锂电材料行业周报：上周行业反弹，三元材料量增，隔膜库存压力推动价格小幅下降

Investment Rating - The report maintains an "Overweight" rating for the lithium battery materials industry [9][20]. Core Views - The lithium battery materials industry experienced a 2.72% increase last week, outperforming the benchmark (CSI 300) by 1.51 percentage points, with a valuation recovery to 21.59x [3]. - The demand for lithium battery materials is expected to weaken in the short term due to seasonal factors, alongside supply chain oversupply and cost-cutting pressures from downstream sectors [9][20]. - The report highlights that while there is support for long-term demand growth from policies promoting electric vehicles, the overall profitability of the sector remains low, and improvements are constrained by supply-demand imbalances [9][20]. Summary by Sections Market Trends - The lithium battery materials industry saw a weekly increase of 2.72%, with a valuation rise to 21.59x, placing it at a historical percentile of 8.1% [3]. - The prices of lithium sources remain weak, with battery-grade lithium carbonate dropping 1.12% to 88,500 CNY/ton, and futures contracts decreasing 2.72% to 91,400 CNY/ton [3]. Positive Electrode Materials - The price of ternary precursor materials remained stable, with NCM111, NCM523, NCM622, and NCM811 priced at 65,000 CNY/ton, 69,500 CNY/ton, 76,500 CNY/ton, and 84,000 CNY/ton respectively [3]. - Ternary material production increased by 20.5% week-on-week to 14,080 tons, with an operating rate of 45.67% [3]. Electrolytes - The price of lithium hexafluorophosphate remained stable at 60,500 CNY/ton, while the average price of electrolyte solutions showed slight fluctuations [4][5]. - Electrolyte production decreased by 4.15% week-on-week to 25,380 tons, with an industry operating rate of 26.33% [5]. Negative Electrode Materials - The average price of artificial graphite remained at 33,500 CNY/ton, while natural graphite also held steady at 35,900 CNY/ton [6]. - Production of negative electrode materials fell by 2.92% week-on-week to 44,065 tons, with an operating rate of 53.01% [6]. Separators - The price of wet-process separators decreased by 2.84% to 1.03 CNY/sqm, while dry-process separators remained stable at 0.43 CNY/sqm [7]. - Separator production increased by 1.27% week-on-week to 39,800 million sqm, with an operating rate of 88.08% [7]. Copper Foils - The average market price for lithium battery copper foils remained stable at 98,100 CNY/ton for various thicknesses [8]. Investment Recommendations - The report suggests that due to the seasonal downturn in demand and ongoing supply chain pressures, raising prices for lithium battery materials is currently challenging [9][20]. - The overall profitability of the sector is low, and improvements are contingent on observing the progress of supply-demand rebalancing [9][20].