中信证券：锂价底部有支撑

Core Viewpoint - CITIC Securities indicates that in Q2 2025, overseas lithium resource projects are experiencing an increase in volume but a decline in price, with domestic lithium carbonate prices rebounding since Q3 2025, leading to increased production enthusiasm in overseas lithium mines [1] Group 1: Market Dynamics - Domestic lithium mica supply risks have not been eliminated, and coupled with stronger-than-expected downstream demand, the risk of a significant decline in lithium prices is considered low [1] - If there are unexpected disruptions in mica production, it may lead to a restoration of the supply-demand balance and a rebound in prices [1] Group 2: Investment Recommendations - It is suggested to pay attention to low-cost targets and companies with high-quality mining assets that may benefit from the rebound in lithium prices during the recovery phase [1]