Investment Rating - The report maintains an "Increase" rating for the electric equipment industry, indicating a positive outlook for investment in this sector [1]. Core Insights - The overall holding in the new energy sector has increased, with significant rises in electric vehicles, photovoltaics, energy storage, industrial control, power grids, and wind power sectors [1][2]. - The proportion of holdings in the new energy vehicle sector rose to 5.28%, an increase of 1.13 percentage points compared to the previous quarter [1][19]. - The photovoltaic sector saw its holding proportion rise to 4.18%, up 1.43 percentage points, while the wind power sector increased to 3.46%, a rise of 0.14 percentage points [2][33]. - The energy storage sector's overall holding decreased to 5.60%, down 2.20 percentage points, with specific segments like temperature control and new energy storage showing increases [5][19]. Summary by Sections Overall New Energy Holdings Analysis - The proportion of new energy heavy holdings in total fund heavy holdings increased by 2.74 percentage points to 14.94% [14]. - The new energy sector's overall holding value accounted for 14.9% of total fund heavy holdings, indicating an overweight of 2.10 percentage points [19]. New Energy Vehicle Sector - The new energy vehicle sector's holding proportion rose to 5.28%, with upstream lithium mining and midstream components increasing, while complete vehicles and charging stations saw a decline [1][19]. - Upstream lithium mining holdings increased by 1.24 percentage points to 2.86% [24]. - Midstream holdings rose by 0.69 percentage points to 8.92%, with significant increases in structural components and lithium hexafluorophosphate [25]. Photovoltaic and Wind Power Sectors - The photovoltaic sector's holding proportion increased to 4.18%, with notable rises in silicon materials and battery holdings [33]. - The wind power sector's holding proportion rose to 3.46%, with increases across various components including complete machines and tower structures [2][19]. Industrial Control and Power Equipment - The industrial control and power electronics sector's overall holding increased to 6.21%, up 1.06 percentage points [4]. - The power equipment sector's holding rose to 1.81%, an increase of 0.33 percentage points [4]. Energy Storage Sector - The energy storage sector's overall holding decreased to 5.60%, with specific segments like temperature control and new energy storage increasing, while PCS holdings declined [5][19]. - Energy storage battery holdings increased by 2.04 percentage points to 7.97% [5].

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2] Core Insights - The automotive sector has shown a significant performance divergence between passenger vehicles and commercial vehicles, with the latter expected to maintain high growth momentum [1][5] - The passenger vehicle segment experienced a revenue increase of 7.4% year-on-year in Q3 2025, while the sales volume grew by 14.4%, indicating a price war impact with an average price decrease of 0.99 million yuan per vehicle [5][37] - The commercial vehicle sector has seen a notable recovery in sales since June 2025, driven by government fiscal improvements and overseas demand, leading to a valuation recovery in the sector [5][15] Summary by Sections Passenger Vehicles - The passenger vehicle market maintained a high level of activity in Q3 2025, with wholesale sales reaching 7.53 million units, a year-on-year increase of 13.7% [23] - The segment's revenue for Q3 2025 was 557.7 billion yuan, with a notable performance difference among manufacturers, driven by new product launches and a shift towards higher-end models [37][44] - The profitability of the passenger vehicle sector showed a decline, with a net profit of 9.49 billion yuan in Q3 2025, down 25.1% year-on-year, primarily due to pressure on leading manufacturers like BYD [41][44] Commercial Vehicles - The commercial vehicle sector, particularly buses and heavy trucks, has shown significant improvement, with Q3 2025 revenues increasing by 30.6% year-on-year for buses and 26.9% for heavy trucks [6][15] - The heavy truck segment's net profit reached 3.84 billion yuan in Q3 2025, reflecting a 55.3% increase year-on-year, supported by favorable government policies and demand recovery [6][15] Auto Parts - The auto parts sector reported a revenue increase of 10.4% year-on-year in Q3 2025, with a net profit growth of 22.6%, indicating effective cost control and efficiency improvements [5][6] - Nearly 80% of auto parts companies achieved revenue growth in Q3 2025, driven by strong demand from the automotive production side [5][6] Investment Recommendations - The report suggests focusing on companies in strong product cycles, such as Great Wall Motors, Seres, and SAIC Motor, as well as key suppliers in the auto parts sector like Joyson Electronics and Desay SV [5][6][7]

销量领域同样表现不俗。10月，我国动力和其他电池销量为166.0GWh，环比增长13.3%，同比增长50.8%。其中，动力电池销量 124.3GWh，占总销量的74.9%，环比增长12.4%，同比增长56.6%；其他电池销量41.7GWh，占总销量的25.1%，环比增长15.9%，同比 增长35.7%。1-10月累计销量方面，我国动力和其他电池累计销量1233.2GWh，累计同比增长55.1%。细分来看，动力电池累计销量 910.3GWh，占总销量73.8%，累计同比增长49.9%；其他电池累计销量322.8GWh，占总销量26.2%，累计同比增长71.9%。 | 序号 | 企业名称 | 装车量(GWh) | 占比 | 与上月比占比变化/百分点 | | --- | --- | --- | --- | --- | | | 宁德时代 | 36. 14 | 43. 00% | 0.19 | | 2 | 比亚迪 | 17.89 | 21. 29% | 0.22 | | 3 | 中创新航 | 5.87 | 6.99% | -0. 39 | | 4 | 国轩高科 | 5.58 | 6. 64% | 0. 81 | | 5 ...

