动力电池行业周报：两部门印发《关于加力支持大规模设备更新和消费品以旧换新的若干措施

Investment Rating - The report maintains a "Recommended" investment rating for the power battery industry [1] Core Insights - The report highlights the positive impact of recent government policies aimed at supporting large-scale equipment updates and the trade-in of consumer goods, which is expected to stimulate domestic lithium battery demand [4] - The overall industry outlook remains optimistic, with a focus on monitoring upstream raw material price trends and monthly sales [4] - The report indicates a significant increase in the cumulative installed capacity of power batteries in China, reaching 203.3 GWh in the first half of 2024, a year-on-year growth of 33.7% [4] Industry Data Summary Upstream Materials - The average market price for industrial-grade lithium carbonate is 80,500 CNY/ton, down 1.23% from the previous week, while battery-grade lithium carbonate is priced at 83,500 CNY/ton, down 1.18% [3][10] - The market price for ternary materials (523 single crystal) is 114,000 CNY/ton, down 0.5% from last week, and for high-nickel 811 multi-crystal materials, it is 154,000 CNY/ton, down 0.05% [3][23] Downstream Demand - In the first half of 2024, the cumulative installed capacity of power batteries reached 203.3 GWh, with a year-on-year growth of 33.7% [4] - The cumulative installed capacity of lithium iron phosphate batteries accounted for 69.3% of the total, with a year-on-year growth of 35.7% [4] Market Dynamics - The report notes that the automotive market is experiencing favorable policies, which support the rapid growth of new energy vehicles [4] - The report emphasizes the need to focus on the price trends of upstream raw materials and the execution of industry regulations [4] Price Trends - The report indicates that the price of electrolytes has slightly decreased, with lithium iron phosphate electrolyte priced at 18,750 CNY/ton and ternary/common electrolyte at 25,500 CNY/ton [39] - The average price of separators is reported to be 0.84 CNY/square meter for 7um wet separators and 0.43 CNY/square meter for 16um dry separators [45]