Group 1: Market Performance - Hong Kong lithium stocks showed strong performance in early trading, with Tianqi Lithium rising by 5.73% to HKD 54.4 and Ganfeng Lithium increasing by 5.90% to HKD 56.5 [1][3] Group 2: Analyst Ratings and Market Outlook - JPMorgan Chase acknowledged a previous misjudgment in the Chinese lithium industry and upgraded the ratings of Tianqi Lithium and Ganfeng Lithium from "underweight" to "neutral" [6] - The upgrade reflects a significant revision of JPMorgan's outlook on the lithium market fundamentals, primarily due to the underestimated explosive demand from the energy storage (ESS) market [6] - JPMorgan forecasts a supply shortage in the global lithium market for 2025 and 2026, leading to a substantial increase in their 2026 lithium price prediction from RMB 70,000/ton to RMB 90,000/ton, a nearly 30% increase [6] - The battery analyst at JPMorgan expects global energy storage battery shipments to grow by 30% year-on-year in 2026, reaching approximately 770 GWh, driven by policy incentives and ongoing deployment of grid-level projects [6] - This growth in energy storage is anticipated to create an additional demand of 140,000 to 165,000 tons of lithium carbonate equivalent (LCE) [6] - CITIC Securities is optimistic about the opportunities arising from the unexpected growth in energy storage, which will positively impact lithium battery and material shipments and prices [6] - They project a year-on-year increase in domestic and overseas power battery demand of 16% and 20% respectively, with global power battery demand reaching 1,559 GWh, a 17% increase year-on-year [6]
港股“锂业双雄”齐上涨，小摩重大修正锂市场基本面，机构看好储能市场带来量价上修机会