JPM | SK-Inno & Asia Energy Call Today, Tungsten inbounds, Battery production to accelerate, RIO $5B asset sales by YE, Aus quarterlies

研报英文原文证据摘录

JPM | SK-Inno & Asia Energy Call Today, Tungsten inbounds, Battery production to accelerate, RIO $5B asset sales by YE, Aus quarterlies

Specialist Sales

APAC Specialist Sales J P M O R G A N

29 July 2026

Earnings This Week

Date Chemicals Metals & Mining Oil & Gas

07/26

07/27 Coal India Q1

IGO Ltd. Q4 Sales

Liontown Resources Q4 Sales

Bellevue Gold Q4 Sales

Whitehaven Coal Q4 Sales

Genesis Minerals Q4 Sales

Iluka Resources Q2 Sales

07/28 Viva Energy Q2 Sales

Rio Tinto Limited H1 (06:30)

Mineral Resources Q4 Sales

Northern Star Resources Q4 SK Innovation Co Ltd Q2

Sales COSL - A EGM (10:00)

Ramelius Resources Q4 Sales Woodside Energy Group Q2

07/29 Hanwha Solutions Q2 Sales

Pilbara Minerals Ltd. Q4 Sales

POSCO Holdings Q2

07/30 Tata Steel Ltd Q1 SK Innovation Co Ltd Q2

Asahi Kasei Q1 (11:30) Capstone Copper Corp Q2 (Bef-

Mitsubishi Chemical Group Q1 (12:30) mkt)

07/31 LG Chem Ltd Q2 Fortescue Q4 Sales Indian Oil Corporation Q1

Detailed Highlights

CHINA BATTERY MATERIALS: August production set to accelerate sequentially (Rebecca Wen's Note)

• Rebecca sees sequential momentum staying strong into the seasonally stronger Aug–Sep window: ZE Consulting

projects the top six battery makers’ August production at +8% m/m and +65% y/y. Jul–Aug average output is expected to run

~13% above the 2Q26 monthly average, and CATL-A/H + broader supply-chain stocks have recovered ~2–5% from mid-July

lows vs a broadly flat CSI300.

• CATL stands out on growth and utilization: output is ~+80% y/y in 2Q26 and is expected to be >+70% y/y in both July and

August, ahead of most peers at ~+40–60% y/y. Management indicates ~95% capacity utilization in 1H26 and says 2H26

demand visibility stays strong, with the August step-up attributed to ESS growth plus new line ramp-ups (additional capacity