新能源板块行业周报：积极推动新能源城市公交车及动力电池更新，1-8月我国新能源车销量及动力电池装机量同比高增

Investment Rating - The industry investment rating is "Outperform the Market" [1][4] Core Insights - The report highlights the active promotion of new energy city buses and power battery updates, with significant year-on-year growth in installed capacity from January to August 2024 [1] - The Ministry of Transport, along with other departments, has issued a notice to support the update of new energy city buses and power batteries, detailing specific subsidy standards and processes [1] - In the first eight months of 2024, China's new energy vehicle sales reached approximately 627.7 million units, a year-on-year increase of 43%, with power battery installed capacity growing to about 292.1 GWh, a 41% increase [1] Summary by Sections Policy Support - The report mentions the issuance of a supplementary notice on September 25, 2024, by three departments to enhance the update of new energy city buses and power batteries, including clear subsidy standards and vehicle types eligible for support [1] - The National Development and Reform Commission has allocated long-term special bond funds to support the updates, with an average subsidy of 4.2 million yuan per new energy bus, exceeding 50% of the new power battery purchase price [1] Market Performance - In 2023, Guangdong Province led in new energy vehicle production, with a total of 128.7 million units, followed by Shanghai, Shaanxi, Anhui, and Jiangsu [1] - The penetration rate of new energy vehicles in Shaanxi Province reached 71.6%, the highest in the country, with other provinces following closely [1] Lithium Battery Market - The average price of battery-grade lithium carbonate slightly increased to 77,000-79,500 yuan per ton as of September 30, 2024, while industrial-grade lithium carbonate prices were reported at 69,500-71,500 yuan per ton [1] - The report suggests that as raw material costs in the lithium battery supply chain decrease and policy support continues, the demand for new energy vehicles is expected to grow, benefiting leading companies in the sector [1] Investment Recommendations - The report recommends focusing on leading companies across various segments of the lithium battery supply chain, including Ningde Times, Yiwei Lithium Energy, and others [1] - It also highlights the potential of new technologies such as sodium batteries and lithium iron manganese phosphate batteries, suggesting attention to related companies [1] - Companies involved in fast-charging technology are also recommended for investment consideration [1]