Dongguan Securities·2026-02-27 09:38Investment Rating - The industry investment rating is "Overweight" [2][50]. Core Insights - The report indicates a significant rebound in the pre-production of the lithium battery supply chain for March, with expectations of increased demand following the implementation of vehicle replacement policies and the upcoming Beijing Auto Show [7][46]. - The overall demand growth for lithium batteries remains optimistic for the year, despite short-term pressures from rising lithium prices due to export restrictions from Zimbabwe [7][46]. - The solid-state battery sector is progressing towards commercialization, which is expected to create additional demand for materials and equipment in the supply chain [7][46]. Summary by Sections Market Review - As of February 26, 2026, the lithium battery index has decreased by 6.33% over the past two weeks, underperforming the CSI 300 index by 6.49 percentage points [4][14]. - Year-to-date, the lithium battery index has fallen by 4.91%, lagging behind the CSI 300 index by 7.01 percentage points [4][14]. Price Changes in the Lithium Battery Supply Chain - As of February 26, 2026, the average price of battery-grade lithium carbonate is 175,500 CNY/ton, up 20.58% over the past two weeks [5][27]. - The price of lithium hydroxide (LiOH 56.5%) is 170,200 CNY/ton, reflecting a 16.02% increase [5][27]. - Prices for cathode materials such as lithium iron phosphate have risen by 7.09% and 7.17% for power and energy storage types, respectively [5][29]. - The price of electrolyte lithium hexafluorophosphate has decreased by 3.85% to 125,000 CNY/ton [5][34]. Industry News - The report highlights that the domestic battery sample enterprises are expected to produce 149.59 GWh in March, a month-on-month increase of 21.93% [44]. - Zimbabwe's recent export ban on lithium ore and concentrates is expected to impact the supply chain and pricing dynamics [44]. Company Announcements - Notable companies such as Ningde Times and Yiwei Lithium Energy are highlighted for their strong performance and growth potential in the lithium battery sector [47][48].