机构：新能源车产业链价格处于底部

Core Viewpoint - China's new energy vehicle (NEV) exports from January to November 2025 have exceeded expectations, with plug-in hybrids and hybrids becoming new growth points, particularly strong performance in plug-in hybrid pickup exports [1] Group 1: Market Trends - The adjustment of the new energy vehicle purchase tax policy from "full exemption" to "half exemption" in 2026 is expected to drive consumers to purchase vehicles before the end of the year, maintaining high sales momentum for NEVs by the end of 2025 [1] - After a concentrated release in the fourth quarter, the car market may return to a seasonal downturn in the first quarter of 2026, suggesting a need for cautious investment while seizing structural opportunities [1] Group 2: Supply and Demand Dynamics - On the supply side, continuous introduction of new products by battery and main engine manufacturers, along with positive feedback from demand, indicates a strengthening market [1] - The industry has experienced significant price declines, with capital expenditures shrinking, leading to an optimized supply-demand balance; industry associations and companies are actively working to optimize capacity and supply to ensure price stability for profitability [1] - Overall, the price of the NEV industry chain is at a low point, with strong demand resilience, presenting good opportunities for investment as core companies in the industry chain are valued at historically low levels [1]