CATL(SZ:300750) 21世纪经济报道·2025-07-17 10:36Core Viewpoint - The battery circular economy is emerging as a significant investment opportunity, driven by the global energy circular plan announced by CATL and the Ellen MacArthur Foundation, highlighting the importance of efficient battery recycling and ESG investment principles [1][4]. Group 1: ESG and Battery Circular Economy - Battery companies are increasingly focusing on environmental, social responsibility, and corporate governance, with ESG reports becoming essential for corporate transparency [3]. - The traditional linear model of battery production and disposal poses potential ESG risks, as battery manufacturing accounts for 40% of the carbon footprint in the electric vehicle lifecycle [3]. - The battery circular economy offers a systematic solution to ESG risks by treating retired batteries as "urban mines," allowing for the recovery of high-purity materials like lithium, cobalt, and nickel [3][4]. Group 2: Regulatory Environment and Market Opportunities - The EU's new battery regulation mandates compliance for all batteries sold within the EU, emphasizing the use of recycled materials to reduce carbon emissions and ensure market access [4]. - By 2030, the global retired battery volume is expected to reach approximately 831 GWh, with a corresponding recycling market space of 189.5 billion yuan, indicating a compound annual growth rate of 33% from 2023 to 2030 [6]. - The Chinese government is actively promoting the establishment of a comprehensive recycling system for used batteries, further enhancing the market potential for battery recycling [5][6]. Group 3: Corporate Strategies and Innovations - Leading companies like CATL are restructuring their business models to focus on shared services and efficient recycling systems, aiming to maximize battery utilization and reduce reliance on raw material mining [7]. - Companies with advanced recycling technologies, such as hydrometallurgy and pyrometallurgy, are positioned for significant growth, particularly those capable of efficiently recovering high-value metals [7][8]. - The concept of "second-life" applications for retired batteries, such as energy storage, aligns with ESG principles and presents a blue ocean market opportunity [8]. Group 4: Financial Implications and Policy Support - Higher ESG ratings correlate with better long-term stock performance, indicating that companies with strong ESG practices may experience financial advantages [8][9]. - Recent policies from the People's Bank of China and other departments support the recycling industry, reducing financing difficulties and costs for companies involved in the circular economy [9]. - The future valuation of battery companies will increasingly depend on their ability to extract "regenerative" value from retired batteries, emphasizing the importance of circular capabilities as a key ESG metric [9].