锂价企稳，长期看涨

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Views - The report highlights that the domestic battery-grade lithium carbonate price has reached an average of 136,500 RMB/ton, showing a slight increase of 0.37% from the previous trading day, with a price range of 132,500 to 140,500 RMB/ton [4] - The supply side is characterized by domestic production cuts due to maintenance and an increase in overseas imports, leading to a temporary tightening of domestic supply [5][6] - Demand for lithium carbonate is showing structural differentiation, with strong support from the energy storage sector, while the demand from the power battery sector is experiencing seasonal adjustments [7][8] Supply Side Summary - Domestic lithium salt production is facing temporary reductions due to maintenance, while overseas imports are increasing significantly, with a notable rise in port arrivals [6] - Despite the expected increase in imports, overall industry inventory continues to decline, indicating a cautious selling attitude among upstream enterprises [6] Demand Side Summary - The energy storage sector is driving strong demand for lithium carbonate, supported by the acceleration of large-scale energy storage projects and increased policy support [8] - The power battery sector is experiencing a seasonal decline in production plans due to the upcoming Spring Festival, but robust exports to overseas electric vehicle markets are providing a buffer against domestic demand fluctuations [8] Investment Opportunities - The report suggests a continued positive outlook for the lithium carbonate sector, anticipating a price rebound post-holiday as demand recovers [9] - Key companies to watch include Tianqi Lithium, Ganfeng Lithium, Zhongjin Lingnan, Yongxing Materials, and Dazhong Mining [9]