CITIC Securities: Optimistic about the profit reshaping of the electrolyte industry chain represented by 6F and VC in the new lithium battery cycle.

CITIC Securities believes that the non-linear growth of energy storage demand will drive the clearer emergence of a new cycle for lithium batteries. On the demand side, it is predicted that global lithium battery demand will reach 3065GWh by 2026, a year-on-year increase of 33.7%, driving rapid growth in demand for lithium battery electrolytes. Taking into account supply and demand, it is expected that the supply-demand balance of 6F and VC will be tight in 2026, with improvements expected in the supply relationships of other electrolyte segments. At the same time, solvent prices are also expected to return to reasonable levels. Optimistic about the profitability of the electrolyte industry chain represented by 6F and VC in the new cycle of lithium batteries, with a focus on the reshaping of profits in the 6F and VC segments.