CATL(SZ:300750) Xin Lang Cai Jing·2025-09-28 12:32Core Viewpoint - The global energy circular economy plan, driven by Chinese enterprises, is emerging as a global platform for creating circular economy solutions, with significant participation from leading companies in the automotive industry and battery sectors [1][5]. Group 1: Industry Participation and Collaboration - Major automotive companies like BMW and Mercedes-Benz are actively responding to the global energy circular economy plan, recognizing the substantial opportunities it presents [1]. - The plan aims to establish a new value ecosystem that spans materials, batteries, vehicles, and users, leveraging digital tools like the "battery passport" [1][5]. - The initiative has entered a substantive advancement phase, with industry leaders emphasizing the need for collaborative efforts to address supply chain and quality management challenges [3][5]. Group 2: Resource Independence and Compliance - Europe currently relies heavily on imports for lithium (98%) and natural graphite (80%), creating geopolitical risks that the global energy circular economy plan seeks to mitigate through battery recycling [3]. - BASF aims to meet 14% of the EU's lithium and 25% of its cobalt demand through recycling by 2030, enhancing the autonomy of the European automotive industry [3]. - The EU's new battery law imposes mandatory requirements on carbon footprints and the use of recycled materials, prompting companies to develop closed-loop systems [3][4]. Group 3: Cost Reduction and Market Opportunities - The cost of battery recycling is significantly lower than that of primary mineral extraction, with recycling costs potentially below $9 per kWh compared to manufacturing costs of $95 per kWh [3]. - Goldman Sachs predicts that the average battery price will drop to $80 per kWh by 2026, largely due to contributions from recycled materials, presenting substantial cost-saving opportunities for automakers [4]. - The global energy circular economy plan is projected to create a market space worth over 1.2 trillion yuan by 2040, generating more than 10 million jobs in the battery value chain [5]. Group 4: Standardization and ESG Integration - The plan aims to establish unified standards for circularity, which is crucial for identifying performance in sustainability efforts across the industry [6]. - The "battery passport" serves as a core tool for the initiative, providing lifecycle data that enhances transparency and efficiency in the supply chain [7]. - The initiative's focus on creating a closed-loop ecosystem aligns with the environmental (E) metrics of ESG ratings, potentially attracting more social capital and higher valuation premiums for participants [6][8]. Group 5: Future Directions and Global Impact - The global energy circular economy plan is open to all stakeholders, facilitating information sharing and collaboration in a challenging international trade environment [8]. - The initiative is set to conduct pilot projects with global partners to explore comprehensive solutions, supporting the green transformation of the automotive industry [8].