Investment Rating - The industry investment rating is "Overweight" (maintained), indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [4]. Core Insights - In November 2025, the production and sales of new energy vehicles reached new highs, with production and sales of 1.88 million and 1.823 million units respectively, representing year-on-year growth of 20% and 20.6% [3]. - The penetration rate of new energy vehicles in November was 53.2%, up 1.6 percentage points month-on-month, while the cumulative penetration rate from January to November was 47.5% [3]. - The demand for lithium batteries remains robust, with a significant increase in battery production and sales in November, achieving a year-on-year growth of 49.2% and 52.2% respectively [3]. - The report maintains an optimistic outlook for lithium battery demand in the coming year, driven by strong storage demand and the ongoing industrialization of solid-state batteries [3]. Summary by Sections New Energy Vehicle Market - In November 2025, new energy vehicle production and sales reached 1.88 million and 1.823 million units, with year-on-year growth of 20% and 20.6% respectively [3]. - Cumulative production and sales from January to November were 14.907 million and 14.78 million units, with year-on-year growth of 31.4% and 31.2% [3]. - Exports of new energy vehicles in November reached 300,000 units, a year-on-year increase of 2.6 times [3]. Battery Production and Sales - In November, the production of power and other batteries was 176.3 GWh, with a year-on-year increase of 49.2% [3]. - Battery sales in November were 179.4 GWh, with a year-on-year increase of 52.2% [3]. - The sales of power batteries accounted for 74.7% of total sales, with a year-on-year growth of 52.7% [3]. Industry Outlook - The report suggests that the lithium battery industry will continue to see demand growth, particularly in the context of strong storage needs and the advancement of solid-state battery technology [3]. - Key companies to watch include CATL, Yiwei Lithium Energy, and others involved in the solid-state battery supply chain [3].

智通财经APP获悉，国泰海通发布研报称，11月新能源汽车产量188万辆，同比增长20%；1-11月新能源 汽车累计产量1490.7万辆，同比增长31.4%。11月国内动力电池装车量93.5GWh，同比增长39.2%，环比 增长11.2%；其中，三元电池装车量18.2GWh，占总装车量19.4%，同比增长33.7%，环比增长9.9%；磷 酸铁锂电池装车量75.3GWh，占总装车量80.5%，同比增长40.7%，环比增长11.6%。11月新能源汽车 市场延续向好态势，动力电池产销量实现同环比增长。受年底翘尾效应带动，新能源汽车销量有望实现 进一步攀升。 出口：11月新能源汽车出口30万辆，同比增长约2.6倍，环比增长17.3%，其中，新能源乘用车出口29.4 万辆，新能源商用车出口0.7万辆；1-11月新能源汽车累计出口231.5万辆，同比增长约1倍，其中，新能 源乘用车出口223.8万辆，新能源商用车出口7.7万辆。 11月动力电池产销同环比保持增长 产量：11月我国动力和其他电池合计产量176.3GWh，同比增长49.2%，环比增长3.3%；1-11月我国动力 和其他电池累计产量1468.8GWh，同比增长5 ...

Core Insights - Chinese energy storage companies continue to expand their overseas presence, with 22 companies signing approximately 34 contracts totaling around 44.88 GWh in November [1][3]. Group 1: Market Overview - The overseas expansion of Chinese energy storage companies is characterized by a dual strategy of deepening traditional markets (Europe, North America, Australia) while penetrating emerging markets (Latin America, Asia) [3][5]. - Europe remains the primary battleground for Chinese energy storage firms, with over 15 contracts signed in November, totaling approximately 6.1 GWh [3][4]. Group 2: Regional Performance - Latin America showed significant growth, with two contracts focused on Chile, amounting to 9.6 GWh, making it the largest regional contract size in November [5]. - The Asian market also saw activity, with seven contracts totaling 6.3 GWh, including notable orders from CATL in Japan and projects in Israel and India [5][7]. Group 3: Company Performance - Among 21 companies, Haicheng Energy, Trina Storage, and Far East Energy performed exceptionally well in November, with signed contracts of 11.5 GWh, 7.86 GWh, and 7.59 GWh respectively [7][8]. - Other companies like CATL, EVE Energy, and Sungrow also secured overseas orders exceeding 2 GWh in November [8][9]. Group 4: Notable Contracts - A strategic collaboration among Haicheng Energy, Boda New Energy, and Aton Energy aims to advance no less than 10 GWh of energy storage projects across key markets in the next three years [8][12]. - Significant contracts include a 1.6 GWh project in Germany between Haibo Energy and LEAG Clean Power GmbH, and a 5 GWh memorandum of understanding between Trina Storage and Pacific Green in Australia [4][10].

