AI 基础设施（中国）：预计 2026 年全球储能系统电池出货量达 760 吉瓦时，系统、电池、材料将受益-AI Infrastructure - China (H_A)_ Expect ‘26 global ESS battery shipment at 760GWh, system_battery, materials benefit

Accessible version Lithium turns into deficit in 2026E; price upside in 1H26 We turned positive on China lithium sector in Aug-2025 (see our report: CATL lithium mine suspension & peak season; upgrade Ganfeng/ Tianqi). Lithium demand has been stronger than expected, with over 10% deficit in Sep'25 and inventory dropped to below 40 days (Exhibit 16). Our global team sees (Exhibit 14) a small deficit for lithium in 2026, with strong ESS demand (c.0.4mnt LCE); and lithium price of US$16.2k/ton in 2026, equival ...