中国锂行业2026年展望-China lithium

China lithium Global Markets Research EQUITY: ALTERNATIVE ENERGY 2026F outlook Supply-demand likely to be in tight balance in 2026F; limited impact on ESS demand yet Incremental ESS demand driving global lithium demand growth We expect global lithium demand to record a CAGR of 21% over 2026-27F, mainly fueled by a 35% ESS-related demand CAGR. We see incremental ESS battery demand leading to: (1) improved IRRs for independent projects in China given supportive policies; and (2) higher ESS demand in the US as ...