锂电材料行业周报：上周正极量价同跌，电解液及负极开工仍低，隔膜累库依旧明显

Investment Rating - The industry rating is maintained at "Overweight" [4][9][23] Core Insights - The lithium battery materials industry saw a weekly increase of 2.66%, outperforming the benchmark (CSI 300) by 1.68 percentage points, with the industry valuation (TTM P/E) rising by 0.53x to 26.01x, reaching a historical percentile of 16.9% [3][12] - The demand for lithium battery materials remains weak, with significant price declines across various segments, including cathode materials and lithium carbonate, leading to cash flow and profit pressures for small and medium enterprises [3][9][23] - Despite some recovery in demand from the large power market, overall market conditions remain sluggish, with low operating rates indicating an oversupply situation [3][9] Summary by Sections Market Trends - The lithium battery materials industry experienced a 2.66% increase last week, with a valuation rise to 26.01x [3][12] - The demand structure is showing signs of differentiation, with the large power market slightly recovering while small power and digital markets are slowing down [3][9] Cathode Materials - Prices for lithium carbonate continued to decline, with battery-grade lithium carbonate prices dropping 4% to 72,000 CNY/ton [3] - The production of ternary cathode materials decreased by 0.64% to 15,555 tons, with an operating rate of 46.91% [3][9] Electrolytes - The price of lithium hexafluorophosphate increased by 0.9% to 56,000 CNY/ton, while the overall production of electrolytes rose by 3% to 30,520 tons [4][5] - The industry operating rate increased to 29.42%, but price increases remain challenging due to strong downward pressure from downstream [5] Anode Materials - The market for artificial graphite anode materials remained stable at 32,700 CNY/ton, with production increasing by 2.71% to 36,950 tons [6] - Demand is gradually recovering, but supply pressures are expected to suppress pricing power [6] Separators - The production of separators increased by 0.56% to 44,600 million square meters, with an operating rate of 98.7% [7] - Despite high demand, inventory levels are rising, leading to continued price pressure [7] Copper Foils - The market prices for battery-grade copper foils remained stable, with 8μm, 6μm, and 4.5μm copper foils priced at 90,100 CNY/ton, 90,600 CNY/ton, and 106,100 CNY/ton respectively [8] Investment Recommendations - The report suggests that despite the current weak profitability across most segments of the lithium battery materials industry, there is still potential for valuation recovery in the short term [9][23] - The overall outlook remains cautious due to ongoing supply-demand imbalances and low pricing power, with the industry rating maintained at "Overweight" [9][23]