Huatai Securities said Xinluo Lithium Battery released September production schedules showing sample firms’ battery output at 211.3 GWh in September, up 6.3% MoM; cathode 249 kt, up 5.5% MoM; anode 218 kt, up 4.1% MoM; separator 2.31 bln sq m, up 1.9% MoM; electrolyte 147 kt, up 3.5% MoM. All five segments hit year-to-date highs, reflecting a continued seasonal uptick. Domestic energy-storage tendering and installations are recovering and European vehicle electrification is accelerating; August saw wider price increases across battery segments. Combined with year-end export tax rebate-driven export pushes and the energy-storage grid-connection season, Huatai expects Q4 production to remain elevated. Monitor the lithium-battery price-up cycle and technology trends: sodium batteries scaling from pilot to mass production and commercialization of solid-state batteries.(金十数据)