新能源汽车行业周报：10月电动车产销两旺，需求强劲

Industry Investment Rating - The report maintains a "Recommended" rating for the new energy vehicle (NEV) industry, citing strong demand and improving supply-demand dynamics [3][93] Core Views - NEV production and sales in October reached 1.463 million and 1.43 million units, up 48% and 49.6% YoY respectively, driven by policy support and new model launches [2] - From January to October, NEV production and sales totaled 9.779 million and 9.75 million units, up 33% and 33.9% YoY, with a penetration rate of 39.6% [2][81] - The industry is expected to see sequential profit improvement in 2024, with valuation recovery, particularly in solid-state batteries, battery materials, and liquid cooling technologies [3][93] Industry Performance and Trends - The NEV index rose 12.22% YTD, while the lithium battery index increased 1.81%, and the charging pile index fell 2.98% [26] - Key companies like CATL and EVE Energy showed strong performance in energy storage, with material companies like Shangtai Technology and Zhongke Electric posting robust Q3 results [2][93] - Lithium prices rose, with lithium carbonate up 4.3% WoW to 78,700 yuan/ton, and cobalt prices increased 4.6% WoW to 182,000 yuan/ton [6][41] Key Companies and Investment Strategy - The report highlights companies like CATL, Shangtai Technology, and Hunan Yuneng in the main materials sector, and focuses on new directions such as solid-state batteries, liquid cooling, and composite current collectors [3][94] - Companies like BYD and Zeekr showed strong sales in October, with BYD selling 503,000 units, up 67% YoY, and Zeekr selling 25,000 units, up 92% YoY [66][67] Industry Dynamics - In October, China's power battery installations reached 59.2 GWh, up 51% YoY, with LFP batteries accounting for 79.4% of total installations [80][81] - Tesla recalled 2,400 Cybertrucks in the US due to a faulty component, marking its sixth recall this year [81] - Avita announced cumulative deliveries of 12,000 units for the Avita 07 and 10,000 orders for the Avita 12 within 12 days of launch [83]