销量持续增长，板块持续关注 | 投研报告

Core Insights - The report highlights a significant growth in China's new energy vehicle (NEV) sales and battery installations in September 2025, driven by supportive policies and improved cost-performance ratios [1][2]. Group 1: Industry Performance - In September 2025, the lithium battery index increased by 17.12%, outperforming the CSI 300 index, which rose by only 2.59% [2]. - NEV sales reached 1.604 million units in September 2025, marking a year-on-year growth of 24.63% and a month-on-month increase of 14.98% [1][2]. - The market share of NEV sales in September was 49.72%, indicating a strong demand [1]. Group 2: Battery Installation and Material Prices - The total installed capacity of power batteries in September 2025 was 76.0 GWh, reflecting a year-on-year growth of 39.45%, with ternary materials accounting for 18.16% of the installations [1][2]. - As of October 14, 2025, the price of battery-grade lithium carbonate was 73,000 CNY/ton, down 4.58% from early September, while lithium hydroxide was priced at 76,300 CNY/ton, a decrease of 2.09% [3]. - Cobalt prices increased significantly, with electrolytic cobalt at 375,500 CNY/ton, up 39.59% from early September [3]. Group 3: Investment Outlook - The industry maintains a "stronger than market" investment rating, with lithium battery and ChiNext valuations at 29.01 times and 43.42 times, respectively [4]. - The overall industry outlook remains positive, with a focus on raw material price trends, monthly sales, and relevant policies [4]. - The report suggests that while the short-term investment opportunities should be monitored closely, the long-term prospects for the NEV sector are promising, with expected performance differentiation among individual stocks [4].