锂电材料行业周报：上周行业反弹，节后各环节价格多维持平稳，供需缓慢恢复

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The lithium battery materials industry experienced a rebound last week, with a 4.96% increase, outperforming the benchmark by 3.4 percentage points. The industry valuation (TTM P/E) rose to 33.34x, which is at a historical percentile of 30.9% [4][13] - Supply and demand are slowly recovering, but short-term demand is expected to decline due to pre-holiday stockpiling. The market remains concentrated among leading companies, and overall capacity utilization is low, leading to challenges in price increases across most segments [13] Summary by Sections Market Performance - The lithium battery materials industry rose by 4.96% last week, outperforming the benchmark (CSI 300) by 3.4 percentage points. The industry valuation (TTM P/E) increased to 33.34x, reflecting a historical percentile of 30.9% [4][3] Positive Material Trends - The prices of ternary precursor materials remained stable, while lithium carbonate prices adjusted downwards. The prices of positive materials are generally stable, with supply and demand in a recovery phase [5][6] - The production of ternary positive materials increased by 3.46% to 12,567 tons, with an operating rate of 37.6%. Inventory levels decreased by 2.56% to 13,680 tons [6] Phosphate Lithium Trends - The price of lithium iron phosphate for power applications remained stable at 35,800 CNY/ton, while the energy storage type increased by 0.75% to 33,800 CNY/ton. Production increased by 2.14% to 54,947 tons, with an operating rate of 42.9% [7] Electrolyte Market - The prices of raw materials for electrolytes remained stable, with overall supply and demand slowly recovering. The industry profit expectations remain low [8][9] Anode Material Insights - The average price of artificial graphite anode materials remained at 32,700 CNY/ton, while natural graphite prices also held steady. Production decreased by 1.83% to 39,145 tons, with an operating rate of 43.06% [10] Separator Market - The prices of dry and wet separators remained stable, but inventory levels continued to rise due to oversupply. The market is expected to remain weak in the short term [11] Copper Foil Market - The average market price for lithium battery copper foil slightly increased, with processing fees remaining stable [12] Investment Recommendations - The industry is in a recovery phase post-holiday, but short-term demand is expected to decline. The market remains supported by policies and high demand in the energy storage sector. However, price increases across most segments are challenging due to supply chain pressures and low profitability [13][47]