Investment Rating - The investment rating for the lithium battery industry is "Outperform the Market" (maintained) [1] Core Insights - The lithium salt prices are rising, with carbonate lithium priced at 111,900 CNY/ton, an increase of 17,400 CNY/ton compared to two weeks ago [4] - The domestic sales of new energy vehicles reached 182.3 thousand units in November, a year-on-year increase of 21% and a month-on-month increase of 6% [35] - Several lithium iron phosphate companies are undergoing production line maintenance, which is expected to reduce output by 1.5-3.5 thousand tons for Hunan Youneng and 0.5-2 thousand tons for Wanrun New Energy [6][21] Industry Dynamics - The prices of lithium battery materials and cells are on the rise, with significant increases in the prices of ternary cathodes and lithium iron phosphate cathodes [4] - The solid-state battery industry is advancing, with strategic partnerships being formed, such as between XINWANDA and Zhongwei [6] - Major contracts have been signed in the lithium battery supply chain, including a 50GWh storage cooperation memorandum between CATL and Siyuan Electric [18] Investment Recommendations - Focus on leading companies in the lithium battery industry with low valuations, such as CATL, Yiwei Lithium Energy, and others [5] - Consider companies involved in solid-state battery materials and those in the electric vehicle charging station sector [5] Market Performance - The lithium battery sector has seen a decline of 2.2% in the past two weeks, while the battery chemical sector increased by 10% [13] - Key stock movements include a 25.5% increase for Enjie and a 20.2% increase for Tianci Materials [13] Price Trends - The price of lithium carbonate has increased by 49% since the beginning of 2025 [22] - The price of lithium iron phosphate has risen by 25.68% since the beginning of 2025 [22]
锂电产业链双周评（12月第2期）：多家磷酸铁锂企业进行产线检修，碳酸锂价格持续走高
Guoxin Securities·2025-12-28 13:05