锂电价值链调查：暂时回调，信号分歧

Equity ResearchJune 15, 2026 USA | Chemicals Lithium Value Chain Survey: TemporaryPullback, Diverging Signals Our survey of lithium converters (77% of sales in China) and battery materialsproducers (73%) highlights decelerating battery volumes and a weaker backlog,translating into converters expecting >10% price declines in Q3. New ordershave decelerated and confidence in those orders has decreased. Inventoriesare lower YoY: converters believe battery producer inventories are too low, butbattery producers believe their customers have a modest overhang. Source: Jefferies Proprietary Survey .Source: Jefferies Proprietary Survey Source: Jefferies Proprietary Survey Source: Jefferies Proprietary Survey Source: Jefferies Proprietary Survey Laurence Alexander * | Equity Analyst(212) 284-2553 | lalexander@jefferies.com Kevin Estok * | Equity Associate(212) 778-8516 | kestok@jefferies.com Daniel Rizzo * | Equity Analyst(212) 336-6284 | drizzo@jefferies.com Xianrao Zhu * | Equity Associate+1 (212) 778-8742 | xzhu@jefferies.com .Source: Jefferies Proprietary Survey Source: Jefferies Proprietary Survey Carol Jiang * | Equity Associate+1 (212) 284-1714 | cjiang@jefferies.com Analyst Certification: I, Laurence Alexander, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Kevin Estok, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Daniel Rizzo, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Xianrao Zhu, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Carol Jiang, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement. Investment Recommendation Record (Article 3(1)e and Article 7 of MAR) June 15, 2026 11:29 A.M.June 15, 2026 11:29 A.M. Recommendation PublishedRecommendation Distributed Explanation of Jefferies Ratings Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period. Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period. NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or Jefferiespolicies. CS - Coverage Suspended. Jefferies has suspended coverage of this company. Restricted - Describes issuers where, in conjunction with Jefferies engagement in certain trans