E s s e n t i a l s | 14 Nov 2025 05:04:32 ET │ 46 pages China Battery Materials Returning to a Bull Narrative; Initiate on Tinci Materials and Do- Fluoride at Buy CITI'S TAKE After a four-year downturn, we see electrolyte/LiPF6 dynamic shifts back to a tight rebalance till 2H26E, on industry supply discipline in the past few quarters and extended resilient battery demand (especially on ESS). We initiate coverage of the electrolyte/LiPF6 sector ahead of reframing bull narratives, echoing our Super-Sector gl ...