[Citic Construction Investment: downstream output rebounds Lithium prices rebound strongly pay attention to bottom layout opportunities] May 15, CITIC Construction Investment Securities reported that industrial / battery-grade lithium carbonate prices rose 30.7% and 34.1% respectively last week. According to Gao Gong Lithium Power, raw material prices, demand, and inventory, the three major factors restricting the lithium industry, have been gradually repaired. The inventory of mid-stream battery manufacturers has gradually turned to a healthy level and plans to increase the procurement of upstream materials as new products are launched. The multi-link demand of the lithium power industry chain began to pick up, and the production schedule gradually resumed. The inventory removal of lithium industry chain from bottom to top in the early stage leads to monthly oversupply, but the contradiction of lithium oversupply is not significant throughout the year, there is only a small surplus, and the more prominent the surplus in the first half of the year, the more serious the monthly level shortage risk in the second half of the year. Chile plans to nationalize the country's lithium industry or lead to a lower-than-expected supply of lithium mines in the future. Limited supply consumption to maintain high growth, pay attention to lithium price bottom layout opportunities.