CITIC Securities: Adjust the forecasted operating range for lithium prices in the second half of the year to 6,000-7,000 yuan per ton.

CITIC Securities released a research report stating that the decline in lithium prices in Q1 25 has slowed down, leading to a slight rebound in overseas lithium ore prices and the improvement in the operation of salt lake enterprises, with supply-side clearance being slow. Since the second quarter, as lithium prices have dropped to 60,000 yuan/ton, industry losses have significantly expanded, and expectations for mine production cuts and price rebounds have increased. However, the demand for cost reduction and maintaining market share in mines has resulted in production cuts not meeting expectations, and it is expected that lithium prices will enter a difficult bottoming process. CITIC Securities has adjusted its forecast for the operating range of lithium prices in the second half of 2025 to 60,000-70,000 yuan/ton, and recommends focusing on low-cost targets that may benefit during the bottoming rebound process of lithium prices.