投资建议 中国新能源汽车市场渗透率在2023 年突破30%，2024 年以来渗透率首次突破50%，步入25 年，高竞争 力新车产品持续推出，"反内卷"呼声渐高。海外市场来看，欧美贸易保护主义严重，对出口带来波动风 险，关注一带一路国家、中东等新增长点。 竞争格局来看，沉舟侧畔千帆过，自主品牌市场份额继续扩大，关注产品力强、出海推进顺利、供应稳 定性强的企业。 马来西亚计划推出必备清单和本地化激励措施以促进电动汽车产业发展，包括修订将于2025 年12 月31 日到期的现有整车（CBU）进口免税政策，预计将使整车进口电动汽车的价格上涨30-100％，以鼓励本 地组装和零部件生产；针对本地化组装（CKD）电动汽车的税收优惠政策将延续至2027 年。包括宝腾 和北鹿大在内的大多数本土品牌已实现本地化生产，比亚迪和小鹏等部分外资制造商计划于2026 年下 半年启动本地化组装，沃尔沃和梅赛德斯-奔驰目前已实现部分电动汽车的本地化生产。 国内市场，11 月上半月（1-16 日），乘用车零售同比-14%，新能源零售累计同比2%，新能源零售渗透 率62.5%；今年以来乘用车、新能源零售累计同比7%、21%。乘联会预计11 月 ...

Core Insights - The new "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" aims for over 80% penetration of new energy vehicles (NEVs) in China's market by 2040, positioning the country among the world's automotive powerhouses [1][6] - The roadmap emphasizes sustainable development of energy-saving vehicles, iterative upgrades of NEVs, and the evolution of intelligent connected vehicles, structured into a comprehensive framework of one main report, five technology groups, and 26 specialized topics [1][6] Group 1: Key Developments - The roadmap focuses on the electrification, intelligence, and low-carbon transformation of the automotive industry, highlighting the dual emphasis on product technology and manufacturing technology as driving forces this year [3] - Key technological milestones include the anticipated small-scale application of solid-state batteries by 2030 and large-scale global promotion by 2035, with improvements in performance, cost, and environmental adaptability to meet consumer needs [3][4] - In the commercial vehicle sector, fuel cells are identified as a crucial solution for achieving low carbon emissions, with projections of reaching a scale of 4 to 5 million vehicles by 2040 [4] Group 2: Historical Context - The "Energy-saving and New Energy Vehicle Technology Roadmap" has been updated previously in 2016 and 2020, with the 3.0 version emphasizing foresight and leadership, grounded in China's diverse innovation scenarios, open market environment, and increasingly robust policy support [6]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China, with the net greenhouse gas emissions in the entire economic scope decreasing by 7%-10% from the peak, non-fossil energy consumption accounting for over 30% of the total energy consumption, and other goals to be achieved [1][109][118]. - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new car products are continuously launched, and price wars are gradually stopped. Overseas markets face trade protectionism in Europe and the United States, so attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. The market share of independent brands continues to expand [3][120]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Tracking - The one - week price changes of related sectors and listed companies are presented in charts. For example, BYD's one - week price decline was 1.65%, while Seres' was 9.48% [12][15]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: Data on China's new energy vehicle sales, penetration rate, domestic sales, exports, and sales of EV and PHV are presented in charts [16][21][23]. - **Inventory Changes**: Charts show the monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory [24][25]. - **Delivery Volumes of Chinese New Energy Vehicle Enterprises**: Monthly delivery volumes of enterprises such as Leapmotor, Li Auto, XPeng, NIO, etc., are presented in charts [27][28][32]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: From January to July, global new energy vehicle sales reached 9.233 million, a year - on - year increase of 25.9%. Except for China, Europe and other regions also had significant growth, with year - on - year increases of 29.5% and 53.4% respectively [2]. - **European Market**: Data on European new energy vehicle sales, penetration rate, and sales of EV and PHV in countries like the UK, Germany, and France are presented in charts [44][50][55]. - **North American Market**: In August, US new energy vehicle sales and penetration rate reached record highs. Due to the expiration of the federal electric vehicle tax credit on September 30, high market enthusiasm is expected to continue in September, followed by a sharp decline. Data on North American new energy vehicle sales, penetration rate, and sales of EV and PHV are presented in charts [2][119]. - **Other Regions**: Data on new energy vehicle sales, penetration rate, and sales of EV and PHV in regions such as Japan, South Korea, and Thailand are presented in charts [62][70][72]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume, export volume, weekly average price of battery cells, material costs, and the operating rates and prices of various battery materials are presented in charts [79][81][85]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are presented in charts [102][103][104]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China. From 2026, export license management will be implemented for pure - electric passenger vehicles [109]. 3.3.2 China: Industry Dynamics - From September 1 - 21, new energy vehicle retail sales increased by 10% year - on - year, and cumulative retail sales since the beginning of the year increased by 24%. In the 38th week (September 15 - 21), new energy passenger vehicle retail sales were 299,000, a year - on - year increase of 5.9%, and cumulative retail sales since the beginning of the year were 8.214 million, a year - on - year increase of 23.0% [111][112][113]. 3.3.3 China: Enterprise Dynamics - Chery Automobile was listed on the Hong Kong Stock Exchange, raising HK$9.14 billion. Li Auto and Sunwoda Power jointly established a battery company [114]. 3.3.4 Overseas: Policy Dynamics - Australia announced a 2035 emission reduction target, aiming to reduce emissions by 62 - 70% compared to 2005. The US lowered the import tariff on EU cars to 15%, and Turkey imposed new tariffs on imported passenger cars [114][116][119]. 3.3.5 Overseas: Enterprise Dynamics - BYD's Brazilian factory obtained an international green certificate. Porsche adjusted its product strategy, slowing down electrification and lowering its 2025 performance expectations [117][118]. 3.4 Investment Advice - Pay attention to new growth points such as countries along the Belt and Road and the Middle East. Focus on enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120].

