隔膜产业链近况解读 20251229 截至 2025 年底，恩捷股份的湿法隔膜产能约为 130 亿平方米每年；金力股份 为 68 亿平方米；中材科技为 65 亿平方米；新元材质为 45 亿平方米。其他厂 商如旭化成和 SKI 分别拥有 26 亿平方米和 13 亿平方米的产能。 金力股份在未来几年内有哪些扩展计划？ 金力股份计划在河北邯郸扩充 32 亿平方米产能，在安徽合肥二期规划 14 亿平 方米，在湖北宜昌规划 8 亿平方米。此外，还计划在其他省份新建一个基地， 规划产能 32 亿平方米。到 2026 年，总产线投入将达到 80 亿平方米，到 摘要 2025 年全球锂电池隔膜需求预计为 192 亿平方米，总产能超 350 亿平 方米，恩捷股份满载产能达 130 亿平方米，行业整体开工率约为 60%，呈现供大于求的局面。 金力股份计划大幅扩张产能，预计到 2029 年设计满载值达 158 亿平方 米，并在欧洲和北美建设后端涂布工厂，总投资巨大。 高穿刺强度 5 微米湿法隔膜需求激增，目前金力股份和岚图能够大批量 交付，预计 2026-2027 年将占据 35%-50%的市场份额，未来可能达 到 70%。 5 ...

Core Insights - China's new energy vehicle (NEV) production and sales have ranked first globally for ten consecutive years, with a projected global market share of 63.7% in 2024 and an estimated sales volume of approximately 16 million units by 2025, reflecting a compound annual growth rate (CAGR) of about 46.15% during the 14th Five-Year Plan period [1] Industry Overview - The lithium battery industry is expected to reach a scale of 1.2 trillion yuan in 2024, with growth primarily driven by power batteries and energy storage batteries [1] - China's share of the global power battery market is anticipated to increase from 38.35% in 2020 to 68.79% by 2025, while domestic energy storage lithium battery companies are projected to account for over 90% of global shipments [1] Future Outlook - During the 15th Five-Year Plan, the sales growth rate of new energy vehicles is expected to significantly exceed the overall industry growth rate, with a continuous increase in market penetration [1] - Demand for energy storage lithium batteries is forecasted to grow faster than that for power batteries, becoming the primary growth driver [1] - Accelerated technological iteration in lithium batteries and the expansion of application scenarios will contribute to the industry's shift towards a green and low-carbon direction [1] - The construction of a unified large market and the rectification of internal competition will have a profound impact on industry development during the 15th Five-Year Plan [1] Investment Index - The New Energy Vehicle ETF (159806) tracks the CS New Energy Vehicle Index (399976), which selects 50 listed companies involved in lithium batteries, charging piles, and new energy vehicles from the Shanghai and Shenzhen markets, focusing on sectors such as batteries, passenger vehicles, and energy metals to reflect the overall performance of the new energy vehicle industry chain [1]