中国电池材料：实地调研中国电池供应链
China Battery Materials China BatterySupply Chain on the Ground:Jul-26 production pipelinepreview check AccordingtoZEConsulting,monthlybatteryoutput inJune-26turnsout onlyup1%MoMvs3%MoMupinthepreviewcheck,whichmightbeattributabletothelithiumpricedowntrendandtheinventorymanagementbeforeinterimresultsseasonamongthebatterymakers.ZEConsulting'sdatasetalsosuggeststhatTop-5batterymakers'(barringCALB)productionpipelineisestimatedtobeupby5%MoMinJuly,resuming a modestgrowthrate.Wethinkthisis reasonable consideringdemandaccelerationisrelativelyshyduring June-Julyeachyear,andweestimatethemonthlybatteryoutputshouldgearup inAug-26onback ofthecomingon-linenewcapacityandtheupcomingtraditionalpeakseason(GoldSepSilverOct) +852-2501-2441jack.shang@citi.com Anna Wang+852-2501-2739anna.d.wang@citi.com Jimmy Feng+852-2501-7588jimmy.feng@citi.com Cynthia Wu+852-2868-7813cynthia.d.wu@citi.com Source: Citi Research,ZE Consulting Source:Citi Research,ZE Consulting 2026 Citigroup Inc.Noredistribution without Citigroup'swrittenpermissionSource: Citi Research,ZE Consulting 2026 CitigroupInc.No redistribution without Citigroup's writtenpermissionSource: Citi Research,ZE Consulting of the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS+1-210-677-3788 Appendix A-1 Theresearchanalystsprimarilyresponsibleforthepreparationand contentofthisresearchreportareeither (i)designated by"Ac"intheauthorblockor(ii)listed inbold alongsidecontentwhichisattributabletothatanalyst.IfmultipleACanalystsaredesignatedintheauthorblock,eachanalystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifying analystlisted inboldalongsidethecontentand(b)viewsexpressedsolelywithrespecttoaspecificissuerwhichareattributabletoanotherACcertifyinganalystidentifiedinthepricechartsorratinghistorytablesforthatissuershownbelow.Eachoftheseanalystscertify,withrespecttothesectionsofthereportforwhichtheyareresponsible:(1)thattheviews expressedthereinaccuratelyreflecttheirpersonalviewsabouteachissuerandsecurityreferencedandwerepreparedinanindependentmanner,includingwithrespecttoCitigroupGlobalMarketsInc.and its affiliates;and (2)nopartoftheresearchanalyst'scompensationwas,is,orwill be,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedbythatresearchanalystinthisreport.IMPORTANTDISCLOSURES Analysts'compensationisdeterminedbyCiti ResearchmanagementandCitigroup'sseniormanagementand isbasedupon activities and services intended to benefit theinvestorclients of Citigroup Global Markets Inc.and its affiliates (the“Firm").Compensationisnotlinkedtospecifictransactionsorrecommendations.Likeall Firmemployees,analystsreceivecompensationthatisimpactedbyoverall Firmprofitabilitywhichincludes investmentbanking,salesandtrading,andprincipaltradingrevenues.Onefactorinequityresearchanalystcompensationisarrangingcorporateaccesseventsbetweenparticipatewhentheanalysthas apositiveviewofthecompanyForfinancialinstruments recommended in the Product in which the Firm is not amarket maker,the Firm is a liquidityprovider in suchfinancialinstruments(andanyunderlyinginstruments)andmayactasprincipal inconnectionwithtransactionsinsuch instruments.TheFirm is a regularissueroftraded financial instruments linkedto securities that may havebeenrecommended in the Product.TheFirm regularlytrades in the securities of theissuer(s)discussed in the Product.TheFirm mayengageinsecuritiestransactionsinamannerinconsistentwiththeProductand,withrespecttosecuritiescoveredbytheProduct,willbuyorsellfromcustomersonaprincipalbasis.Unless stated otherwiseneitherthe ResearchAnalyst noranymemberof theirteamhas viewed thematerialoperations ofthe Companiesforwhichaninvestmentviewhasbeenprovidedwithinthepast12months.Forimportantdisclosures (includingcopiesofhistorical disclosures)regardingthecompaniesthatarethesubjectofthis Citi Researchproduct("theProduct"),please contact Citi Research,388 Greenwich Street,6thFloor,NewYork,NY,10013,Attention:Legal/Compliance[E6WYB6412478].Inaddition,thesameimportantdisclosures,withtheexceptionoftheValuation and Riskassessmentsandhistorical disclosures,arecontainedontheFirm'sdisclosurewebsiteathttps://www.citivelocity.com/cvr/eppublic/citi researchdisclosures.Valuationand Risk assessmentscanbefound inthe historyofall Citi Researchrecommendationspublishedduringthepreceding12-monthperiodcanbeaccessedviaCitiVelocity(https://www.citivelocity.com/cv2)oryourstandarddistributionportal.Historicaldisclosures (foruptothepastthreeyears)will beprovideduponrequest Citi Research stock recommendations includean investment rating and an optional risk rating to highlight high risk stocks.Riskratingtakes intoaccountbothpricevolatilityandfundamental criteria.Stockswill eitherhavenoriskratingora High riskratingassigned. Investment Ratings:Citi Researchinvestmentratings areBuy,Neutraland Sell.Ourratings areafunctionofanalystexpectationsofexpectedtotalreturn("ETR")andrisk.ETRisthesumoftheforecastpriceappr