KAIYUAN SECURITIES·2025-09-23 02:12Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The European electric vehicle market continues to grow, with August 2025 sales reaching 176,000 units, a year-on-year increase of 41.2%, and a penetration rate of 31.4%, up 8.3 percentage points [5][14] - The EU Parliament has approved amendments to carbon emission assessments, delaying the tightening of targets but maintaining the overall trend [7][39] Summary by Sections Electric Vehicle Sales in Europe - In August 2025, Germany's BEV sales reached 39,000 units, up 45.7% year-on-year, with a penetration rate of 19.0% [16] - The UK has restarted BEV subsidies, with approximately 25% of BEV models qualifying for subsidies, leading to a 14.9% year-on-year increase in BEV sales to 22,000 units [20][23] - France's BEV sales in August were 17,000 units, a 29.6% increase year-on-year, with a penetration rate of 19.4% [24] - Sweden's BEV sales were 7,000 units, with a penetration rate of 33.6% [28] - Norway's BEV penetration rate reached 96.9%, with sales of 13,000 units, up 28.6% year-on-year [30] - Italy's BEV sales were 3,000 units, up 29.3%, with a new subsidy plan expected to launch [33] - Spain's BEV sales surged by 160.8% year-on-year to 7,000 units, driven by new models and promotional activities [35] Investment Recommendations - Recommended lithium battery companies include CATL, Yiwei Lithium Energy, and Xinwangda, with beneficiaries including Zhongxin Innovation and Guoxuan High-Tech [7][39] - Recommended lithium battery materials include Hunan Youneng, with beneficiaries such as Fulian Precision and Wanrun New Energy [7][39] - Recommended lithium battery structural components include Minglida, with beneficiaries like Keda Li and Minshi Group [7][39] - Recommended power/electric drive systems include Weimaisi and Futec Technology, with beneficiaries like Xinrui Technology [7][39] - Recommended charging stations and modules include Tonghe Technology, with beneficiaries such as Shenghong Shares and Youyou Green Energy [7][39]