汽车及汽车零部件行业周报：宁德时代加码换电拓宽商业模式，AI眼镜催化可穿戴电池量价齐升

Investment Rating - Buy (Maintain Rating) [19] Core Viewpoints - The automotive sector's price dynamics are primarily driven by competitive landscape, with a focus on leading players in well-structured markets and internationalization [1] - The report anticipates a significant increase in high-level penetration rates for advanced driving technologies, projecting a twofold increase to 15% by 2025 [1] - The report highlights the upcoming commercialization of the Robotaxi industry and the importance of core components like intelligent driving chips and lidar [1] - The battery sector is expected to see advancements in both cathode and anode technologies, with a focus on high-voltage lithium iron phosphate for cathodes and innovative iterations for anodes [1] Summary by Sections 1.1 Domestic Market - From December 1-15, 2023, retail sales of passenger vehicles reached 1.083 million units, with electric vehicle sales at 536,000 units, reflecting a year-on-year increase of 43% [38] - The report notes that the "old-for-new" policy has significantly boosted market demand, with expectations for continued strong sales in December [38] 1.2 New Models - The launch of the Huawei Smart R7 range-extended version and NIO's ET9 marks a significant development in the market, with the ET9 priced starting at 788,000 yuan [5][70] - The report emphasizes the competitive edge of the Smart R7 due to its practical design and features, which cater to mainstream consumer needs [69] 2.1 Battery Industry Price and Supply-Demand Analysis - As of December 20, 2023, lithium hydroxide prices remained stable at 70,100 yuan/ton, while carbonate lithium prices decreased by 1.29% to 76,400 yuan/ton [46] - The report indicates a gradual increase in demand for electric vehicles, driven by promotional activities from manufacturers and government incentives [46] 3.1 CATL's Battery Swapping Innovations - CATL is advancing its battery swapping model, planning to establish 1,000 battery swap stations by 2025, with a long-term goal of 30,000 stations [87] - The introduction of standardized battery swap blocks aims to enhance compatibility and reduce operational costs [87] 3.2 Wearable Battery Innovations - The report identifies a pivotal moment for AI glasses, with major tech companies expected to drive significant sales growth in 2024 and 2025 [88] - New technologies such as silicon-carbon anodes and steel-shell batteries are anticipated to enhance product performance and pricing in the wearable battery sector [88]