锂电材料行业周报：上周行业大幅跑赢基准，需求持续回暖下部分材料挺价渐起

Industry Rating - The report maintains an "Overweight" rating for the lithium battery materials industry [3] Core Views - The lithium battery materials industry rose by 13.53% last week, outperforming the benchmark (CSI 300) by 8.03 percentage points [3] - The industry's valuation (PE TTM) increased by 4.75x to 37.12x, with the historical percentile rising to 38.9% [3] - Demand for lithium battery materials continues to recover, with some materials showing signs of price stabilization [2] Market Performance - Last week, the lithium battery materials sector saw a significant increase in valuation, driven by strong market performance [1] - The industry's relative and absolute returns showed mixed results over different time periods [1] Cathode Materials - Lithium carbonate spot prices rebounded, with battery-grade lithium carbonate prices rising by 2.7% week-on-week to 76,000 yuan/ton [3] - Ternary cathode material prices remained stable or slightly increased, with NCM523 and NCM6 series prices rising by 0.23% and 0.2% respectively [3] - Production of ternary cathode materials increased by 0.46% to 15,285 tons, with the operating rate rising by 0.21 percentage points to 45.73% [3] - Lithium iron phosphate (LFP) cathode material prices rose by 0.3% for power-type and 0.78% for energy storage-type, with production increasing by 0.92% to 55,436 tons [3] Electrolyte - The price of lithium hexafluorophosphate remained stable at 56,000 yuan/ton, while the price of solvent DMC continued to decline by 1.94% to 5,050 yuan/ton [4] - Electrolyte production increased by 2.62% to 32,300 tons, with the operating rate rising by 0.79 percentage points to 30.78% [5] - Electrolyte companies are planning price increases, but these are not being effectively passed on to downstream customers [5] Anode Materials - The production of anode materials increased by 8.09% to 41,085 tons, with the operating rate rising by 3.14 percentage points to 46.95% [6] - The market for anode materials remains oversupplied, with prices expected to remain low due to new capacity coming online [6] Separators - Separator production remained stable at 450.5 million square meters, with the operating rate at 99.7% [7] - The separator market continues to face oversupply, with prices expected to remain weak due to downstream pressure and excess capacity [7] Battery-Grade Copper Foil - Prices for 8μm, 6μm, and 4.5μm lithium battery copper foil remained stable at 93,300 yuan/ton, 93,800 yuan/ton, and 109,300 yuan/ton respectively [8] - Processing fees for these copper foils also remained unchanged [8] Investment Recommendations - The industry is expected to benefit from policy support and strong demand in the fourth quarter, particularly from the power and energy storage sectors [9] - Despite some valuation recovery, the industry's profitability remains low due to oversupply and downstream cost pressures [9] - The report maintains an "Overweight" rating, citing potential for further valuation recovery in the short term, but notes that long-term profitability improvements will require a rebalancing of supply and demand [9]