华鑫证券-新能源汽车行业周报：供需结构持续优化，继续看好固态电池等核心方向-250907

Core Viewpoint - The article highlights the continuous optimization of the supply-demand structure in the new energy vehicle (NEV) industry, supported by favorable policies and strong demand, indicating a positive outlook for core companies in the industry [1][2]. Industry Overview - In July, NEV production and sales reached 1.243 million and 1.262 million units, respectively, marking year-on-year increases of 26.3% and 27.4% [1]. - From January to July, NEV production and sales totaled 8.232 million and 8.22 million units, with year-on-year growth of 39.2% and 38.5% [1]. - NEV sales accounted for 48.7% of total new car sales in July and 45% from January to July [1]. Supply and Demand Dynamics - The supply side is seeing new product launches from battery and main engine manufacturers, while the demand side is responding positively [1]. - The industry has experienced significant price declines, leading to reduced capital expenditures, which is optimizing the supply-demand balance [1]. - The overall price level in the industry is at a low point, with prices expected to rise due to strong demand resilience [1]. Investment Strategy - The industry is rated as "recommended," with a focus on sectors expected to yield excess returns, including robotics, solid-state batteries, battery materials, and liquid cooling technologies [2]. - Key companies in the main materials sector include Yiwei Lithium Energy, CATL, and Tianji [3]. Market Performance - The NEV index, lithium battery index, fuel cell index, charging pile index, and energy storage index saw weekly changes of +3.68%, +9.20%, -0.94%, -0.95%, and +11.45%, respectively [4]. - Notable performers in the lithium battery index included Tianhong Lithium, Xianlead Intelligent, Hangke Technology, Yiwei Lithium Energy, and Tianji, with increases of 78.8%, 51.5%, 49.7%, 36.4%, and 30.2% [4]. - Conversely, companies like BYD, Xingyun Co., Dongfang Precision, Dazhu Laser, and China National Materials experienced declines of 6.0%, 7.4%, 8.1%, 9.2%, and 9.7% [4]. Price Trends - Lithium carbonate prices are at 74,700 CNY/ton, down 6.2% from last week, while lithium hydroxide is at 75,500 CNY/ton, down 1.7% [5]. - Nickel prices on the LME are at 15,100 USD/ton, down 0.5%, while cobalt prices are at 271,000 CNY/ton, up 1.5% [5]. - Phosphate iron lithium prices remain stable at 34,300 CNY/ton, and various ternary precursor prices have seen slight increases [5].