CATL(SZ:300750) Minmetals Securities·2025-04-21 01:45Investment Rating - The industry rating is "Positive" with an expectation of overall sector returns exceeding the benchmark index by more than 10% [5][21]. Core Insights - The 2025 version of the national standard for electric vehicle power batteries (GB38031-2025) is the strictest to date, set to be implemented on July 1, 2026. Key changes include revised thermal diffusion requirements and the introduction of new tests for bottom impact and fast charging cycles [2][10]. - A significant 78% of surveyed companies in the battery and automotive sectors have the technical capability to meet the new "non-ignition, non-explosion" requirements by February 2024 [3][16]. - The new standards are expected to enhance safety in the battery industry, promote high-quality development, and improve the penetration rate of new energy vehicles. Innovations in semi-solid battery materials and thermal management systems are anticipated as a result of these regulations [3][18]. Summary by Sections Industry Overview - The 2025 battery safety standards represent a major upgrade from the 2020 version, focusing on preventing fire and explosion during testing [10][11]. - The evolution of battery safety standards has progressed from a recommended standard in 2015 to a mandatory one in 2020, culminating in the current 2025 version [10]. Technical Preparedness - The majority of surveyed companies possess the necessary technology to comply with the new standards, with notable advancements from companies like CATL, which has developed batteries that meet the new requirements ahead of schedule [16][18]. Market Implications - The implementation of the new standards is expected to lead to a safer battery environment, reducing risks associated with battery fires in electric vehicles and fostering a competitive market for new energy vehicles and battery products [3][18].