Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by over 10% in the next six months [5]. Core Insights - In September 2025, the production and sales of new energy vehicles (NEVs) reached historical highs, with production and sales of 1.617 million and 1.604 million units respectively, representing year-on-year growth of 23.7% and 24.6%, and month-on-month growth of 16.25% and 14.98% [4]. - The penetration rate of NEVs in September was 49.7%, up 0.9 percentage points month-on-month, while the year-to-date penetration rate was 46.1% [4]. - Battery sales also saw significant growth, with total battery production reaching 151.2 GWh in September, a month-on-month increase of 8.3% and a year-on-year increase of 35.4% [4]. - The report highlights strong demand for energy storage in both domestic and international markets, with leading battery companies operating at full capacity [4]. Summary by Sections New Energy Vehicle Market - In September 2025, NEV sales reached 1.604 million units, with pure electric vehicle sales at 1.058 million units, showing a year-on-year increase of 36.4% [4]. - Year-to-date NEV sales totaled 11.224 million units, with pure electric vehicles accounting for 7.22 million units, reflecting a year-on-year growth of 44.7% [4]. Battery Production and Sales - In September, the total battery sales were 146.5 GWh, with power batteries accounting for 110.5 GWh, representing 75.5% of total sales [4]. - The report notes that the export of batteries in September was 26.7 GWh, with power batteries making up 17.6 GWh of that total [4]. Investment Recommendations - The report suggests focusing on leading companies in the lithium battery supply chain, particularly those with technological and production advantages in solid-state electrolytes and new materials [4]. - Key companies to watch include CATL, EVE Energy, and others that are actively developing solid-state battery technologies [4].

Market Overview - The market experienced a day of volatility with the Sci-Tech 50 index leading the decline, closing down 4.26% at 1410.30 points [2][4] - Major indices such as the Shanghai Composite Index and Shenzhen Component Index also saw declines of 0.62% and 2.54% respectively, indicating a broad market downturn [2][4] Sector Performance - The banking sector showed resilience with a gain of 2.51%, while coal and food & beverage sectors also performed positively with increases of 2.18% and 1.69% respectively [3][4] - Conversely, sectors such as telecommunications and electronics faced significant declines, with losses of 4.98% and 4.64% respectively [3][4] Conceptual Index Performance - Conceptual indices such as cultivated diamonds and liquor concepts performed well, with gains of 3.74% and 1.64% respectively [3][4] - In contrast, sectors like state-owned fund holdings and advanced packaging saw declines of 5.47% and 3.96% respectively [3][4] Future Outlook - The market is expected to remain under pressure due to ongoing uncertainties in U.S.-China relations and potential impacts from trade discussions [6] - The report highlights that the supply tightness, policy uncertainties, and surging investment demand could continue to support gold and silver prices in the near term [6] Key Economic Indicators - The report notes that the retail sales of passenger vehicles reached a historical peak in September, suggesting a stable growth trend in the automotive market for the fourth quarter [5] - The Ministry of Commerce's recent announcements regarding countermeasures against U.S. maritime actions may also influence market dynamics [5]

Market Overview - The three major indices opened lower but rebounded throughout the day, with the Shanghai Composite Index closing at 3889.50, down 0.19% [2] - The Shenzhen Component Index closed at 13231.47, down 0.93%, while the CSI 300 Index closed at 4593.98, down 0.50% [2] - The ChiNext Index closed at 3078.76, down 1.11%, but the STAR 50 Index rose by 1.40% to 1473.02 [2] Sector Performance - The top-performing sectors included Nonferrous Metals (up 3.35%), Environmental Protection (up 1.65%), and Steel (up 1.49%) [3] - The underperforming sectors were Automotive (down 2.33%), Household Appliances (down 1.74%), and Beauty Care (down 1.58%) [3] - Concept sectors that performed well included Rare Earth Permanent Magnet (up 6.92%) and Military Restructuring Concept (up 3.51%) [3] Future Outlook - The market showed resilience despite initial declines due to U.S. tariff threats, with a notable recovery in the afternoon [4] - The trading volume in the Shanghai and Shenzhen markets was 2.35 trillion, a decrease of 160.9 billion from the previous trading day [6] - The report suggests that the market's risk appetite may remain resilient due to accumulated experience and policy support, with potential sector rotation favoring anti-tariff and stable assets like rare earths and military [6] Economic Indicators - China's goods trade for the first three quarters reached 33.61 trillion yuan, a year-on-year increase of 4%, with exports at 19.95 trillion yuan (up 7.1%) and imports at 13.66 trillion yuan (down 0.2%) [5] - In September, trade volume was 4.04 trillion yuan, reflecting an 8% year-on-year growth [5]

