幅度达30%，锂电池又一产业链迎来涨价，后续供给释放也有限

Industry Overview - A leading company in the diaphragm industry announced a price adjustment for its wet diaphragm products, with an increase of 30% [1] - Xinhua Lithium Electric expects an overall price increase of over 20% for lithium battery diaphragms, potentially turning the performance of diaphragm companies from losses or breakeven to profitability [1] - The capacity utilization rate for both tier-one and tier-two wet diaphragm manufacturers remains at full production, with the overall industry capacity utilization reaching over 90% [1] - The strong demand in the fourth quarter and the ongoing price increases have led downstream manufacturers to stock up on raw materials in anticipation of next year's demand [1] - By 2026, downstream battery manufacturers are expected to further transition from dry to wet processes, increasing demand for wet diaphragms [1] - There is a high likelihood of large supply orders from battery manufacturers as discussions regarding supply for 2026 take place at the end of the year [1] Supply Side Analysis - According to招商证券, the industry's profitability has been at a historical low, with companies like Enjie and Xingyuan experiencing losses in the second and third quarters of 2025 [1] - Major participants have high levels of interest-bearing debt, leading to insufficient expansion willingness and capacity [1] - Capital expenditures in the industry have gradually decreased since 2023, with no announcements of new lithium battery diaphragm production capacity plans from listed companies in 2024 [1] - An "anti-involution" meeting in August reached a consensus to avoid blind expansion, with diaphragm expansion cycles taking 1.5 to 2 years, indicating limited effective supply release in the future [1] Company Updates - Meilian New Materials reported that its subsidiary Anhui Meixin's sales of wet diaphragms increased fourfold year-on-year [2] - Changyang Technology has received small batch orders from leading customers and enterprise orders from mid-tier customers for its wet diaphragms suitable for solid or semi-solid batteries [2]