Group 1: Production and Sales Data - In October, the total production of power and other batteries in China reached 170.6 GWh, with a month-on-month increase of 12.9% and a year-on-year increase of 50.5% [1][8] - From January to October, the cumulative production of power and other batteries was 1292.5 GWh, reflecting a year-on-year growth of 51.3% [1][8] - The total sales of power and other batteries in October amounted to 166.0 GWh, marking a month-on-month increase of 13.3% and a year-on-year increase of 50.8% [19][24] Group 2: Battery Types and Market Share - In October, power battery sales were 124.3 GWh, accounting for 74.9% of total sales, with a month-on-month increase of 12.4% and a year-on-year increase of 56.6% [20][19] - Cumulative sales of power batteries from January to October reached 910.3 GWh, representing a year-on-year growth of 49.9% [20][19] - Other battery sales in October were 41.7 GWh, which is 25.1% of total sales, with a month-on-month increase of 15.9% and a year-on-year increase of 35.7% [24][19] Group 3: Export Data - In October, the total export of power and other batteries was 28.2 GWh, with a month-on-month increase of 5.5% and a year-on-year increase of 33.5%, accounting for 17.0% of total sales [25][2] - Cumulative exports from January to October reached 228.1 GWh, reflecting a year-on-year growth of 43.9% [25][2] - The export of power batteries in October was 19.4 GWh, with a month-on-month increase of 10.0% and a year-on-year increase of 76.7% [30][26] Group 4: Installation Data - In October, the domestic installation of power batteries was 84.1 GWh, with a month-on-month increase of 10.7% and a year-on-year increase of 42.1% [45][3] - Cumulative installation from January to October reached 578.0 GWh, representing a year-on-year growth of 42.4% [45][3] - Among the installed batteries in October, lithium iron phosphate batteries accounted for 80.3% with a volume of 67.5 GWh, while ternary batteries accounted for 19.7% with a volume of 16.5 GWh [45][3] Group 5: Market Concentration - In October, 33 power battery companies achieved installation in the new energy vehicle market, a decrease of 6 companies compared to the previous year [56][3] - The top two, five, and ten companies accounted for 64.3%, 81.8%, and 94.7% of the total installation volume, respectively [56][3] - From January to October, the top two, five, and ten companies accounted for 65.0%, 81.7%, and 94.4% of the total installation volume, with a slight decrease in market concentration compared to the previous year [56][3]

全球汽车市场份额所展示的是汽车产业的真实水准，包括国内和国外两部分。从国内看，近年来一系列 利好政策相继出炉，为汽车尤其是新能源汽车产业发展注入强劲动力。其中，促消费政策通过以旧换 新、置换更新等政策，极大拉动了国内汽车市场消费，也倒逼车企持续提升汽车品类和数量供给。在车 企最新发布的10月销量中，上汽集团、比亚迪、吉利汽车等皆超过30万辆，同比均有较大幅度提升，且 新能源汽车在传统车企中的占比持续提升。同期，造车新势力中的零跑、小米、小鹏等销量皆创历史新 高，零跑月销量首次突破7万辆，小米月交付量持续超4万辆，都成为中国汽车产品、产业、市场繁荣发 展最生动的注脚。 型，为市场份额稳定向好夯实了基础。 目前，中国汽车特别是新能源汽车基本形成了较为完整的产业链、供应链，从动力电池、电机电控、算 力芯片、IGBT到车机、操作系统等，均已实现自主研发，而华为等供应商的国产智驾系统也以较为先 进的技术站上行业前列，获得了国内外车企的广泛应用。在此基础上，从家用轿车、SUV、MPV到高 端豪华电动轿车、百万元级别的新能源越野车等，均实现了中国品牌的新突破，为国内市场带来了更为 丰富、差异化明显的产品，较好适应了不同的消 ...

