新能源汽车补贴政策发布，电动车进入过渡期抢装季。海外钴价上涨，钴板块迎来抢装行情；中游关注高镍量产进展、磷酸铁锂阶段性机会和电解液盈利好转契机；供应链环节关注特斯拉产业链、热管理等；下游整车关注补贴退坡后需求的分化；燃料电池写入政府工作报告，利润持续改善，关注氢能产业链布局完善的公司。推荐组合：华友钴业、寒锐钴业、璞泰来、德赛西威、美锦能源。

月度行业回顾与展望 .......................................................................................4

1、上游资源................................................................................................4

2、锂电池及材料.........................................................................................5

3、供应链环节 ............................................................................................5

4、整车制造..............................................................................................10

5、燃料电池.............................................................................................. 11

投资建议 ......................................................................................................12

1、上游资源..............................................................................................12

2、锂电池及材料.......................................................................................12

3、供应链 .................................................................................................12

4、整车制造..............................................................................................13

5、燃料电池 ..............................................................................................13

行业动态 ......................................................................................................14

1、上游资源..............................................................................................14

2、锂电池及材料.......................................................................................14

3、供应链环节 ..........................................................................................16

4、整车制造..............................................................................................18

5、燃料电池 ..............................................................................................19

数据追踪 ......................................................................................................22

上游：电池原料.........................................................................................22

中游：电池四大材料..................................................................................24

下游：汽车与新能源汽车产销....................................................................26

行业内重点公司动态 .....................................................................................30

1、上游资源..............................................................................................30

2、锂电板块..............................................................................................30

3、供应链 .................................................................................................31

4、整车制造..............................................................................................33

5、燃料电池 ..............................................................................................35

风险提示 ......................................................................................................36