中信证券：预计在储能电池需求持续强劲的拉动下，锂产业链有望延续去库态势

Core Viewpoint - The report from CITIC Securities indicates that overseas lithium mine production is expected to remain flat in Q3 2025, reflecting a decrease in production enthusiasm among overseas mining companies due to weak lithium prices in the first three quarters of the year [1] Group 1: Lithium Market Dynamics - Despite a recovery in lithium prices in Q3 2025, feedback from overseas mining companies has been slow [1] - South American salt lake lithium extraction companies showed significant operational improvements in Q3 2025 and maintain an optimistic outlook for Q4 2025 [1] Group 2: Price Forecast and Investment Recommendations - CITIC Securities anticipates that the lithium industry chain will continue to experience destocking driven by strong demand for energy storage batteries, with lithium prices potentially exceeding expectations [1] - The price forecast upper limit for lithium has been raised to 120,000 yuan per ton, and the report suggests focusing on low-cost targets and companies with expected resource production increases during the lithium price rebound [1]