新能源汽车产业链行业周报：宁德时代向宝马供货大圆柱，StarPlus Energy或获美国政府贷款支持

Investment Rating - The industry investment rating is "Positive (Maintain)" [1]. Core Viewpoints - The demand for new energy vehicles (NEVs) in China is showing strong growth, with sales reaching 8.32 million units from January to September 2024, a year-on-year increase of 33%. The installed capacity of power batteries is 346.6 GWh, up 36% year-on-year. The penetration rate continues to rise, indicating a robust growth trend for lithium battery demand through 2025 [12][21]. - The overall profitability trend in the industry is stabilizing and slightly improving. Both upstream lithium resources and downstream batteries have shown significant recovery. However, midstream materials are still affected by the depreciation of lithium carbonate, particularly impacting ternary materials [12][21]. - The lithium battery industry has experienced a cycle of "volume and price decline—volume stabilization and price decline—volume recovery and price stabilization." Current observations suggest that the prices of upstream resources have bottomed out, and industry consolidation is underway, which is expected to support a sustained improvement in profitability [12][22]. Summary by Sections 1. Weekly Highlights - CATL will supply cylindrical batteries for BMW's new generation electric vehicles starting in 2026, with production capacity of 20 GWh per factory in China and Europe [25][26]. - The U.S. Department of Energy plans to provide a loan of $7.54 billion to StarPlus Energy for the construction of electric vehicle battery factories in Indiana [26][27]. 2. Industry News - Ganfeng Lithium signed a share transfer agreement with the Malian government, transferring 35% of its subsidiary's shares [12][39]. - The prices of key lithium battery materials are being tracked, with lithium carbonate priced at 77,000 CNY per ton, down 1.41% from the previous week [12][45]. 3. Investment Recommendations - Recommended stocks include CATL (300750, Buy), Wanma Co. (002276, Buy), and several others in the solid-state battery and hydrogen energy sectors, which are expected to have significant growth potential [12][22].