Huaxin Securities·2025-07-20 14:51Core Insights - The report emphasizes the continuous optimization of supply and demand structures in the new energy vehicle (NEV) industry, supported by favorable policies and strong market demand [3][71]. - In June, NEV production and sales reached 1.268 million and 1.329 million units, respectively, marking year-on-year growth of 26.4% and 26.7%, with NEVs accounting for 45.8% of total new car sales [3][45]. - The report highlights that the supply side is seeing new product launches from battery and main engine manufacturers, while the demand side is responding positively, indicating a robust market environment [3][71]. Industry Ratings and Investment Strategy - The report maintains a "recommended" rating for the NEV industry, suggesting that the supply-demand structure is marginally improving and that prices in the industry are expected to recover after hitting bottom in 2025 [4][72]. - Key investment directions include focusing on high-potential areas such as robotics, solid-state batteries, battery materials, and liquid cooling technologies [4][72]. - Specific companies highlighted for investment include CATL, Zhejiang Rongtai, Tianan New Materials, and others in the solid-state battery and liquid cooling sectors [4][72]. Market Performance - The NEV index, lithium battery index, and other related indices showed positive performance, with the NEV index increasing by 11.64% year-to-date [22]. - Notable stock performances include Li Yuanheng, which saw a weekly increase of 23.8%, and other companies like Keda Li and Zhongcai Technology also performed well [5][26]. Price Tracking in Lithium Battery Supply Chain - Lithium carbonate prices increased by 4.5% to 66,700 CNY per ton, while lithium hydroxide prices rose by 0.4% to 57,600 CNY per ton [31][30]. - The report notes that cobalt prices have seen a significant increase of approximately 43% year-to-date, while other materials like nickel and lithium hexafluorophosphate have shown mixed trends [28][30]. Production and Sales Data - In the first half of 2025, NEV production and sales reached 6.968 million and 6.937 million units, respectively, with year-on-year growth of 41.4% and 40.3% [3][45]. - The report also highlights the performance of major NEV manufacturers, with BYD achieving sales of 380,000 units in June, marking a year-on-year increase of 12% [46].