<p>花旗發佈了一份研究報告，指出自 2025 年下半年以來，鋰和電池材料在強勁需求的推動下逐漸走出困境。鑑於需求信心持續增強以及間歇性的供應中斷，該行對鋰價持樂觀態度，預計鋰價可能在今年內測試每噸人民幣 250,000 元，可能在 8 月至 9 月之間。由於近期中國鋰股因擔憂高價可能影響需求而進行調整，花旗提高了對鋰股的偏好，認為當價格上漲時，鋰生產商將優於電池價值鏈的其他環節。</p>
<p>花旗更新了其在價值鏈上的偏好排名，最新順序為：鋰 &gt; 正極 &gt; 電池 &gt; 電解液 &gt; 隔膜 &gt; 電池組件 &gt; 負極。該行的首選包括贛鋒鋰業 (01772.HK) -1.750 (-2.762%) 空頭頭寸 $94.57M; 比率 16.118%，寧德時代 (300750.SZ) +13.790 (+3.283%)，湖南雲能 (301358.SZ) -1.090 (-1.281%)，億緯鋰能 (300014.SZ) +0.490 (+0.754%) 和 CALB (03931.HK) +1.880 (+6.250%) 空頭頭寸 $11.50M; 比率 7.317%。</p>
<p>關於贛鋒鋰業 (01772.HK) -1.750 (-2.762%) 空頭頭寸 $94.57M; 比率 16.118%，花旗認為，得益於強勁的電池需求和來自低成本上游資源（如 Goulamina 和 Mariana）的貢獻增加，該公司的成本競爭力將得到改善，並將受益於鋰的平均售價上漲。預計其股權可歸屬的鋰生產將在未來兩到三年內持續增長，為長期競爭力奠定基礎。此外，其快速增長的電池業務將在未來幾年為淨利潤提供額外的上行支持。在更新其財務模型後，該行將 2026 財年和 2027 財年的淨利潤預測分別提高至人民幣 84.57 億元和 81.61 億元，並重申其買入評級，將 H 股目標價從港幣 66.7 元提高至港幣 78.12 元。</p>
<p>花旗還指出，天齊鋰業 (09696.HK) -0.800 (-1.631%) 空頭頭寸 $238.34K; 比率 0.217% 是在鋰價上升週期中受益的最佳公司之一，因為其在鋰行業的純粹曝光從上游的鋰輝石到下游的碳酸鋰。鋰價上漲支持了 2026 年第一季度顯著的盈利復甦，並預示着全年穩健的財務表現。與贛鋒鋰業 (01772.HK) -1.750 (-2.762%) 空頭頭寸 $94.57M; 比率 16.118% 相比，天齊鋰業的估值並不昂貴，且在短期內對投資者仍具吸引力。在更新其財務模型後，該行將 2026 財年和 2027 財年的淨利潤預測分別提高至人民幣 69.69 億元和 52.69 億元，重申其買入評級，並將 H 股目標價從港幣 61 元提高至港幣 68 元。（ad/u）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026-06-02 12:25。）（A 股報價延遲至少 15 分鐘。）</p>

天齊鋰業

贛鋒鋰業

<p>花旗銀行上調了對鋰價的預期，預計到 2026 年底鋰價將測試每噸人民幣 250,000 元，原因是需求強勁。該行提高了對鋰生產商的偏好，優於其他電池鏈環節。因此，花旗銀行提高了贛鋒鋰業（HKD78.12）和天齊鋰業（HKD68）的目標價格，並重申了對這兩家公司的買入評級，指出兩家公司在成本競爭力和盈利恢復潛力方面的改善</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>花旗發佈了一份研究報告，指出自 2025 年下半年以來，鋰和電池材料在強勁需求的推動下逐漸走出困境。鑑於需求信心持續增強以及間歇性的供應中斷，該行對鋰價持樂觀態度，預計鋰價可能在今年內測試每噸人民幣 250,000 元，可能在 8 月至 9 月之間。由於近期中國鋰股因擔憂高價可能影響需求而進行調整，花旗提高了對鋰股的偏好，認為當價格上漲時，鋰生產商將優於電池價值鏈的其他環節。</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>花旗更新了其在價值鏈上的偏好排名，最新順序為：鋰 &gt; 正極 &gt; 電池 &gt; 電解液 &gt; 隔膜 &gt; 電池組件 &gt; 負極。該行的首選包括贛鋒鋰業 (01772.HK) -1.750 (-2.762%) 空頭頭寸 $94.57M; 比率 16.118%，寧德時代 (300750.SZ) +13.790 (+3.283%)，湖南雲能 (301358.SZ) -1.090 (-1.281%)，億緯鋰能 (300014.SZ) +0.490 (+0.754%) 和 CALB (03931.HK) +1.880 (+6.250%) 空頭頭寸 $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>關於贛鋒鋰業 (01772.HK) -1.750 (-2.762%) 空頭頭寸 $94.57M; 比率 16.118%，花旗認為，得益於強勁的電池需求和來自低成本上游資源（如 Goulamina 和 Mariana）的貢獻增加，該公司的成本競爭力將得到改善，並將受益於鋰的平均售價上漲。預計其股權可歸屬的鋰生產將在未來兩到三年內持續增長，為長期競爭力奠定基礎。此外，其快速增長的電池業務將在未來幾年為淨利潤提供額外的上行支持。在更新其財務模型後，該行將 2026 財年和 2027 財年的淨利潤預測分別提高至人民幣 84.57 億元和 81.61 億元，並重申其買入評級，將 H 股目標價從港幣 66.7 元提高至港幣 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>花旗還指出，天齊鋰業 (09696.HK) -0.800 (-1.631%) 空頭頭寸 $238.34K; 比率 0.217% 是在鋰價上升週期中受益的最佳公司之一，因為其在鋰行業的純粹曝光從上游的鋰輝石到下游的碳酸鋰。鋰價上漲支持了 2026 年第一季度顯著的盈利復甦，並預示着全年穩健的財務表現。與贛鋒鋰業 (01772.HK) -1.750 (-2.762%) 空頭頭寸 $94.57M; 比率 16.118% 相比，天齊鋰業的估值並不昂貴，且在短期內對投資者仍具吸引力。在更新其財務模型後，該行將 2026 財年和 2027 財年的淨利潤預測分別提高至人民幣 69.69 億元和 52.69 億元，重申其買入評級，並將 H 股目標價從港幣 61 元提高至港幣 68 元。（ad/u）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026-06-02 12:25。）（A 股報價延遲至少 15 分鐘。）</p>
</div>

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

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花旗對鋰價前景表示樂觀，並上調贛鋒鋰業和天齊鋰業的目標價