Lithium battery stocks showed signs of recovery this morning. As of press time, GANFENGLITHIUM (01772) rose 4.44% to HKD 61.1, TIANQI LITHIUM (09696) climbed 4.34% to HKD 55.34, LOPAL TECH (02465) increased 3.88% to HKD 15, ZENERGY (03677) gained 2.73% to HKD 9.41, and CATL (03750) advanced 1.69% to HKD 512.5.

The sector's rebound follows the opening of the 15th High-Tech Lithium Battery Annual Conference in Shenzhen on November 18. Zhang Xiaofei, Chairman of High-Tech Lithium Battery, projected that China's lithium battery shipments would "grow more than threefold from 2025 to 2035." High-Tech Industry Research (GGII) released a new solid-state battery analysis, indicating that the period from 2027 (or 2028) to 2030 will be a critical phase for large-scale GWh-level capacity expansion in the all-solid-state lithium battery industry.

CITIC Securities noted that, in the medium to long term, the sustained growth in energy storage demand has driven price increases across the lithium battery supply chain, significantly improving the supply-demand fundamentals for lithium carbonate. Static forecasts suggest global lithium supply will reach 2.089 million tons in 2026, with consumption at 2.004 million tons. Excluding cathode material production and trader inventory replenishment, the surplus would narrow to just 85,000 tons compared to 2025. Factoring in industry stockpiling, structural shortages may emerge in 2026, shifting lithium price dynamics from supply-driven pressure to demand-driven upward momentum.