Core Viewpoint - The article highlights the significant growth in the production and sales of new energy vehicles (NEVs) in China, indicating a strong upward trend in the industry. Group 1: Production and Sales Data - In July 2025, the production and sales of NEVs reached 1.243 million and 1.262 million units respectively, showing year-on-year growth of 26.3% and 27.4% [5] - From January to July 2025, NEV production and sales totaled 8.232 million and 8.22 million units, reflecting year-on-year increases of 39.2% and 38.5% [3] - Domestic sales of NEVs in July 2025 were 1.037 million units, which is a month-on-month decrease of 7.8% but a year-on-year increase of 16.9% [6] Group 2: Export Performance - In the first seven months of 2025, NEV exports reached 1.308 million units, marking a year-on-year growth of 84.6% [7] - In July 2025, NEV exports amounted to 225,000 units, showing a month-on-month increase of 10% and a year-on-year increase of 120% [10] Group 3: Domestic Market Insights - For the first seven months of 2025, domestic sales of NEVs were 6.913 million units, which is a year-on-year increase of 32.3% [4]

| | | 沪锌产业日报 2025-08-12 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 ，下游处于进入需求淡季，加工企业开工率同比有所下降。近期锌价下跌，下游逢低按需采购为主，但整 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 体成交依旧平淡，国内社库延续累增，现货升水下跌；海外LME库存下降明显，LME锌价强势带动国内锌价 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 。技术面，持仓增加价格上涨，多头氛围偏强，关注23000关口阻力。操作上，建议暂时观望。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | -- ...

| | | 沪锡产业日报 2025-08-12 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪锡(日,元/吨) | 270200 | 1820 9月-10月合约收盘价:沪锡(日,元/吨) | -200 | 30 | | | LME3个月锡(日,美元/吨) | 33715 | 110 主力合约持仓量:沪锡(日,手) | 26525 | 2247 | | | 期货前20名净持仓:沪锡(日,手) | -129 | -117 LME锡:总库存(日,吨) | 1750 | 40 | | | 上期所库存:锡(周,吨) | 7805 | 134 LME锡:注销仓单(日,吨) | 260 | -60 | | | 上期所仓单:锡(日,吨) | 7397 | 71 | | | | 现货市场 | SMM1#锡现货价格(日,元/吨) | 270600 | 2600 长江有色市场1#锡现货价(日,元/吨) | 270820 | 2960 | | | 沪锡主力合约基差(日,元/吨) | ...

Group 1 - The core viewpoint of the article highlights the significant growth in the production and sales of new energy vehicles (NEVs) in China during the first seven months of the year, with a year-on-year increase of 39.2% in production and 38.5% in sales [1] - Cumulative production and sales of NEVs reached 8.232 million and 8.22 million units respectively from January to July [1] - NEVs accounted for 45% of the total new car sales in the same period, indicating a strong market presence [1] Group 2 - Among the various types of NEVs, fuel cell vehicles experienced a notable decline in production and sales compared to the same period last year [1] - In contrast, the other two major categories of NEVs showed varying degrees of growth in production and sales [1]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View - The commodity sentiment fluctuates greatly, and the exchange restricts positions to cool down the market. It is expected that the short - term lithium carbonate price will fluctuate widely. It is recommended to short on rebounds [2]. 3. Summary by Relevant Contents 3.1 Lithium Carbonate Futures - **Prices**: On August 1, 2025, the closing prices of near - month, continuous - first, continuous - second, and continuous - third contracts were 68,500 yuan/ton, 68,920 yuan/ton, 69,240 yuan/ton, and 69,240 yuan/ton respectively, with increases of 500 yuan/ton, 640 yuan/ton, 640 yuan/ton, and 640 yuan/ton compared to the previous day [1]. - **Trading Volume and Open Interest**: The trading volume of the active contract was 340,670 lots (- 181,179), and the open interest was 216,103 lots (- 13,265) [1]. - **Inventory**: The registered warehouse receipts were 6,605 tons (+ 1,060) [1]. 3.2 Lithium Ore and Related Products Prices - **Lithium Ore**: The average prices of lithium spodumene concentrate (6%, CIF China), lithium mica (Li2O: 1.5% - 2.0%), lithium mica (Li2O: 2.0% - 2.5%), phospho - lithium - aluminum stone (Li2O: 6% - 7%), and phospho - lithium - aluminum stone (Li2O: 7% - 8%) decreased by 11 US dollars/ton, 35 yuan/ton, 40 yuan/ton, 50 yuan/ton, and 55 yuan/ton respectively compared to the previous day [1]. - **Lithium Compounds**: The average prices of battery - grade lithium carbonate (99.5%/domestic), industrial - grade lithium carbonate (99.2%/domestic), and lithium hydroxide (56.5% battery - grade CIF China, Japan, and South Korea) decreased by 650 yuan/ton, 650 yuan/ton, and 0.05 US dollars/kg respectively [1]. 3.3 Other Related Products Prices - **Cobalt - related Products**: The average prices of electrolytic cobalt (≥99.8%, Jinchuan, Zambia), cobalt sulfate (≥20.5%/domestic), and tricobalt tetroxide (≥72.8%/domestic) increased by 4,000 yuan/ton, 100 yuan/ton, and 150 yuan/ton respectively [2]. - **Other Materials**: The average prices of some cathode materials, anode materials, and electrolytes showed different changes, such as the average price of ternary precursor 523 (polycrystalline/consumer - type) increased by 50 yuan/ton [1]. 