6月锂电排产：环比增长，看好长期需求

Investment Rating - The industry investment rating is "Overweight" [5] Core Views - The report highlights a positive outlook for the lithium battery supply chain, with a month-on-month increase in production driven by policies promoting electric vehicle (EV) demand and a favorable export environment for energy storage [1] - The domestic market for new energy vehicles (NEVs) is expected to grow significantly, with a year-on-year increase in retail sales and a notable rise in commercial vehicle electrification [2] - The energy storage market is supported by strong bidding volumes in China and continued growth in Europe and emerging markets, indicating robust future demand [3] Summary by Sections Lithium Battery Production - In June, battery production reached 107.7 GWh, a month-on-month increase of 2.9% - Positive trends in production for cathodes (133,000 tons, +9.1%), anodes (117,000 tons, +0.9%), separators (1.49 billion square meters, +4.3%), and electrolytes (76,000 tons, +6.6%) were noted [1] New Energy Vehicles - Domestic NEV retail sales reached 980,000 units in May, a year-on-year increase of 21.9% - Cumulative sales from January to May reached 4.306 million units, up 32.8% year-on-year - The penetration rate of new energy heavy trucks reached 23.0%, significantly exceeding previous expectations [2] Energy Storage Market - The bidding scale for energy storage in China reached 132.89 GWh from January to April, a year-on-year increase of 219.1% - The U.S. market saw a 105% year-on-year increase in large-scale storage installations, driven by favorable tariff expectations [3] Supply and Demand Dynamics - The report indicates tightening supply and demand dynamics, with expectations for improved capacity utilization and profitability for leading battery manufacturers [4] - Recommended companies include CATL, EVE Energy, and Sunwoda, which are expected to benefit from these trends [4]