中金：海外下游车企去库中国锂电池全球供应地位有望得到夯实

智通财经2025-03-11

智通财经APP获悉，中金发布研报称，4Q24中国、美国、欧洲新能源车销量同比分别+46.0%、+15.0%、-10.7%。展望2025年，日韩电池厂商普遍认为伴随欧洲碳排放趋严以及新车型不断推出，海外新能源车需求有望回暖，带动公司产能利用率回升以及盈利修复。国内外需求分化下，中国锂电池全球供应地位有望得到夯实，推荐锂电产业链各环节龙头公司：宁德时代(300750.SZ)、亿纬锂能(300014....

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2518763879?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-03-11 13:55","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2518763879","market":"us","top_or_hot":-1,"title":"中金：海外下游车企去库 中国锂电池全球供应地位有望得到夯实","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，中金发布研报称，4Q24中国、美国、欧洲新能源车销量同比分别+46.0%、+15.0%、-10.7%。展望2025年，日韩电池厂商普遍认为伴随欧洲碳排放趋严以及新车型不断推出，海外新能源车需求有望回暖，带动公司产能利用率回升以及盈利修复。国内外需求分化下，中国锂电池全球供应地位有望得到夯实，推荐锂电产业链各环节龙头公司：宁德时代(300750.SZ)、亿纬锂能(300014....</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1260251.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中金：海外下游车企去库 中国锂电池全球供应地位有望得到夯实</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中金：海外下游车企去库 中国锂电池全球供应地位有望得到夯实\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-03-11 13:55 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1260251.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中金发布研报称，4Q24中国、美国、欧洲新能源车销量同比分别+46.0%、+15.0%、-10.7%。展望2025年，日韩电池厂商普遍认为伴随欧洲碳排放趋严以及新车型不断推出，海外新能源车需求有望回暖，带动公司产能利用率回升以及盈利修复。国内外需求分化下，中国锂电池全球供应地位有望得到夯实，推荐锂电产业链各环节龙头公司：宁德时代(300750.SZ)、亿纬锂能(300014....</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1260251.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2097828714.EUR","symbol_name":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1260251.html","article_id":"2518763879","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2518763879","pubTimestamp":1741672536,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"国内外需求分化下，中国锂电池全球供应地位有望得到夯实，推荐锂电产业链各环节龙头公司：宁德时代、亿纬锂能、尚太科技、容百科技、恩捷股份。而受益于中国市场的需求强劲，中国动力电池全球供应地位进一步增强，叠加出口的持续高增和海外新客户的开拓，宁德时代全球龙头地位强化。风险因素全球新能源车销量不及预期，新技术产业化进程不达预期。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"300014":"亿纬锂能","300432":"富临精工","300750":"宁德时代","301358":"湖南裕能","688005":"容百科技","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU1146622755.USD":"安本中国A股股票基金A Acc","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","IE0003851619.USD":"BNY MELLON ASIAN EQUITY \"B\" (USD) ACC","SG9999001846.SGD":"Schroder Asian Equity Yield A Dis SGD","SGXZ49509284.SGD":"United China A Shares Innovation A Acc SGD","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0405327494.USD":"ALLSPRING CHINA A FOCUS \"I\" (USD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","002812":"恩捷股份","BK0070":"员工持股","001301":"尚太科技","LU0302445910.USD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","BK0132":"高送转概念","BK0155":"锂电池","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU2289578879.USD":"ALLIANZ CHINA A OPPORTUNITIES \"AT\" (USD) ACC","BK0220":"橡胶塑料","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU2328871848.SGD":"Eastspring Investments - China A Shares Growth AS SGD","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1720050803.USD":"安联全方位中国股票基金","LU0505663152.USD":"abrdn SICAV I - FUTURE MINERALS \"A\" (USD) ACC","BK0077":"质押式回购","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU2360107325.USD":"BGF FUTURE OF TRANSPORT \"A4\" (USD) INC","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","BK0188":"融资融券","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC"},"translate_title":"CICC: Overseas downstream car companies are destocking and China's global supply position of lithium batteries is expected to be consolidated","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300014":1,"300432":1,"300750":1,"301358":1,"688005":1,"002812":1,"EVS.SI":0.6,"001301":1},"content_text":"智通财经APP获悉，中金发布研报称，4Q24中国、美国、欧洲新能源车销量同比分别+46.0%、+15.0%、-10.7%。展望2025年，日韩电池厂商普遍认为伴随欧洲碳排放趋严以及新车型不断推出，海外新能源车需求有望回暖，带动公司产能利用率回升以及盈利修复。国内外需求分化下，中国锂电池全球供应地位有望得到夯实，推荐锂电产业链各环节龙头公司：宁德时代(300750.SZ)、亿纬锂能(300014.SZ)、尚太科技(001301.SZ)、容百科技(688005.SH)、恩捷股份(002812.SZ)。产业链相关未覆盖公司包括：湖南裕能(301358.SZ)、富临精工(300432.SZ)。中金主要观点如下：行业趋势根据SNE数据，4Q24全球装机量295.4GWh、同比+34.5%/环比+26.0%，其中中国装机量192.7GWh、同比+64.9%/环比+32.0%，海外装机量102.7GWh、同比基本持平/环比+16.2%。业绩总览4Q24头部日韩电池厂商营收增长及盈利能力仍有所承压，主因新能源车需求持续低迷以及金属价格下降影响，其中储能电池业务受数据中心储能需求持续增长驱动，日韩头部电池厂商储能电池业务呈增长态势。而受益于中国市场的需求强劲，中国动力电池全球供应地位进一步增强，叠加出口的持续高增和海外新客户的开拓，宁德时代全球龙头地位强化。资本支出与产能规划海外头部电池厂商资本支出放缓，主要系考虑全球市场需求短期增速放缓以及中长期业务增长需要。中金认为，日韩资本开支放缓或带来欧美对中国锂电产业链出口限制的适当松绑，特别是对储能电池出口预期的改善，当前中国储能电池出口对美国的敞口较高，近期美国的新关税政策一定程度影响了中国储能电池出口美国的预期，而随着日韩厂商北美储能LFP产能建设放缓，在2026年储能关税进一步加征时点到来时、美国本土或仍难以找到供应链替代，短中期或仍对中国锂电产业链依赖程度较高。竞争优势日韩在加码LFP、CTP等中国锂电产业优势技术的布局，普遍计划从2026年开始逐步量产，但先期主要聚焦储能、新能源车推广时点更晚，日韩厂商此前暂无LFP生产制造经验，量产稳定性仍有待观察，同时，中国锂电企业在代际上仍然领先，尤其超快充、循环寿命、电池容量上优势明显。而在前沿的4680、固态电池等技术上，日韩和中国电池厂进展相当，半固态技术中国电池厂已经实现率先装车应用。风险因素全球新能源车销量不及预期，新技术产业化进程不达预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2518763879","isCrawlerRequest":true}

中金：海外下游车企去库 中国锂电池全球供应地位有望得到夯实

精彩评论

中金：海外下游车企去库中国锂电池全球供应地位有望得到夯实