时报观察丨多维共振 锂电产业链进入价值制胜新阶段

Core Insights - The lithium battery industry is experiencing a significant recovery, driven by demand, technology, and policy factors, with lithium hexafluorophosphate prices doubling in one month [1][2]. Group 1: Market Recovery - The lithium battery supply chain has seen a comprehensive recovery since Q3, with stable prices, large orders, and growth in performance, indicating a notable increase in industry prosperity [1]. - In the electric vehicle sector, domestic power battery installation reached 578 GWh from January to October this year, a year-on-year increase of 42.4% [1]. - Global energy storage battery shipments reached 428 GWh from January to September 2025, marking a year-on-year growth of 90.7% [1]. - Emerging applications such as low-altitude economy and humanoid robots are creating a second growth curve for the lithium battery industry [1]. Group 2: Supply Side Dynamics - The exit of many small and low-quality capacities due to previous years of significant losses has injected momentum into the industry's recovery [1]. - The industry is seeing a rational expansion of capacity, with a significant improvement in supply-demand dynamics and a tight balance in effective capacity for certain materials [1]. - The concentration of the lithium battery industry is rapidly increasing, with leading companies reaching a consensus on capacity expansion, leading to more orderly and controllable supply releases in the future [1]. Group 3: Technological Advancements - The continuous iteration of technology is stabilizing the industry's long-term development, shifting the focus from "usable" to "high-quality" and "durable" lithium battery products [2]. - Competition within the industry is evolving from price-based to comprehensive value competition across the entire product lifecycle [2]. - Leading battery manufacturers are accelerating the launch of differentiated star products, with various companies focusing on high-pressure density and long-cycle series products, fast-charging, and silicon-carbon anode developments [2]. - The lithium battery industry is expected to move towards a new stage of high-quality development centered on technological innovation and value competition, gradually moving away from homogeneous competition [2].