锂电材料行业周报：上周行业小幅下跌，成本端支撑三元前驱体及材料价格上涨

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The lithium battery materials industry experienced a slight decline of 0.21% last week, underperforming the benchmark (CSI 300) by 1.59 percentage points. The industry valuation (TTM P/E) decreased by 0.51x to 35.12x, currently at 34.6% of its historical percentile [4][5] - The market shows signs of a slight recovery in demand for certain segments, but overall supply-demand imbalances persist, with most segments maintaining low prices and profitability [13][45] Summary by Sections Market Performance - The lithium battery materials industry fell by 0.21% last week, underperforming the CSI 300 benchmark by 1.59 percentage points. The industry valuation decreased to 35.12x, which is 34.6% of its historical percentile [4][5] Positive Material Trends - The cost side supported price increases for ternary materials, with prices for NCM111, NCM523, NCM622, and NCM811 rising by 13.82%, 10.61%, 8.7%, and 5.52% respectively. Meanwhile, lithium carbonate prices slightly increased by 0.6% to 75,300 CNY/ton [5][6] Electrolyte and Anode Material Insights - The average price of artificial graphite anode materials rose by 1.28% to 33,100 CNY/ton, while natural graphite prices remained stable at 35,600 CNY/ton. The overall production of anode materials increased by 1.04% to 43,795 tons [10] - Electrolyte prices remained stable at low levels due to oversupply and poor profitability, with the average price of lithium hexafluorophosphate dropping by 1.6% to 61,500 CNY/ton [8][9] Phosphate Lithium and Ternary Material Developments - The price of lithium iron phosphate for power applications remained stable at 35,700 CNY/ton, while production increased by 9.47% to 58,958 tons. The demand in the new energy market showed slight recovery [7] - The ternary cathode material production increased by 1.97% to 12,947 tons, with an operating rate rising by 0.74 percentage points to 38.73% [6] Overall Industry Outlook - The current supply-demand imbalance continues to affect the industry, with short-term demand showing slight recovery signs. However, the overall profitability remains constrained due to excess supply and cost-cutting pressures from downstream sectors [13][45]