锂电材料行业周报：上周锂价大幅回升，铁锂有量无价，电解液提价难以传导

Investment Rating - The industry is rated as "Overweight" [7][14][42] Core Views - The lithium battery materials industry experienced a decline of 2.02% last week but outperformed the benchmark (CSI 300) by 1.27 percentage points. The industry's valuation (TTM P/E) decreased by 0.66x to 36.46x, with a historical valuation percentile of 36.6% [6][14] - Demand recovery continues, with differentiated operating rates in positive electrode materials, while negative electrodes and separators are still constrained by supply-demand contradictions [6][14] Market Overview - The lithium battery materials industry saw a price rebound in lithium carbonate, while prices for ternary precursors weakened. Ternary material prices slightly increased, and major companies ramped up production in November. Phosphate iron lithium prices remained stable, with large manufacturers pushing for volume sales, but overall, there is a situation of "more volume, less price" [6][14] - The average price of battery-grade lithium carbonate increased by 5.26% week-on-week to 80,000 yuan/ton, while the main futures contract price rebounded by 2.49% to 79,500 yuan/ton [6][14] Positive Electrode Materials - The prices of ternary precursors NCM111, NCM523, NCM622, and NCM811 decreased week-on-week, while ternary positive electrode material prices saw slight increases. The production of ternary positive electrode materials increased by 0.33% to 15,335 tons, with an operating rate rising by 0.15 percentage points to 45.88% [6][14] Negative Electrode Materials - The average price of artificial graphite negative electrode materials remained stable at 32,700 yuan/ton, while natural graphite prices also held steady at 35,600 yuan/ton. The production of negative electrode materials increased by 3.38% to 42,475 tons, with an operating rate rising by 1.59 percentage points to 48.54% [11][14] Electrolytes - The average price of lithium hexafluorophosphate rose by 1.34% week-on-week to 56,800 yuan/ton, while solvent and additive prices remained stable. The production of electrolytes increased by 1.08% to 32,650 tons, with the industry operating rate rising by 0.33 percentage points to 31.11% [7][10] Separators - The average price of dry separators remained stable at 0.41 yuan/square meter, while wet separators averaged 1.01 yuan/square meter. The production of separators slightly increased by 0.22% to 45,150 million square meters, with an operating rate of 99.9% [12][14] Investment Recommendations - The report suggests that the demand in the power market continues to recover, supported by policies and a seasonal surge in demand. However, the industry faces challenges from supply overcapacity and price competition, making it difficult for prices to rise significantly. The overall profitability remains low, and the industry is expected to maintain an "Overweight" rating [14][42]