金吾财讯 | 华泰证券表示，据乘联会，25Q1国内新能源乘用车零售量242.1万辆，同比+37.2%，根据动力电池联盟，我国25Q1电池销量达285.8GWh，同比+73.7%，需求呈现淡季不淡的现象，锂电产业链企业产能利用率总体高于去年同期，产能利用率提高+新增产能放缓供需边际收紧，盈利能力存在支撑，该行预计多数锂电产业链企业25Q1量增利稳，其中铁锂、负极环节表现或更为明显。新技术中，固态电池在新能源汽车、eVTOL等领域产业化步伐加快；钠电在两轮车、储能等领域应用加速推进；头部企业发力换电模式推广。
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