智通财经网·2025-11-18 01:44Core Viewpoint - The global lithium market is expected to see an improvement in supply-demand balance from this year to next year, driven by higher-than-expected demand for energy storage systems and electric vehicle batteries, although supply growth is hindered, leading to a conservative outlook on lithium price increases for next year [1] Company Analysis - Daiwa maintains a "Underperform" rating for Ganfeng Lithium (01772), raising the target price from HKD 23 to HKD 53 [1] - Tianqi Lithium (002466.SZ) A-share rating is downgraded from "Underperform" to "Sell," with the target price increased from RMB 36 to RMB 50 [1] Industry Forecast - The forecast indicates a global lithium surplus of 76,000 tons in 2025, decreasing to 54,000 tons in 2026, significantly down from 121,000 tons in 2024 [1] - Lithium prices are projected to remain in the range of RMB 75,000 to RMB 90,000 per ton next year, with limited upward potential compared to the current level of RMB 85,000 per ton [1] - It is believed that lithium prices in China will remain soft from Q4 this year to Q1 next year, primarily due to weak demand during the Lunar New Year and the off-season for global electric vehicles [1]