<p>花旗发布了一份研究报告，指出自 2025 年下半年以来，锂和电池材料在强劲需求的推动下逐渐走出困境。鉴于需求信心持续增强以及间歇性的供应中断，该行对锂价持乐观态度，预计锂价可能在今年内测试每吨人民币 250,000 元，可能在 8 月至 9 月之间。由于近期中国锂股因担忧高价可能影响需求而进行调整，花旗提高了对锂股的偏好，认为当价格上涨时，锂生产商将优于电池价值链的其他环节。</p>
<p>花旗更新了其在价值链上的偏好排名，最新顺序为：锂 &gt; 正极 &gt; 电池 &gt; 电解液 &gt; 隔膜 &gt; 电池组件 &gt; 负极。该行的首选包括赣锋锂业 (01772.HK) -1.750 (-2.762%) 空头头寸 $94.57M; 比率 16.118%，宁德时代 (300750.SZ) +13.790 (+3.283%)，湖南云能 (301358.SZ) -1.090 (-1.281%)，亿纬锂能 (300014.SZ) +0.490 (+0.754%) 和 CALB (03931.HK) +1.880 (+6.250%) 空头头寸 $11.50M; 比率 7.317%。</p>
<p>关于赣锋锂业 (01772.HK) -1.750 (-2.762%) 空头头寸 $94.57M; 比率 16.118%，花旗认为，得益于强劲的电池需求和来自低成本上游资源（如 Goulamina 和 Mariana）的贡献增加，该公司的成本竞争力将得到改善，并将受益于锂的平均售价上涨。预计其股权可归属的锂生产将在未来两到三年内持续增长，为长期竞争力奠定基础。此外，其快速增长的电池业务将在未来几年为净利润提供额外的上行支持。在更新其财务模型后，该行将 2026 财年和 2027 财年的净利润预测分别提高至人民币 84.57 亿元和 81.61 亿元，并重申其买入评级，将 H 股目标价从港币 66.7 元提高至港币 78.12 元。</p>
<p>花旗还指出，天齐锂业 (09696.HK) -0.800 (-1.631%) 空头头寸 $238.34K; 比率 0.217% 是在锂价上升周期中受益的最佳公司之一，因为其在锂行业的纯粹曝光从上游的锂辉石到下游的碳酸锂。锂价上涨支持了 2026 年第一季度显著的盈利复苏，并预示着全年稳健的财务表现。与赣锋锂业 (01772.HK) -1.750 (-2.762%) 空头头寸 $94.57M; 比率 16.118% 相比，天齐锂业的估值并不昂贵，且在短期内对投资者仍具吸引力。在更新其财务模型后，该行将 2026 财年和 2027 财年的净利润预测分别提高至人民币 69.69 亿元和 52.69 亿元，重申其买入评级，并将 H 股目标价从港币 61 元提高至港币 68 元。（ad/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-06-02 12:25。）（A 股报价延迟至少 15 分钟。）</p>

天齐锂业

赣锋锂业

<p>花旗银行上调了对锂价的预期，预计到 2026 年底锂价将测试每吨人民币 250,000 元，原因是需求强劲。该行提高了对锂生产商的偏好，优于其他电池链环节。因此，花旗银行提高了赣锋锂业（HKD78.12）和天齐锂业（HKD68）的目标价格，并重申了对这两家公司的买入评级，指出两家公司在成本竞争力和盈利恢复潜力方面的改善</p>

