Sou Hu Cai Jing·2026-02-12 03:28Core Viewpoint - The battery sector continues to show strong performance, driven by a combination of robust demand, capacity utilization, and profitability recovery, alongside advancements in solid-state battery technology [2][3]. Group 1: Demand Dynamics - Downstream demand has exceeded expectations, with the global electric vehicle (EV) sales projected to reach 23.54 million units by 2025, marking a year-on-year growth of 29.1%, with China accounting for over 70% of this market [4]. - The energy storage sector is expected to see explosive growth, with global energy storage battery shipments projected to reach 640 GWh by 2025, representing a staggering year-on-year increase of 82.9% [4]. - Major Chinese battery manufacturers reported a production increase of over 45% year-on-year in January and February, significantly surpassing previous forecasts of less than 30% growth for the year [4]. Group 2: Supply and Pricing Dynamics - The supply-demand landscape in the lithium battery industry has fundamentally shifted, moving from a phase of oversupply and profit decline to one of recovery and price increases starting June 2025 [5]. - The price of lithium hexafluorophosphate and lithium carbonate has risen since September, driven by strong demand from downstream battery cell manufacturers and improved capacity utilization in the materials sector [5]. - Recent earnings forecasts from several lithium material companies indicate substantial growth in Q4 2025, confirming the industry's transition from a "cyclical bottom" to an "upward performance phase" [5]. Group 3: Technological Advancements - The solid-state battery sector is experiencing accelerated industrialization, with significant developments such as the mass production of dry electrode technology and the first international output of domestic dry process technology [6]. - The battery ETF (561910) closely tracks the battery theme index, which is strategically positioned to benefit from the current industrial cycle, with 56% exposure to energy storage and over 45% to solid-state battery concepts [6]. - The top ten weighted stocks in the index include leading companies across various segments of the battery supply chain, indicating a strong focus on industry leaders [6].