基 金 ETF 基金周报（20251006-20251010）： 战略金属与新兴产业的双重驱动 稀土板块仍具备投资价值 2025 年 10 月 13 日 投资要点 分析师：李荣 SAC 执业证书编号： S0340521010001 基金从业资格证书编号： F4520000001431 电话：0769-26628039 邮箱：lirong@dgzq.com.cn 研 究 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 证 券 研 究 报 告 资料来源：东莞证券研究所，Wind 资讯 各类ETF基金周度平均收益及资金流动概览：本周全球大类资产显著分 化。日经指数在高市早苗大概率当选女首相等消息影响下跳空涨超5%， 而美国市场受政府停摆影响及贸易摩擦升级的影响，三大指数均跌超2%， 港股市场同步调整，而传统避险资产黄金一度再创出历史新高。国内权 益市场方面，价值风格优于成长风格。在ETF基金方面，商品型ETF和货 币型ETF基金周度平均收益为正，其他类型ETF基金均录得负收益。本周 ETF基金资金流动情况并不显著， ...

证券研究报告 2025 年 10 月 13 日 星期一 【新股发行跟踪（20251013）】 一、上周新股表现情况 上周（10 月 6 日-10 月 10 日）共有 1 只新股上市，上市首日涨跌幅为 349.82%。 表 1：上周新股表现 新股发行跟踪 图 2：周度新股上市首日涨跌幅均值及破发率 | 股票代码 | 股票简称 | 上市日期 | 上市 | 发行价 | 发行市 | 证监会行业 | 首日收盘 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 板块 | 格（元） | 盈率 | | 涨跌幅(%) | | 920080.BJ | 奥美森 | 2025-10-10 | 北证 | 8.25 | 12.52 | 专用设备制造业 | 349.82 | 资料来源：东莞证券研究所，iFinD 二、周度新股上市情况走势 从周度新股上市规模来看，上周（10 月 6 日-10 月 10 日，下同）较上 上周（9 月 29 日-10 月 3 日，下同）相比，上市新股数量少 1 只，首发募 资金额少 21.79 亿元。 从周度上市新股表现来看，上周与上上周均无 ...

证券研究报告 2025 年 10 月 13 日 星期一 【A 股市场大势研判】 A 股震荡回调，三大指数集体下挫 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3897.03 | -0.94% | -36.94 | | | 深证成指 | 13355.42 | -2.70% | -370.14 | | | 沪深 300 | 4616.83 | -1.97% | -92.65 | | | 创业板 | 3113.26 | -4.55% | -148.56 | | | 科创 50 | 1452.68 | -5.61% | -86.41 | | | 北证 50 | 1506.91 | -1.24% | -18.90 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 建筑材料 ...

汽车行业 超配（维持） 汽车行业双周报（2025/09/26-2025/10/09） 行 业 三部门调整减免车辆购置税新能源汽车产品技术要求 2025 年 10 月 10 日 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 S0340124020014 电话：0769-22117626 资料来源：iFinD，东莞证券研究所 分析师：刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 申万汽车行业指数涨跌幅：截至2025年10月9日，申万汽车板块近两周 上涨0.74%，跑输沪深300指数1.78个百分点，在申万31个行业中排名第 16名；申万汽车板块从9月初至今下跌0.39%，跑输沪深300指数1.87个 百分点，在申万31个行业中排名第28名；申万汽车板块从2025年初至今 上涨27.92%，跑赢沪深300指数8.24个百分点，在申万31个行业中排名 第9名。 周 报 研究助理：吴镇杰 SAC 执业证书 ...

Investment Themes - Recommended stocks include Huaxin Cement, China State Construction, and Ningde Times in the cyclical sector[2] - In the consumer sector, recommended stocks include Hengrui Medicine and Shanxi Fenjiu[2] - In the power equipment and new energy vehicle sector, recommended stocks include Ningde Times and Goldwind Technology[2] - In the TMT sector, recommended stocks include Longi Green Energy and Luxshare Precision[2] Market Performance - As of September 30, 2025, the Shanghai Composite Index rose by 12.73%, the Shenzhen Component Index by 29.25%, and the ChiNext Index by 50.40%[4] - The average gain of the recommended stock portfolio was 33.11%, significantly outperforming the CSI 300 Index's gain of 17.90%[4] - Key outperformers included Huaxin Cement and Ningde Times, with quarterly gains exceeding 50%[4] Economic Outlook - The macroeconomic environment remains stable, with a focus on "appropriate easing" in monetary policy to support growth[4] - The manufacturing PMI showed signs of recovery but remained in contraction territory as of September[4] - The report anticipates continued inflow of foreign capital due to the Federal Reserve's interest rate cuts, enhancing the attractiveness of equity assets[4] Company Highlights - Huaxin Cement's projected EPS for 2025 is 1.30, with a PE ratio of 14.27[6] - China State Construction's projected EPS for 2025 is 1.16, with a PE ratio of 4.68[12] - China Rare Earth's projected EPS for 2025 is 0.34, with a PE ratio of 150.92[25] - Hengrui Medicine's projected EPS for 2025 is 1.26, with a PE ratio of 56.90[33]

