BOC International: Continuing the “anti-internal roll” trend in the lithium battery industry, it is recommended to focus on the Ningde era (03750)

The Zhitong Finance App learned that BOC International released a research report saying that in November, production and sales in China's power battery industry were strong. Under policy guidance, the “anti-domestic roll” trend was clear, and prices in the industrial chain generally rebounded. The December production schedule shows that downstream demand is still strong. After undergoing recent adjustments, the lithium battery sector provides investors with a layout window based on the steady and continuous improvement of industry fundamentals, and it is recommended to focus on Ningde Era (03750), a leading enterprise with leading advantages.

The main views of BOC International are as follows:

In November, the load volume of power batteries in mainland China continued to grow, and exports remained steady

According to data from the China Automobile Power Battery Industry Innovation Alliance, in November 2025, the amount of power batteries loaded in mainland China was 93.5 GWh, +39.2%/+11.2% month-on-month. Among them, the loading volume of lithium iron phosphate batteries was +40.7%/+11.6% month-on-month to 75.3GWh, accounting for 80.5%, and remained at a high level. In November, China's battery exports remained steady, with a total export of 32.2 GWh in the month, or +46.5%/+14.1% YoY. Total exports accounted for 17.9% of the month's sales volume. Among them, the export volume of power batteries was +70.2%/+9.4% to 21.2 GWh, accounting for 66.0% of the total export volume; exports of other batteries were +15.3%/+24.4% month-on-month to 10.9 GWh, accounting for 34.0% of the total export volume.

The “anti-internal roll” trend in the lithium battery industry continues, and product prices in all parts of the industrial chain have generally rebounded

On November 27, the National Development and Reform Commission organized a symposium on curbing disorderly price competition with the aim of guiding the industrial chain from low price competition back to rational pricing and ensuring a reasonable level of profit. On November 28, the Ministry of Industry and Information Technology also convened power and energy storage battery manufacturers to hold discussions, reaffirming that it will resolutely resist irrational market competition and work together to promote the orderly and healthy development of the industry. Under the combined effects of policy guidance and market supply and demand, prices in all parts of the industrial chain showed a general upward trend. According to statistics from Xinyi Lithium Battery, the current price of lithium hexafluorophosphate has reached 180,000 yuan/ton, and the price of battery-grade lithium carbonate has also exceeded 95,500 yuan/ton. Furthermore, Suzhou Degas Energy Technology Co., Ltd. recently issued a notice stating that due to a sharp rise in the price of the main raw materials for lithium batteries, the sales price of a full range of battery products will be raised by 15% from December 16. The bank believes that the supply and demand pattern in the lithium battery industry chain will continue to be tight, and companies related to batteries, lithium hexafluorophosphate, lithium iron phosphate, wet diaphragms, and anodes are expected to improve their performance through product price adjustments.

Battery production schedules continued to grow month-on-month in December. It is recommended to focus on the recently adjusted configuration opportunities in the lithium battery sector

According to the December industrial chain pre-production data released by Xinyi Lithium Battery, the planned battery output of the sample company in mainland China was 148.8 GWh, an increase of 2.3% over the previous month; the planned output of the overseas sample company was 23.8 GWh, down 2.6% from the previous month. In terms of materials, the production schedule for cathode materials was 187,000 tons, which was basically flat; 154,000 tons of anode materials remained flat; diaphragm production was 1.98 billion square meters, up 2.6% month-on-month; and electrolyte production was 109,000 tons, up 1.4% month-on-month, reflecting the overall strength of downstream demand. Since November, the lithium battery sector has experienced certain adjustments. Up to now, the Wande lithium battery index has pulled back about 12% from a high point. The stock prices of some second- and third-tier battery companies have declined to varying degrees since the beginning of November. The stock prices of Everweft Lithium Energy/Guoxuan Hi-Tech/China Airlines were adjusted by about 14.6%/15.0%/17.8% respectively during the same period. Currently, the fundamentals of the industry are steady, production schedules continue to rise, and the sector is recovering in stages or providing a window for layout. In terms of individual stocks, the bank suggests focusing on the Ningde era (03750), which has cost and technical advantages, and a leading overseas layout.