机构：中国新能源汽车渗透率加速上扬

Core Viewpoint - The Chinese electric vehicle (EV) market is experiencing a stable environment with a notable increase in promotional efforts and a positive demand response, despite a decrease in the number of models experiencing price cuts compared to previous years [1] Group 1: Market Trends - In September, 23 vehicle models saw price reductions, compared to 36 models in the same month last year and 11 models in 2023 [1] - The promotional intensity for new energy vehicles (NEVs) in September 2025 is at a mid-high level of 10.2%, an increase of 2.6 percentage points year-on-year and a slight rise of 0.7 percentage points from the previous month [1] Group 2: Supply and Demand Dynamics - On the supply side, continuous introduction of new products by battery and main engine manufacturers is positively impacting demand, supported by ongoing policy initiatives [1] - The industry has undergone significant price declines, with capital expenditures contracting, leading to an optimized supply-demand structure [1] - The overall price level in the NEV industry chain is at a low point, making price increases more likely than decreases, with strong demand resilience creating good investment opportunities [1] Group 3: Industry Outlook - According to Huaxin Securities, the Chinese NEV industry is expected to maintain rapid sales growth in the second half of the year, driven by policies such as "Two New" [1] - Several new energy vehicle companies are improving their gross margins as they scale up sales, significantly enhancing their profitability visibility [1] - The penetration rate of Chinese NEVs is accelerating, with an increase in quality supply and a highly competitive environment [1]