锂电材料行业周报：上周碳酸锂价格反弹，正极价跌量平，负极材料优先去库

Investment Rating - The industry investment rating is "Overweight" [2][9][26] Core Viewpoints - The lithium battery materials industry experienced a decline of 3.74% last week, underperforming the benchmark (CSI 300) by 3.18 percentage points, with the valuation (TTM P/E) dropping to 18.85x, which is at a historical percentile of 2.8% [3][9] - The demand in the power market is limited, and the small power market remains in the off-season, while the recent growth in the energy storage market is concentrated among leading companies [9][26] - The industry is facing low profitability due to oversupply in the supply chain and pressure to reduce costs from downstream [9][26] Summary by Sections Market Conditions - Last week, the lithium battery materials industry saw a 3.74% decline, with a valuation drop to 18.85x [3] - The industry has a historical valuation percentile of 2.8% [3] Positive Material Trends - Lithium carbonate prices rebounded by 1.39% to 73,000 CNY/ton, while battery-grade lithium hydroxide prices decreased by 1.31% to 75,500 CNY/ton [3] - The price of lithium iron phosphate (LFP) decreased by 0.48% to 10,400 CNY/ton [3] Negative Material Trends - The price of ternary precursor materials remained stable, while ternary materials saw a slight decline [3] - The production of ternary materials was 14,635 tons, with a slight decrease of 0.14% week-on-week [3] Electrolyte Market - The average price of lithium hexafluorophosphate remained stable at 54,000 CNY/ton, while the production of electrolytes increased by 1.25% to 25,925 tons [4][5] Anode Materials - The average price of artificial graphite anode materials remained stable at 33,500 CNY/ton, with production decreasing by 0.72% to 37,860 tons [6] Separator Market - The price of dry separators remained stable at 0.43 CNY/sqm, with production increasing by 1.6% to 41,250 million sqm [7] Copper Foil Market - The average market price for lithium battery copper foil remained stable, with processing fees unchanged [8] Investment Recommendations - The report suggests that while there is support for long-term demand growth due to policies promoting new energy vehicles, the overall profitability outlook for the sector remains weak [9][26]