新能源汽车行业周报：需求强劲，价格拐点，新技术加码

Investment Rating - The report maintains a "Recommended" investment rating for the new energy vehicle industry [3]. Core Insights - Strong demand and the introduction of high-quality models are driving growth in the new energy vehicle sector, with October production and sales reaching 1.463 million and 1.43 million units, respectively, marking year-on-year increases of 48% and 49.6% [2]. - The release of new technologies, such as CATL's "Xiaoyao" super hybrid battery, is expected to further stimulate demand across various brands [2]. - The overall price levels in the industry are at a low point, with expectations for price increases as demand exceeds forecasts [2]. Summary by Sections Investment Strategy - The report highlights that the "old-for-new" policy is boosting demand, while some companies are reducing capital expenditures, leading to a marginal improvement in supply-demand dynamics. Profitability in the industry is expected to improve quarter-on-quarter in 2024, with valuations likely to recover [3]. - Key materials companies to watch include Zhejiang Rongtai, Tianji Shares, Putailai, and Hunan Youneng [3]. - New directions for investment include mergers and acquisitions (Jieban Technology, Ribo Fashion), liquid cooling technologies (Qiangrui Technology, Shenling Environment, Feirongda, Yingweike), consumer batteries (Haopeng Technology, Zhuhai Guanyu), solid-state batteries, and composite current collectors (Yinglian Shares) [3]. Market Performance - In the latest week, the new energy vehicle index, lithium battery index, fuel cell index, charging pile index, and energy storage index experienced fluctuations of -0.44%, +3.31%, +0.02%, +1.39%, and -1.28%, respectively [5]. - Notable stock performances included Fosl Plastic and Dongfang Precision, which saw increases of 61.2% and 61.1%, respectively, while Zhenhua New Materials and Xinyu Ren experienced declines of -15.7% and -13.0% [5][33]. Price Trends - Lithium prices have seen a recent uptick, with carbonate lithium priced at 79,000 CNY/ton, up 0.5% from the previous week, and hydroxide lithium at 67,900 CNY/ton, up 1.0% [41]. - The report notes that the prices of key materials such as nickel and hexafluorophosphate lithium have also increased, while some precursor materials have seen slight declines [41][44]. Production and Sales Data - In the first ten months of 2024, China's electric vehicle sales reached 9.75 million units, a year-on-year increase of 33.9%, with October sales alone at 1.43 million units, reflecting a 49.6% increase [50]. - Major brands like BYD and Zeekr reported impressive sales figures, with BYD achieving 503,000 units sold in October, a 67% year-on-year increase [56].