2025年第二届中国国际锂业大会于11月24日至26日在四川举办。 华西证券认为，根据SMM消息，供应方面，锂盐厂整体开工率保持高位运行，其中锂辉石端与盐湖端 为供应主力。预计11月国内碳酸锂产量可以维持10月的生产量级，环比大致持平。需求方面，需求端则 展现出强劲动力，动力电池领域受益于新能源汽车商用与乘用市场的同步快速增长，而储能市场延续供 需两旺格局，供应持续偏紧，共同为碳酸锂消费提供有力支撑。展望后市，下游电芯及正极材料企业在 11月的排产计划持续向好，预计碳酸锂库存将继续呈现较大幅度去化。综合来看，需求支撑下的去库预 期将对价格底部形成稳固支撑，预计短期内碳酸锂价格将保持偏强运行。 （文章来源：证券时报网） 中信证券认为，2025年三季度海外锂矿产量环比持平，反映出在前三季度锂价低迷背景下，海外矿企增 产积极性减弱。尽管锂价在2025年三季度回暖，但海外矿企反馈缓慢。南美盐湖提锂企业2025年三季度 经营显著改善，且对2025年四季度展望保持乐观。预计在储能电池需求持续强劲的拉动下，锂产业链有 望延续去库态势，锂价或超预期上涨，上调锂价预测区间上限至12万元/吨，建议关注在锂价反弹过程 中的低成本标 ...

Core Viewpoint - The report from CITIC Securities indicates that overseas lithium mine production is expected to remain flat 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 improvements in Q3 2025 and maintain an optimistic outlook for Q4 2025 [1] Group 2: Price Forecast and Investment Recommendations - CITIC Securities anticipates that the lithium industry chain will continue to experience destocking driven by strong demand for energy storage batteries, with lithium prices potentially exceeding expectations [1] - The price forecast upper limit for lithium has been raised to 120,000 yuan per ton, and the report suggests focusing on low-cost targets and companies with expected resource production increases during the lithium price rebound [1]