Dongguan Securities·2025-11-07 09:22Investment 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 Insights - The lithium battery index has shown strong performance, with a 5.82% increase over the past two weeks, outperforming the CSI 300 index by 3.93 percentage points. Year-to-date, the lithium battery index has risen by 57.70%, surpassing the CSI 300 index by 38.42 percentage points [5][14]. - The report highlights a significant surge in demand for energy storage, leading to tight supply of storage cells domestically. Major battery manufacturers are operating at full capacity, with a notable increase in production and sales in the new energy vehicle sector [46]. - The report emphasizes the rising prices of key materials in the lithium battery supply chain, particularly lithium hexafluorophosphate (6F), which has seen a price increase of over 140% since its lowest point in July [46]. - The ongoing development of solid-state batteries is expected to create additional demand for materials and equipment in the industry, with several companies leading in technology and cost advantages [46]. Summary by Sections Market Review - As of November 6, 2025, the lithium battery index has increased by 5.82% in the last two weeks and 57.70% year-to-date, outperforming the CSI 300 index significantly [5][14]. Price Changes in the Lithium Battery Supply Chain - Key materials have experienced price increases: - Battery-grade lithium carbonate averaged 79,800 CNY/ton, up 6.68% in two weeks [27]. - Lithium hexafluorophosphate rose to 119,000 CNY/ton, up 36.78% [34]. - Phosphate lithium increased to 34,800 CNY/ton, up 4.04% [30]. - Prices for other materials like NCM523, NCM622, and NCM811 also saw increases ranging from 1.54% to 2.45% [30]. Industry News - The report notes that major companies are expanding their production capabilities in response to rising demand, with significant contracts signed for the supply of electrolyte products [43][46]. - The solid-state battery market is projected to grow significantly, with global demand expected to exceed 206 GWh by 2030 [44]. Company Announcements - Key companies such as CATL and Yiwei Lithium Energy are highlighted for their strong financial performance and strategic positioning in the market, with substantial year-on-year profit growth reported [47].