Guoxin Securities·2025-12-14 11:09Investment Rating - The investment rating for the lithium battery industry is "Outperform the Market" (maintained) [1] Core Insights - The solid-state battery industry is accelerating its industrialization, with collaborations such as the one between Liyuanheng and Quintus to tackle core technologies in isostatic pressing equipment [3][17] - Lithium battery prices have recently seen a slight increase, with companies like Suzhou Dejia Energy announcing a 15% price hike due to rising raw material costs [3][17] - The lithium battery supply chain is witnessing significant orders, including a 120GWh supply agreement between Haichen Energy and CRRC Zhuzhou Institute for the years 2026-2030 [3][18] Industry Dynamics - Lithium Battery Prices: Recent price increases have been noted, with lithium carbonate priced at 94,500 CNY/ton, up 0.8% from two weeks prior [21] - Sales Data: In November, domestic new energy vehicle sales reached 182.3 million units, a year-on-year increase of 21% and a month-on-month increase of 6% [36] - International Sales: In November, European new energy vehicle sales were 288,700 units, up 41% year-on-year, while U.S. sales were 94,400 units, down 32% year-on-year [3] Investment Recommendations - Focus on leading companies in the lithium battery sector with low valuations, such as CATL, Yiwei Lithium Energy, and others [3] - Consider companies leading in low-altitude economy and robotics, solid-state battery materials, and consumer battery sectors [3] Market Performance - The lithium battery sector has seen a 3.1% increase in the last two weeks, while battery chemicals and specialized equipment sectors have seen declines of 6.7% and 1.6%, respectively [13]