锂电池产业链双周报（2025、05、16-2025、05、29）：中国汽车工程学会发布《全固态电池判定方法-20250530

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by over 10% in the next six months [51]. Core Viewpoints - The lithium battery index has seen a decline of 2.45% over the past two weeks, underperforming the CSI 300 index by 1.21 percentage points. However, it has increased by 8.59% this month, outperforming the CSI 300 index by 6.25 percentage points [2][11]. - The report highlights that the recent drop in lithium carbonate prices indicates insufficient cost support, leading to weakness in certain segments of the industry chain. Despite this, the demand for new energy vehicles remains strong, with retail sales of 726,000 units from May 1 to May 25, a year-on-year increase of 31% [45][42]. - The overall demand for lithium batteries is expected to maintain rapid growth, driven by the continuous development of renewable energy and the increasing demand for energy storage in new data centers. The supply-demand relationship in the industry is gradually improving, which is beneficial for the utilization rate of quality production capacity [47]. Summary by Sections 1. Market Review - As of May 29, 2025, the lithium battery index has decreased by 2.45% in the last two weeks, while it has increased by 8.59% this month and decreased by 1.91% year-to-date [11]. 2. Price Changes in the Lithium Battery Industry Chain - As of May 29, 2025, the average price of battery-grade lithium carbonate is 62,800 CNY/ton, down 5.28% in the last two weeks. The price of lithium hydroxide (LiOH 56.5%) is 69,400 CNY/ton, down 3.34% [4][22]. - Prices for cathode materials such as lithium iron phosphate remain stable at 31,500 CNY/ton, while NCM523, NCM622, and NCM811 have seen slight decreases of 2.97%, 2.00%, and an increase of 0.68%, respectively [26][31]. 3. Industry News - The China Automotive Engineering Society has released a group standard for "all-solid-state batteries," clarifying definitions and testing methods, which will support technological upgrades and industrial applications [42]. - The report notes that the demand for new energy vehicles is robust, with a retail penetration rate of 53.5% in the new energy market, indicating a strong market outlook [45]. 4. Recommended Stocks - Key stocks to watch include CATL (300750), EVE Energy (300014), Keda Technology (002850), Tianwei Technology (688116), and Naconor (832522), all of which have strong performance support and are expected to benefit from the ongoing developments in the solid-state battery industry [47][48].