中信证券：维持2026年锂价预测区间为12万元~20万元/吨

Core Viewpoint - Since 2026, lithium prices are expected to rise significantly, driven by a faster recovery of overseas lithium mines and an increase in resource supply, although supply response remains weak compared to explosive demand growth [1] Group 1: Supply and Demand Dynamics - Lithium prices are projected to be supported by high battery demand and a continuous decline in industry chain inventory [1] - The supply growth is anticipated to accelerate in 2026, but it is still lagging behind the rapid growth in demand [1] Group 2: Industry Signals - Positive signals in the industry include agreements with floor prices, lithium concentrate auctions, and sales of low-grade lithium products, indicating confidence in future lithium prices [1] - The forecast for lithium prices in 2026 is maintained at a range of 120,000 to 200,000 yuan per ton [1] Group 3: Price Risks - There is a recommendation to pay attention to price upside risks due to additional supply disruptions [1]