开年需求同比下滑，三元市场后续关注点在哪？

Core Viewpoint - The article highlights a decline in the production of ternary materials in both domestic and global markets, attributing this to weak demand and a shift towards lithium iron phosphate (LFP) batteries in China [2]. Group 1: Production Data - In January-February 2025, domestic ternary material production was 86,200 tons, a year-on-year decrease of 11.5% [2]. - Global ternary material production during the same period was 135,900 tons, reflecting a year-on-year decline of 7.0% [2]. Group 2: Demand Analysis - The demand for ternary materials has been relatively weak, influenced by high overseas demand in the previous year and subsequent declines due to tariffs and political changes in Europe and the U.S. [2]. - In the domestic market, the transition to lithium iron phosphate is accelerating, with a cumulative installation of power batteries in China reaching 73.6 GWh in January-February, a year-on-year increase of 46.5% [2]. - The cumulative installation of ternary batteries was 15.0 GWh, accounting for 20.4% of total installations, which represents a year-on-year decrease of 23.3% [2]. Group 3: Market Trends - Despite the overall weak demand for ternary materials, products like high-nickel voltage materials, represented by Nantong Ruixiang, are showing strong domestic order performance, with a production of 29,000 tons in January-February, a year-on-year increase of 13.3% [2]. - The demand for high-nickel voltage materials is expected to continue increasing, indicating a potential growth area within the market [2].