（原标题：亿纬锂能、福田汽车合资成立新能源科技公司，注册资本5亿） 企查查APP显示，近日，北京福田亿纬新能源科技有限公司成立，注册资本5亿元，经营范围包含：资 源再生利用技术研发；汽车零部件研发；新能源汽车整车销售；汽车零配件零售等。企查查股权穿透显 示，该公司由亿纬锂能（300014）、福田汽车（600166）共同持股。 ...

Group 1: Power Equipment Industry - The demand for power equipment is rapidly increasing in the AI era, driven by the construction of data centers by companies like Google Cloud and OpenAI, leading to explosive growth in power equipment demand [1][29] - Global energy storage demand is expected to surge, with projections indicating that global energy storage installations will reach 404 GWh by 2026, a year-on-year increase of 38% [1][95] - Key companies to watch in the power equipment sector include Jinpan Technology, Xinte Electric, Igor, Hewei Electric, Shenghong Co., and Zhongheng Electric [1] Group 2: Lithium Battery Industry - The lithium battery supply chain is expected to see a reversal in the downward price trend, with significant price and profit recovery anticipated for most products by 2026 [2] - Solid-state battery technology is accelerating towards commercialization, with expectations for expanded production lines and increased testing by 2026, laying the groundwork for mass application from 2027 to 2030 [2][73] - Key companies in the lithium battery sector include CATL, EVE Energy, and Zhongxin Innovation [2][73] Group 3: Wind Power Industry - The domestic wind power sector is projected to maintain a 10%-20% growth in new installations in 2026, supported by saturated orders and stable pricing [2][58] - The profitability of wind turbine manufacturers is expected to recover, with export growth contributing to performance improvements [2][59] - Key companies to focus on in the wind power sector include Goldwind Technology, Sany Renewable Energy, and Oriental Cable [2][59] Group 4: Photovoltaic Industry - The photovoltaic industry is undergoing supply-side adjustments, with a focus on new technologies such as silver-free paste and perovskite, which are expected to improve cost efficiency [3][85] - The profitability of silicon material is anticipated to recover first, driven by supply-demand improvements [3][85] - Key companies to monitor in the photovoltaic sector include GCL-Poly Energy, Xinte Energy, and Tongwei Co. [3][85] Group 5: Energy Storage Industry - The energy storage market is experiencing significant growth, with domestic system tenders reaching 174.9 GWh from January to November, a year-on-year increase of approximately 165% [95] - In the U.S., large-scale energy storage installations are projected to reach 22.05 GW in 2026, a year-on-year increase of 28% [95][96] - Key companies in the energy storage sector include CATL, EVE Energy, and Sungrow Power Supply [95]

交银国际研究 行业剖析 2025 年 12 月 5 日 汽车行业 行业评级 领先 2026 年展望：穿越周期的新动能-智驾商用、储能共振与机器人量产 估值概要 | 公司名称 | 股票代码 评级 | | 目标价 | 收盘价 | | -----每股盈利----- | ----市盈率---- | | | ----市账率---- 股息率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | FY25E | | | FY26E FY25E FY26E FY25E FY26E FY25E | | | | | | | | | (当地货币) (当地货币) (报表货币) (报表货币) | | | (倍) | (倍) | (倍) | (倍) | (%) | | 宁德时代 | 300750 CH | 买入 | 458.75 | 383.35 | 15.788 | 18.818 | 24.3 | 20.4 | 5.60 | 4.61 | NA | | 比亚迪股份 | 1211 HK | 买入 | 133.00 ...