Group 1 - The global power battery installation volume from January to September 2025 is approximately 768.3 GWh, representing a year-on-year growth of 35% [1] - In the same period, global sales of new energy vehicles reached about 14.237 million units, a year-on-year increase of 26%, with a penetration rate of 22.1% [1] - The China Securities New Energy Vehicle Industry Index, which tracks 50 listed companies involved in the new energy vehicle sector, reflects the overall performance of leading companies in the industry [1] Group 2 - The top ten weighted stocks in the China Securities New Energy Vehicle Industry Index as of October 31, 2025, account for 53.56% of the index [1] - The top ten stocks include CATL (10.10%), Huichuan Technology (8.28%), BYD (-0.26%), and others, with varying weightings and daily price changes [2] - The New Energy Vehicle ETF closely tracks the China Securities New Energy Vehicle Industry Index and has shown a recovery in trading, with a maximum intraday increase of over 2.5% [1][4]

从持股市值排序看，前十大重仓股除比亚迪外股价均有所上涨。持股市值方面，SW汽 车行业2025年Q3公募基金重仓的前十个股分别为比亚迪、福耀玻璃、九号公司、新泉股 份、拓普集团、春风动力、浙江荣泰、赛轮轮胎、双环传动和江淮汽车，主要由汽车零部 件、乘用车、商用车和摩托车及其他标的组成。行情表现方面，前十大重仓股中各板块标的 表现较好，除比亚迪微跌外，其余标的整体上涨，其中浙江荣泰涨幅超100%。 万联证券近日发布汽车行业2025Q3基金持仓分析报告：2025年Q3，公募基金重仓SW汽 车行业的总市值为1,039.78亿元，环比下降15.41%，同比下降20.64%；占基金重仓A股市值 规模的比重为3.13%，环比减少1.62pct，同比减少1.47pct；低配比例为1.15%，环比减少 1.69pct。 以下为研究报告摘要： 投资要点： SW汽车2025年Q3基金持股总市值同比/环比均有所下降，板块由超配转为低配。2025年 Q3，公募基金重仓SW汽车行业的总市值为1,039.78亿元，环比下降15.41%，同比下降 20.64%；占基金重仓A股市值规模的比重为3.13%，环比减少1.62pct，同比减少1.4 ...

世界知识产权组织（WIPO）今年9月发布的"世界百强创新集群"排行榜中，深圳—香港—广州创新集群首次超越日本东京—横滨集群，跃居榜首。这 一"桂冠"背后，体现出大湾区上市公司在科技创新研发上的持续加码。 从研发投入总量来看，今年前三季度，大湾区上市公司研发费用总额为2373.17亿元，同比增长9.69%，占全部A股公司研发费用20.69%。这意味着，A股 市场每5元研发费用中就有1元来自大湾区，大湾区正成为资本市场的"创新高地"。 从企业层面来看，比亚迪（002594）在今年前三季度以437.48亿元的研发费用，位居全部A股上市公司榜首。从10C充电倍率"闪充电池"、全球首款量产3 万转电机和全新一代车规级碳化硅功率芯片，到"天神之眼"智驾算法的加速迭代，比亚迪正全球新能源汽车行业构筑起越来越高的技术"护城河"。 道通科技近年来凭借"全面拥抱AI"战略，实现了业绩的持续高增长。"道通每年都在新的前沿技术上增加研发投入，从数字化到新能源化再到智能化，研 发费用率基本维持在15%到20%。" 道通科技董秘李律指出，这种高强度投入换来了显著成效，2025年前三季度公司扣非净利润同比大增61.81%，盈利规 模已超2 ...

粤港澳大湾区，是我国开放程度最高、经济活力最强的区域之一，以不到全国0.6%的国土面积，创造 了全国约1/9的经济总量。大湾区也是国内上市公司密度最高的区域之一，Wind数据显示，大湾区内地 九市合计拥有813家A股上市公司。 近几年来，大湾区上市公司持续展现出勃勃的发展生机，科技创新层出不穷、新兴赛道持续拓宽、出海 踏浪闪耀全球.……为区域乃至全国的高质量发展交出了一份亮眼的答卷。 科创攻坚：强研发塑造核心竞争力 世界知识产权组织（WIPO）今年9月发布的"世界百强创新集群"排行榜中，深圳—香港—广州创新集群 首次超越日本东京—横滨集群，跃居榜首。这一"桂冠"背后，体现出大湾区上市公司在科技创新研发上 的持续加码。 从研发投入总量来看，今年前三季度，大湾区上市公司研发费用总额为2373.17亿元，同比增长9.69%， 占全部A股公司研发费用20.69%。这意味着，A股市场每5元研发费用中就有1元来自大湾区，大湾区正 成为资本市场的"创新高地"。 从企业层面来看，比亚迪在今年前三季度以437.48亿元的研发费用，位居全部A股上市公司榜首。从 10C充电倍率"闪充电池"、全球首款量产3万转电机和全新一代车规级碳 ...

花旗银行在一份报告中称， 比亚迪 计划明年在海外销售多达160万辆汽车，进一步加快海外扩张，并预 期从2025年起实现高双位数增长。 ...