Zhongyuan Securities·2025-08-14 08:37Investment Rating - The report maintains an investment rating of "Outperform the Market" for the lithium battery industry [4][10]. Core Insights - The lithium battery sector is experiencing a general price increase across the supply chain, with a focus on short-term price trends and monthly sales performance [4]. - In July 2025, the lithium battery index rose by 2.47%, while the new energy vehicle index increased by 3.15%, both underperforming compared to the Shanghai and Shenzhen 300 index, which rose by 3.37% [4]. - The report highlights a significant year-on-year growth in new energy vehicle sales, with July 2025 sales reaching 1.262 million units, a 27.35% increase compared to the previous year [4][14]. - The report emphasizes the importance of monitoring upstream raw material prices, monthly sales, and relevant domestic and international trade policies [4]. Summary by Sections 1. Market Review - The lithium battery sector's performance in July 2025 was weaker than the broader market, with 63 stocks rising and 41 falling within the sector [8][9]. - Key stocks in the sector showed varied performance, with notable gains from companies like Zhongcai Technology and Haopeng Technology [8]. 2. New Energy Vehicle Sales and Industry Prices - New energy vehicle sales in China reached 1.262 million units in July 2025, marking a 27.35% year-on-year increase [14]. - The report projects continued growth in the new energy vehicle market, supported by favorable policies and improved vehicle cost-performance ratios [14]. 3. Industry and Company News - The report outlines significant industry developments, including the release of new electric vehicle models and government initiatives to promote low-carbon transportation [54][56]. - It also notes the collaboration between major companies like CATL and BHP to enhance mining operations and battery recycling [56]. 4. Price Trends in the Supply Chain - As of August 13, 2025, the price of battery-grade lithium carbonate was 82,000 CNY/ton, reflecting a 33.88% increase from early July [4][39]. - The report indicates that prices for lithium hydroxide and other key materials are also on the rise, suggesting a potential upward trend in the short term [4][42]. 5. Investment Focus - The report suggests that investors should focus on leading companies within the lithium battery sector, as individual stock performance is expected to diverge [4]. - It highlights the importance of staying informed about raw material price movements and market dynamics to identify investment opportunities [4].