Guoyuan Securities·2025-06-23 06:43Investment Rating - The report maintains a positive outlook on the domestic passenger car market and recommends focusing on emerging technologies such as solid-state batteries [6][4]. Core Insights - The solid-state battery technology is approaching practical application, with major automakers like Nissan and BYD planning to launch vehicles using this technology by 2027 and 2028 respectively [2]. - The European market for new energy vehicles continues to grow significantly, with May sales reaching 330,000 units, a year-on-year increase of 36.2%, driven by incentives in Germany and Southern Europe [3]. - The retail penetration rate of new energy vehicles in China reached 57% during the first half of June, with retail sales of 402,000 units, marking a 38% increase year-on-year [19]. Summary by Sections 1. Market Overview - From June 1 to June 15, 2025, the national retail sales of passenger cars in China were 706,000 units, a 20% increase year-on-year, while wholesale sales were 714,000 units, a 24% increase year-on-year [19][19]. - Cumulatively, retail sales for the year reached 9.522 million units, a 10% increase year-on-year, and wholesale sales reached 11.504 million units, a 12% increase year-on-year [19]. 2. New Energy Vehicle Insights - The retail sales of new energy passenger cars from June 1 to June 15 were 402,000 units, with a year-on-year growth of 38% and a cumulative retail of 4.76 million units for the year, reflecting a 35% increase [19]. - The wholesale of new energy vehicles during the same period was 369,000 units, an 18% increase year-on-year, with a cumulative wholesale of 5.576 million units for the year, showing a 38% increase [19]. 3. Technological Developments - Xiaomi's solid-state battery patent was published, which aims to enhance the performance of solid-state batteries by shortening the ion transport path [2]. - Major automotive companies are advancing towards the implementation of solid-state batteries, indicating a significant shift in battery technology within the industry [2]. 4. Investment Opportunities - The report suggests that investors should pay attention to the development of solid-state batteries and the recovery of the European market, particularly the opportunities for Chinese automotive companies to expand their supply chains into Europe [4].