Core Viewpoint - The lithium battery industry is experiencing significant growth in production and demand, with notable increases in both battery and phosphoric iron lithium cathode material output in November 2025 compared to the same period in 2024 [1][2]. Production - In November 2025, domestic battery production reached 176.3 GWh, marking a year-on-year increase of 49.66% and a month-on-month increase of 3.34% [1][2]. - The production of phosphoric iron lithium cathode materials in November 2025 was 26.89 million tons, reflecting a year-on-year growth of 29.43% and a month-on-month growth of 0.75%, with a capacity utilization rate of 62.53% [1][2]. Pricing - As of December 26, 2025, the price of industrial-grade lithium carbonate rose to 116,000 yuan per ton, with a weekly increase of 14.85% [3]. - The price of phosphoric iron lithium (power type) reached 45,100 yuan per ton on December 26, up over 15% from December 19 [3]. - Prices for lithium hexafluorophosphate remained stable at 180,000 yuan per ton as of December 27 [3]. - The average price of square phosphoric iron lithium energy storage batteries remained stable, with slight increases in specific models [3]. Demand - In November 2025, the monthly loading volume of phosphoric iron lithium batteries was 75.3 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 11.56%, achieving a new high for the year [4]. - The monthly loading volume of ternary power batteries was 18.2 GWh, reflecting a year-on-year increase of 33.82% and a month-on-month increase of 10.30% [4]. - The new bidding capacity for domestic new energy storage projects in January to October 2025 was higher than in the same period of 2024, with November slightly lower [4]. - In November 2025, China's battery exports reached 21.2 GWh, a year-on-year increase of 69.60% and a month-on-month increase of 9.28% [4]. Investment Recommendations - The production of domestic batteries and phosphoric iron lithium cathode materials in January to November 2025 exceeded that of 2024, with stable raw material and cell prices, and an increase in monthly loading volumes and new energy storage bidding capacities [5]. - The industry is advised to focus on core enterprises in battery cells that lead in the collaborative layout of power batteries and energy storage, as well as those related to lithium battery materials [5]. - Recommended companies include CATL (300750), EVE Energy (300014), Xinwangda (300207), Hunan Youneng (301358), Rongbai Technology (688005), Tianci Materials (002709), and Dofluor (002407) [5].

申港证券近日发布电力设备行业研究周报：2025年11月，我国新能源汽车销量为182.3万辆，同比增长 20.6%，渗透率为53.2%。2025年1-11月，新能源汽车销量为1478万辆，同比增长31.24%，渗透率为 47.5%。11月，我国动力电池装车量93.5GWh，同比增长39%。2025年1-11月，我国动力电池累计装车 量672GWh，同比增长42%，增速依然可观，维持较高水平。 龙头企业动力电池装车量情况。11月，宁德时代动力电池装车量40.9GWh，占总装车量44%，同比增长 42%；比亚迪动力电池装车量19GWh，占总装车量20%，同比增长13%。2025年1-11月，宁德时代动力 电池装车量287.7GWh，占总装车量43%，同比增长36%；比亚迪动力电池装车量148.2GWh，占总装车 量22%，同比增加26%。 行情回顾： 电力设备行业本周涨跌幅为1.19%，在申万31个一级行业中，排在第5位。电力设备行业本周跑赢沪深 300。本周上证指数、沪深300、深证成指、创业板指的涨跌幅分别为-0.3%、-0.1%、0.8%、2.7%。 在细分行业中，电机II、其他电源设备II、光伏设备、风电设 ...

