5月12日，中国汽车流通协会表示，进入4月下旬多地出台新一轮扩内需促消费政策，叠加上海国际车展开幕，众多新车集中发布并陆续上市提升了 市场关注度，带动客流量提升及订单转化率环比增长。 根据乘联分会统计的数据，4月全国乘用车市场零售175.5万辆，同比增长14.5%，环比下降9.4%；今年前4个月累计零售687.2万辆，同比增长7.9%。 "今年4月国内乘用车零售同比增速是近10年正常年份同期的最高增速，扭转了此前零售增速偏低的特征，进一步削弱汽车市场的季度周期波动特 征。"乘联分会表示，今年国家以旧换新政策启动早，补贴政策"一步到位"，年初市场增长较好，车市价格竞争较为温和，行业内卷状态因市场增 长而改善。 车型降价潮降温 乘联分会发布的数据显示，今年4月仅有14款车型降价，较去年4月的41款和2023年4月份的19款数量大幅下降，体现了降价潮明显降温的特征。 "在国家促消费政策推动下，很多省市出台并逐步落实了相应的促消费政策，叠加主机厂厂补加码、金融支持、车展等线下活动的全面启动，4月车 市走势良好。随着春节前的燃油车消费潮转为节后的新能源消费潮，新能源渗透率持续提升，新能源车成为春季乘用车市场恢复的主要驱 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the 18th week of 2025 (April 28 - May 4), the retail sales of passenger cars reached 420,000, a year - on - year increase of 17.6%. The retail sales of new energy passenger cars were 203,000, a year - on - year increase of 38.4%. The new energy penetration rate was 48.4%, up 7.2 percentage points from the same period last year and down 4.6 percentage points from the previous week. Since the beginning of this year, the cumulative retail sales of passenger cars have been 6.874 million, a year - on - year increase of 4.0%, and the cumulative retail sales of new energy passenger cars have been 3.347 million, a year - on - year increase of 32.5%. The cumulative new energy penetration rate is 48.7% [2][13]. - The demand in the new energy vehicle market is clearly differentiated. Leading brands have consolidated their leading positions, but the market pattern is not fixed. New brands have brought new variables, and traditional car companies are achieving excellent performance in new energy sales [3][23]. 3. Summary According to the Catalog 3.1 Passenger Car Market Weekly Overview - **Overall Sales and Penetration Rate**: In the 18th week of 2025, the retail sales of passenger cars were 420,000, a year - on - year increase of 17.6%. The retail sales of new energy passenger cars were 203,000, a year - on - year increase of 38.4%. The new energy penetration rate was 48.4%, up 7.2 percentage points from the same period last year and down 4.6 percentage points from the previous week. Since the beginning of this year, the cumulative retail sales of passenger cars have been 6.874 million, a year - on - year increase of 4.0%, and the cumulative retail sales of new energy passenger cars have been 3.347 million, a year - on - year increase of 32.5%. The cumulative new energy penetration rate is 48.7% [2][13]. - **Sales by Power Type**: Among passenger cars, traditional fuel, hybrid, and new energy vehicles sold 196,000, 20,000, and 203,000 respectively, with year - on - year growth rates of 0.6%, 34.5%, and 38.4% respectively, accounting for 46.8%, 4.8%, and 48.4% of passenger cars. Among new energy passenger cars, pure - electric, plug - in hybrid, and extended - range vehicles sold 115,000, 64,000, and 25,000 respectively, with year - on - year growth rates of 34.0%, 31.7%, and 92.5% respectively, accounting for 56.5%, 31.3%, and 12.2% of new energy passenger cars [18]. - **Sales by Production Attribute**: Among passenger cars, self - owned and joint - venture brands sold 264,000 and 156,000 respectively, with year - on - year growth rates of 31.6% and - 0.4% respectively, accounting for 62.9% and 37.1% of passenger cars. Among new energy passenger cars, self - owned and joint - venture brands sold 187,000 and 17,000 respectively, with year - on - year growth rates of 47.3% and - 18.0% respectively, accounting for 91.9% and 8.1% of new energy passenger cars [18]. 3.2 Key New Energy Vehicle Manufacturers' Sales Analysis 3.2.1 BYD - Weekly sales were 65,000, with BYD brand selling 62,000, and Denza, Fangchengbao, and Yangwang brands selling 3,000, 2,000, and 19 respectively. Since March 2022, BYD has stopped the production of fuel vehicles and focused on new energy vehicles. Since March this year, it has released the super e - platform and launched new cars such as Denza N9, Yangwang U7, and Fangchengbao Titanium 3 [24]. 3.2.2 Geely Automobile - Weekly sales were 40,000, with 22,000 being new energy vehicles (3,000 from the ZEEKR brand), and the electrification rate reached about 55%. In 2024, the company released the "Taizhou Declaration". The Geometry brand was incorporated into the Galaxy brand. Recently, Geely acquired ZEEKR. The 2025 sales target is 2.71 million, with Geely, ZEEKR, and Lynk & Co brands targeting 2 million, 320,000, and 390,000 respectively, and the new energy vehicle sales target is 1.5 million [27]. 3.2.3 SAIC - GM - Wuling - The overall weekly sales of passenger cars were 14,000, with 12,000 being new energy vehicles, and the electrification rate was about 86%. Recently, Wuling Hongguang launched an extended - range version, and Baojun launched the "Baojun Xiangjing" with plug - in hybrid and pure - electric options, but pure - electric models still dominate in sales [35]. 3.2.4 Changan Automobile - The overall weekly sales of passenger cars were 24,000, with 11,000 being new energy vehicles, and the electrification rate was about 47%. Its new energy brands Shenlan and Qiyuan sold more than 4,000 and 3,000 respectively. In addition, Avita, a joint venture with Huawei and CATL, sold about 2,000 [40]. 3.2.5 Chery Automobile - The overall weekly sales of passenger cars were 24,000, with 7,000 being new energy vehicles, and the electrification rate was about 30%. Its new energy brands iCAR, Chery New Energy, and Zhijie (a brand under Hongmeng Zhixing) each sold about 1,000 [48]. 3.2.6 Tesla - The sales of Tesla (China) in that week were 7,324. Model 3 sold 1,987 and Model Y sold 5,337. This year, Tesla has launched multiple promotions, such as the "biggest discount package ever" for Model 3 after the Spring Festival and new promotions in April [54]. 3.2.7 New - Force Car Manufacturers - Li Auto sold 11,000, mostly L - series models. Wenjie sold about 7,000, with a significant month - on - month increase. The new car M8 was launched on April 16 and started delivery on April 20. Leapmotor, Xiaomi, and XPeng each sold about 6,000, NIO sold about 5,000, and Aion sold about 4,000 [56][57].

