以下文章来源于高工产研 ，作者GGII 高工产研 . 高工产业研究院（简称GGII）是一家专注国内新兴产业市场研究与咨询的第三方机构，涉及的新兴产业主要包括锂电池、储能、氢能与氢燃料电池、新 能源汽车、智能汽车、LED照明与显示、机器人、新材料等。 2025年1-11月国内磷酸铁锂动力电池装机量约490GWh，市场份额占比高达78.5%。 摘要 高工产业研究院（GGII）根据新能源汽车交强险口径数据统计显示，2025年1-11月国内磷酸铁锂动力电池装机量约 490 GWh，同比增长 55% ， 市场份额占比高达 78.5% ，较去年同期提升10个百分点，跟2014年磷酸铁锂动力电池装机市场份额峰值81%，仅相差2.5%，会突破峰值再创新 高吗？ 当前磷酸铁锂动力电池装机份额大幅提升的驱动力跟2014年相比有着本质的区别，目前主要以市场导向驱动为主，具体表现在新能源乘用车领域的 占比大幅提升，而2014年主要以政策导向驱动为主，具体表现在新能源客车领域的占比大幅攀升。 从目前在售且已搭载磷酸铁锂动力电池的新能源乘用车车型数目来看， 过去三年由 213款 上升至今年前11月的 536款 且随着畅销车型吉利星源、 ...

智通财经APP获悉，高工产业研究院(GGII)根据新能源汽车交强险口径数据统计显示，2025年1-11月国内磷酸铁锂动力电池装机量约490GWh，同比 增长55%，市场份额占比高达78.5%，较去年同期提升10个百分点，距离2014年磷酸铁锂动力电池装机市场份额峰值81%，仅相差2.5%。GGII研判， 国内磷酸铁锂动力电池装机份额有望再创新高，叠加其在安全性、成本效益、使用寿命以及资源可持续性方面存有显著优势，已被市场充分接受和 认可。 当前磷酸铁锂动力电池装机份额大幅提升的驱动力跟2014年相比有着本质的区别，目前主要以市场导向驱动为主，具体表现在新能源乘用车领域的 占比大幅提升，而2014年主要以政策导向驱动为主，具体表现在新能源客车领域的占比大幅攀升。 磷酸铁锂动力电池装机份额能否再创新高，取决于未来市场助推的驱动力是否强劲。 从新能源汽车公告来看，今年1-11月新车公告数据统计显示，搭载磷酸铁锂电池的车辆数目占比一直在90%-96%区间波动，尤其是下半年占比由 92%逐步攀升至94.5%，表明主机厂更多车型规划选择搭载磷酸铁锂技术路线。 从竞争格局来看，2025年1-11月国内磷酸铁锂动力电池装机量 ...

如果将时间线拉长，眼下磷酸铁锂的"涨声一片"与此前锂电产 业中上游长达三年的价格下行态势形成了鲜明对比。 作者：濮振宇 封图：图库 作为磷酸铁锂正极材料最核心的原材料，碳酸锂的成本占比超过40%，其价格走势直接决定了行 业的基本成本面。卓创资讯数据显示，12月17日，富宝电池级碳酸锂市场价格为9.72万元/吨至 10万元/吨，相较于年中的低点，涨幅超过五成。 除了碳酸锂，构成磷酸铁锂前驱体磷酸铁的各类化工原料，自2025年第四季度起也呈现普涨格 局，根据中国化学与物理电源行业协会数据，11月，磷酸、98%磷酸一铵和硫酸亚铁的平均价格 环比分别上涨6.9%、8.5%和3.1%。 锂资源价格在2025年下半年上涨的背后，是锂电产业在下游储能市场与新能源汽车市场旺盛需求 刺激下，供需关系的重新平衡。 某头部锂盐企业告诉经济观察报，2024年到2025年年中锂价是逐步见底的走势，不过即便价格持 续下行，需求整体是持续增长的，只是在锂价高位周期，锂资源供应释放较多，叠加锂盐厂产能投 放速度阶段性超过了需求增长速度，在2024年到2025年6月期间碳酸锂市场累库较多，给价格造 成了压力。至2025年7月，市场逐步认知到下 ...

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 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 - Zhengli New Energy (03677) is experiencing a stock price increase, attributed to upcoming industry events and advancements in solid-state battery technology [1] Group 1: Company Developments - Zhengli New Energy's stock rose nearly 5%, currently trading at 10.04 HKD with a trading volume of 44.65 million HKD [1] - The company is set to launch its 100 MWh solid-state battery pilot line in the first half of 2026, marking a significant step towards industrialization of solid-state batteries [1] - The company is developing a diverse product portfolio driven by market demand and technology, including lithium iron phosphate and ternary materials for various applications such as electric vehicles, electric aircraft, and electric ships [1] Group 2: Market Position and Projections - In 2024, Zhengli New Energy is projected to capture a 2.0% market share in domestic installations of lithium iron phosphate batteries and 1.8% in PHEV batteries [1] - The company is expected to dominate the domestic market for HEV battery packs, with a market share exceeding 70% in collaboration with New Zhongyuan Toyota [1] - The company is noted for its strong customer resources, intelligent manufacturing capabilities, and cost control advantages, indicating a turning point in its fundamentals [1]

