机构：预计2025年末新能源车销量仍将维持高景气

Core Viewpoint - The wholesale sales of new energy passenger vehicles in China are projected to reach 1.61 million units in October, reflecting a year-on-year growth of 16% and a month-on-month increase of 7% [1] Group 1: Market Trends - According to CMB International Securities, the new energy vehicle purchase tax exemption policy is expected to shift from "full exemption" to "half exemption" by 2026, which may drive consumers to purchase vehicles before the end of the year [1] - The end-of-year sales push from automakers is anticipated to maintain high sales levels for new energy vehicles through the end of 2025, although the market may return to a seasonal downturn in the first quarter of 2026 [1] Group 2: Supply and Demand Dynamics - Huaxin Securities notes that continuous new product launches from battery and main engine manufacturers are positively received by the demand side, while policies are also increasingly supportive [1] - The industry has experienced significant price declines, leading to reduced capital expenditures and an improving supply-demand balance, with industry associations and companies actively optimizing capacity and supply to ensure price stability for profitability [1] Group 3: Investment Opportunities - Overall, the price levels in the new energy vehicle industry chain are at a low point, making prices more likely to rise than fall, with strong demand resilience [1] - The recent adjustments in the market present good opportunities for investment, as core companies in the industry chain are currently valued at historically low levels, indicating a positive outlook for high-quality companies in the sector [1]