Industry Information - In the first half of 2025, CATL maintained the largest market share in the global power battery market at 37.9%, while Korean manufacturers saw a decline in their combined market share to 16.4%, down 5.4 percentage points from the previous year [9][10] - Shenzhou Car Rental signed a comprehensive strategic cooperation agreement with CATL, Times Electric, and China Merchants Jinling Leasing to promote the upgrade of the rental industry towards electrification and intelligence [9] - CATL's chassis company is nearing completion of its first round of external financing, with a target scale of 2 billion yuan, primarily involving large state-owned enterprises [10] - The penetration rate of new energy vehicles reached a historical high of 44.3% in the first half of this year [10] - Chengdu's new energy vehicle production is expected to grow by 352% year-on-year in the first half of 2025 [10] - The total export value of automobiles from China in the first seven months of this year reached 513.46 billion yuan, an increase of 10.9% [16] Policy Information - The Ministry of Industry and Information Technology is set to issue a work plan to stabilize growth in the machinery, automotive, and electric equipment industries [2] - The State Council has announced support for the development of smart connected vehicles and other emerging industries through multi-level financing [4] - New regulations in Xinjiang aim to optimize the approval and management of new energy charging infrastructure [4] - Hainan Province is focusing on cultivating green manufacturing industry clusters around new energy vehicles [34] - A new round of automobile consumption subsidies has been launched in Chengdu [41] Company Information - Extreme Fox Automobile and GAC Energy have initiated a charging network sharing cooperation, allowing users to access nearly 20,000 public charging piles [46] - Indian conglomerate Adani is seeking collaboration with BYD in the battery sector [46] - NIO has launched a battery swap station along the G318 route, enhancing its infrastructure layout [46] - Xiaomi's automotive division has announced an OTA upgrade to enhance remote key functionalities [46] - CATL has established a new energy technology company in Beijing, focusing on battery-related technologies and services [10]

