Investment Rating - Industry investment rating: Maintain "Overweight" [1][60] Core Views - The lithium battery materials industry rebounded by 1.53%, outperforming the benchmark (CSI 300) by 1.79 percentage points [3][12] - The industry valuation (TTM P/E) increased by 0.51x to 31.5x, currently at 20.8% of the long-term historical percentile [3][12] - The market is experiencing a supply-demand imbalance, with many segments facing overcapacity and high inventory levels, leading to low profitability [60] Summary by Sections Market Performance - Over the past month, the industry has shown relative returns of -1%, -8% over three months, and -3% over twelve months, with absolute returns of -2%, -10%, and 7% respectively [2] Positive Material Trends - Last week, the price of lithium carbonate slightly rebounded by 0.25%, while the prices of various ternary precursors continued to decline [4][14] - The price of phosphoric iron lithium remained stable, with production slightly increasing by 0.86% [31] Negative Material Trends - High-nickel ternary material prices continued to decline, with significant downward pressure on the prices of negative electrode materials due to weak downstream demand [6][48] - The production and operating rates of negative electrode materials decreased significantly, with a 2.46% drop in production [48] Electrolyte and Separator Insights - Electrolyte prices remained stable, but production and operating rates continued to decline, indicating a supply surplus [42] - Separator prices remained flat, with a slight increase in production and inventory, but the market remains oversupplied [51][56] Investment Recommendations - The current market conditions suggest that the overall demand is weak, particularly in the power market, while the supply side continues to face overcapacity issues [60] - The industry is expected to maintain a low profitability level, with valuation recovery dependent on marginal profit improvement expectations [60]

Core Viewpoint - The lithium battery industry chain experienced mixed price movements in April, with certain materials like cobalt tetroxide, lithium cobalt oxide, ternary materials, and precursors seeing price increases, while others such as electrolytic copper, lithium hexafluorophosphate, manganese lithium, and lithium carbonate saw price declines [1]. Production Overview - In April, the total production of the four major cathode materials in China reached 358,300 tons, marking a year-on-year increase of 27% and a month-on-month increase of 4%. The production breakdown includes 56,200 tons of ternary materials, 280,700 tons of lithium iron phosphate, 9,700 tons of lithium cobalt oxide, and 11,700 tons of manganese lithium [3]. - The production of anode materials in April reached 218,200 tons, reflecting a year-on-year increase of 18% and a month-on-month increase of 4.7% [7]. - The production of electrolytes in April was 160,900 tons, showing a year-on-year increase of 41% and a month-on-month increase of 2.5% [9]. - The production of separators in April was 2.389 billion square meters, with a year-on-year increase of 38% and a month-on-month increase of 6.7% [11]. - The production of ternary precursors in April was 71,900 tons, which represents a year-on-year decline of 11.7% but a month-on-month increase of 3.2% [13]. - The production of battery-grade copper foil in April was 77,500 tons, indicating a year-on-year increase of 43% but a month-on-month decrease of 4% [15]. - The production of battery-grade aluminum foil in April was 39,500 tons, reflecting a year-on-year increase of 18% and a month-on-month increase of 1% [17]. Market Outlook - The market outlook for May suggests that due to tariff adjustments, energy storage is expected to recover, while the performance of power applications remains average [19].

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ " 2月锂电产业链各材料涨跌不一，铜、铝、三元材料及前驱体、钴酸锂价格出现一定幅度上涨，电池级EC\EMC\DMC和碳酸锂、四氧化三钴价格下 跌。 " 数据来源：ICC鑫椤资讯 正极材料概况： 数据来源：ICC鑫椤资讯 -广告- 三元材料细分市场概况： 据ICC鑫椤资讯显示，2月5系三元材料占比20.3%，6系占比34.6%，高镍型（含NCA、9系）三元占比44.5%。 数据来源：ICC鑫椤资讯 负极材料： 据ICC鑫椤资讯显示，2月国内负极材料产量达到18.81万吨，同比增长65%，环比下滑4.0%。 据ICC鑫椤资讯显示，2月国内四大正极材料合计产量为28.16万吨，同比增长95%，环比下滑17%。其中三元材料产量为4.19万吨，磷酸铁锂产量为22.51 万吨，钴酸锂产量0.63万吨，锰酸锂产量为0.83万吨。 数据来源：ICC鑫椤资讯 电解液： 据ICC鑫椤资讯显示，2月国内电解液产量为13.4万吨，同比增长113%，环比下滑7.5%。 数据来源：ICC鑫椤资讯 隔膜： 据ICC鑫椤资讯显示，2月国内隔膜产量为1 ...