Zhong Guo Neng Yuan Wang·2025-12-19 02:05Core Insights - The report indicates a stable growth in the sales of new energy vehicles (NEVs) in China, with November 2025 sales reaching 1.823 million units, a year-on-year increase of 20.6%, resulting in a penetration rate of 53.2% [1][2] - The cumulative sales of NEVs from January to November 2025 reached 14.78 million units, reflecting a year-on-year growth of 31.24% and a penetration rate of 47.5% [1][2] - The installed capacity of power batteries in November was 93.5 GWh, marking a year-on-year increase of 39%, with a cumulative installed capacity of 672 GWh from January to November, up 42% year-on-year [1][2] New Energy Vehicle Market - The growth in NEV sales is attributed to major manufacturers accelerating their transition to new energy, leading to an optimistic outlook for the market [2] - The penetration rate of NEVs is expected to continue increasing as the industry evolves [2] Power Battery Market - The installed capacity of lithium iron phosphate (LFP) batteries in November was 75.3 GWh, accounting for 81% of total installations, with a year-on-year growth of 40% [2] - The installed capacity of ternary batteries was 18.2 GWh, representing 19% of total installations, with a year-on-year increase of 33.8% [2] - Cumulatively, LFP battery installations from January to November reached 545.4 GWh, also 81% of total installations, with a year-on-year growth of 57% [2] - Ternary battery installations during the same period totaled 125.7 GWh, accounting for 19% of total installations, with a modest year-on-year growth of 1% [2] Leading Companies in Power Battery - CATL (Contemporary Amperex Technology Co., Limited) had an installed capacity of 40.9 GWh in November, representing 44% of total installations, with a year-on-year growth of 42% [3] - BYD (Build Your Dreams) had an installed capacity of 19 GWh in November, accounting for 20% of total installations, with a year-on-year increase of 13% [3] - From January to November 2025, CATL's cumulative installed capacity was 287.7 GWh, 43% of total installations, with a year-on-year growth of 36% [3] - BYD's cumulative installed capacity during the same period was 148.2 GWh, 22% of total installations, with a year-on-year increase of 26% [3] Industry Performance - The power equipment industry experienced a weekly change of 1.19%, ranking 5th among 31 primary industries, outperforming the CSI 300 index [4] - The Shanghai Composite Index, CSI 300, Shenzhen Component Index, and ChiNext Index had weekly changes of -0.3%, -0.1%, 0.8%, and 2.7% respectively [4] - In sub-sectors, the performance varied, with electric motors II, other power equipment II, photovoltaic equipment, wind power equipment, batteries, and grid equipment showing different weekly changes [4] Stock Performance - The top five stocks in the power equipment industry by weekly gains were Maiwei Co., Tongguang Cable, Feiwo Technology, Hongxiang Co., and Aikesai Bo [5] - The top five stocks by weekly losses included Huarui Co., Binhai Energy, Tianji Co., Haike Xinyuan, and Yihua Tong [6]