Zhong Guo Neng Yuan Wang·2025-11-17 02:35Core Insights - China's CPI in October increased by 0.2% year-on-year, while the core CPI reached its highest level since March 2024, indicating effective demand expansion policies [1] - The PPI saw its first month-on-month increase of 0.1% in 2023, with a narrowing year-on-year decline [1] Industry Overview - The demand for new energy vehicles (NEVs) remains strong, with October production and sales reaching 1.772 million and 1.715 million units, respectively, marking year-on-year growth of 21.1% and 20% [2] - Cumulative production and sales from January to October reached 13.015 million and 12.943 million units, reflecting year-on-year growth of 33.1% and 32.7% [2] - The supply side is seeing continuous product launches from battery and main engine manufacturers, with positive feedback from demand and supportive policies [2] Price Trends - The industry has experienced significant price declines, but the supply-demand balance is improving, leading to price stabilization and recovery in certain segments [2] - Key materials such as lithium carbonate and lithium hexafluorophosphate are witnessing strong demand and tight supply, resulting in price increases [2] Investment Strategy - The industry is expected to see price recovery by 2025, with a focus on high-quality companies that can deliver excess returns [3] - Recommended sectors include robotics, solid-state batteries, and liquid cooling technologies [3][4] Material Recommendations - Key companies in the main materials sector include CATL, Shangtai Technology, and Hunan Youneng [4] - New directions for investment include robotics (Zhejiang Rongtai), liquid cooling (Qiangrui Technology, Shenling Environment, Feirongda, Jiebang Technology), and solid-state batteries (Shenzhen Xinxing, Haopeng Technology, Naconoer, Liyuanheng) [4] Market Performance - The performance of various indices this week includes a decline of 1.11% for the NEV index, while the lithium battery index rose by 5.57% [5] - Notable stock performances include Huasheng Lithium Battery and Haike New Source, which saw increases of 79.6% and 71.4%, respectively [5] Industry Dynamics - Lithium prices have shown an upward trend, with lithium carbonate priced at 85,200 CNY/ton, a 6.0% increase from last week [7] - The Ministry of Public Security is seeking public opinion on national standards for motor vehicle operation safety, and a factory for electric vertical take-off and landing vehicles has entered trial production in Guangzhou [7]