Core Insights - In July, China's automobile sales reached 2.593 million units, showing a month-on-month decline but a year-on-year increase of 14.7% [1][2] - New energy vehicle (NEV) sales continued to grow rapidly, with 1.262 million units sold in July, accounting for 48.7% of total new car sales [1][2] - The automotive industry is playing a significant role in stimulating domestic demand, with NEV production and sales for the first seven months reaching 8.232 million and 8.22 million units, respectively, marking a year-on-year growth of 39.2% and 38.5% [2] Automotive Sales Performance - In July, total automobile production and sales were 2.591 million and 2.593 million units, respectively, with month-on-month declines of 7.3% and 10.7%, but year-on-year increases of 13.3% and 14.7% [1] - Passenger car production and sales reached 2.293 million and 2.287 million units, with month-on-month declines of 6% and 9.8%, and year-on-year increases of 13% and 14.7% [1] - Chinese brand passenger car sales reached 1.604 million units, a year-on-year increase of 21.3%, capturing a market share of 70.1%, up 3.8 percentage points from the previous year [1] New Energy Vehicle Growth - NEV production and sales in July were 1.243 million and 1.262 million units, respectively, with year-on-year growth of 26.3% and 27.4% [2] - For the first seven months, NEV production and sales reached 8.232 million and 8.22 million units, with year-on-year growth of 39.2% and 38.5% [2] - NEV sales accounted for 45% of total new car sales in the first seven months [2] Export Performance - In July, total automobile exports reached 575,000 units, with a month-on-month decline of 2.8% but a year-on-year increase of 22.6% [2] - Traditional fuel vehicle exports were 350,000 units, showing a month-on-month decline of 9.6% and a year-on-year decline of 4.3% [2] - NEV exports reached 225,000 units, with a month-on-month increase of 10% and a year-on-year increase of 120% [2] New Model Launches - Several automakers have accelerated the launch of new models, particularly in the SUV market, despite the traditional off-season [4] - Notable launches include the Geely Galaxy A7 and the new XPeng P7, with Geely aiming for over 1 million annual sales [4][5] - Li Auto is advancing its dual-energy strategy, with the launch of its first pure electric SUV, the Li i8, and plans for the i6 model [5] Policy Impact on Consumption - The Chinese government has initiated a third batch of long-term special bonds to support the "old for new" vehicle replacement policy, with a fourth batch planned for October [5] - This policy is expected to stabilize consumer confidence and boost automotive consumption, with a target of 16 million NEV sales for the year [5] - Changes in NEV purchase tax policies are not expected to affect the competitiveness of NEVs, as their appeal lies in advanced technology and design [6]

Group 1 - The penetration rate of the new energy vehicle market in China reached 44.3% in the first half of the year, marking a historical high for the same period [1] - In June, the retail penetration rate of new energy vehicles in the domestic passenger car market was 53.3%, an increase of 4.8 percentage points compared to the same period last year [1] - The penetration rate of new energy vehicles among domestic self-owned brands reached 75.4% in June [1] Group 2 - As of early August, there were 1.3564 million existing new energy vehicle-related enterprises in China [2] - The majority of these enterprises (36.93%) have been established for 1-3 years, followed by those established within 1 year (22.86%) and those established for 3-5 years (19.97%) [2] Group 3 - The largest proportion of existing new energy vehicle-related enterprises (39.15%) have a registered capital of less than 1 million yuan [3] - Enterprises with registered capital between 1 million (inclusive) and 2 million yuan, and those between 2 million (inclusive) and 5 million yuan account for 22.04% and 12.40% respectively [3] Group 4 - The highest concentration of new energy vehicle-related enterprises is in the East China region, accounting for 34.94% of the total [4] - The South China and Central China regions follow, with 17.40% and 12.34% of enterprises respectively [4]