China batteries and new energy Global Markets Research EQUITY: ALTERNATIVE ENERGY Marketing takeaways – Singapore/KL/Europe Interest continues to build around ESS batteries, grid equipment and China IDC market We recently concluded a marketing trip across Singapore, Kuala Lumpur and various European countries over the past two weeks, with discussions primarily centering around the lithium battery supply chain, renewable energy (solar, wind and power grid) and IDC (Internet data center) development in China. ...

Event Overview - The 2025 (10th) Qidian Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony will be held on December 18-19, 2025, in Shenzhen, marking the 10th anniversary of Qidian Lithium Battery and Qidian Research [1][4] - The theme of the event is "New Cycle, New Technology, New Ecology," focusing on discussions around new materials, processes, technologies, and the evolving industry landscape [1][4] Event Structure - The event includes a main conference and a user-side energy storage and battery technology forum, featuring various specialized sessions [1][4][6] - Key topics include advancements in cylindrical battery technology, battery innovation, new materials, and applications in energy storage [4][6][8] Key Participants - The event will host numerous industry leaders and experts, including representatives from major companies such as CATL, BYD, and BASF, among others [3][10] - Sponsorship and speaking opportunities are provided by various companies, indicating strong industry support and engagement [1][3] Awards and Recognition - The Lithium Battery Golden Ding Award aims to recognize outstanding brands and contributions to the new energy battery industry, promoting innovation and sustainable development [17] - The award ceremony will take place on December 19, 2025, during the evening banquet [18] Registration and Participation - Registration for the event is priced at 2888 RMB per person, which includes access to the conference, meals, and industry white papers [18]

Core Insights - The article discusses the upcoming 2025 Lithium Battery Industry Annual Conference and the Lithium Battery Golden Tripod Award Ceremony, highlighting the event's theme of "New Cycle, New Technology, New Ecology" and its scheduled dates of December 18-19, 2025, in Shenzhen [2]. Group 1: Event Details - The event will be hosted by Qidian Lithium Battery, Qidian Energy Storage, and Qidian Research Institute SPIR, with various sponsors and speakers from leading companies in the lithium battery and energy storage sectors [2]. - The conference aims to address advancements in lithium battery technology and user-side energy storage solutions, reflecting the industry's evolving landscape [2]. Group 2: Industry Statistics - According to SPIR, from January to September 2025, the shipment of carbon nanotube conductive slurry in China exceeded 170,000 tons, marking a 26% year-on-year increase. This growth is attributed to the rising penetration of electric vehicles and the increasing performance requirements of new battery materials [2]. - The top 10 companies in terms of shipment volume for the same period include Tian Nai Technology, San Shun Nano, Qujing Feimo, and others, indicating a competitive landscape in the carbon nanotube conductive agent market [3]. Group 3: Research Institute Overview - Qidian Research Institute SPIR specializes in the new energy and new materials industry chain, with over 15 years of research experience. It provides various services, including databases, industry white papers, and customized market research reports [5]. - The institute has served prominent global companies such as Samsung, LG, and CATL, showcasing its credibility and expertise in the field [5].

证券研究报告·行业研究·电力设备与新能源行业 需求强劲，价格弹性可期，开启新周期 --电动车2026年年度策略 首席证券分析师 ：曾朵红 执业证书编号：S0600516080001 联系邮箱：zengdh@dwzq.com.cn 联系电话：021-60199798 2025年12月14日 请务必阅读正文之后的免责声明部分 备注：全文的"预计"如果没有特别说明，均为东吴证券研究所电新组预测 1 摘要： 2 ◆ 26年国内预计销量同增15%，欧洲销量持续高增，全球有望14%增长，考虑带电量提升，预计动力电池维持20%增长。25年国内 汽车消费政策持续+购置税退坡前抢装+出口强劲，全年预期30%增长至1676万辆，26年购置税退坡，预计Q1需求短期承压，且 我们预计26年"两会后"以旧换新补贴续力释放，有望托底26年销量，叠加重卡+出口强势高增，预计2026年新能源车销量1925 万辆，同增15%。欧洲补贴退坡消化完毕，叠加25H2起新车周期，预计全年34%增长至394万辆，26年英国、意大利等市场政策 加码，叠加新车刺激，预计维持30%增长。美国不确定性增加，短期需求放缓，新车型延期，预计25年销量增速放缓至4% ...