3.4 Supply and Demand and Inventory - **Supply**: Last week, the production of lithium carbonate decreased [2]. - **Demand**: Last week, the production of lithium iron phosphate decreased, the production of ternary materials increased; in July, the production of lithium carbonate decreased, the production of lithium manganate increased slightly, and the production of power batteries increased last week; in the terminal demand, the year - on - year growth rate of new energy vehicle production and sales continued in June, but the sales volume decreased month - on - month, the 3C shipments were average, and the production schedule of energy - storage batteries increased in July [2]. - **Inventory**: The social inventory decreased. The inventories of smelters and others decreased, while the downstream inventory tightened [2]. 3.5 Industry News - The US added 73,000 non - farm jobs in July, far lower than the expected 110,000, and the previous two months were revised down by 258,000 jobs. Traders fully priced in two Fed rate cuts by the end of the year [2]. - Widdcat Resources announced the pre - feasibility study (PFS) results of its Tabba Tabba project in Western Australia, showing strong economic potential [2].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report On July 31, 2025, the main contract of lithium carbonate futures declined, with trading volume at 521,849 lots (-271,060) and open interest at 229,368 lots (-43,385). The spot market had weak trading, and the basis premium widened. On the cost side, the price of lithium spodumene concentrate decreased, while the mica price also dropped. In terms of supply, last week's lithium carbonate production decreased. Regarding downstream demand, last week, the production schedule of lithium iron phosphate decreased, while that of ternary materials increased. In July, the production schedule of lithium cobalt oxide decreased, and that of lithium manganate increased slightly. Last week, the production of power batteries increased. In terms of terminal demand, in June, the year - on - year growth rate of new energy vehicle production and sales continued, but the sales volume decreased month - on - month, and the 3C shipments were average. In July, the production schedule of energy storage batteries increased. In terms of inventory, the registered warehouse receipts were 5,545 tons (-6,731), and the social inventory decreased. Smelters and other sectors reduced inventory, while downstream sectors increased inventory. Overall, commodity sentiment fluctuated greatly, and the exchange's restrictions cooled the market. It is expected that the short - term price of lithium carbonate will fluctuate. In operation, it is recommended to appropriately stop losses on put options [1]. 3. Summary by Related Catalogs 3.1 Lithium Carbonate Futures - **Contract Closing Prices**: On July 31, 2025, the closing prices of near - month, continuous - one, continuous - two, and continuous - three contracts were 68,000 yuan/ton, 68,280 yuan/ton, 68,600 yuan/ton, and 68,600 yuan/ton respectively, all showing a decline compared to previous dates [1]. - **Trading Volume and Open Interest**: The trading volume of the active contract was 521,849 lots (-271,060), and the open interest was 229,368 lots (-43,385) [1]. - **Inventory**: The inventory was 5,545 tons (-6,731) [1]. - **Spreads**: The spread between near - month and continuous - one contracts was - 280 yuan/ton (+60), the spread between continuous - one and continuous - two contracts was - 320 yuan/ton (-340), and the spread between continuous - two and continuous - three contracts was 0 yuan/ton (0) [1]. - **Basis**: The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was 3,720 yuan/ton (+1,370) [1]. 3.2 Lithium Ore and Related Products - **Lithium Ore Prices**: The average prices of various lithium ores such as spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone all decreased, with decreases ranging from 10 to 375 dollars/ton or yuan/ton [1]. - **Lithium Compound Prices**: The average prices of battery - grade and industrial - grade lithium carbonate decreased by 950 yuan/ton. The average prices of battery - grade coarse - particle and micro - powder type lithium hydroxide increased by 200 yuan/ton. The price of 99.95% domestic lithium hexafluorophosphate remained unchanged at 53,250 yuan/ton [1]. - **Spreads of Lithium Compounds**: The spread between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 6,330 yuan/ton (+1,150), and the spread between battery - grade and industrial - grade lithium carbonate was 2,100 yuan/ton (0) [1]. 3.3 Other Battery Materials - **Ternary Precursor and Material Prices**: The average prices of various ternary precursors and materials generally showed small changes, with increases or decreases ranging from 30 to 100 yuan/ton [1]. - **Lithium Iron Phosphate Prices**: The average prices of power - type, mid - high - end energy - storage type, and low - end energy - storage type lithium iron phosphate decreased by 305, 330, and 330 yuan/ton respectively [1][2]. - **Electrolyte Prices**: The average prices of electrolytes for ternary power, lithium iron phosphate, and manganese acid lithium remained unchanged, while the prices of electrolytes for cobalt acid lithium and other types were 0 [1]. - **Cobalt Spot Prices**: The average prices of electrolytic cobalt, cobalt sulfate, and tricobalt tetroxide increased by 5,500, 125, and 150 yuan/ton respectively [1]. 3.4 Inventory - **SMM Lithium Carbonate Inventory**: The total inventory was 141,726 tons (-1,444), with smelters' inventory at 21,958 tons (-3,427), downstream inventory at 45,888 tons (+3,073), and other inventory at 43,880 tons (-1,090) [1].

