产业链供需两旺景气度回升，六氟价格延续上行

Core Viewpoint - The new energy vehicle (NEV) industry is experiencing significant growth, with record production and sales figures in September, driven by favorable policies and an improving supply-demand structure [1][2]. Industry Overview - In September, NEV production reached 1.617 million units, and sales hit 1.604 million units, marking year-on-year increases of 23.7% and 24.6% respectively [1][2]. - From January to September 2025, NEV production and sales totaled 11.243 million and 11.228 million units, reflecting year-on-year growth of 35.2% and 34.9% [1][2]. - The supply side is seeing continuous innovation from battery and main engine manufacturers, with positive feedback from demand and ongoing policy support [2]. Price Dynamics - The industry has undergone significant price declines, but the supply-demand balance is improving, with industry associations and companies actively optimizing capacity and supply to stabilize prices and ensure profitability [2]. - The overall price level in the supply chain is at a historical low, with signs of stabilization and recovery. Certain segments, such as lithium hexafluorophosphate, are experiencing strong demand and tight supply, leading to price increases [2]. Investment Strategy - The industry is rated positively, with expectations for price recovery in the supply chain by 2025. Companies that are likely to deliver excess returns are being prioritized, particularly in areas such as robotics, solid-state batteries, and liquid cooling technologies [3]. - Key companies in the main materials sector include CATL, Shangtai Technology, and Hunan Youneng [4]. Market Performance - The NEV index, lithium battery index, fuel cell index, charging pile index, and energy storage index showed varied performance, with the lithium battery index increasing by 4.43% [5]. - Notable stock performances include Huasheng Lithium Battery and Kechuan Technology, which saw increases of 61.2% and 34.7% respectively, while companies like Keda Li and Xian Dao Intelligent experienced declines [5]. Price Trends in Supply Chain - Lithium carbonate prices are at 80,300 CNY/ton, down 0.3% from last week, while lithium hydroxide is at 75,500 CNY/ton, down 0.4% [7]. - Other material prices include nickel at $14,900/ton, cobalt at 384,000 CNY/ton, and lithium iron phosphate at 34,800 CNY/ton, with various fluctuations noted [7].