锂电行业跟踪：2025年12月国内电池产量和装车量同比高增，六氟磷酸锂价格下降

Investment Rating - The industry is rated as "stronger than the market" based on the relative performance compared to the CSI 300 index [33]. Core Insights - The demand for power batteries and energy storage batteries is robust, with an increase in average prices for storage cells and systems [4][7]. - In December 2025, domestic battery production reached 201.7 GWh, marking a year-on-year growth of approximately 62% and a month-on-month increase of about 14% [3]. - The production of lithium iron phosphate (LFP) cathode materials in December 2025 was 26.93 million tons, showing a year-on-year increase of 32.48% [3]. - The average price of industrial-grade lithium carbonate as of January 16, 2026, was 153,000 CNY per ton, with a weekly increase of 10.87% [3]. - The average price of LFP (power type) as of January 9, 2026, was 47,100 CNY per ton, up 4.43% from January 4, 2026 [3]. - The average price of hexafluorophosphate lithium decreased slightly to 156,100 CNY per ton as of January 17, 2026, down 2.86% from January 10, 2026 [3]. - The monthly loading volume of LFP batteries in December 2025 was 79.8 GWh, a year-on-year increase of 30.82% [3]. - The export volume of Chinese power batteries in December 2025 was 19.0 GWh, reflecting a year-on-year growth of 47.29% [3]. Summary by Sections Production - In December 2025, the production of LFP cathode materials and batteries significantly exceeded the levels of the same period in 2024 [3][4]. Prices - The prices of key materials such as lithium carbonate and LFP have shown a fluctuating upward trend, indicating strong market dynamics [3]. Domestic Demand - The domestic demand for batteries is increasing, with notable growth in monthly loading volumes and new energy storage project bidding capacities [3][4]. Overseas Demand - The export of power batteries from China has increased, indicating a growing international market for these products [3].