In a report released on January 22, JPMorgan stated that based on recent on-site research in Yichun, Jiangxi Province, it has become more optimistic about the short-term lithium price outlook but more cautious on the medium-term prospects. The research found that the restart timing of Ganxiaowo lithium mine—owned by Contemporary Amperex Technology Co. Limited (CATL)—remains uncertain, and lithium prices are likely to stay elevated until then. Meanwhile, production costs for lithium carbonate from integrated lepidolite mines have already fallen to RMB 60,000 per tonne and still have room for further decline. Additionally, current prices are incentivizing increased supply, with lithium recycling volumes expected to rise significantly by 2028. JPMorgan believes there are short-term trading opportunities in lithium-related stocks, whose share prices could rise alongside lithium carbonate prices.