Zhongyuan Securities·2025-12-15 04:54Investment Rating - The report maintains an investment rating of "Outperform the Market" for the lithium battery industry [6][10][12]. Core Insights - The lithium battery sector has shown strong performance, with the index rising by 3.22% in November 2025, outperforming the Shanghai and Shenzhen 300 Index, which fell by 2.46% during the same period [3][10]. - In November 2025, sales of new energy vehicles (NEVs) in China reached 1.823 million units, a year-on-year increase of 20.57%, with a monthly sales share exceeding 50% for the second consecutive month [6][17]. - The report highlights the upward trend in raw material prices, particularly lithium carbonate and lithium hydroxide, which have seen significant increases of 15.15% and 9.90% respectively in December 2025 [6][45][47]. - The overall industry outlook remains positive, driven by continuous growth in NEV sales, increased demand for energy storage batteries, and rising prices across the supply chain [6][10]. Summary by Sections 1. Market Review - The lithium battery index outperformed the market, with a 3.22% increase in November 2025, while the NEV index decreased by 5.27% [3][10]. - Among individual stocks, notable gainers included Huasheng Lithium and Haike Xinyuan, with increases of 132.48% and 122.40% respectively [10][11]. 2. New Energy Vehicle Sales and Industry Prices - NEV sales in China for November 2025 were 1.823 million units, marking a 20.57% year-on-year increase and a 53.16% market share [6][17]. - The report indicates that the total installed capacity of power batteries in November 2025 was 93.5 GWh, a 39.14% increase year-on-year [6][39]. - The prices of key raw materials, including battery-grade lithium carbonate and lithium hydroxide, have risen significantly, indicating a tightening supply and strong demand [6][45][47]. 3. Industry and Company News - The report notes significant industry developments, including a strategic partnership between Haibosi Chuang and CATL, securing a record battery procurement volume [60]. - The report also highlights ongoing innovations in battery technology, particularly advancements in lithium iron phosphate batteries by CATL [60]. 4. Industry Chain Prices - The report details the price trends of various materials, with battery-grade lithium carbonate reaching 95,000 CNY/ton, a 15.15% increase from November [6][45]. - The price of hexafluorophosphate lithium surged by 67.92% to 178,000 CNY/ton, driven by increased demand for energy storage batteries [6][56].