电池材料景气度强化，涨价周期开启

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The electrolyte market has seen a significant price increase due to tight supply conditions driven by sustained growth in downstream demand for key additives like lithium hexafluorophosphate, VC, and FEC [3] - The energy storage sector is expected to drive a new round of lithium battery cycles, with a projected 50% growth in energy storage demand in 2026. In the first nine months of 2025, China's new energy storage overseas orders reached 214.7 GWh, a year-on-year increase of 131.75% [3] - The supply elasticity in the electrolyte segment is the lowest, while structural demand and supply resonance exist in copper foil, separators, and high-end lithium iron phosphate. The expansion cycle for negative electrode graphite is approximately one year due to high energy consumption [3] Summary by Sections Demand - The new lithium battery cycle is driven by energy storage, with expectations for a strong off-season in Q1 2026. Historical large-scale cycles have been primarily demand-driven, with significant growth anticipated in the upcoming years due to global energy transition and domestic energy storage policies [3] Supply - The supply chain for key materials like lithium hexafluoride and iron lithium is characterized by slow new capacity additions due to environmental regulations and high energy consumption. The market for wet-process separators is expected to grow due to energy storage demand, maintaining a tight supply situation [3] Investment Recommendations - The report suggests focusing on companies that will benefit from the energy storage demand cycle, including Ningde Times, Yiwei Lithium Energy, Tianci Materials, and others [3]