Zhong Guo Neng Yuan Wang·2025-09-08 01:41Core Insights - The report highlights a strong growth trend in the new energy vehicle (NEV) sector, with July production and sales reaching 1.243 million and 1.262 million units, respectively, marking year-on-year increases of 26.3% and 27.4% [1][2] - For the first seven months of the year, NEV production and sales totaled 8.232 million and 8.22 million units, reflecting year-on-year growth of 39.2% and 38.5% [1][2] - NEVs accounted for 48.7% of total new car sales in July and 45% for the first seven months, indicating a significant market share [1][2] Industry Overview - The supply-demand structure is continuously optimizing, supported by favorable policies and the introduction of new products from battery and main engine manufacturers [2] - The industry has experienced a significant price decline, leading to reduced capital expenditures, while companies are actively optimizing capacity and supply to ensure profitability [2] - The overall price level in the industry is at a low point, with expectations for price recovery by 2025 [3] Investment Strategy - The report maintains a "recommended" rating for the NEV industry, emphasizing the selection of companies likely to deliver excess returns [3] - Key investment directions include solid-state batteries, battery materials, and liquid cooling technologies [3][4] Market Performance - The NEV index, lithium battery index, and other related indices showed varied performance, with the lithium battery index increasing by 9.20% [5] - Notable company performances included Tianhong Lithium, Xian Dao Intelligent, and others, with significant weekly gains [5] Price Trends - Lithium carbonate prices decreased by 6.2% to 74,700 CNY/ton, while lithium hydroxide prices fell by 1.7% to 75,500 CNY/ton [7] - Other materials such as nickel and cobalt showed mixed price movements, with cobalt increasing by 1.5% to 271,000 CNY/ton [7] Key Industry Developments - Major companies like BYD and Xiaopeng have released their August electric vehicle sales data, indicating ongoing market activity [8]