新能源汽车行业周报：电动车产销两旺，看好预期差标的

Investment Rating - The report maintains a "Recommended" rating for the new energy vehicle industry [2][4][80] Core Viewpoints - The new energy vehicle industry is experiencing strong production and sales, with April 2025 figures showing production and sales of 1.251 million and 1.226 million units respectively, representing year-on-year growth of 43.8% and 44.2% [3][79] - The supply side is seeing continuous new product launches from battery and main engine manufacturers, while demand feedback remains positive, supported by ongoing policy initiatives [3][79] - The industry has undergone significant price declines, with capital expenditures contracting, leading to an improved supply-demand structure [3][79] - The report highlights that the core companies in the industry are currently valued at historical lows, presenting good investment opportunities [3][79] Summary by Sections Market Tracking - The new energy vehicle index has shown a year-to-date increase of 4.16%, while the lithium battery index has decreased by 1.51% [22] - The overall performance of the new energy vehicle sector remains strong despite fluctuations in individual stock performances [5][26] Lithium Battery Industry Price Tracking - Lithium carbonate prices are reported at 63,000 yuan per ton, down 2.3% from the previous week, while lithium hydroxide prices are at 64,700 yuan per ton, down 1.5% [33][42] - The report notes that cobalt prices have increased by approximately 40% year-to-date, while other materials have seen mixed price movements [30][31] Production and Sales Data Tracking - In April 2025, the total production and sales of new energy vehicles reached 1.251 million and 1.226 million units, respectively, with a year-on-year increase of 43.8% and 44.2% [53][54] - The report indicates that new energy vehicles accounted for 47.3% of total new car sales in April 2025 [53] Industry Dynamics - The report discusses the competitive landscape, highlighting that BYD has surpassed Tesla in European sales for the first time, with a year-on-year increase of 169% [71] - The introduction of new models, such as Xiaomi's high-performance SUV, is noted as a significant development in the market [70] Key Company Announcements - Wanrun New Energy has signed a supply agreement with CATL for lithium iron phosphate products, expected to total approximately 1.3231 million tons from 2025 to 2030 [74] - Zhejiang Rongtai plans to establish a wholly-owned subsidiary focused on motor and control system research and development [77]