Talk about three main lines, investing in lithium batteries.

From the development trend of lithium-related industries, new materials, bio-pharmaceuticals and new energy sources will be the fastest growing areas for lithium resource demand. It is expected that the compound growth rate of demand for lithium resources in the next five years will be 10%~12%, 12%~15%, and 20%~25% respectively. The new materials industry mainly focuses on lithium-containing light new materials, rare earth metallurgy, ceramic materials, petrochemicals, fine chemicals, etc.; the biomedical industry mainly focuses on antiviral drugs, statins, blood lipid lowering drugs, etc.; In the field of lithium batteries, new energy vehicles and so on.

From the perspective of upstream lithium carbonate product pattern, industrial-grade lithium carbonate belongs to the basic lithium product, and the production cost of brine is lower than that of ore production, and the overall supply and demand form is slightly larger than the demand; Battery-grade lithium carbonate products are deeply processed lithium products. The production cost of brine is comparable to that of ore production. The overall supply and demand pattern is slightly less than the demand. The industry share of the two technology routes in the future depends on the level of cost control of the two technology routes.

Judging from the trend of the development of the industry, the driving factors of the lithium battery market are mainly constrained by factors such as technology, cost, and policy. Among them, the technical factors are mainly reflected in the consistency of lithium battery production and power management, and the cost factors are mainly comparable to the price competitiveness of lead-acid batteries. The policy is mainly reflected in the government's support for the lithium power industry, especially the implementation of subsidies. Considering the impact of the three dimensions, the lithium battery market will be launched step by step.

Technology maturity determines the timing of the investment. From the current technical maturity of the lithium battery industry, the order is the graphene anode material <diaphragm <lithium hexafluorophosphate electrolyte salt < cathode material < electrolyte < anode material. In the current new energy vehicle market has not really started, the power battery demand has not really been heavy, the investment diaphragm and lithium hexafluorophosphate can take into account the investment income and safety margin, the future look at two lines: one is the technological progress line, the graphene technology has made a breakthrough, After the application prospects become clearer, the graphene stocks can be over-matched; the other line is the market demand line. As the new energy vehicle market starts to greatly stimulate the market demand, the investment quota for electrolytes, positive and negative materials leading enterprises can be increased.

Investment in the lithium industry can follow three main lines of logic. From the current industry maturity and technology development trends related to lithium resources, we believe that the investment in the lithium battery industry chain can refer to three main lines: First, pay attention to the deep processing of lithium products that have strong profitability and relatively certain growth. For example, new materials such as lithium metal, butyl lithium and catalyst grade lithium chloride, and biomedicine, it is recommended to pay attention to the lithium industry; second, the technical bottleneck of the lithium battery industry chain, such as separators and lithium hexafluorophosphate, are currently in the technology. Progress, the stage of accelerating domestic substitution, the value of investment is large; third, if the lithium battery starts to exceed expectations, then the leading companies in the fields of positive and negative materials and electrolytes such as Shanshan, China Baoan, and the upstream of the industrial chain Lithium carbonate, Yanfeng lithium and other leading lithium carbonate enterprises will benefit greatly.

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