券商中国·2026-01-10 23:31Core Viewpoint - The article discusses the ongoing supercycle in resource prices driven by the explosive demand in the new energy sector, highlighting the transition from traditional industries to new energy companies and the potential for high returns on investment in this sector [2][6]. Group 1: Resource Price Increases - Since 2025, prices for copper, lithium, nickel, cobalt, aluminum, and even sulfur have risen, indicating a significant shift not solely attributed to economic recovery or monetary phenomena, as other resource sectors like cement and steel remain stagnant [1]. - The prediction made by BYD's chairman in 2016 about the tightening of lithium resources and the potential shortage of copper is now becoming a reality, driven by the growth in electric vehicle demand [2][6]. Group 2: Investment Opportunities in New Energy - The penetration rate of new energy vehicles in the domestic passenger car market has approached 60% this year, marking a significant shift towards high profitability and shareholder returns for leading new energy companies [2]. - Investment in leading new energy companies is compared to historical investments in Apple, suggesting that the current market conditions present a similar opportunity for substantial returns [3][5]. Group 3: Valuation and Profitability - A leading new energy battery company's stock price was at 140 yuan per share with a market cap of 580 billion yuan, and projected profits for 2025 could reach 100 billion yuan, indicating a low valuation of around 6 times earnings [3]. - The core principle of value investing remains unchanged: buying a company worth 1 yuan for 0.4 yuan, emphasizing the importance of purchasing undervalued assets [3]. Group 4: Market Trends and Future Projections - The current market for new energy vehicles is expected to grow from a 10% penetration rate to 100%, similar to the rapid adoption of smartphones, which will likely lead to significant returns for investors in this sector [5][7]. - The domestic new energy vehicle retail penetration rate reached 62.2% in early December 2025, indicating a strong consumer preference shift towards electric vehicles [6].