9月15日，中信建投（601066）研报认为，锂电板块已兑现2025年市场需求超预期的逻辑，当前板块核 心矛盾转向2026年需求预期能否在20%增速基础上进一步上修。后续关注三大信号：一是四季度储能招 标情况，其将映射2026年装机数据；二是11月底电池企业招标对应2026年的要货预期，尽管当前部分电 池企业已经给出2026年指引将大幅超市场预期，但置信度仍被质疑，后续以价为基础的谈量具备可信 度；三是2026年汽车以旧换新等政策延续情况以及锂电排产信息。当前尽管有较大预期差，但经济性带 动下的储能超预期或将在明年加速，关注度提升的情况下第二波行情随时可能出现。 ...

Core Viewpoint - The solid-state battery concept is gaining traction, leading to significant performance in battery-related thematic funds, with many products achieving nearly 50% returns this year [2][4]. Group 1: Market Performance - As of September 12, various lithium battery indices have seen substantial increases: lithium electrolyte index up 56.2%, energy storage index up 51.76%, solid-state battery index up 51.69%, lithium battery index up 49.95%, and power battery index up 49.82%, all reaching two-year highs [4]. - The performance of thematic funds related to lithium batteries has been impressive, with several ETFs, including those from Huatai-PineBridge, China Universal, and others, showing unit net value growth rates close to 50% this year [4]. Group 2: Factors Driving Growth - Three main factors are driving the strong performance of the lithium battery sector: unexpected growth in energy storage demand, accelerated industrialization of solid-state batteries, and overall improvement in industry profitability due to strong downstream demand [4][5]. - The capital expenditure in the lithium battery sector has rebounded, with a year-on-year increase of 36.6% in the second quarter, enhancing industry sentiment [5]. Group 3: Long-term Investment Value - The lithium battery sector is expected to have long-term investment value due to improved fundamentals, new technological catalysts, and relatively reasonable valuations [7][8]. - The industry is undergoing a "reshuffling," with leading companies solidifying their positions, and the global electric vehicle penetration rate remaining low outside of China, indicating potential for future growth in the Chinese lithium battery supply chain [8].