中信建投：继续看多锂电板块

Core Viewpoint - The lithium battery sector has fulfilled the logic of exceeding market demand expectations for 2025, with the current focus shifting to whether the demand forecast for 2026 can be revised upwards based on a 20% growth rate [1] Group 1: Key Signals to Monitor - The first signal to watch is the fourth quarter energy storage bidding situation, which will reflect the installation data for 2026 [1] - The second signal is the battery companies' bidding at the end of November, which corresponds to the demand expectations for 2026; although some battery companies have provided guidance that significantly exceeds market expectations, the confidence in these forecasts remains questioned [1] - The third signal involves the continuation of policies for vehicle trade-ins in 2026 and the information on lithium battery production scheduling [1] Group 2: Market Dynamics - Despite significant discrepancies in current expectations, the economic factors driving energy storage may accelerate unexpectedly next year, indicating that a second wave of market activity could emerge at any time as attention increases [1]