Lithium stocks advanced once again. At the time of writing, Tianqi Lithium Corporation (09696) rose 3.81% to HK$57.15, while Ganfeng Lithium Group Co.,Ltd. (01772) gained 3.72% to HK$61.35. On the news front, on January 13, the main lithium carbonate futures contract on the Guangzhou Futures Exchange briefly broke through the 170,000 yuan per tonne mark, hitting a new high since October 2023. Furthermore, in the spot market, according to the latest报价 from Shanghai Nonferrous Metal, on January 12, the price of lithium carbonate (99.5% battery grade/domestic) increased by 12,080 yuan to 152,100 yuan per tonne, reaching a new high in over two years and marking the seventh consecutive day of gains. The Ministry of Finance and the State Taxation Administration recently issued an announcement regarding the adjustment of export tax rebate policies for products such as photovoltaics, stating that from April 1, 2026, to December 31, 2026, the VAT export rebate rate for battery products will be reduced from 9% to 6%; starting January 1, 2027, the VAT export rebate for battery products will be cancelled. A Guosen Securities research report suggests that due to a certain policy buffer period, overseas customers might engage in some front-loading of exports in the short term, potentially leading to a significantly busier-than-usual off-season for the industry chain.
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