中信证券：上调锂价预测区间上限至12万元/吨

Core Viewpoint - The report from CITIC Securities indicates that overseas lithium mine production remained stable 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 improvement in Q3 2025 and maintain an optimistic outlook for Q4 2025 [1] Group 2: Price Forecast and Investment Recommendations - The strong demand for energy storage batteries is expected to continue driving the lithium industry, leading to a potential upward trend in lithium prices [1] - The price forecast for lithium has been adjusted, with the upper limit now set at 120,000 yuan per ton, suggesting a focus on low-cost stocks and companies with expected resource production increases during the price rebound [1]