Glonghui, Feb. 8 | J.P. Morgan Chase released a report indicating that Ganfeng Lithium and Tianqi Lithium's stock prices have fallen by 20 to 29% since this year, falling 14% to 23% compared to the state-owned enterprise index during the same period, mainly due to the bleak outlook for supply and demand for lithium ore. The bank remains cautious about the industry and is awaiting the closure of a number of mines to rebalance the market. Negative catalysts include weaker downstream demand than expected, falling lithium prices, and further provisions not yet reflected in stock prices. Therefore, the bank advises investors to sell on high prices. Ganfeng Lithium's target price for H shares was lowered from HK$18 to HK$15, and Tianqi Lithium's target price for H shares was lowered from HK$29 to HK$24. The rating was also “reduced holdings”.