新能源电池行业月度点评：电池主要原材料价格触底反弹

Investment Rating - The report maintains a "Leading the Market" rating for the industry, indicating a positive outlook compared to the broader market [1]. Core Insights - The battery index increased by 11.08% from February 14 to March 14, outperforming the Shanghai and Shenzhen 300 index, which rose by 5.86% [8]. - The report highlights a recovery in the prices of key raw materials, with lithium carbonate rising to 112,500 CNY/ton, a 14.68% increase from mid-February [10]. - The production of power and other batteries in February was 43.6 GWh, a 33.1% decrease month-on-month, while the year-on-year decline was 3.6% [23]. - New energy vehicle production and sales in February were 464,000 and 477,000 units, respectively, reflecting a year-on-year decrease of 16% and 9.2% [30]. Summary by Sections Market Review - The battery index outperformed the Shanghai and Shenzhen 300 index, with 91 stocks in the battery sector rising and only 12 falling in the past month [8]. - The top five performing stocks in the battery sector saw significant gains, with the highest being Haike Xinyuan at +55.66% [8]. Industry Chain Data Tracking Lithium and Cobalt Salts - Lithium carbonate prices increased by 14.68% to 112,500 CNY/ton, while lithium hydroxide rose by 12.65% to 93,500 CNY/ton [10][12]. - Cobalt sulfate prices rose by 2.36% to 32,500 CNY/ton, and nickel sulfate prices increased by 11.21% to 29,800 CNY/ton [12]. Major Raw Materials - Phosphate lithium prices slightly increased by 1.02% to 43,400 CNY/ton, while ternary material prices showed minor increases [14][15]. - The price of ternary electrolyte decreased by 6.00% to 23,500 CNY/ton, while hexafluorophosphate lithium rose by 5.26% to 70,000 CNY/ton [17]. Investment Recommendations - The report suggests focusing on leading companies in the industry chain such as Ningde Times, Keda Li, and Enjie [34]. - It also recommends monitoring companies involved in new technologies like sodium-ion batteries and composite electrolytes [34].