Citigroup: More certain of strong potential demand for batteries in the coming years.

Citigroup analysts Jack Shang and others stated in the report that they are more confident that there will be strong potential battery demand in the next few years; it is predicted that by 2026, battery demand will increase by 31% compared to the previous year. The resumption of production at the Jiangxiaowokou mine is unlikely to change the destocking pattern, with lithium inventory expected to decrease by about 15,000 tons in November 2025. They are more optimistic about Gangfeng Lithium, as it has a higher potential for excess returns, the company's future Goulamina project will enhance its cost competitiveness, and its battery business performance is improving.