pace, and the growth in supply from the resource side may accelerate in 2026. However, compared to the explosive growth in demand, the supply response remains weak, and the high prosperity of battery demand and the continuous decline in industry chain inventory are expected to continue to support the price of lithium. In addition, positive signals from the industry are frequent, such as agreements on floor prices, lithium spodumene auctions, and sales of low-grade lithium ore products, which confirm the industry's confidence in future lithium prices. It is recommended to maintain the forecast range for lithium prices in 2026 at 12-20,000 yuan/ton, and to pay attention to the price upward risk brought by additional supply disruptions.