锂价值链调查：动能疲软，前景恶化

USA|Chemicals Lithium Value ChainSurvey:Momentum Soft,Outlook Deteriorates producers (61%)suggestsa weaker Q3,especiallyfor producers.Pricingis expected to declineHsD inQ3,neworders for batteryproducershavedecelerated sharply even as converter backlogs contracted.Both convertersandbatteryproducersinventorymomentumYoYisaheadofvolumes,whichhas only happened twice in thepast 3years. Chart 7- Customer Inventories: >50% ="Too Hiqh Laurence Alexander* [Equity Analyst+1 (212)284-2553|lalexander@jefferies.com KevinEstok*|EquityAssociate+1 (212) 778-8516 |kestok@jefferies.com Daniel Rizzo*IEquity Analyst(212) 336-6284|drizzo@jefferies.com Xianrao Zhu*|Equity Associate+1 (212) 778-8742|xzhu@jefferies.com Carol Jiang*|EquityAssociate+1 (212) 284-1714/cjiang@jefferies.com Jefferies I, Laurence Alexander, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). 1 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 subject 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 views expressedin this research report. company(ies). 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 reportI, Xianrao Zhu, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies).Ialso certify that no part of my compensation was,is,or willbe, 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 subject company(ies).Ialso certify that no part of my compensation was,is,or willbe, directly or indirectly,related to the specific recommendations or views expressedin this research reportAs is the case with all Jefferies employees, the analyst(s) responsible for the coverage of thefinancialinstruments discussedin this report receives compensation based 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. InvestmentRecommendationRecord(Article 3(1)e and Article 7 of MAR) Recommendation Published July 16, 2026 16:04 P.M.Recommendation DistributedJuly 17, 2026 0:00 A.M. Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period. 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 periodUnderperform - 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 s10 is 20% or more within a 12month 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 s10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period NR-The investment rating and pricetarget have been temporarily suspended.Such suspensions are in compliance with applicableregulations and/or Jefferiespolicies cs-Coverage Suspended. Jefferies has suspended coverage of this company. NC - Not covered. Jefferies does not cover this company Restricted - Describes issuers where, in conjunction with Jefferies engagement in certain transactions, company policy or applicable securities regulationsprohibitcertaintypes ofcommunications, including investment recommendations Monitor - Describes securities whose company fundamentals and financials are being monitored, and for which no financial projections or opinions on theinvestment merits of the company are provided. ValuationMethodology Jefferies'methodologyforassigning ratingsmay includethefollowing:marketcapita