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by more than 10% in the next six months [49]. Core Insights - The lithium battery index has increased by 5.09% over the past two weeks, outperforming the CSI 300 index by 2.57 percentage points. Year-to-date, the lithium battery index has risen by 64.43%, surpassing the CSI 300 index by 44.75 percentage points [4][13]. - Strong demand for energy storage in both domestic and international markets is noted, with leading battery companies operating at full capacity and orders extending into next year. The National Development and Reform Commission and the Energy Administration have set a target for new energy storage installations to exceed 180 GW by 2027 [45]. - Recent government announcements regarding export controls on lithium batteries and related materials are expected to have a minimal impact on compliant export applications. Significant breakthroughs in solid-state battery technology have been achieved, indicating ongoing advancements in the industry [45]. Summary by Sections Market Review - As of October 9, 2025, the lithium battery index has shown a 5.09% increase over the last two weeks and a 1.52% increase for the month, with a year-to-date increase of 64.43% [4][13]. Price Changes in the Lithium Battery Supply Chain - As of October 9, 2025, the average price of battery-grade lithium carbonate is 72,900 CNY/ton, down 0.82% over the past two weeks. Lithium hydroxide prices remained stable at 71,600 CNY/ton. Prices for various cathode materials have seen increases, with NCM523, NCM622, and NCM811 rising by 5.13%, 3.73%, and 2.40% respectively [6][28][33]. Industry News - The Ministry of Commerce and the General Administration of Customs announced export controls on lithium batteries and related materials effective November 8, 2025. This includes lithium-ion batteries with energy densities of 300 Wh/kg or more and specific cathode materials [41]. - The report highlights the strong performance of leading companies in the lithium battery supply chain, suggesting a focus on firms with technological and production advantages in solid-state electrolytes and new cathode/anode materials [45][46]. Company Announcements - Notable companies such as CATL (宁德时代) and EVE Energy (亿纬锂能) are highlighted for their advancements in solid-state battery production and significant revenue growth, with CATL achieving a revenue of 178.886 billion CNY in the first half of 2025, a year-on-year increase of 7.27% [46][47].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, expecting the industry index to outperform the market index by more than 10% in the next six months [39]. Core Insights - The automotive sector has shown a mixed performance, with the Shenwan Automotive Index increasing by 0.74% over the past two weeks, underperforming the CSI 300 Index by 1.78 percentage points, ranking 16th among 31 industries [11][18]. - Year-to-date, the automotive sector has risen by 27.92%, outperforming the CSI 300 Index by 8.24 percentage points, ranking 9th among 31 industries [11][18]. - Recent adjustments in vehicle purchase tax exemptions for new energy vehicles (NEVs) are expected to enhance the overall technical standards of NEVs and phase out outdated production capacities [34][24]. Industry Data Tracking - As of October 9, 2025, raw material prices show a slight decline in steel prices by 0.30%, while aluminum prices increased by 1.16%. Copper and lithium carbonate prices remained stable, and prices for synthetic rubber and glass rose by 0.68% and 0.99%, respectively [20][21]. Industry News - The Ministry of Industry and Information Technology announced adjustments to the technical requirements for NEVs, increasing the minimum electric range for plug-in hybrid vehicles from 43 km to 100 km [24]. - The National Development and Reform Commission has allocated 69 billion yuan in special bonds to support the consumption upgrade policy [25]. - The China Automobile Dealers Association reported a retail sales figure of 1.776 million passenger vehicles from September 1-27, remaining flat year-on-year [26]. Company News - BYD reported a 5.52% year-on-year decline in NEV sales for September, totaling 396,300 units [30]. - Seres announced a 19.44% increase in NEV sales for September, reaching 44,700 units [30]. - Tesla plans to launch a lower-priced version of the Model Y to adapt to changes in U.S. electric vehicle incentives [30]. Investment Recommendations - The report suggests focusing on companies that enhance brand competitiveness through intelligent processes, such as BYD and Seres [34]. - It also highlights the potential growth in the intelligent driving supply chain, recommending companies like Fuyao Glass and Joyson Electronics [34]. - Additionally, it points to Yutong Bus as a beneficiary of the "old for new" policy in the new energy bus sector [34].