锂电产业链迎多重利好，头部企业优势有望持续扩大

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

锂电产业链迎多重利好，头部企业优势有望持续扩大

2025-09-09 11:45:07 来源：北方有色网责任编辑：石林

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9 月 9 日，中信证券发布研报，聚焦电池与能源管理产业链 2025 年上半年及二季度经营表现，核心观点如下：
1. 出货端：需求共振驱动增长，收入恢复正向态势
在国内外新能源车销量稳步增长、全球储能需求持续爆发的双重拉动下，产业链出货表现亮眼。多数环节二季度收入同比成功回归正向增长，行业需求端复苏信号明确。
2. 供给端：资本开支探底回升，紧缺环节开启扩产
行业资本开支已基本触底，二季度 “固定资产 + 在建工程” 同比增速小幅回升，显示行业投资信心逐步恢复。值得关注的是，部分供给紧缺环节已率先启动产能扩张节奏，为后续产能释放与市场供应稳定奠定基础。
3. 盈利端：多环节盈利改善，技术迭代打开上升空间
电池、负极等核心环节整体盈利表现突出，同环比均实现较好增长；
材料环节盈利已触底，叠加下游电池技术迭代（如固态电池、快充技术）催生高端产品需求，材料环节单位盈利有望进入上升通道，盈利修复可期。
4. 长期展望：全球优势稳固，头部企业双重优势将扩大
中国锂电产业链在全球范围内比较优势显著，且海外布局持续完善。头部企业凭借技术创新突破、海外市场卡位等核心能力，在市场份额与盈利水平上的双重优势有望进一步扩大。

中信证券明确表示，持续看好那些经历行业周期验证，在技术研发、成本控制、盈利稳定性方面竞争优势不断强化的产业链各环节头部公司，其长期成长价值值得重点关注。

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锂电产业链迎多重利好，头部企业优势有望持续扩大

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