新能源板块行业月报：10月新能源车产销量同比向上，关注锂电厂商招标、新技术方向

Investment Rating - The investment rating for the industry is "Outperform the Market" and is maintained [2]. Core Views - In October, the domestic retail penetration rate of new energy vehicles reached 52.9%, an increase of 15 percentage points compared to the same period last year. The production of new energy passenger vehicles reached 1.379 million units, a year-on-year increase of 49.9% and a month-on-month increase of 12.6%. Retail sales of new energy passenger vehicles were 1.196 million units, up 56.7% year-on-year and 6.4% month-on-month. Wholesale sales reached 1.369 million units, reflecting a year-on-year increase of 55.2% and a month-on-month increase of 11.2% [2][3]. Summary by Sections New Energy Vehicle Production and Sales - In October, major manufacturers' new energy vehicle deliveries included BYD with 500,500 units (up 66.2% year-on-year), SAIC with 157,100 units (up 51.08%), and others like Li Auto and NIO showing increases of 27.3% and 30.5% respectively [3]. Battery Production and Installation - The production of power and other batteries in October grew by 36.8%, with a total output of 113.1 GWh, marking a year-on-year increase of 45.5%. The installation of power batteries reached 59.2 GWh, up 51.0% year-on-year [3]. Key Battery Developments - LG Energy signed a long-term supply agreement for 50.5 GWh of batteries with Mercedes-Benz, while CATL entered a strategic partnership with Taiyuan Heavy Industry. Additionally, LG Energy secured two contracts with Ford for a total of 109 GWh of battery supply starting in 2026 [4]. Solid-State Battery Technology Updates - The first domestic solid-state lithium battery production line has commenced operations, with several companies, including Renault and Jiangxi Yili, advancing their solid-state battery projects. Notably, a new solid-state battery product was jointly launched by Tablue New Energy and Changan Automobile [6]. Investment Recommendations - The report suggests maintaining focus on domestic lithium battery manufacturers' bidding situations and continues to recommend companies like Xian Dao Intelligent, Hangke Technology, and others that collaborate with quality battery manufacturers [7].