KAIYUAN SECURITIES·2025-10-16 06:45Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights a significant growth in the European electric vehicle (EV) market, with September 2025 sales reaching 307,000 units, a year-on-year increase of 34.7% [5][14] - The penetration rate of new energy vehicles in Europe has risen to 31.8%, up by 5.8 percentage points year-on-year [14] - The report emphasizes the ongoing support from government policies and subsidies across various European countries, which are expected to sustain demand for electric vehicles [15][41] Summary by Sections Electric Vehicle Sales - In September 2025, the sales of new energy vehicles in nine European countries reached 307,000 units, representing a year-on-year growth of 34.7% [5][14] - The breakdown includes 198,000 battery electric vehicles (BEV), up 22.8% year-on-year, and 108,000 plug-in hybrid electric vehicles (PHEV), which saw a remarkable increase of 63.6% [14] Country-Specific Insights - Germany: BEV sales reached 45,000 units in September, a year-on-year increase of 31.9%, with a penetration rate of 19.3% [16] - United Kingdom: BEV sales were 73,000 units, up 29.1% year-on-year, with approximately 25% of BEV models qualifying for subsidies [19] - France: BEV sales reached 31,000 units, a 12.8% increase year-on-year, with the highest market share of 22.3% [22] - Italy: PHEV sales surged by 165.8% year-on-year, with a total of 11,000 units sold [33] - Spain: BEV sales increased by 59.7% year-on-year, driven by new model launches and promotional activities [37] Investment Recommendations - The report recommends investments in lithium battery companies such as CATL, Yiwei Lithium Energy, and Xinwangda, as well as in lithium materials and structural components [41] - Specific beneficiary stocks include Hunan Youneng, Fu Lin Precision, and others across various segments of the electric vehicle supply chain [41][42]