Core Insights - The lithium battery industry in China has shown significant production growth in 2025 compared to 2024, with domestic battery production reaching 170.6 GWh in October, a year-on-year increase of 50.84% and a month-on-month increase of 12.83% [1][2] - The production of lithium iron phosphate (LFP) cathode materials also increased, reaching 26.69 million tons in October, marking a year-on-year growth of 45.92% and a month-on-month growth of 8.36% [1][2] Production - In the first ten months of 2025, domestic battery and LFP cathode material production significantly exceeded the same period in 2024 [2] - The capacity utilization rate for LFP cathode materials was reported at 63.54%, surpassing the figures from 2024 [1][2] Pricing - Prices for key raw materials and battery cells have seen a moderate increase. As of November 21, 2025, industrial-grade lithium carbonate prices exceeded 92,400 CNY per ton, with a weekly increase of 10.13% [3] - The price of LFP (power type) reached 38,100 CNY per ton, with a weekly increase of 8.09% [3] - Lithium hexafluorophosphate prices rose from approximately 60,000 CNY per ton at the end of September to 160,000 CNY per ton by November 21, reflecting a weekly increase of 13.39% [3] Demand - Several provinces in China have introduced capacity price compensation mechanisms, with Heilongjiang Province aiming for over 6 GW of new energy storage installations by 2027 [4] - In October 2025, the monthly shipment of LFP batteries reached 67.5 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 8.52%, marking a new high for the year [4] - The export volume of Chinese power batteries in October 2025 was 19.4 GWh, representing a year-on-year increase of 79.63% and a month-on-month increase of 10.23% [4] Investment Recommendations - The report suggests focusing on companies that are well-positioned in the power battery and energy storage sectors, particularly those with strong overseas layouts [5] - Companies to watch include CATL (300750.SZ), EVE Energy (300014.SZ), Xinwangda (300207.SZ), Hunan Youneng (301358.SZ), and Rongbai Technology (688005.SH) [5]

Core Insights - The report indicates a positive outlook for the electric vehicle (EV) market in China, with significant growth in sales and battery installation volumes expected through 2025 [1][2]. Electric Vehicle Market - In October 2025, China's EV sales reached 1.715 million units, marking a year-on-year increase of 19.9% and a penetration rate of 51.6% [1][2]. - From January to October 2025, total EV sales amounted to 12.943 million units, reflecting a year-on-year growth of 32.75% and a penetration rate of 46.7% [1][2]. - The acceleration of major manufacturers transitioning to new energy is contributing to the optimistic market outlook [1][2]. Battery Installation Volume - In October 2025, the installation volume of power batteries in China was 84 GWh, representing a year-on-year increase of 42% [2]. - Cumulatively, from January to October 2025, the total installation volume of power batteries reached 578 GWh, also showing a year-on-year growth of 42% [2]. Lithium Iron Phosphate Battery Performance - In October 2025, the installation volume of lithium iron phosphate batteries was 67.5 GWh, accounting for 80% of total installations, with a year-on-year growth of 44% [2]. - For the same period, ternary battery installations were 16.5 GWh, making up 20% of total installations, with a year-on-year increase of 35.2% [2]. - From January to October 2025, lithium iron phosphate battery installations totaled 470.1 GWh, representing 81% of total installations and a year-on-year growth of 60% [2]. - Ternary battery installations during this period were 107.5 GWh, accounting for 19% of total installations, with a year-on-year decrease of 3% [2]. Leading Companies in Battery Installation - In October 2025, CATL's battery installation volume was 36.1 GWh, representing 43% of total installations and a year-on-year growth of 43% [3]. - BYD's battery installation volume was 17.9 GWh, accounting for 21% of total installations, with a year-on-year increase of 13% [3]. - From January to October 2025, CATL's cumulative battery installation volume was 246.8 GWh, maintaining a 43% share and a year-on-year growth of 35% [3]. - BYD's cumulative battery installation volume was 129.1 GWh, representing 22% of total installations, with a year-on-year increase of 28% [3]. Industry Performance - The electric equipment industry experienced a weekly decline of 0.80%, ranking 23rd among 31 primary industries [4]. - The industry outperformed the CSI 300 index during the same period [4]. - The weekly performance of major indices was as follows: Shanghai Composite Index -0.18%, CSI 300 -1.08%, Shenzhen Component Index -1.40%, and ChiNext Index -3.01% [4]. Stock Performance - The top five stocks in the electric equipment industry by weekly gain were: Huasheng Lithium Battery, Haike New Source, ST Hezhong, Shida Shenghua, and Fangyuan Co [5]. - The top five stocks by weekly loss were: Liangxin Co., Jinpan Technology, Magmi Tech, Zhongheng Electric, and Oulu Tong [6]. Investment Strategy - The report suggests focusing on companies within the power battery supply chain that are technologically advanced and hold significant market influence, such as CATL [7].

