锂电材料行业周报：上周锂电材料需求回暖但价格仍受压制，干法隔膜受挺价上行

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Views - The lithium battery materials industry experienced a decline of 4.03% last week, underperforming the benchmark (CSI 300) by 1.74 percentage points. The industry valuation (TTM P/E) fell by 1.84 times to 32.34 times, currently at 21.8% of its historical percentile [5][13] - The demand for lithium battery materials is recovering, but the supply remains excessive, leading to low overall operating rates in the industry. The long-term demand in the energy storage market is expected to benefit from policy continuity and downstream procurement support, but the supply-side differentiation continues [13][50] Summary by Sections Market Performance - Last week, the lithium battery materials industry fell by 4.03%, underperforming the benchmark by 1.74 percentage points. The industry valuation decreased to 32.34 times, which is at 21.8% of its historical percentile [5][13] Positive Electrode Materials - Last week, the prices of ternary precursors remained stable, while lithium source prices decreased. The prices of ternary materials showed a slight increase, with head enterprises recovering demand. The inventory increased due to supply chain fluctuations [6][10] - The prices for ternary precursor NCM111, NCM523, NCM622, and NCM811 were stable at 80,500 CNY/ton, 79,000 CNY/ton, 81,000 CNY/ton, and 89,000 CNY/ton respectively [6] Phosphate Iron Lithium Materials - The price of phosphate iron lithium for power applications increased by 0.56% to 36,000 CNY/ton, while the storage type rose by 0.74% to 34,000 CNY/ton. The overall demand in March was stronger compared to February, driven by increased demand from the power sector [7][10] Electrolytes - The price of lithium phosphate remained stable at 60,500 CNY/ton, with solvent and additive prices mostly steady. The overall demand for electrolytes was acceptable, with slight increases in demand from leading enterprises [9][10] Negative Electrode Materials - The average market price for artificial graphite negative electrode materials remained stable at 33,400 CNY/ton, while natural graphite prices held steady at 35,600 CNY/ton. The production of negative electrode materials increased by 2.21% to 45,950 tons [10][11] Membranes - The price of dry-process membranes increased by 4.88% to 0.43 CNY/sqm, while wet-process membranes remained stable at 1.01 CNY/sqm. The production of membranes increased by 1.03% to 49,000 million sqm [11][12] Investment Recommendations - The current industry valuation is at a historical low, providing some potential for rebound. However, the overall profitability of the sector is constrained by supply-demand imbalances, and the industry is expected to maintain low prices and profitability levels [13][50]