Core Viewpoint - The capital expenditure in the lithium battery sector is increasingly shifting towards overseas markets, particularly North America and Europe, as companies reassess domestic price trends and global demand dynamics [2][4][13]. Group 1: Price Trends and Market Dynamics - Since November, the prices of key electrolyte materials such as lithium hexafluorophosphate and VC have surged, leading to a rebound in the stock prices of related listed companies and a noticeable recovery in industry operating rates [3][5]. - The price of lithium hexafluorophosphate has nearly doubled from its low in July, with some electrolyte additives experiencing cumulative increases of around 70% since mid-year [5][6]. - The current price increases are viewed as a correction from previous excessive declines, with the industry still in a "tight balance" state, making it difficult to support a large-scale domestic capacity expansion cycle [7]. Group 2: Overseas Expansion Initiatives - Major companies are prioritizing overseas expansion, with Tinci Materials restarting its lithium electrolyte project in Texas, which has a total investment of approximately $103 million [8]. - Star源 Materials has launched its lithium battery separator manufacturing base in North Carolina, with a total investment of about HKD 632 million, aimed at serving the North American energy storage and electric vehicle markets [9]. - Guoxuan High-Tech is constructing a 20GWh battery factory in Slovakia, expected to begin trial production in 2026, which is seen as a significant investment in the European battery landscape [11]. Group 3: Strategic Adjustments and Collaborations - The recent equity swap between SK On and EVE United Energy is viewed as a strategic adjustment to enhance operational flexibility and align with global supply chain security concerns [12]. - The combination of rising domestic prices and overseas expansion reflects a strategic balance between local and international market dynamics, allowing companies to secure longer-term contracts and potentially achieve better pricing and valuation premiums [13][14].