锂电池产业链跟踪点评：10月电池销量同比环比双增

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by over 10% in the next six months [3][7]. Core Insights - In October 2025, both production and sales of new energy vehicles (NEVs) reached new highs, with production and sales of 1.772 million and 1.715 million units respectively, marking year-on-year increases of 21.1% and 20% [4][6]. - The penetration rate of NEVs reached 51.6% in October, up 1.9 percentage points from the previous month, indicating strong market demand [6]. - Battery sales also showed significant growth, with total sales of 166 GWh in October, a year-on-year increase of 50.8% [6]. Summary by Sections New Energy Vehicle Market - October 2025 saw NEV production and sales of 1.772 million and 1.715 million units, with year-on-year growth of 21.1% and 20% respectively [6]. - Cumulative NEV production and sales from January to October reached 13.015 million and 12.943 million units, with year-on-year growth of 33.1% and 32.7% [6]. - Exports of NEVs in October were 256,000 units, a year-on-year increase of 99.9% [6]. Battery Production and Sales - In October, the production of power and other batteries was 170.6 GWh, with a month-on-month increase of 12.9% and a year-on-year increase of 50.5% [6]. - Battery sales reached 166 GWh, with a month-on-month increase of 13.3% and a year-on-year increase of 50.8% [6]. - Power battery sales accounted for 74.9% of total sales, with a year-on-year increase of 56.6% [6]. Industry Outlook - The report highlights strong demand in both domestic and international markets for energy storage, with leading battery manufacturers operating at full capacity [6]. - The upcoming reduction in NEV purchase tax subsidies is expected to drive sales before the end of the year [6]. - The report suggests focusing on leading companies in the industry chain and those with technological advantages in solid-state battery materials and equipment [6].