节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：3/10
电动汽车革命持续推进，电池金属市场格局生变。2025年前11个月，全球电动汽车销量同比增长21%至1850万辆。中国仍是核心驱动力，贡献62%的全球销量，同时在电池化学创新领域保持领先。
镍、钴等电池金属面临供应过剩与价格下行压力。印尼镍产能过剩导致伦敦金属交易所仓库库存激增，镍价跌破每吨15000美元。刚果（金）的钴则受出口配额限制及供应延迟影响，市场表现承压。
锂仍占据电池金属主导地位，但钠离子电池等新兴替代品正逐步挑战其优势。宁德时代的Naxtra技术有望替代多达半数磷酸铁锂电池...
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