新能源板块行业周报25年“以旧换新”政策将提前谋划，动力电池需求量或提振

Investment Rating - The report suggests a positive outlook for the industry, particularly for companies involved in the production of power batteries and new energy vehicles (NEVs) [2][9]. Core Insights - The 2025 'Trade-in' policy is being planned ahead to stabilize market expectations and improve related policies for used car transactions [6][7]. - The 2024 'Trade-in' policy has significantly boosted NEV sales by 34% from January to October, with over 4 million applications for car scrapping and replacement submitted [7][8]. - NEV production and sales reached 9.78 million and 9.75 million units, reflecting a year-on-year increase of 33% and 33.9% respectively [7][8]. - Power battery installations increased by 37.6% due to the growth in NEV sales, with total battery sales reaching 796.0 GWh, up 43.2% year-on-year [8]. Summary by Sections Investment Highlights - The 2025 'Trade-in' policy is being planned to enhance market stability and support used car transactions [6]. - The 2024 'Trade-in' policy has led to a significant increase in NEV sales and is expected to contribute to a growth of over 1.6 million units in the passenger car market [7]. Battery Sales and Demand - From January to October 2024, power battery sales reached 604.5 GWh, marking a year-on-year increase of 26.7% [8]. - The report indicates strong domestic demand for power batteries, despite a slowdown in export growth [8]. Investment Recommendations - The report recommends focusing on companies such as Contemporary Amperex Technology, EVE Energy, Gotion High-Tech, CALB Group, Sunwoda Electronic, and Farasis Energy due to the anticipated increase in power battery demand driven by the 'Trade-in' policies [9].