Shanghai Aijian Securities·2025-12-09 06:43Investment Rating - The industry investment rating is "Outperform the Market" [2][31]. Core Insights - The demand for power and energy storage lithium batteries is growing, with significant increases in production and stable material prices observed [2][5]. - In November 2025, domestic battery production reached 170.6 GWh, a year-on-year increase of 50.84% and a month-on-month increase of 12.83% [2]. - The production of lithium iron phosphate (LFP) cathode materials in November 2025 was 268,900 tons, up 29.43% year-on-year and 0.75% month-on-month, with a capacity utilization rate of 62.53% [2]. - The average price of industrial-grade lithium carbonate as of November 28, 2025, was 90,900 CNY/ton, reflecting a weekly decrease of 0.55% [2]. - The average price of LFP (power type) remained stable at 39,100 CNY/ton as of November 28, 2025 [2]. - The demand for LFP batteries in October 2025 reached a monthly shipment of 67.5 GWh, a year-on-year increase of 43.62% [2]. - The export volume of Chinese power batteries in October 2025 was 19.4 GWh, a year-on-year increase of 79.63% [2]. Summary by Sections Production - In November 2025, the production of cathode materials showed a year-on-year increase, with significant growth in battery production compared to the same period in 2024 [2][3]. Prices - The prices of key raw materials for lithium batteries have stabilized, with notable price points for lithium carbonate, LFP, and lithium hexafluorophosphate [2][3]. Domestic Demand - The domestic demand for lithium batteries is robust, with new energy storage projects showing increased tender capacity compared to 2024 [2][3]. Overseas Demand - The overseas demand is also strong, with significant increases in exports of power batteries and global new energy vehicle sales [2][3].