J P M O R G A N Asia Pacific Equity Research 22 January 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Lithium Yichun site visit takeaway: Prices to stay elevated before supply comes out We hosted a tour last week visiting the lithium refinery/ta ...