宁德时代（300750.SZ）全力冲刺港股上市之际，市值也水涨船高，虽然港股尚未完成IPO，但其总市 值已经超越了重要竞争对手比亚迪（002594.SZ）。 2018年宁德时代A股上市后，宁德时代和比亚迪的竞争并不限于动力电池的产品力，趁着市场火热融资 扩大业务，抢占更多市场份额也是重点，两者上市以来过去多年的融资额都是累计大约千亿规模。 有业内人士认为，两者在国内动力电池市场份额合计逼近70%，而更大的空间在海外市场，海外新能源 汽车的渗透率整体低于20%，在香港成功融资后，两家公司都在加速出海布局，在海外的市占率仍有较 大的提升空间。 宁德时代市值再次领先 过去几年，比亚迪和宁德时代的市值交替上升，你追我赶。 在宁德时代股价连涨五个交易日后，5月12日收涨3.52%，报收257元，总市值11317亿元；另一边，比 亚迪当日上涨1.94%，报收370.28元，总市值为11253亿元，宁德时代的总市值再次实现对比亚迪的反 超。 5月12日早上，市场消息称预计宁德时代将于5月20日在香港挂牌并开始上市交易。宁德时代公告称，此 次港股IPO共计划发行1.18亿股股份，在发售量调整权及超额配售权悉数行使的情况下，本 ...

