Zheng Quan Shi Bao Wang·2025-11-01 07:03Core Viewpoint - The lithium battery industry chain is experiencing a positive outlook due to strong demand driven by various factors, including domestic energy storage peak, new energy vehicle sales, and AI infrastructure in the U.S. [1] Production Data Summary - Battery production reached 138.6 GWh in November, reflecting a month-on-month increase of 1.5% [1] - Cathode production was 177,000 tons, showing a month-on-month decrease of 0.4% [1] - Anode production was 155,000 tons, with a month-on-month decline of 1.9% [1] - Separator production amounted to 1.89 billion square meters, marking a month-on-month increase of 3.3% [1] - Electrolyte production reached 107,000 tons, indicating a month-on-month growth of 12.0% [1] Demand and Supply Dynamics - Demand remains strong, primarily due to the upcoming peak in domestic energy storage grid connections in Q4 [1] - The new energy vehicle sector is experiencing a rush in orders ahead of the reduction of tax incentives next year [1] - European new energy vehicle sales are accelerating, and U.S. AI infrastructure is boosting energy storage demand [1] - The lithium battery industry chain is seeing a sustained upward trend in market conditions [1] Supply Constraints and Profitability - Supply has significantly slowed, leading to a phase of tight supply for energy storage batteries and most lithium battery materials [1] - Key materials such as batteries, lithium hexafluorophosphate, lithium iron phosphate, and anodes are expected to reach a turning point [1] - The industry outlook is positive for profitability improvement across all segments of the lithium battery material chain, with expectations for both volume and profit growth [1]