锂电材料行业周报：动力端需求释放带动材料开工有所上行，产业链价格仍受压制

Investment Rating - The report maintains an "Overweight" rating for the lithium battery materials industry [10][25]. Core Viewpoints - The lithium battery materials industry saw a 3.75% increase last week, but underperformed the benchmark index by 1.21 percentage points. The industry valuation (TTM P/E) rose by 1x to 25.48x, with a historical percentile of 15.6% [2]. - Despite some demand recovery in the power sector, the overall industry remains under pressure due to excess supply and price competition, leading to low profitability across most segments [10][25]. Summary by Sections Market Trends - The lithium battery materials industry experienced a 3.75% increase last week, but this was still below the benchmark index [2]. - The industry valuation increased to 25.48x, indicating a slight recovery in investor sentiment [2]. Positive Developments - The demand from the power sector has shown some recovery, contributing to a slight increase in production and operating rates [10][25]. - The small power market is performing relatively well, and the energy storage market is seeing growth, although orders are concentrated among leading companies [10][25]. Negative Developments - The overall demand remains weak, with many companies operating at low capacity and maintaining minimal inventory levels [2][10]. - The industry is facing significant price competition, which is suppressing profitability across various segments [10][25]. Specific Material Insights - Cathode Materials: Lithium carbonate prices have declined, while prices for ternary precursors have remained stable. The production of ternary materials has seen a slight increase, but overall demand is still low [2]. - Electrolytes: Prices for lithium hexafluorophosphate have stabilized, but demand growth has been sluggish post-holiday [3][6]. - Anode Materials: Production has increased due to slight demand recovery, but competition remains fierce, leading to low prices [7]. - Separators: Inventory levels are rising, and prices are under pressure due to increased production and competitive pricing strategies [8]. Investment Recommendations - The report suggests that while there is potential for short-term valuation recovery, the long-term outlook remains constrained by supply-demand imbalances and low profitability expectations [10][25].