Core Viewpoint - The report indicates a positive outlook for the development of the new energy vehicle market in China, driven by increasing sales and battery installation volumes [1][2]. Group 1: New Energy Vehicle Sales - In August 2025, China's new energy vehicle sales reached 1.395 million units, a year-on-year increase of 26.82%, with a penetration rate of 48.8% [1][2]. - From January to August 2025, new energy vehicle sales totaled 9.62 million units, reflecting a year-on-year growth of 36.7% and a penetration rate of 45.5% [1][2]. Group 2: Battery Installation Volume - In August, the installation volume of power batteries in China was 62.5 GWh, representing a year-on-year increase of 32% [2]. - Cumulatively, from January to August 2025, the total installation volume of power batteries reached 418 GWh, with a year-on-year growth of 43% [2]. Group 3: Battery Type Performance - In August, the installation volume of lithium iron phosphate batteries was 51.6 GWh, accounting for 83% of total installations, with a year-on-year increase of 47% [2]. - The installation volume of ternary batteries was 10.9 GWh, making up 17% of total installations, with a year-on-year decrease of 9.9% [2]. - From January to August 2025, the installation volume of lithium iron phosphate batteries was 340.4 GWh, representing 81% of total installations and a year-on-year increase of 65% [2]. - The installation volume of ternary batteries during the same period was 77.2 GWh, accounting for 18% of total installations, with a year-on-year decrease of 10% [2]. Group 4: Leading Companies in Battery Installation - In August, CATL's battery installation volume was 26.45 GWh, representing 42% of total installations, with a year-on-year growth of 26% [3]. - BYD's battery installation volume was 13.02 GWh, accounting for 21% of total installations, with a year-on-year increase of 11% [3]. - From January to August 2025, CATL's cumulative battery installation volume was 178.2 GWh, representing 43% of total installations, with a year-on-year growth of 33% [3]. - BYD's cumulative battery installation volume during the same period was 95.2 GWh, accounting for 23% of total installations, with a year-on-year increase of 33% [3]. Group 5: Industry Performance - The electric equipment industry experienced a weekly change of 0.53%, ranking 22nd among 31 primary industries, underperforming compared to the CSI 300 index [4]. - The weekly performance of major indices included a rise of 1.52% for the Shanghai Composite Index, 1.38% for the CSI 300, 2.65% for the Shenzhen Component Index, and 2.10% for the ChiNext Index [4]. - In the sub-sectors, the performance of electric motors II, other power equipment II, photovoltaic equipment, wind power equipment, batteries, and grid equipment varied, with electric motors II showing a significant increase of 10.76% [4].

Core Viewpoint - Greeenme's strategic expansion in Indonesia has led to significant growth in nickel resource production and sales, showcasing the company's successful implementation of innovative technologies in the green energy sector [2][5][8]. Group 1: Company Performance - In the first half of 2025, Greenme achieved a revenue of 17.561 billion yuan and a net profit of 799 million yuan, representing year-on-year growth of 1.28% and 13.91% respectively [5]. - The company's nickel metal output from its Indonesian projects reached 43,977 tons, a year-on-year increase of 112%, while cobalt production was 3,666.6 tons, up 125% [8]. Group 2: Technological Advancements - Greenme successfully overcame the technical challenges associated with extracting nickel from low-grade laterite ores using high-pressure acid leaching (HPAL) technology, establishing a unique technical and talent system [4][7]. - The company has developed a new nickel-cobalt precipitation agent that has reduced production costs by over 10% and improved the nickel-cobalt composite grade to 46% [7]. Group 3: Strategic Partnerships and Projects - Greenme has formed strategic alliances with local Indonesian companies, including the establishment of a joint venture with Indonesian miner Merdeka to produce new energy materials [6]. - The company is actively involved in the construction of the International Green Industrial Park (IGIP) in Indonesia, which aims to be a benchmark for green nickel manufacturing and support the global demand for green nickel [10][11]. Group 4: Industry Impact - Greenme's initiatives in Indonesia are seen as a model for sustainable development, contributing to the global transition towards green energy and enhancing the competitiveness of Indonesia's downstream nickel industry [10][11].

