反内卷重塑锂电格局 万润新能引领高质量发展之路

Group 1 - The National Development and Reform Commission and the State Administration for Market Regulation have released a draft amendment to the Price Law, aiming to improve the recognition standards for low-price dumping and address "involution" in various industries, emphasizing self-discipline and the elimination of backward production capacity [1] - The policy aligns with the Central Financial Committee's "anti-involution" initiative, signaling the end of rampant expansion in multiple industries, with sectors like lithium batteries, photovoltaics, steel, and cement leading the charge [1] - The secondary market has seen a recovery in the undervalued battery sector, with lithium battery stocks rising over 16% since June [1] Group 2 - Multiple industry associations have called for an "anti-involution" approach, shifting the focus from price competition to quality and innovation in the battery industry [2] - The competitive landscape for lithium iron phosphate (LFP) is expected to be reshaped, with market share concentrating among leading companies, as LFP production is projected to reach 1.632 million tons in the first half of 2025, a 66.6% year-on-year increase [2] - Leading companies maintain over 70% operating rates, while smaller firms face idle capacity, leading to the accelerated exit of backward production capacity [2] Group 3 - Integrated layout is key to cost reduction in a low-margin environment, with Wanrun New Energy signing an agreement to build an integrated lithium iron phosphate industrial park, enhancing supply chain coordination and cost optimization [3] - Wanrun New Energy has achieved an integrated production chain from raw materials to finished products, focusing on its core business of cathode materials after divesting its mining operations for 315 million yuan [3] - The company is collaborating with CATL to develop high-density lithium iron phosphate products, targeting high-value areas such as fast-charging batteries [3] Group 4 - Wanrun New Energy has improved the density and performance of its lithium iron phosphate products through material structure optimization and process innovation, making them compatible with solid-state battery systems [4] - The company has shipped over 200 tons of sodium battery materials in 2024, with existing production lines compatible with sodium battery production, potentially opening a second growth curve [4] - The top-down anti-involution policy is expected to have a profound positive impact on the lithium battery industry, marking a shift from scale expansion to value creation, with leading companies like Wanrun New Energy poised to thrive through technological innovation [4]