Core Viewpoint - Zhengli New Energy (03677) is experiencing a stock price increase, attributed to upcoming industry events and advancements in solid-state battery technology [1] Group 1: Company Developments - Zhengli New Energy's stock rose nearly 5%, currently trading at 10.04 HKD with a transaction volume of 44.65 million HKD [1] - The company is set to launch its 100MWh solid-state battery pilot line in the first half of 2026, marking a significant step towards industrialization of solid-state batteries [1] Group 2: Industry Insights - The 12th China (Suzhou) International Summit on Battery New Energy Industry will take place from November 11-13, indicating a busy week for the solid-state battery sector [1] - CITIC Securities predicts that the solid-state battery industry will see a surge in new technologies due to the upcoming conferences [1] Group 3: Market Position and Projections - According to CICC, Zhengli New Energy is developing a diverse product portfolio driven by market demand and technology, covering various battery types and applications [1] - The company is projected to achieve a 2.0% market share in domestic installations of lithium iron phosphate batteries and 1.8% in PHEV batteries by 2024 [1] - New Zhongyuan Toyota's HEV battery pack is expected to capture over 70% of the domestic market share [1] - The company is noted for its strong customer base, smart manufacturing, and cost control advantages, indicating a turning point in its fundamentals [1]

Investment Highlights - Company is covered for the first time by CICC with an "outperform" rating and a target price of HKD 11.40, based on a PE valuation method corresponding to a multiple of 26.0x for 2026. The company is recognized as a leading manufacturer of power and energy storage batteries in China [1] - The penetration rate of new energy vehicles continues to rise, with emerging application scenarios opening up growth opportunities. According to Frost & Sullivan, it is expected that China's power battery installation will reach 1,961.4 GWh by 2029, with a CAGR of 29.0% from 2024 to 2029. Additionally, the demand for energy storage, electric ships, and electric aircraft is rapidly growing, creating long-term growth potential for lithium batteries [1] - The company offers a comprehensive product portfolio to meet diverse customer needs, developing multi-path product combinations driven by market demand and technology. The company covers various material types such as lithium iron phosphate and ternary materials, as well as multiple power types like BEV and PHEV, across applications including electric vehicles, electric aircraft, and electric ships. In 2024, the company's domestic installation share for lithium iron phosphate power batteries is projected to be 2.0%, while the share for PHEV batteries is 1.8%, and the market share for the HEV battery pack of New Zhongyuan Toyota exceeds 70% [1] Company Fundamentals - The company is experiencing a turning point in its fundamentals, leveraging flexible manufacturing to achieve high utilization rates and cost control advantages. Despite smaller revenue and shipment scale compared to second and third-tier battery manufacturers, the company is leading the way in fundamental improvements. Looking ahead, the company is expected to continue expanding its customer base and further release scale effects, driving sustained profit improvement [2] - The company has crossed the threshold of scalable profitability, with profitability expected to steadily increase [2] - Potential catalysts for growth include the continuous acquisition of new orders and better-than-expected profit improvements [2] Earnings Forecast and Valuation - The company’s EPS is projected to be RMB 0.20 and RMB 0.40 for 2025 and 2026, respectively, with a CAGR of 236% from 2024 to 2026. The current stock price corresponds to a 21.2x P/E for 2026, while the company is given a 26.0x P/E for 2026, leading to a target price of HKD 11.40, indicating a potential upside of 20.6% [2]

Core Viewpoint - CICC initiates coverage on Zhengli New Energy (03677) with an "outperform" rating and a target price of HKD 11.40, indicating a potential upside of 20.6% based on a PE valuation method with a multiple of 26.0x for 2026 [1] Group 1: Company Performance and Projections - The company is a leading manufacturer of power and energy storage batteries in China, with projected EPS of CNY 0.20 and CNY 0.40 for 2025 and 2026 respectively, reflecting a CAGR of 236% from 2024 to 2026 [1] - The company has crossed the inflection point of scalable profitability, with expectations for steady improvement in profitability [1] Group 2: Industry Growth and Market Opportunities - The penetration rate of new energy vehicles is continuously increasing, with the Chinese power battery installation expected to grow to 1,961.4 GWh by 2029, corresponding to a CAGR of 29.0% from 2024 to 2029 [2] - Emerging application scenarios such as energy storage, electric ships, and electric aircraft are rapidly growing, opening long-term growth opportunities for lithium batteries [2] - The company is well-positioned to benefit from the growth of second and third-tier battery manufacturers leveraging multi-technology and multi-market strategies [2] Group 3: Product Diversification and Customer Demand - The company develops a multi-path product portfolio driven by market demand and technology, covering various materials and power types, including BEV and PHEV, as well as applications in electric vehicles, electric aircraft, and electric ships [3] - The domestic market share for the company's lithium iron phosphate power batteries is projected to be 2.0% in 2024, with PHEV battery market share at 1.8%, and over 70% market share for the HEV battery pack in collaboration with New Zhongyuan Toyota [3] Group 4: Competitive Advantages and Future Outlook - The company benefits from flexible manufacturing leading to high utilization rates and cost control advantages, positioning it favorably among second and third-tier battery manufacturers despite smaller revenue and shipment scales [4] - The company is expected to continue expanding its customer base and releasing scale effects, driving sustained profitability improvements [4]

Core Viewpoint - The company expects continued growth in the lithium iron phosphate market, driven by increasing domestic installation rates and global demand in both the automotive and energy storage sectors [1] Group 1: Automotive Market - In the domestic market, the installation rate of lithium iron phosphate batteries has reached 80% this year [1] - Overseas automakers are gradually switching to lithium iron phosphate batteries, indicating a shift in global automotive trends [1] Group 2: Energy Storage Market - The global demand for energy storage has seen a significant surge this year, with rapid growth in markets outside of China, including North America, Europe, the Middle East, Southeast Asia, and South America [1] - The company anticipates that the lithium iron phosphate market will maintain high growth rates next year [1]