Core Viewpoint - The A-share market experienced a significant rally on November 13, with major indices closing higher, and the Shanghai Composite Index reaching a ten-year high, driven by a surge in the lithium battery industry chain [2] Industry Summary - The lithium battery sector saw widespread gains, with stocks such as Fuzhi Co. achieving six consecutive trading limits, and Tianhong Lithium's stock rising nearly 30%. Other companies like Fuxiang Pharmaceutical, Kangpeng Technology, Haike Xinyuan, Huasheng Lithium, and Taihe Technology also hit the 20% daily limit [2] - Over 20 stocks, including Duofluoride, Yongxing Materials, and Shengxin Lithium Energy, reached their daily limit [2] Policy and Market Outlook - The National Energy Administration released guidelines to promote the integrated development of renewable energy, emphasizing the optimization of energy source structures and storage configurations in "Shagohuang" renewable energy bases. It also encourages the integrated use of renewable energy and storage in grid dispatch [2] - According to Xinda Securities, the energy storage sector is expected to drive a new lithium battery cycle, with a potential for a strong demand in Q1 2026. Historical large-scale lithium cycles have been primarily driven by demand cycles, with the upcoming period from 2025 to 2027 anticipated to be driven by global energy transition and energy storage policies, projecting a 50% growth in energy storage demand by 2026 [2]

相关ETF中，创业板ETF天弘（159977）盘中成交额超1.5亿元，溢折率0.04%，盘中频现溢价交易。 当前，我国的动力电池产业规模已经连续8年稳居世界第一。今年前三季度，中国动力电池的销量达到 了786GWh，出口量超过了129GWh，同比增长分别为48.9%和32.75%。 11月13日，市场低开高走，创业板指大涨超2%，锂电产业链集体爆发，权重股宁德时代、亿纬锂能等 涨幅居前。 值得一提的是，近几日创业板指小幅震荡回调，而资金却借道相关ETF进行布局。Wind数据显示，创业 板ETF天弘（159977）近4日持续获资金净流入，累计"吸金"超5600万元。 创业板ETF天弘(159977，联接C类：001593）跟踪成分股中，电力设备、电子、医药生物、通信四大科 技赛道合计占比超65%，紧密围绕中国科技创新核心领域，能充分享受新经济产业发展带来的红利。 消息面上，据中国日报，11月12日至13日，2025世界动力电池大会在四川省宜宾市举办。开幕大会上发 布了2020—2025动力电池重大成果和2030全球动力电池发展展望。成果包括"材料体系革新夯实电动化 基础""电池性能进步实现多维度突破""系统结构 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The new lithium battery cycle is driven by energy storage, with significant demand expected from 2025 to 2027, particularly a 50% growth in energy storage demand in 2026 [3] - The core material segments lack supply elasticity, with slow capacity expansion due to environmental regulations and high energy consumption [3] - Battery materials are beginning to show price elasticity, with expectations of a price uptrend in segments like lithium hexafluorophosphate and iron lithium [3] Summary by Sections Demand - The new lithium battery cycle is driven by energy storage, with historical cycles previously driven by policy and electric vehicle pricing [3] - The expected demand growth for energy storage is significant, with a forecasted 50% increase in 2026 [3] Supply Elasticity - Key materials such as lithium hexafluorophosphate, iron lithium, and anode materials face slow capacity expansion due to environmental concerns and high energy requirements [3] Pricing - Battery materials are entering a price uptrend, with expected utilization rates for various segments in 2026 indicating a tight balance in the industry [3] Investment Recommendations - The report suggests focusing on companies such as CATL, Yiwei Lithium Energy, Tianci Materials, and others that are well-positioned to benefit from the energy storage demand cycle [4]