锂行业-需求预期上调推高缺口；上调价格并对所有纯矿业标的给予 “增持” 评级-Lithium Upward demand revisions drive larger deficits; upgrade prices and move to OW on all pure-play miners

Asia Pacific Equity Research 17 December 2025 J P M O R G A N 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. Lithium Upward demand revisions drive larger deficits; upgrade prices and move to OW on all pure-play miners Key takeaways from our lithium S/D revi ...