锂电行业跟踪：津巴布韦暂停锂精矿出口，碳酸锂价格大幅上涨

Investment Rating - The industry is rated as "Strongly Outperforming the Market" [2] Core Insights - The demand for power batteries and energy storage batteries is robust, with average prices for storage cells and systems on the rise [2][3] - In January 2026, domestic battery production reached 168.0 GWh, a year-on-year increase of approximately 55.84%, while the production of lithium iron phosphate cathode materials was 245,100 tons, up 37.77% year-on-year [2] - The price of industrial-grade lithium carbonate increased to 170,000 CNY/ton as of February 27, 2026, reflecting a weekly increase of 19.72% [2] - The average price of lithium iron phosphate (power type) was reported at 52,100 CNY/ton on February 13, 2026, a decrease of 6.13% from February 2 [2] - The average price of lithium hexafluorophosphate decreased to 127,400 CNY/ton as of February 28, 2026, down 2% from February 21 [2] - The monthly loading volume of lithium iron phosphate batteries in January 2026 was 32.7 GWh, a year-on-year increase of 8.28% [2] - The export volume of Chinese power batteries in January 2026 was 17.7 GWh, a year-on-year increase of 59.46% [2] Summary by Sections Production - In January 2026, domestic battery and lithium iron phosphate cathode material production significantly exceeded the same period in 2025 [2] Prices - The average price of storage cells and systems has shown an upward trend, with specific increases noted in various battery types [2][3] Domestic Demand - The monthly loading volume of lithium iron phosphate and ternary power batteries showed varying trends, with significant year-on-year growth in lithium iron phosphate batteries [2] Overseas Demand - The export of power batteries from China has seen a notable increase compared to the previous year, indicating strong international demand [2]