锂产业链月度追踪：11月终端需求超预期锂价短期修复，12月需求支撑库存连续微增

Investment Rating - The industry investment rating is "Buy" for stocks expected to outperform the market benchmark by over 20% in the next 6 months [4]. Core Viewpoints - The report focuses on the non-ferrous metals industry, highlighting significant growth in lithium-related products, particularly in the context of electric vehicle demand and battery production [7][17][30]. Summary by Sections - Industry Overview: The report provides a comprehensive analysis of the non-ferrous metals sector, emphasizing the increasing demand for lithium and its derivatives due to the growth of electric vehicles [7][39]. - Lithium Consumption and Production: In November, China's lithium hexafluorophosphate apparent consumption increased by 27.9% month-on-month, with a total production of 15.6 thousand tons, reflecting a 27.3% increase [17]. The total lithium hexafluorophosphate consumption from January to November showed a year-on-year increase of 30.4% [17]. - NCM Cathode Material: The apparent consumption of NCM cathodes in November rose by 8.0% month-on-month, with production reaching 55 thousand tons, a 19% increase [24]. Year-to-date, the apparent consumption has increased by 9.2% compared to the previous year [24]. - Phosphate Lithium: November saw a significant increase in phosphate lithium apparent consumption, which rose by 102.2% month-on-month, with production totaling 276.8 thousand tons [30]. The cumulative production from January to November also showed a year-on-year increase of 69.4% [30]. - Market Trends: The report indicates a robust growth trajectory for lithium and its compounds, driven by the expanding electric vehicle market and increasing battery production capacities [7][39]. - Future Projections: The report anticipates continued growth in lithium supply and demand, with projections for 2024 indicating a substantial increase in lithium salt supply [21]. - Data Sources: The report utilizes data from Mysteel, the General Administration of Customs, and Huafu Securities Research Institute to support its findings [17][30][39].