产业链价格总体上涨，短期仍关注

Core Viewpoint - The report indicates a mixed performance in the lithium battery sector, with a year-on-year increase in new energy vehicle sales but a month-on-month decline, alongside rising raw material prices impacting the industry [1][2][3][4]. Group 1: New Energy Vehicle Sales - In July 2025, new energy vehicle sales in China reached 1.262 million units, representing a year-on-year growth of 27.35% but a month-on-month decline of 5.04% [1][2]. - The monthly sales accounted for 48.67% of total vehicle sales, driven by continued policy support and improved cost-performance of new energy vehicles [1][2]. Group 2: Lithium Battery Installation - In July 2025, the installed capacity of power batteries was 55.90 GWh, marking a year-on-year increase of 34.85%, with ternary materials accounting for 19.50% of the total installation [1][2]. Group 3: Raw Material Prices - As of August 13, 2025, the price of battery-grade lithium carbonate was 82,000 CNY/ton, up 33.88% from early July, while lithium hydroxide was priced at 74,800 CNY/ton, reflecting a 23.91% increase [3]. - Other raw materials such as cobalt and lithium iron phosphate also saw price increases, indicating a general upward trend in raw material costs [3]. Group 4: Industry Outlook and Ratings - The industry maintains a "stronger than market" investment rating, with lithium battery and ChiNext valuations at 23.68 times and 44.54 times, respectively [4]. - The report emphasizes the importance of monitoring raw material price trends, monthly sales, and relevant domestic and international trade policies, while highlighting the long-term growth prospects of the new energy vehicle sector [4].