Group 1 - Company plans to list H-shares on the Hong Kong Stock Exchange to enhance overseas financing channels and support international business development [1] - The H-share listing is expected to have minimal impact on the A-share market [1] - The company is in discussions with intermediaries regarding the specifics of the H-share issuance and listing [1] Group 2 - In 2024, the company achieved revenue of 33.2 billion, a year-on-year increase of 8.75%, and a net profit of 1.02 billion, up 9.19% [2] - The net cash flow from operating activities for 2024 was 3.055 billion, reflecting a significant increase of 41.14% [2] - In Q1 2025, the company reported revenue of approximately 9.496 billion, a 13.67% increase year-on-year, and a net profit of about 511 million, up 12.1% [2] Group 3 - The company anticipates a balanced market for ternary batteries and lithium iron phosphate (LFP&LMFP) batteries, each thriving in their respective market segments [3] - Ternary batteries are expected to dominate in high-capacity and long-range applications, particularly in the global automotive power battery market [3] - The company remains optimistic about the growth of ternary batteries globally and their increasing prevalence in mid-to-high-end vehicles [3]

Core Viewpoint - The report highlights the stable growth of new energy vehicle (NEV) sales in China, with a positive outlook for the market in 2025 due to manufacturers accelerating their transition to new energy [1][2]. Summary by Sections New Energy Vehicle Sales - In July 2025, China's NEV sales reached 1.262 million units, representing a year-on-year growth of 27.41% and a penetration rate of 48.7% [1][2]. - From January to July 2025, NEV sales totaled 8.22 million units, showing a year-on-year increase of 38.5% with a penetration rate of 45% [1][2]. Battery Installation Volume - In July 2025, the installation volume of power batteries in China was 55.9 GWh, marking a year-on-year growth of 34% [2]. - Cumulatively, from January to July 2025, the total installation volume of power batteries reached 356 GWh, reflecting a year-on-year increase of 45% [2]. Lithium Iron Phosphate Battery Performance - In July 2025, the installation volume of lithium iron phosphate batteries was 44.9 GWh, accounting for 80% of total installations, with a year-on-year growth of 49% [2]. - From January to July 2025, the total installation volume of lithium iron phosphate batteries was 288.8 GWh, representing 81% of total installations and a year-on-year increase of 69% [2]. Leading Companies in Battery Installation - In July 2025, CATL's battery installation volume was 23.1 GWh, making up 41% of the total, with a year-on-year growth of 19% [3]. - BYD's battery installation volume in July 2025 was 11.8 GWh, accounting for 21% of the total, with a year-on-year increase of 26% [3]. - From January to July 2025, CATL's cumulative battery installation volume was 151.7 GWh, representing 43% of the total and a year-on-year growth of 35% [3]. Industry Performance - The power equipment industry experienced a weekly increase of 5.84%, ranking 4th among 31 primary industries in the Shenwan classification [4]. - The industry outperformed the CSI 300 index, which saw a weekly increase of 2.37% [4]. Stock Performance - The top five stocks in the power equipment industry by weekly increase were: Oulu Tong, Yishitong, Shuangyi Technology, Huayang Intelligent, and Tongguan Copper Foil [5]. - The bottom five stocks by weekly decrease were: Jinlihua Electric, *ST Mubang, Feiwo Technology, *ST Jingang, and Gaocai Shares [5]. Investment Strategy - The report suggests focusing on companies with strong technology and influence in the power battery supply chain, such as CATL [6].

