[Table_Page] 投资策略报告|电力设备 证券研究报告 [Table_Title] 锂电行业 2026 年投资策略 储能需求驱动周期反转，电池和材料迎来新机遇 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2025-12-15 [Table_PicQuote] 相对市场表现 [分析师： Table_Author]陈子坤 SAC 执证号：S0260513080001 010-59136690 chenzikun@gf.com.cn 分析师： 陈昕 SAC 执证号：S0260522080008 SFC CE No. BWV823 010-59136699 gfchenxin@gf.com.cn 分析师： 黄思悦 SAC 执证号：S0260525070002 0755-23608197 huangsiyue@gf.com.cn -20% -6% 8% 22% 36% 50% 12/24 02/25 05/25 07/25 09/25 12/25 电力设备 沪深300 请注意，陈子坤,黄思悦并非香港证券及期货事务监察委员 会的注册持牌人，不可 ...

Core Viewpoint - The lithium hexafluorophosphate market is entering a reversal phase due to the convergence of increased production capacity concentration among leading companies and a surge in energy storage demand [2][4]. Group 1: Market Dynamics - The current utilization rate of leading lithium hexafluorophosphate producers is high, with operations continuing during the National Day holiday [3]. - Prices of lithium hexafluorophosphate have rebounded sharply, with a three-day increase exceeding the total rise for September, reaching an average of 69,500 yuan per ton by October 13 [4][7]. - The previous price cycle began in 2020, peaking at 590,000 yuan per ton in January 2022 before a significant decline to below 100,000 yuan per ton by the end of 2023 [6][7]. Group 2: Demand Drivers - The core driver of the current price increase is the change in supply dynamics, with global energy storage demand becoming a key engine [9]. - From January to August, the domestic energy storage bidding scale exceeded 210 GWh, a year-on-year increase of 150%, with August alone seeing a 517% surge [10]. - The demand for new energy vehicles remains robust, with a penetration rate exceeding 35% and a year-on-year increase in battery installation of 43% from January to August [11]. Group 3: Supply Side Changes - In 2023, the industry faced a supply-demand imbalance, leading to a low utilization rate of 44% for lithium hexafluorophosphate production capacity [15]. - The tightening of environmental regulations has accelerated the exit of inefficient production capacities, with leading companies achieving over 80% utilization rates while smaller firms struggle [15][16]. - Major players like Tianqi Lithium, Mofang, and Tianji have a combined market share exceeding 60%, indicating a significant increase in market concentration [16][17].