新能源汽车行业周报：产业确定性在强化，继续布局优质资产

Investment Rating - The investment rating for the new energy vehicle industry is maintained as "Recommended" [2][4]. Core Viewpoints - The industry is experiencing a strong certainty, with opportunities for investment in high-quality assets. In December 2024, production and sales of new energy vehicles reached 1.53 million and 1.596 million units, respectively, representing year-on-year growth of 30.5% and 34% [3][60]. - The supply side is seeing continuous new product launches from battery and main engine manufacturers, with positive feedback from demand and supportive policies. The price level has undergone significant declines, and capital expenditures are being reduced, leading to an improved supply-demand structure [3][4]. - The overall price in the industry chain is at a low point, making it easier for prices to rise than to fall. The demand side remains resilient, and with adjustments in the stock prices of core companies, this presents a good opportunity for investment in high-quality companies within the industry chain [3][4]. Summary by Sections Market Tracking - The new energy vehicle index, lithium battery index, fuel cell index, charging pile index, and energy storage index experienced weekly changes of +5.13%, +4.98%, +3.84%, +2.96%, and +4.55%, respectively [6]. - The lithium price for lithium carbonate is quoted at 77,900 yuan/ton, up 2.5% from last week, while lithium hydroxide is at 70,500 yuan/ton, up 0.3% [6][35]. Price Tracking in Lithium Battery Industry - Year-to-date, major material prices have fluctuated, with lithium carbonate and nickel prices increasing by 3.9% and 4.9%, respectively. This week, lithium carbonate rose by 2.5% and nickel by 1.8% [31][35]. Production and Sales Data Tracking - In December, production and sales of new energy vehicles reached 1.53 million and 1.596 million units, with year-on-year growth of 30.5% and 34%, respectively. In 2024, production and sales reached 12.888 million and 12.866 million units, with year-on-year growth of 34.4% and 35.5% [60][72]. Industry Dynamics - The report highlights that the U.S. automotive market saw a 2.5% increase in sales in 2024, reaching over 16 million units, the highest in five years. In December, BYD's monthly sales exceeded 500,000 units, while mainstream joint venture automakers faced a decline in market share [74][75]. Key Company Announcements - Yongxing Materials expects a significant decline in net profit for 2024, projecting a range of 1.03 billion to 1.23 billion yuan, down from 3.407 billion yuan in the previous year [78][83].