电池与能源|动力储能需求高景气,看好锂电板块配置价值:2025年中报总结

中信证券研究
Sep 09, 2025

文|吴威辰 王喆 尹欣驰 李景涛 李越汪浩 柯迈 于学鑫 贾玉潇从电池与能源管理产业链25H1&25Q2经营结果来看,在国内外新能源车销量增长及全球储能需求共振的拉动下,产业链出货端表现较为亮眼,多数环节25Q2收入同比恢复正向增长。行业资本开支基本探底,25Q2“固定资产+在建工程”同比增速小幅回升,部分供给紧缺环节已开启产能扩张节奏。盈利端,电池、负极等环节整体盈利同环比表现较好...

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