Zhi Tong Cai Jing·2025-10-10 03:41Core Viewpoint - Lithium stocks have collectively declined, with significant drops observed in major companies such as Ganfeng Lithium, Tianqi Lithium, and CATL, amid intense supply-demand dynamics in the lithium market [1] Industry Summary - Recent market conditions indicate a fierce competition between lithium supply and demand, with a notable increase in lithium carbonate production, surpassing 20,000 tons per week, reaching historical highs [1] - The production of spodumene lithium has approached 13,000 tons, compensating for previous production losses from Qinghai salt lakes and other sources [1] - Compared to 2024, the current weekly production has increased by 7,796 tons, representing a 61.29% rise from last year's average [1] Company Summary - Major lithium companies such as Ganfeng Lithium (down 7.7% to HKD 47.12), Tianqi Lithium (down 6.83% to HKD 45.28), and CATL (down 6.24% to HKD 548.5) have experienced significant stock price declines [1] - The structural change in inventory, with upstream destocking and downstream proactive restocking, reflects a positive growth in actual demand [1] - The upcoming resumption of production at the Jiangxia mine is expected to increase supply pressure, with supply growth anticipated to outpace demand growth in the fourth quarter, leading to continued downward pressure on lithium carbonate prices, projected to fluctuate around RMB 70,000 to 75,000 per ton [1]