锂电材料行业周报：上周正极材料开工下降，负极材料成本上行持续压缩利润

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The lithium battery materials industry saw a 1.93% increase last week, outperforming the benchmark (CSI 300) by 0.74 percentage points. The industry valuation (TTM P/E) rose by 0.64x to 33.98x, currently at a historical percentile of 32.3% [4] - The current supply-demand situation is in a recovery phase, with short-term demand declining due to pre-holiday stockpiling and seasonal factors. However, medium to long-term demand is expected to benefit from policy support and downstream procurement [12][46] - The overall profitability of the lithium battery materials sector remains under pressure due to cost increases and supply chain oversupply, with many segments maintaining low price levels [12][46] Summary by Sections Market Performance - The lithium battery materials industry increased by 1.93% last week, outperforming the benchmark by 0.74 percentage points. The industry valuation rose to 33.98x, reflecting a historical low [4][16] Positive Material Insights - Positive material prices for ternary precursors remained stable, while lithium carbonate prices continued to decline. The production and operating rates for positive materials decreased due to seasonal demand [5] - The price of lithium iron phosphate for power applications slightly decreased by 0.28% to 35,700 CNY/ton, while the production and operating rates also saw a decline [6] Electrolyte Market - The prices of raw materials and electrolytes remained stable, with low profit margins persisting in the industry. The production of electrolytes increased by 7.57% to 30,355 tons, but overall demand is expected to recover slowly [7][8] Negative Material Insights - The production and operating rates for negative materials increased, but profit margins are being squeezed by rising costs. The average price for artificial graphite remained stable at 32,700 CNY/ton [9] Separator Market - The separator market continues to face oversupply, with inventory levels rising. Prices are expected to remain weak due to excess capacity and competitive pricing pressures [10] Copper Foil Market - The prices and processing fees for lithium battery copper foil remained stable across various thicknesses [11] Investment Recommendations - The report maintains an "Overweight" rating for the industry, citing the potential for recovery in profitability once supply-demand imbalances are addressed. Current valuations are at historical lows, indicating some room for growth [12][46]