Group 1 - Tesla's production in Q2 2025 reached 410,200 units, a year-on-year decrease of 0.1% and a quarter-on-quarter increase of 13% [1] - Tesla's delivery volume for Q2 2025 was 384,100 units, reflecting a year-on-year decline of 13% and a quarter-on-quarter increase of 14% [1] - Model-specific production for M3/Y was 396,800 units, showing a year-on-year increase of 3% and a quarter-on-quarter increase of 15% [1] Group 2 - Estimated domestic sales in China for Q2 2025 were over 130,000 units, with approximately 60,000 units exported [1] - Production by region included 150,000 units in the USA, 50,000 units in Europe, and 44,000 units in other regions [1] - Production by factory was as follows: Shanghai factory produced 196,000 units, Fremont factory 130,000 units, Texas factory 50,000 units, and Berlin factory 30,000 units [1] Group 3 - The global delivery forecast for Tesla in 2025 is 1.6 million units, representing a year-on-year decrease of 11% [1] - Q3 2025 production estimates include 232,000 units in China (up by 35,000 units quarter-on-quarter) and 200,000 units in the USA, with Berlin factory maintaining 30,000 to 40,000 units, totaling an estimated 460,000 units (up by 50,000 units quarter-on-quarter) [1] - Sales volume for Q3 is expected to be between 440,000 and 460,000 units, with a key focus on whether the USA will increase installations [1]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Views of the Report - **沪镍**: The Shanghai nickel 2508 contract is expected to move in a volatile manner, and attention should be paid to the support level of the 20 - day moving average. The medium - to - long - term supply surplus pattern remains unchanged, but the good production and sales data of new energy vehicles are beneficial to the demand for nickel [2]. - **不锈钢**: The stainless steel 2508 contract is expected to move in a volatile manner. The short - term nickel ore price is firm, but the nickel iron price is weakening, and the expectation of production reduction is increasing [3]. 3. Summary by Relevant Catalogs 3.1 Daily Views 沪镍 - **Fundamentals**: The external market fluctuates around the 20 - day moving average. The ore price remains firm, but the nickel iron price continues to decline, and the market sentiment of bearish ore price is rising. The stainless steel exchange warehouse receipts continue to flow out, and the inventory decreases slightly. The production and sales data of new energy vehicles are good, which is beneficial to the demand for nickel. The medium - to - long - term surplus pattern remains unchanged. The view is bearish [2]. - **Basis**: The spot price is 122,250, and the basis is 1,420, which is bullish [2]. - **Inventory**: The LME inventory is 204,006 (- 288), and the Shanghai Futures Exchange warehouse receipts are 21,221 (- 36), which is bearish [2]. - **Disk**: The closing price is above the 20 - day moving average, and the 20 - day moving average is downward, which is neutral [2]. - **Main Position**: The main position is net long, and the long position is decreasing, which is bullish [2]. 不锈钢 - **Fundamentals**: The spot stainless steel price remains flat. The short - term nickel ore price is firm, but the nickel iron price is weakening, and the expectation of production reduction is increasing, which is more likely to force the ore price down. The stainless steel exchange warehouse receipts continue to flow into the spot market, and the inventory decreases slightly. The view is neutral [3]. - **Basis**: The average stainless steel price is 13,425, and the basis is 815, which is bullish [3]. - **Inventory**: The futures warehouse receipts are 112,140 (- 187), which is bearish [3]. - **Disk**: The closing price is above the 20 - day moving average, and the 20 - day moving average is downward, which is neutral [3]. 