[Guotai Junan: it is expected that the lithium price is still in the process of bottoming, but the stock price may be ahead of the lithium price repair]. According to the Guotai Junan research report, lithium prices continued to pick up after the holiday, and the overall production schedule of downstream enterprises improved in May. In addition, Tesla broke the market price reduction expectation that domestic demand is transitioning from the off-season to the peak season. However, lithium carbonate stocks are still high, demand recovery is not yet on the ground, lithium prices are still expected to bottom out, but stock prices may be ahead of lithium price repair. The lower reaches of the industrial chain from car enterprises to battery factories have begun white-hot competition, cost reduction pressure to the upstream transmission of short-term suppression of lithium prices, but the first half of the year has always been the off-season demand, in the case of large-scale price cuts by downstream car companies, demand in the second half of the peak season can still be expected.