新能源汽车产业链行业周报：宁德时代拟建西班牙合资工厂，厦钨新能与欣旺达联合布局固态电池

Investment Rating - The industry investment rating is "Positive (Maintain)" [1] Core Viewpoints - The terminal sales performance is strong, with demand growth remaining positive. In the first nine months of 2024, China's new energy vehicle sales reached 8.32 million units, a year-on-year increase of 33%, and the installed capacity of power batteries was 346.6 GWh, up 36% year-on-year. The demand trend continues to grow, with penetration rates consistently breaking through [11][21] - The overall profitability trend is stabilizing slightly upwards. Both upstream lithium resources and downstream batteries have shown significant recovery, while midstream materials such as ternary and lithium iron phosphate cathodes and electrolytes are still affected by the impairment of lithium carbonate, with ternary materials being negatively impacted [11][21] - The upward profitability trend remains unchanged, highlighting the configuration value. Since early 2022, the lithium battery sector has experienced continuous performance declines, but since Q1 2024, it has entered a right-side trend. Observations indicate that the upstream resource prices have bottomed out, and industry clearing and integration, along with improvements in processing fees and product structure, are expected to support a sustained improvement in profitability [11][21][22] Summary by Sections Recent Highlights - EVE Energy's 60 GWh super factory officially commenced production, becoming the largest single-unit energy storage factory in the industry [10][25] - CATL (300750.SZ) signed a joint venture agreement with Stellantis to establish a battery factory in Spain, with a total investment of €4.038 billion [32][33] - Xiamen Tungsten (688778.SH) signed a strategic cooperation framework agreement with Xinwanda to develop solid-state batteries [10][34] - Guoxuan High-Tech (002074.SZ) announced plans to invest in a new energy battery production base in Morocco, with a total investment of up to €1.28 billion [10][41] Price Tracking of Lithium Battery Products - Cobalt products: Electrolytic cobalt at 177,500 CNY/ton (0.00%); Cobalt tetroxide at 115,000 CNY/ton (0.00%); Cobalt sulfate at 27,000 CNY/ton (-0.55%) [10][47] - Lithium products: Lithium carbonate at 77,000 CNY/ton (-0.46%); Lithium hydroxide at 69,000 CNY/ton (0.42%) [10][47] - Nickel products: Electrolytic nickel at 129,000 CNY/ton (1.85%); Nickel sulfate at 29,000 CNY/ton (-0.68%) [10][47] - Midstream materials: Ternary cathodes (523 power type at 104,000 CNY/ton, 0.00%; 622 single crystal type at 123,000 CNY/ton, 0.00%; 811 single crystal type at 145,000 CNY/ton, 0.00%); Lithium iron phosphate at 39,000 CNY/ton (0.00%) [10][47]