供需结构持续优化，继续看好固态电池等核心方向

Group 1 - The report highlights the continuous optimization of supply and demand structures in the new energy vehicle industry, supported by favorable policies and strong demand resilience. In July, production and sales of new energy vehicles reached 1.243 million and 1.262 million units, respectively, marking year-on-year growth of 26.3% and 27.4% [3][72] - The report emphasizes that the overall price levels in the industry are at a low point, making it easier for prices to rise than to fall. This presents a good opportunity for investment in high-quality companies within the supply chain, which are currently valued at historically low levels [3][72] - The report maintains a "recommended" rating for the new energy vehicle industry, with a focus on sectors expected to yield excess returns, including solid-state batteries, battery materials, and liquid cooling technologies [4][73] Group 2 - The report provides a detailed analysis of the performance of various indices, with the new energy vehicle index and lithium battery index showing strong growth of 33.57% and 42.42% year-to-date, respectively [22] - Key companies such as Tianhong Lithium, Xian Dao Intelligent, and Yiwei Lithium Energy have shown significant weekly gains, with increases of 78.8%, 51.5%, and 36.4%, respectively [26] - The report tracks the prices of key materials in the lithium battery supply chain, noting a decrease in lithium carbonate prices to 74,700 yuan per ton, down 6.2% from the previous week, while cobalt prices increased by 1.5% to 271,000 yuan per ton [34][37] Group 3 - The report indicates that from January to July 2025, production and sales of new energy vehicles reached 8.232 million and 8.22 million units, respectively, with year-on-year growth of 39.2% and 38.5% [48] - The report mentions that in August, major companies like BYD and Xiaopeng reported varying sales figures, with BYD selling 374,000 units and Xiaopeng experiencing a 169% year-on-year increase in deliveries [49] - The report notes that the global power battery installation volume reached 590.7 GWh in the first seven months of 2025, reflecting a year-on-year growth of 35.3%, with Chinese companies showing particularly strong performance [64][65]