Zhong Guo Neng Yuan Wang·2025-12-31 03:05Core Viewpoint - The lithium battery industry is experiencing significant growth in production and demand, with notable increases in both battery and phosphoric iron lithium cathode material output in November 2025 compared to the same period in 2024 [1][2]. Production - In November 2025, domestic battery production reached 176.3 GWh, marking a year-on-year increase of 49.66% and a month-on-month increase of 3.34% [1][2]. - The production of phosphoric iron lithium cathode materials in November 2025 was 26.89 million tons, reflecting a year-on-year growth of 29.43% and a month-on-month growth of 0.75%, with a capacity utilization rate of 62.53% [1][2]. Pricing - As of December 26, 2025, the price of industrial-grade lithium carbonate rose to 116,000 yuan per ton, with a weekly increase of 14.85% [3]. - The price of phosphoric iron lithium (power type) reached 45,100 yuan per ton on December 26, up over 15% from December 19 [3]. - Prices for lithium hexafluorophosphate remained stable at 180,000 yuan per ton as of December 27 [3]. - The average price of square phosphoric iron lithium energy storage batteries remained stable, with slight increases in specific models [3]. Demand - In November 2025, the monthly loading volume of phosphoric iron lithium batteries was 75.3 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 11.56%, achieving a new high for the year [4]. - The monthly loading volume of ternary power batteries was 18.2 GWh, reflecting a year-on-year increase of 33.82% and a month-on-month increase of 10.30% [4]. - The new bidding capacity for domestic new energy storage projects in January to October 2025 was higher than in the same period of 2024, with November slightly lower [4]. - In November 2025, China's battery exports reached 21.2 GWh, a year-on-year increase of 69.60% and a month-on-month increase of 9.28% [4]. Investment Recommendations - The production of domestic batteries and phosphoric iron lithium cathode materials in January to November 2025 exceeded that of 2024, with stable raw material and cell prices, and an increase in monthly loading volumes and new energy storage bidding capacities [5]. - The industry is advised to focus on core enterprises in battery cells that lead in the collaborative layout of power batteries and energy storage, as well as those related to lithium battery materials [5]. - Recommended companies include CATL (300750), EVE Energy (300014), Xinwangda (300207), Hunan Youneng (301358), Rongbai Technology (688005), Tianci Materials (002709), and Dofluor (002407) [5].