时报观察丨多维共振 锂电产业链进入价值制胜新阶段

Core Viewpoint - The lithium battery industry is gradually moving out of homogeneous competition, driven by demand, technology, and policy factors, leading to a recovery in the industry chain and improved market conditions [1][3][4]. Group 1: Market Recovery - Since the third quarter, all segments of the lithium battery industry chain have experienced a comprehensive recovery, with prices stabilizing, large orders emerging, and performance growth, significantly enhancing industry prosperity [2]. - Lithium hexafluorophosphate has been a price leader, with its price doubling within a month [2]. Group 2: Demand and Supply Dynamics - The current recovery in the lithium battery market is underpinned by explosive growth in demand, particularly in the new energy vehicle sector, where domestic power battery installation reached 578 GWh from January to October, a year-on-year increase of 42.4% [3]. - The energy storage sector has shown even more remarkable growth, with global energy storage battery shipments reaching 428 GWh from January to September 2025, up 90.7% year-on-year [3]. - Supply-side capacity clearance has injected momentum into the industry's recovery, as many small and low-quality capacities have exited the market, leading to a significant improvement in supply-demand dynamics [3]. Group 3: Technological Advancements - Continuous technological iteration is stabilizing the industry's long-term development, with market-driven forces becoming mainstream [4]. - The focus of downstream lithium battery products has shifted from mere functionality to enhanced usability and durability, indicating a shift in competitive dimensions from price to comprehensive value throughout the product lifecycle [4]. - Leading battery manufacturers are accelerating the launch of differentiated star products, while various manufacturers are investing in high-pressure density and long-cycle series products, fast-charging, and silicon-carbon anode technologies [4]. - The industry is expected to move towards rational development, gradually exiting homogeneous competition and entering a new phase of high-quality development centered on technological innovation and value competition [4].