锂电材料行业周报：需求端回暖延续，正极开工分化仍大，负极及隔膜仍受制于供求矛盾

Investment Rating - Industry rating: Maintain "Overweight" [2][8] Core Views - The lithium battery materials industry experienced a decline of 2.61% last week, underperforming the benchmark (CSI 300) by 0.93 percentage points. The industry valuation (TTM P/E) increased by 4.07x to 32.37x, with a historical percentile of 28.6% [2][11] - Demand in the market is recovering, with a continued increase in small power market demand and sufficient energy storage market demand. However, downstream orders are concentrated among leading companies, leading to low-price competition and difficulty in price increases across most segments of the lithium battery materials industry [8][25] Summary by Sections Market Conditions - Last week, the lithium battery materials industry saw a 2.61% decline, with a valuation increase to 32.37x, reflecting a historical percentile of 28.6% [2][11] Positive Material Insights - Lithium carbonate prices continued to rebound, with prices for ternary precursors and materials remaining stable. The industry is experiencing significant operational differentiation, with orders and operations continuing to vary [2][8] - The price of lithium iron phosphate (LFP) materials increased slightly, with production and operational rates showing mixed results across the industry [2][8] Electrolyte Insights - The price of lithium hexafluorophosphate remained stable, while some solvents saw price declines. The overall demand for electrolytes is limited, and price increases are difficult due to downstream pressure [3][4] Anode Material Insights - The demand for anode materials is structurally increasing, leading to a slight rise in overall operational rates. However, the market is experiencing oversupply, and prices are expected to remain low [5][8] Separator Insights - The separator market is characterized by an increase in both supply and demand, but the overall supply exceeds demand, leading to continued price weakness [6][8] Copper Foil Insights - The market price for battery-grade copper foil increased, with stable processing fees across various thicknesses [7][8] Investment Recommendations - The report suggests that despite the current low profitability and competitive pricing pressures, there is potential for short-term valuation recovery. However, long-term profitability improvements are constrained by supply-demand imbalances within the industry [8][25]