锂电材料行业周报：上周板块震荡反弹，供需政策边际向好，但基本面有待改善

Investment Rating - The report maintains an "Overweight" rating for the lithium battery materials sector, indicating a positive outlook for the short term due to improved supply-demand expectations and relatively low valuation levels [8][21]. Core Views - The lithium battery materials sector experienced a rebound with a weekly increase of 2.46%, outperforming the benchmark (CSI 300) by 0.75 percentage points. The sector's valuation (TTM P/E) rose by 0.58x to 27.85x, with a historical percentile of 16.8% [2][8]. - Policy improvements are expected to enhance supply-demand dynamics, supported by ongoing government incentives for electric vehicles, which are anticipated to boost demand growth. Additionally, new regulatory drafts aim to guide companies towards technological innovation and cost reduction, improving supply-side conditions [8][21]. - Despite the positive policy environment, the current fundamentals show weak supply and demand for ternary materials, with profits remaining low and excess capacity suppressing actual prices. The demand for lithium iron phosphate (LFP) is increasing but at a slowing rate, with many companies facing profitability challenges [8][21]. Summary by Sections Positive Material - Ternary cathode material prices remained stable, while lithium source prices showed weakness. The production of ternary materials decreased significantly, while LFP production saw a slight increase [3][8]. - The average price of lithium hexafluorophosphate fell by 1.41% to 70,000 yuan/ton, while the prices of various solvents remained stable [4][8]. - The production of negative electrode materials increased by 1.97%, with a stable average price for artificial and natural graphite [5][8]. - Separator production rose by 2.49%, with a high operating rate of 82.1%, although inventory levels continued to increase [6][8]. - Copper foil prices remained stable across various thicknesses, with consistent processing fees [7][8].