Lithium Battery Industry Sees Spring Recovery in 2026, Chain Prices Warm Up

In March 2026, China’s lithium battery industry exhibited a “strong off-season” phenomenon, with production capacity utilization increasing by 11%–22% month-on-month. Rising prices of upstream raw materials such as lithium carbonate drove a broad-based price recovery across the entire industry chain. Looking at the full year, segments including lithium hexafluorophosphate (LiPF6), separators, and copper/aluminum foils possess pricing upside potential; meanwhile, emerging technologies—such as solid-state batteries, sodium-ion batteries, and composite copper foils—are accelerating industrialization. Guojin Securities (600109) recommends focusing on segments with pricing power and industry leaders in solid-state battery technology.