New Energy Materials: Lithium Battery Production Hits Record High, PV Glass Leads Bottom Reversal

English summary

1. Lithium battery materials: August production schedules hit a record, with the entire industry chain resonating upward. Citi's field research shows that China's battery supply chain is entering a new peak of capacity release to cope with the traditional peak season and export window. Both volume and structure are rising: In August, the production pipelines of the Top 5 battery manufacturers are estimated at 193 GWh, +8% MoM and +67% YoY, setting a historical record. Cathode, anode, electrolyte, and lithium salt production are expected to grow 4%, 6%, 8%, and 5% MoM, respectively. Multiple drivers overlap: This surge in production scheduling is not purely seasonal, but the combined result of export front-loading (to avoid tariffs), new vehicle launch stocking, and steady energy storage demand (ESS liquid cooling and large-scale storage high growth). Leading companies such as CATL are accelerating new capacity ramps, with additional capacity expected in September. August cathode material production is forecasted to be +4% MoM, with the upstream chain responding in tandem. 2.…