Investment Rating - The report maintains an "Overweight" rating for the industry [7] Core Insights - The sales of new energy vehicles (NEVs) in China showed stable growth, with June 2025 sales reaching 1.329 million units, a year-on-year increase of 26.7%, resulting in a penetration rate of 45.8% [15] - The total installed capacity of power batteries in June 2025 was 58.2 GWh, reflecting a year-on-year growth of 36%, with a cumulative total of 300 GWh for the first half of 2025, up 47% year-on-year [16] - Lithium iron phosphate (LFP) battery installations saw significant growth, with June 2025 installations at 47.4 GWh, accounting for 81% of total installations, and a year-on-year increase of 50% [24] - Leading companies in the power battery sector, such as CATL and BYD, reported substantial growth in installed capacity, with CATL achieving 25.4 GWh in June 2025, a 33% increase year-on-year [38] Summary by Sections 1. New Energy Vehicle Sales - NEV sales in June 2025 reached 1.329 million units, a 26.7% increase year-on-year, with a penetration rate of 45.8% [15] - Cumulative NEV sales for the first half of 2025 were 6.937 million units, up 40.3% year-on-year, with a penetration rate of 44.3% [15] 2. Overall Power Battery Installation - The total power battery installation in June 2025 was 58.2 GWh, a 36% year-on-year increase [16] - Cumulative installations for the first half of 2025 reached 300 GWh, reflecting a 47% year-on-year growth [16] 3. Different Types of Power Battery Installations - LFP battery installations in June 2025 were 47.4 GWh, representing 81% of total installations, with a year-on-year growth of 50% [24] - In the first half of 2025, LFP battery installations totaled 243.9 GWh, also 81% of total installations, with a year-on-year increase of 73% [24] - In contrast, ternary battery installations were 10.7 GWh in June 2025, accounting for 18% of total installations, down 3.6% year-on-year [24] 4. Leading Companies' Power Battery Installations - In June 2025, CATL's battery installations were 25.4 GWh, making up 44% of total installations, with a year-on-year increase of 33% [38] - BYD's battery installations reached 12.5 GWh in June 2025, accounting for 21% of total installations, with a year-on-year growth of 17% [38] - For the first half of 2025, CATL's cumulative installations were 128.6 GWh, a 38% increase year-on-year, while BYD's were 70.4 GWh, up 39% [38]

Core Viewpoint - The article highlights the significant growth and competitive landscape of the lithium iron phosphate (LFP) battery industry in China, emphasizing the increasing market share of LFP batteries over ternary batteries due to their cost-effectiveness, safety, and evolving performance characteristics [1][3][7]. Group 1: Industry Overview - In Q1 2025, China's LFP cathode shipment reached 746,000 tons, marking an 88.9% year-on-year increase, driven primarily by demand in the power and energy storage sectors [1]. - The competitive landscape of the LFP cathode industry is characterized by a "one strong, many strong" structure, with Hunan Youneng leading the market with a share of 29.8%, followed by Wanrun New Energy, Defang Nano, Youshan Technology, and Guoxuan High-Tech, with a combined market share of 61.1% [1][3]. Group 2: Market Dynamics - The installation ratio of LFP batteries in China's power battery market reached 80.8% in Q1 2025, a 17 percentage point increase year-on-year, while the share of ternary batteries dropped to 19.2%, a decrease of 17 percentage points [3]. - The energy storage sector predominantly utilizes LFP batteries, with over 94% of installations being LFP, indicating a strong future demand for LFP technology [3][7]. Group 3: Technological Advancements - The LFP cathode has evolved through four generations, with the latest generation achieving a powder density of approximately 2.60 g/cm³ and a sheet density of about 2.75 g/cm³, enhancing energy density and performance [4][6]. - Companies are focusing on high-density LFP products, with several firms like Hunan Youneng and Wanrun New Energy making significant advancements in production techniques and partnerships to enhance product offerings [6][7]. Group 4: Future Projections - The LFP cathode shipment in China is projected to reach 3.3 million tons in 2025, representing a 36.3% year-on-year growth, with expectations to reach 7.1 million tons by 2030, indicating a compound annual growth rate of 19.6% over the next six years [6][7].