Ge Long Hui A P P·2025-11-24 02:33Group 1 - Ganfeng Lithium's A-shares fell over 8% to 59 yuan, while H-shares dropped over 7% to 47.26 HKD, marking the third consecutive day of decline for AH shares [1] - Goldman Sachs downgraded Ganfeng Lithium's H-share rating from Neutral to Sell, setting a target price of 32 HKD, citing downward risks for lithium spot prices due to poor short-term feedback from the downstream market and slowing inventory replenishment [1] - Despite significant improvements in the lithium market fundamentals, Goldman Sachs noted that the extended inventory cycle for energy storage systems could offset the tight supply-demand balance expected to persist in the first half of next year [1] Group 2 - Goldman Sachs revised its forecast for the benchmark spot price of lithium carbonate in China for the second half of 2025 down to 9,500 USD per ton, a 14% decrease from previous expectations [1] - The firm lowered its profit estimates for Ganfeng Lithium for 2026-2027 by 36%-42% and anticipates a loss in 2025 [1]