证券研究报告 行业研究 / 行业点评 2025 年 11 月 25 日 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《动力和储能电池需求强劲，原材料和电芯价 格明显回升》2025-11-19 《电新行业 2025Q3 公募基金持仓分析》 2025-11-19 《25Q3 光伏组件出口超预期，储能需求旺盛》 2025-11-19 《新能源细分领域景气度回升，关注基本面改 善低估值标的》2025-11-17 《场景拓展打开增量空间，龙头引领固态技术 升级》2025-10-22 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com 行业及产业 储能锂电需求向好，锂电材料价格温和 抬升 ——锂电行业跟踪 目录 | 1. 储能锂电需求向好, 锂电材料价格温和抬升 . | | --- | | 1.1 排产 . | | 1.2 价格 | | 1.3 国内需求………………………………………………………………… ...

Investment Rating - The industry is rated as "Outperform" compared to the market [2] Core Insights - Strong demand for power and energy storage batteries, with significant recovery in raw material and cell prices [2] - Domestic battery and lithium iron phosphate cathode material production in 2025 is significantly higher than in 2024, with October production reaching 170.6 GWh, a year-on-year increase of 50.84% [5][21] - The price of lithium carbonate has risen from approximately 70,000 yuan/ton in mid-September to over 84,000 yuan/ton in mid-November [9][10] - Domestic new energy storage demand remains robust, with a continuous increase in the number of registered projects [2] Summary by Sections 1. Battery Demand and Price Recovery - **Production**: In the first ten months of 2025, domestic battery and lithium iron phosphate cathode material production exceeded that of the same period in 2024. In October 2025, domestic battery production was 170.6 GWh, a year-on-year increase of 50.84% and a month-on-month increase of 12.83% [5] - **Prices**: Raw material prices have shown a significant recovery, with lithium carbonate prices rising to over 84,000 yuan/ton and lithium iron phosphate prices exceeding 37,000 yuan/ton by mid-November [9][10] - **Domestic Demand**: From January to October 2025, the monthly installation of lithium iron phosphate batteries consistently surpassed that of 2024, with October showing a year-on-year increase of 43.62% [21][24] - **Overseas Demand**: In the same period, China's power battery exports were higher than in 2024, with October exports reaching 2.1078 million units, a year-on-year increase of 23.53% [29]