锂电池行业月报：销量持续高增长，板块积极关注

Investment Rating - The report maintains an investment rating of "Outperform" for the lithium battery industry [1]. Core Viewpoints - The lithium battery sector has shown stronger performance compared to the CSI 300 index, primarily due to macro policy announcements and market style changes. The overall industry outlook remains positive, with a focus on raw material price trends, monthly sales, and the implementation of industry regulations [1][4]. - In October 2024, China's new energy vehicle sales reached 1.43 million units, marking a year-on-year increase of 49.58% and a month-on-month increase of 11.11%, driven by improved vehicle cost-performance and policy support [4][14]. - The report highlights the importance of closely monitoring the performance of leading companies in the sector, as individual stock performance is expected to diverge in the medium to long term [1]. Summary by Sections 1. Market Review - In October 2024, the lithium battery index fell by 7.11%, while the new energy vehicle index decreased by 6.42%, both outperforming the CSI 300 index, which dropped by 8.58% [10]. - Among individual stocks in the lithium battery sector, 53 stocks rose while 52 fell, with the median increase being 0.17% [10]. 2. New Energy Vehicle Sales and Industry Prices - In October 2024, new energy vehicle sales in China reached 1.43 million units, with a year-on-year growth of 49.58% and a monthly share of 46.84% [14]. - The report notes that the sales of new energy vehicles have been significantly boosted by government policies and the introduction of new models by manufacturers [14]. - The production of power batteries in China reached 54.50 GWh in September 2024, reflecting a year-on-year increase of 49.70% [28]. 3. Industry and Company News - The report emphasizes the need to focus on the performance of leading companies in the lithium battery sector, as their performance is expected to vary significantly [1]. - The report also discusses the trends in raw material prices, noting fluctuations in lithium carbonate and lithium hydroxide prices, which are currently at 76,000 CNY/ton and 71,000 CNY/ton, respectively [5][38]. 4. Investment Ratings and Main Lines - The report suggests that investors should actively seek opportunities within the lithium battery sector, particularly focusing on leading companies in niche markets [1].