Dongguan Securities·2025-09-15 08:49Investment Rating - The industry investment rating is "Overweight" (maintained), indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [6]. Core Insights - In August 2025, the production and sales of new energy vehicles (NEVs) continued to grow rapidly, with production and sales reaching 1.391 million and 1.395 million units, respectively, representing year-on-year growth of 27.4% and 26.8% [4]. - The penetration rate of NEVs reached 48.8% in August, up 0.1 percentage points from the previous month, while the cumulative penetration rate for January to August was 45.5% [4]. - Battery sales also showed significant growth, with total battery sales of 134.5 GWh in August, a year-on-year increase of 45.6% [4]. - The demand for power batteries is expected to rise further due to the traditional peak season for NEVs, and the development of renewable energy and new data centers is driving high growth in the energy storage sector [4]. Summary by Sections New Energy Vehicle Market - In August 2025, NEV production and sales were 1.391 million and 1.395 million units, with year-on-year growth of 27.4% and 26.8% respectively [4]. - Cumulative NEV production and sales from January to August were 9.625 million and 9.620 million units, with year-on-year growth of 37.3% and 36.7% [4]. - Exports of NEVs reached 224,000 units in August, doubling year-on-year, while cumulative exports from January to August were 1.532 million units, up 87.3% [4]. Battery Market - Total battery production in August was 139.6 GWh, with a year-on-year increase of 37.3% [4]. - Power battery sales accounted for 73.5% of total sales, with a volume of 98.9 GWh, reflecting a year-on-year growth of 44.4% [4]. - The export volume of batteries in August was 22.6 GWh, a year-on-year increase of 23.9% [4]. Investment Recommendations - The report suggests focusing on leading companies in the industry chain that are improving their fundamentals, particularly those with technological and production advantages in solid-state electrolytes and new materials [4]. - Key companies to watch include CATL, EVE Energy, and others that are actively involved in the solid-state battery core process and equipment [4].