GUOTAI HAITONG SECURITIES·2025-05-20 03:25Investment Rating - The report does not explicitly provide an investment rating for the industry [1]. Core Insights - The report highlights the recent trends in the smart vehicle industry, including a significant investment in Kaal Power to accelerate the commercialization of autonomous heavy-duty trucks [4][18]. - The report notes fluctuations in the sales of new energy vehicles, with specific brands showing varying performance in the market [8][9]. - The lithium battery market is experiencing a downward trend in prices, particularly for battery-grade lithium carbonate, which is expected to continue [10][11]. Summary by Sections 1. Information Dispatch - Weekly Sales Rankings: In the second week of May, the top three new energy vehicle brands by sales were BYD (69,100 units, +16.53%), Volkswagen (45,900 units, +10.07%), and Toyota (31,500 units, -2.48%) [8]. - New Car Releases: New models released include NIO's EC6 and ES6, Dongfeng Fengshen's L7 electric version, and Great Wall's Wei brand Gaoshan 8 and 9 [9]. 2. Lithium Battery Information - Price Trends: As of May 16, the average price of battery-grade lithium carbonate was reported at 64,480 CNY per ton, indicating a downward trend [10][11]. - Material Prices: The report provides a detailed table of lithium battery material prices, showing a general decline in prices for various materials, including lithium carbonate and iron phosphate [11]. 3. Investment and Financing Events - Kaal Power Investment: Kaal Power secured 300 million CNY in A+ round financing to enhance its autonomous heavy-duty truck operations, with a total operational mileage exceeding 20 million kilometers [4][18]. - Anwen Technology Investment: Anwen Technology received strategic investment from Guotou Investment to support its research and application in automotive cabin technology [19][20].