Dongguan Securities·2025-09-19 08:33Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The newly released "New Energy Storage Scale Construction Special Action Plan (2025-2027)" aims for a national new energy storage installed capacity of over 180GW by 2027, driving direct investment of approximately 250 billion yuan. Lithium battery storage remains the primary technology route [43] - The lithium battery index has shown significant growth, with a year-to-date increase of 46.60%, outperforming the CSI 300 index by 32.29 percentage points [10] - The overall demand for lithium batteries is rapidly increasing, with a notable recovery in net profits across the lithium battery supply chain, which grew by 30% year-on-year in the first half of 2025, marking a turning point after two years of decline [43] Summary by Sections Market Review - As of September 18, 2025, the lithium battery index rose by 17.97% over the past two weeks, outperforming the CSI 300 index by 14.92 percentage points [10] - The lithium battery index has increased by 19.54% this month and 46.60% year-to-date [10] Price Changes in the Lithium Battery Supply Chain - As of September 18, 2025, the average price of battery-grade lithium carbonate is 73,100 yuan/ton, down 2.14% over the past two weeks. The price of lithium hydroxide (LiOH 56.5%) is 71,600 yuan/ton, down 0.42% [23] - The price of lithium iron phosphate remains stable at 34,300 yuan/ton, while NCM523, NCM622, and NCM811 have seen price declines of 0.86%, 1.24%, and 0.34%, respectively [25] - The price of electrolyte lithium hexafluorophosphate increased by 0.88% to 57,000 yuan/ton [29] Industry News - The China Passenger Car Association estimates that the retail sales of new energy passenger vehicles in September will reach approximately 1.25 million units, with a penetration rate expected to rise to 58.1%, setting a new historical high [38] - Global battery production in August 2025 reached 198.42 GWh, a year-on-year increase of 50.31% [38] - The solid-state battery industry is progressing towards commercialization, with companies like Panasonic and SK On making significant advancements in solid-state battery technology [41][39] Company Announcements - CATL reported a revenue of 178.886 billion yuan in the first half of 2025, a year-on-year increase of 7.27%, with a net profit of 30.485 billion yuan, up 33.33% [44] - Enjie Co., Ltd. is focusing on the development of solid-state battery materials and has established a production line for high-purity lithium sulfide [44] - Tianwei Technology has successfully developed a solid-state electrolyte with high ionic conductivity and is now capable of large-scale supply [42]