中国锂行业-牛市后存下行风险，将赣锋锂业评级下调至卖出-China Metals & Mining_ Chinese lithium sector - downside risks after the bull run. Downgrade Ganfeng-H to Sell

24 November 2025 | 6:54AM HKT Equity Research CHINA METALS & MINING Chinese lithium sector - downside risks after the bull run. Downgrade Ganfeng-H to Sell We update our China benchmark lithium chemical price forecasts and global lithium market S/D balance, to reflect better-than-expected demand mostly from the ESS segment, jointly with the GS global commodity team (see report here). Fundamentals of the lithium market have significantly improved in recent months - we see tight S/D balance in 2H25-1H26, as a ...