新能源汽車產業鏈行業：電動車滲透提速帶動鋰價進入上行區間，維持“看好”行業評級
機構：東方證券
評級：看好
本週看點
國新辦發佈《新時代的中國能源發展》白皮書，中國能源發展要貫徹能源安全新戰略，推動綠色低碳交通運輸體系，推廣新能源汽車。
11月國產新能源汽車上險數17.8萬輛，同比增182.2%宏光MINIEV、特斯拉Model3、歐拉黑貓位列上險數前三位。車企方面，上汽通用五菱、比亞迪和特斯拉分列前三。
造車新勢力加快研發、用户側佈局：蔚來打通川藏快充路線，明年1月發佈新款轎車。小鵬出口挪威的100輛汽車交付。理想總交付量突破3萬輛。零跑汽車今年累計交付8500輛，計劃2023年電動車份額佔比11%，進入新勢力Top3。?比亞迪新能源動力電池生產基地落户蚌埠；宣佈自建SiC產線
青島發佈2020-2030年氫能產業規劃，計劃到2030年建成加氫站50座以上；氫能產業年產值達到500億元。
本週新車上市：雲度汽車E-Shock曜越版、海馬愛尚EV正式上市
恩捷股份（002812）：向紐米科技提供4億元財務資助
湘潭電化（601777）：擬投1.1億元新建年產3萬噸錳酸鋰自動化生產線
孚能科技（688567）：與吉利汽車設立合資公司建設動力電池生產工廠
鋰電材料價格
鈷產品：長江鈷（27.50萬元/噸，+3.00%）；四氧化三鈷（0%）；硫酸鈷（0%）。?鋰鎳產品：金屬鋰（47.50萬元/噸，+2.15%）；碳酸鋰（5.00萬元/噸，+6.38%），氫氧化鋰（4.90萬元/噸，+2.08%）；鎳金屬（12.92萬元/噸，-1.49%），硫酸鎳（3.20萬元/噸，-1.54%）。
中游電池材料：三元正極（523動力型：12.05萬元/噸，0%；鎳55型：10.85萬元/噸，0%；622單晶型：13.95萬元/噸，0%；811型：17.55萬元/噸，0%）；磷酸鐵鋰（3.65萬元/噸，0%）；高端天然石墨（0%），天然中端石墨（0%）,人造石墨（0%）；隔膜（0%）；電解液（鐵鋰：4萬元/噸，0%，三元圓柱2.2Ah：3.40萬元/噸，0%；六氟磷酸鋰：11.00萬/噸，+2.33%）。投資建議與投資標的
本週鋰產品迎來全面漲價，其中鋰金屬價格漲1萬元/噸，漲幅2.15%，碳酸鋰跳漲至5萬元/噸，漲幅6.38%，超過了氫氧化鋰。從產業發展趨勢看，明年新能源汽車銷量恢復高增長將帶動產業鏈需求好轉，鋰作為當前電池體系非常重要的金屬，未來的需求增長確定性較強，疊加過去2年鋰價下跌過程中，產能結構不斷優化，我們預計鋰行業將在2022年迎來實質性的供需反轉，而鋰價在確定性的預期中先行上漲，保障行業盈利恢復到正常水平，我們預計鋰價將保持一定節奏進入上行區間，建議關注贛鋒鋰業(002460，未評級)、天齊鋰業(002466，未評級)。
風險提示
補貼退坡，新能源汽車銷售不及預期；上游原材料價格波動風險
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