Ac t i o n | 07 Oct 2026 09:20:58 ET │ 98 pages Global Battery Chain The Second Battery Capacity Cycle with More Balanced Landscape, We Are Not Bearish CITI'S TAKE We witnessed the battery price cycle inflection in 2025 (link). Since then, we have seen upward revisions in consensus forecasts across the value chain until recently. Looking ahead into the downcycle as battery capacity catches up, we are not as bearish as market feared. We see a more balanced supply-demand landscape as overall utilization on th ...

12 Oct 2026 23:06:52 ET │ 9 pages China Battery Materials Flash | Takeaways from ZE Consulting LFP cathode and FePO4 conference CITI'S TAKE We attended the LFP cathode and FePO4 conference held by ZE Consulting on 13th Oct. Mr. Alfred Hu, Founder of ZE Consulting, presented at the conference. The 4th generation LFP cathode capacity is expected to be 1.8mntpa in YE2026E, covering 20% of total capacity, and will increase to 3.8mntpa in YE2027E, covering 30% of total capacity. ZE expects 4th generation LFP cat ...