3.2 Multi - and Short - Factors - **Positive Factors**: The production and sales data of new energy vehicles continue to perform well, with a year - on - year increase in May [5]. - **Negative Factors**: The domestic production continues to increase significantly year - on - year, there is no new growth point in demand, and the long - term surplus pattern remains unchanged. The stainless steel warehouse receipts are flowing into the spot market one after another, increasing the supply pressure. The contradiction between ore and nickel iron is intensifying, and the expectation of nickel iron production reduction is increasing, which is more likely to force the ore price down [5]. 3.3 Price Overview - **沪镍**: The Shanghai nickel main contract price on June 30 was 120,830, up 350 from June 27. The LME nickel price was 15,125, down 65 from June 27. The spot prices of different types of nickel showed different trends, with the nickel bean price rising by 2,100 [10]. - **不锈钢**: The stainless steel main contract price on June 30 was 12,610, down 10 from June 27. The spot prices of cold - rolled 304*2B stainless steel in different regions remained unchanged [10]. 3.4 Warehouse Receipts and Inventory 镍 - As of June 27, the Shanghai Futures Exchange nickel inventory was 24,718 tons, with the futures inventory at 21,257 tons, a decrease of 586 tons and 412 tons respectively. On June 30, the LME nickel inventory was 204,006 (- 288), and the Shanghai nickel warehouse receipts were 21,221 (- 36) [12][13]. 不锈钢 - On June 27, the Wuxi inventory was 62,800 tons, the Foshan inventory was 341,100 tons, and the national inventory was 1,154,400 tons, a decrease of 3,000 tons month - on - month. Among them, the 300 - series inventory was 685,000 tons, a decrease of 7,100 tons month - on - month. On June 30, the stainless steel warehouse receipts were 112,140 (- 187) [17][18]. 3.5 Ore and Iron Prices - The prices of red clay nickel ore CIF with different grades remained unchanged on June 30 compared with June 27. The high - nickel wet - ton price was 912.5, down 0.5 from June 27, and the low - nickel wet - ton price remained unchanged [22]. 3.6 Stainless Steel Production Cost - The traditional production cost of stainless steel is 12,680, the scrap steel production cost is 13,147, and the low - nickel + pure nickel production cost is 16,634 [24]. 3.7 Nickel Import Cost - The converted import price is 122,623 yuan/ton [27].

证券代码：002594 证券简称：比亚迪 公告编号：2025-042 比亚迪股份有限公司 2025年5月产销快报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 比亚迪股份有限公司(以下简称"本公司")2025年5月产销快报数据如下： 注：本公司 2025 年 5 月海外销售新能源汽车合计 89,047 辆； 本公司 2025 年 5 月新能源汽车动力电池及储能电池装机总量约为 28.476GWh，2025 年累计装机总量约为 107.507GWh。 务请注意，上述产、销量数字未经审核，亦未经本公司审计师确认，或会予以调整并有待最终确认。本公司刊发财务业绩后，股东及 潜在投资者务必详阅。 单位：辆 产量 销量 项目类别 本月 去年同期 本年累计 去年累计 累计同比 本月 去年同期 本年累计 去年累计 累计同比 新能源汽车 349,824 344,008 1,791,967 1,290,362 38.87% 382,476 331,817 1,763,369 1,271,325 38.70% -乘用车 343,250 342,679 1,762,539 1,285 ...

Core Viewpoint - The rapid growth of the new energy vehicle (NEV) market in China is highlighted, with significant increases in production, sales, and exports in April 2025 compared to previous periods [1][3][5]. Production and Sales Summary - In April 2025, NEV production reached 1.251 million units, and sales totaled 1.226 million units, marking year-on-year increases of 43.8% and 44.2% respectively [1]. - From January to April 2025, NEV production and sales were 4.429 million units and 4.300 million units, showing year-on-year growth of 48.3% and 46.2% respectively [1]. Domestic Sales Summary - In April 2025, domestic NEV sales were 1.025 million units, reflecting a month-on-month decrease of 5% but a year-on-year increase of 39.3% [3]. - For the first four months of 2025, domestic NEV sales reached 3.658 million units, with a year-on-year growth of 45.2% [4]. Export Summary - In April 2025, NEV exports amounted to 200,000 units, with a month-on-month increase of 27% and a year-on-year increase of 76% [5]. - From January to April 2025, NEV exports totaled 642,000 units, representing a year-on-year growth of 52.6% [6].