Zhongyuan Securities·2025-09-15 09:12Investment Rating - The report maintains an "Outperform" investment rating for the lithium battery industry [7][11]. Core Insights - The lithium battery index outperformed the CSI 300 index in August 2025, with a rise of 13.23% compared to the CSI 300's 10.90% [7][11]. - In August 2025, China's new energy vehicle sales reached 1.395 million units, a year-on-year increase of 26.82% and a month-on-month increase of 10.54% [7][17]. - The report highlights a general increase in upstream raw material prices, with battery-grade lithium carbonate priced at 71,000 CNY/ton, up 3.65% from early August 2025 [7][44]. - The overall industry outlook remains positive, driven by continuous growth in new energy vehicle sales and performance improvements in the lithium battery sector [7][11]. Summary by Sections Market Review - In August 2025, the lithium battery sector saw 96 stocks rise and only 10 fall, with a median increase of 11.47% [11][12]. - Key stocks included Xinzhou Bang and Xian Dao Intelligent, with increases of 39.81% and 39.47% respectively [11][12]. New Energy Vehicle Sales and Industry Prices - Cumulative sales of new energy vehicles in China for 2025 reached 9.592 million units, a year-on-year increase of 36.37% [17]. - The report notes that the market share of new energy vehicles in China is expected to continue growing, supported by favorable policies and improved vehicle cost-performance ratios [17][18]. Industry and Company News - The report includes various industry developments, such as strategic partnerships and technological advancements in battery production [61][62]. - Notable companies like CATL and BYD are highlighted for their significant contributions to the market, with CATL maintaining a leading position in battery installations [43][64].