锂电材料行业周报：上周行业大涨继续带动估值回升，基本面总体维持弱势

Investment Rating - The industry rating is maintained at "Overweight" [2][8] Core Views - The lithium battery materials industry saw a significant increase of 9.21% last week, outperforming the benchmark (CSI 300) by 8.42 percentage points, with the industry valuation (TTM P/E) rising by 2.3x to 28.31x, reaching a historical percentile of 20.5% [2][10] - The demand for cathode materials is weakening, with prices for ternary precursors continuing to decline, while lithium carbonate prices have slightly rebounded. The overall demand is decreasing, leading to a risk of further price declines [2][3] - The electrolyte market remains stable, with lithium hexafluorophosphate prices holding steady, while solvent prices are unchanged. However, the price support for the industry is insufficient due to limited cost support and ongoing price pressure from downstream [3][4] - The anode materials sector is experiencing limited recovery in demand, but there is still a significant expectation for capacity expansion, leading to a competitive pricing environment [5] - The separator market is operating at near full capacity, but prices remain weak due to oversupply and competitive pricing pressures [6] Summary by Sections Market Performance - The lithium battery materials industry increased by 9.21% last week, with a valuation rise to 28.31x [2][10] Cathode Materials - Lithium carbonate prices slightly rebounded, while ternary precursor prices continued to decline. The overall demand is weakening, leading to a risk of further price declines [2][3] Electrolytes - Lithium hexafluorophosphate prices remained stable, with solvent prices unchanged. The industry faces insufficient price support due to limited cost backing and ongoing price pressure from downstream [3][4] Anode Materials - The anode materials market is seeing limited demand recovery, but there is a significant expectation for capacity expansion, leading to a competitive pricing environment [5] Separators - The separator market is operating at near full capacity, but prices remain weak due to oversupply and competitive pricing pressures [6] Investment Recommendations - The report suggests that despite the low profitability across most segments of the lithium battery materials industry, there is still potential for short-term valuation recovery. However, long-term profitability expectations remain weak due to supply-demand imbalances [8][22]