<p>Citi released a research report noting that lithium and battery materials have emerged from difficulties since 2H25, mainly driven by strong demand. Given continued strengthening demand confidence and intermittent supply disruptions, the bank remains positive on lithium prices, expecting prices may test RMB250,000 per tonne within the year, possibly between August and September. As China lithium stocks recently adjusted on concerns that high prices may hurt demand, Citi raised its preference for lithium stocks, believing that when prices rise, lithium producers will Outperform other segments of the battery value chain.</p>
<div class="lb-trans"><p>花旗发布了一份研究报告，指出自 2025 年下半年以来，锂和电池材料在强劲需求的推动下逐渐走出困境。鉴于需求信心持续增强以及间歇性的供应中断，该行对锂价持乐观态度，预计锂价可能在今年内测试每吨人民币 250,000 元，可能在 8 月至 9 月之间。由于近期中国锂股因担忧高价可能影响需求而进行调整，花旗提高了对锂股的偏好，认为当价格上涨时，锂生产商将优于电池价值链的其他环节。</p>
</div><p>Citi updated its preference ranking across the value chain, with the latest order being: lithium &gt; cathode &gt; battery &gt; electrolyte &gt; separator &gt; battery components &gt; anode. The banks top picks include GANFENGLITHIUM (01772.HK) -1.750 (-2.762%)  Short selling $94.57M; Ratio 16.118%  , CONTEMPORARY AMPEREX (300750.SZ) +13.790 (+3.283%)  , HUNAN YUNENG (301358.SZ) -1.090 (-1.281%)  , EVE ENERGY (300014.SZ) +0.490 (+0.754%)  and CALB (03931.HK) +1.880 (+6.250%)  Short selling $11.50M; Ratio 7.317%  .</p>
<div class="lb-trans"><p>花旗更新了其在价值链上的偏好排名，最新顺序为：锂 &gt; 正极 &gt; 电池 &gt; 电解液 &gt; 隔膜 &gt; 电池组件 &gt; 负极。该行的首选包括赣锋锂业 (01772.HK) -1.750 (-2.762%) 空头头寸 $94.57M; 比率 16.118%，宁德时代 (300750.SZ) +13.790 (+3.283%)，湖南云能 (301358.SZ) -1.090 (-1.281%)，亿纬锂能 (300014.SZ) +0.490 (+0.754%) 和 CALB (03931.HK) +1.880 (+6.250%) 空头头寸 $11.50M; 比率 7.317%。</p>
</div><p>Regarding GANFENGLITHIUM (01772.HK) -1.750 (-2.762%)  Short selling $94.57M; Ratio 16.118%  , Citi believes that supported by robust battery demand and increasing contributions from low-cost upstream resources such as Goulamina and Mariana, the companys cost competitiveness will improve and it should benefit from rising average selling prices of lithium. Its equity-attributable lithium production is expected to continue growing over the next two to three years, laying the foundation for long-term competitiveness. In addition, its fast-growing battery business will provide additional upside support to net profit in the coming years. After updating its financial model, the bank raised its FY2026 and FY2027 net profit forecasts to RMB8.457 billion and RMB8.161 billion, respectively, and reiterated its Buy rating, lifting the H-share TP from HKD66.7 to HKD78.12.</p>
<div class="lb-trans"><p>关于赣锋锂业 (01772.HK) -1.750 (-2.762%) 空头头寸 $94.57M; 比率 16.118%，花旗认为，得益于强劲的电池需求和来自低成本上游资源（如 Goulamina 和 Mariana）的贡献增加，该公司的成本竞争力将得到改善，并将受益于锂的平均售价上涨。预计其股权可归属的锂生产将在未来两到三年内持续增长，为长期竞争力奠定基础。此外，其快速增长的电池业务将在未来几年为净利润提供额外的上行支持。在更新其财务模型后，该行将 2026 财年和 2027 财年的净利润预测分别提高至人民币 84.57 亿元和 81.61 亿元，并重申其买入评级，将 H 股目标价从港币 66.7 元提高至港币 78.12 元。</p>
</div><p>Citi also noted that TIANQI LITHIUM (09696.HK) -0.800 (-1.631%)  Short selling $238.34K; Ratio 0.217%  is among the best-positioned companies to benefit from the upcycle in lithium prices, given its pure exposure to the lithium sector from upstream spodumene to downstream lithium carbonate. Rising lithium prices supported a notable earnings recovery in 1Q26 and signal solid financial performance for the full year. Compared with GANFENGLITHIUM (01772.HK) -1.750 (-2.762%)  Short selling $94.57M; Ratio 16.118%  , TIANQI LITHIUMs valuation is not expensive and remains attractive to investors in the near term. After updating its financial model, the bank raised its FY2026 and FY2027 net profit forecasts to RMB6.969 billion and RMB5.269 billion, respectively, reiterated its Buy rating, and increased the H-share TP from HKD61 to HKD68. (ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-02 12:25.) (A Shares quote is delayed for at least 15 mins.)</p>
<div class="lb-trans"><p>花旗还指出，天齐锂业 (09696.HK) -0.800 (-1.631%) 空头头寸 $238.34K; 比率 0.217% 是在锂价上升周期中受益的最佳公司之一，因为其在锂行业的纯粹曝光从上游的锂辉石到下游的碳酸锂。锂价上涨支持了 2026 年第一季度显著的盈利复苏，并预示着全年稳健的财务表现。与赣锋锂业 (01772.HK) -1.750 (-2.762%) 空头头寸 $94.57M; 比率 16.118% 相比，天齐锂业的估值并不昂贵，且在短期内对投资者仍具吸引力。在更新其财务模型后，该行将 2026 财年和 2027 财年的净利润预测分别提高至人民币 69.69 亿元和 52.69 亿元，重申其买入评级，并将 H 股目标价从港币 61 元提高至港币 68 元。（ad/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-06-02 12:25。）（A 股报价延迟至少 15 分钟。）</p>
</div>

Citi Upbeat on Lithium Price Outlook; Raises TP on GANFENGLITHIUM  and TIANQI LITHIUM

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CITIGROUP INC 6.250 NON CUM SER II PFD WI

CATL HK SDR 30to1

花旗对锂价前景表示乐观，并上调赣锋锂业和天齐锂业的目标价