锂电池产业链双周报（2025、04、11-2025、04、24）：电动汽车用动力蓄电池新国标出台-20250425

Investment Rating - The industry investment rating is "Overweight" [2][50]. Core Viewpoints - The new national standard for power batteries used in electric vehicles will be implemented in July 2026, which is expected to drive the elimination of outdated production capacity [41]. - The demand for lithium batteries is anticipated to maintain rapid growth due to the continuous development of renewable energy and the increasing demand for energy storage from new data centers [46]. - The overall demand for lithium batteries is expected to remain strong, supported by the dual drivers of electric vehicles and energy storage [46]. - The report suggests focusing on companies with strong performance support in the battery segment, leading companies in the materials segment with improving margins, and segments benefiting from the solid-state battery industry [46]. Market Review - As of April 24, 2025, the lithium battery index increased by 9.16% over the past two weeks, outperforming the CSI 300 index by 7.84 percentage points [13]. - The lithium battery index has decreased by 5.64% month-to-date, underperforming the CSI 300 index by 3 percentage points [13]. - Year-to-date, the lithium battery index has declined by 7.97%, lagging behind the CSI 300 index by 4.15 percentage points [13]. Price Changes in Lithium Battery Supply Chain - As of April 24, 2025, the average price of battery-grade lithium carbonate is 70,000 CNY/ton, down 1.82% over the past two weeks [25]. - The price of lithium hydroxide (LiOH 56.5%) is 74,400 CNY/ton, down 0.67% [25]. - The price of lithium iron phosphate remains stable at 33,300 CNY/ton, while NCM523, NCM622, and NCM811 have seen slight declines of 1.26%, 1.19%, and 1.34% respectively [27]. - The price of electrolyte lithium hexafluorophosphate is 57,500 CNY/ton, down 2.54% [31]. - The average price of square lithium iron phosphate cells is 0.34 CNY/Wh, and square ternary cells are 0.44 CNY/Wh, both remaining stable [36]. Company Announcements - CATL announced an expansion of its battery swap business, with ten new models set to launch in the fourth quarter of 2025 [41]. - The company also released a new sodium-ion battery, which is expected to be mass-produced by December 2025 [41]. - EVE Energy reported a 37.34% year-on-year increase in revenue for Q1 2025, reaching 12.796 billion CNY [47]. Suggested Focus Companies - CATL (300750) is highlighted for its strong profit growth and market leadership in energy storage batteries [48]. - EVE Energy (300014) is noted for its advancements in large-capacity lithium iron phosphate battery technology [48]. - Keda Industrial (002850) is recognized for its stable growth in precision battery components [48]. - Enjie (002812) is acknowledged for its leadership in lithium battery separators and ongoing development of solid-state products [48]. - Naconor (832522) is mentioned for its innovative equipment for solid-state battery production [48].