Group 1: New Energy Vehicle Market - The penetration rate of the new energy vehicle market reached a historical high of 44.3% in the first half of this year [1] - In July, the wholesale sales of new energy passenger vehicles in China reached 1.18 million units, a year-on-year increase of 25% [1] - Cumulative wholesale sales from January to July totaled 7.63 million units, reflecting a year-on-year growth of 35% [1] Group 2: Automotive Industry Developments - Huawei's Yu Chengdong announced that the Zun Jie S800 model has received over 10,000 pre-orders within 67 days of its launch [2] - Geely has integrated its autonomous driving teams, including the Zeekr team and Geely Research Institute, into a new company called Chongqing Qianli Zhijia, with a total team size of nearly 3,000 [3] - Changan Automobile appointed Dong Chenrui as the new president of Changan Kaicheng, with a background in senior management roles at major global automotive companies [4] Group 3: Financial and Operational Updates - Aiways Automotive's equity worth 700 million RMB has been frozen for three years, as reported by the National Enterprise Credit Information Publicity System [5] - Extreme Fox Automobile announced a partnership with GAC Energy to share nearly 20,000 public charging stations [6] - Shenzhou Car Rental will introduce over 100,000 NIO's "Chocolate" battery swap vehicles, covering various market segments [8] Group 4: Product Launches and Announcements - Land Rover China announced the limited launch of the Range Rover Sport Blue Flame Special Edition, with a retail price of 1.036 million RMB for 50 units [7] - Tesla approved the grant of 96 million shares of stock to Elon Musk, with a purchase price of $23.34 per share [9][10]

Domestic News - The penetration rate of new energy vehicles in China reached 44.3% in the first half of the year, marking a historical high for the same period [1] - The China Machinery Industry Federation reported that the added value of large-scale machinery enterprises increased by 9% year-on-year, outpacing the national industrial and manufacturing growth rates by 2.6 and 2 percentage points respectively [1] - The Ministry of Commerce indicated that the total service trade import and export volume reached 38,872.6 billion yuan in the first half of 2025, with a year-on-year growth of 8.0% [1] Policy Initiatives - The Shanghai Municipal Government announced financial support measures for enterprises investing in basic research, offering a one-time subsidy of 10 million yuan for those with annual investments of 100 million yuan or more [2] - The Hainan Provincial Government released a three-year action plan (2025-2027) to develop a modern industrial system, focusing on financial reforms and cross-border capital flow facilitation [2]

Group 1: Macroeconomic News - The penetration rate of new energy vehicles in China reached a historical high of 44.3% in the first half of the year [3] - A new tax policy allows individuals to enjoy a VAT exemption on interest income from purchasing government bonds, local government bonds, and financial bonds, provided the monthly purchase does not exceed 100,000 yuan [2][4] Group 2: Market Movements - The Shanghai Composite Index rose by 0.66% on August 4, with over 20 stocks in the military industry hitting the daily limit [4] - In July, the issuance of public funds saw a significant increase, with nearly 150 new funds launched, marking the highest monthly issuance this year [4] Group 3: Company Developments - Berkshire Hathaway reported a net sale of $3 billion in stocks in Q2, marking the 11th consecutive quarter of selling more stocks than buying [5] - 30 companies are expected to share approximately 1.6 billion yuan from the film "Nanjing Photo Studio," which has grossed over 1.5 billion yuan in its first 10 days [6][7] - Boeing's 3,200 workers voted to strike after rejecting the company's latest labor contract proposal, which included salary increases and more vacation time [7] Group 4: Industry Updates - Ideal Auto clarified that its recent crash test of the i8 was aimed at validating and improving passive safety performance, not evaluating other brands [8][9]

Core Insights - The penetration rate of the new energy vehicle market reached 44.3% in the first half of this year, marking a historical high for the same period [1] Industry Summary - The new energy vehicle market has shown significant growth, achieving a penetration rate of 44.3% [1]