Zhong Guo Neng Yuan Wang·2025-08-20 07:20Core Viewpoint - The report highlights the stable growth of new energy vehicle (NEV) sales in China, with a positive outlook for the market in 2025 due to manufacturers accelerating their transition to new energy [1][2]. Summary by Sections New Energy Vehicle Sales - In July 2025, China's NEV sales reached 1.262 million units, representing a year-on-year growth of 27.41% and a penetration rate of 48.7% [1][2]. - From January to July 2025, NEV sales totaled 8.22 million units, showing a year-on-year increase of 38.5% with a penetration rate of 45% [1][2]. Battery Installation Volume - In July 2025, the installation volume of power batteries in China was 55.9 GWh, marking a year-on-year growth of 34% [2]. - Cumulatively, from January to July 2025, the total installation volume of power batteries reached 356 GWh, reflecting a year-on-year increase of 45% [2]. Lithium Iron Phosphate Battery Performance - In July 2025, the installation volume of lithium iron phosphate batteries was 44.9 GWh, accounting for 80% of total installations, with a year-on-year growth of 49% [2]. - From January to July 2025, the total installation volume of lithium iron phosphate batteries was 288.8 GWh, representing 81% of total installations and a year-on-year increase of 69% [2]. Leading Companies in Battery Installation - In July 2025, CATL's battery installation volume was 23.1 GWh, making up 41% of the total, with a year-on-year growth of 19% [3]. - BYD's battery installation volume in July 2025 was 11.8 GWh, accounting for 21% of the total, with a year-on-year increase of 26% [3]. - From January to July 2025, CATL's cumulative battery installation volume was 151.7 GWh, representing 43% of the total and a year-on-year growth of 35% [3]. Industry Performance - The power equipment industry experienced a weekly increase of 5.84%, ranking 4th among 31 primary industries in the Shenwan classification [4]. - The industry outperformed the CSI 300 index, which saw a weekly increase of 2.37% [4]. Stock Performance - The top five stocks in the power equipment industry by weekly increase were: Oulu Tong, Yishitong, Shuangyi Technology, Huayang Intelligent, and Tongguan Copper Foil [5]. - The bottom five stocks by weekly decrease were: Jinlihua Electric, *ST Mubang, Feiwo Technology, *ST Jingang, and Gaocai Shares [5]. Investment Strategy - The report suggests focusing on companies with strong technology and influence in the power battery supply chain, such as CATL [6].