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]

高能密、高倍率、高安全、超快充等性能要求下，锂电池行业由"量变"转向"质变"的发展路径进一步明显。进行锂电池技术创新与迭代，是 锂电各个细分环节实现"质变"的主要途径。 目前，锂电池技术创新可分为"电池结构技术创新"和"电池材料技术创新"。电池结构技术创新包括CTP等系统结构创新、大圆柱及短刀等电 芯结构创新、全极耳等工艺结构发展以及半/全固态等新技术创新等；电池材料技术创新则包括正极材料、负极材料、隔膜、电解液、铜箔、 导电剂、粘结剂等材料的创新升级。 其中在负极材料端， 硅基负极是较为明确的技术创新路线，已有多家企业进行技术与产业化的布局，目前正处于放量前夕。 01 硅基负极VS石墨负极： 比容量高、快充性能优异 当前锂电市场主要以石墨负极为主，天然石墨及人造石墨合计占市场份额达到98%甚至更高。 其中天然石墨成本较低、首次库伦效率高，但膨胀率较高、循环寿命较低、电解液相容性差、安全性一般，实际比容量340mAh/g左右。 人造石墨同样具有较高的首次效应，循环寿命优异大于1000次，相较于天然石墨安全性更高，成本由于工艺成熟性，目前处于较低水平。 但人造石墨的问题在于比容量已接近理论天花板370mAh/g ...