中信证券:产业链盈利逐步修复,锂电板块投资价值凸显

格隆汇
Nov 13
中信证券研报称,从电池与能源管理产业链2026年前三季度及2026年第三季度经营结果来看,全球储能需求保持高景气,新能源汽车需求有所分化,产业链多数环节收入实现增长,中上游盈利同比明显修复,但第三季度环比有所承压。盈利端,电池环节收入维持较快增长,碳酸锂、正极、隔膜、电解液及六氟、铜箔&铝箔等环节盈利同比明显改善,但部分环节第三季度盈利环比回落。供给端,行业“固定资产+在建工程”同比增速持续回升,2026年第三季度升至20%,同时资本开支呈现明显分化,电池、正极、负极、结构件等环节同比较快增长,行业逐步由全面收缩转向结构性扩产。考虑到中国锂电产业链全球竞争优势显著、海外布局逐步完善,同时固态、快充等新技术持续迭代,中信证券认为头部企业有望凭借技术、成本及全球化优势进一步扩大份额和盈利优势,持续看好产业链各环节优质头部公司。

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