周度报告——新能源汽车 美国汽车关税政策受压回撤 ★ 动态跟踪 行业数据跟踪方面，据乘联会发布，4 月 1-27 日全国乘用车新能 源市场零售 72.8 万辆，同比增长 24%，新能源市场零售渗透率 52.3%，今年以来累计零售 314.8 万辆，同比增长 33%；4 月 1-27 日，全国乘用车厂商新能源批发 84.6 万辆，同比增长 25%，新 能源厂商批发渗透率 53.9%，今年以来累计批发 369.5 万辆，同 比同期增长 38%。 新 能 源 与 新 材 料 企业端，多车企发布 4 月销量数据，比亚迪以 38 万辆的销量数 据继续稳居领先地位，吉利、零跑、小鹏等新能源销量数据抢眼。 海外市场方面，受美国汽车及零部件关税影响北美新车市场 3 月销量高增长，但关税争对汽车而非新能源汽车，因而渗透率未 出现明显变化（见图表 23-26）。压力下关税政策有所回撤，4 月 29 日发布两项行政命令，一是进口整车关税仅由 2025 年 3 月 26 日第 10908 号公告确定，不得适用其他关税（免除钢铁、铝 的单独关税，避免多项关税叠加）；二是为在美国本土生产的整 车企业提供税收抵免，部分抵消其进口零部件所面 ...

Core Insights - High-quality charging infrastructure is essential for increasing consumer purchase willingness and meeting charging demands [1] - The penetration rate of new energy vehicles (NEVs) in China has surpassed 50% and continues to rise, necessitating proactive development of charging infrastructure [1] - The complete industrial chain in China's NEV sector supports technological innovation and enhances international competitiveness while contributing to carbon neutrality goals [1] Charging Infrastructure Characteristics - The installation of private charging piles in communities is becoming a focal point, with private charging pile ownership increasing from 232,000 in 2017 to 8.892 million by November 2024, a growth of approximately 37 times [2] - High-power charging piles are gaining more support, with over 45% of public charging piles being DC charging piles as of October 2024 [2] Rural Charging Infrastructure Development - Urban areas have high coverage of charging infrastructure, but rural areas lag behind, prompting initiatives to enhance rural charging facilities [3] - The interaction between vehicles and the grid is entering a phase of large-scale commercialization, with projects demonstrating significant energy savings [3] Challenges in Charging Infrastructure Planning - The "charging piles entering communities" initiative faces obstacles, including difficulties in installing private charging piles in densely populated areas [4] - The lack of unified charging interface standards increases the costs of large-scale deployment and complicates the establishment of shared private charging piles [5] Policy Recommendations for Charging Infrastructure Development - Establish a unified standard for charging infrastructure systems to ensure stability and safety in power supply [7] - Optimize the approval process for private charging infrastructure and promote innovative business models for shared charging piles [8] - Focus on rural areas for developing private charging infrastructure, integrating urban and rural resources [9] - Accelerate the establishment of technical standards for vehicle-grid interaction and improve pricing mechanisms [10]

周度报告——新能源汽车 雷克萨斯独资工厂落地上海 ★ 动态跟踪 行业数据跟踪方面，2025 年第 16 周（2025 年 4 月 14 日至 4 月 20 日），国内乘用车零售 38.1 万辆，同比增长 9.0%；新能源乘 用车零售 20.3 万辆，同比增长 27.9%；新能源渗透率为 53.2%。 今年以来，国内乘用车累计零售 600.5 万辆，同比增长 3.1%；新 能源乘用车累计零售 290.6 万辆，同比增长 33.0%；累计新能源 渗透率为 48.4%。4 月全月来看，乘联会预计新能源零售 90 万， 渗透率 51.4%。 新 能 企业端，雷克萨斯作为第二家外商独资车企正式落地上海金山， 工厂投资额 146 亿元，首期拿地 1,692 亩，预计于 6 月开工，初 期年产能约 10 万辆，第一台车将于 2027 年生产下线。 源 与 新 全球来看，3 月全球新能源汽车销量同比增长 33.4%达 149 万辆， 1-3 月累计同比增长 35.4%达 360 万辆。3 月全球新能源渗透率为 24.2%，环比增加 1.5 个百分点。 料 ★ 投资建议 中国新能源汽车行业发展由政策驱动转向市场驱动，23 年新 ...

Core Viewpoint - The article discusses the ongoing competition between electric vehicles (EVs) and traditional fuel vehicles in the Chinese automotive market, highlighting the significant market share that fuel vehicles still hold despite the rapid growth of EVs [3][4][5]. Summary by Sections New Energy Vehicles vs. Fuel Vehicles - The Shanghai Auto Show showcases a strong focus on new energy vehicles, with brands like BYD, NIO, Li Auto, and Xpeng unveiling new models, while some manufacturers continue to support fuel vehicle development [3][5]. - According to SAIC GM's general manager, fuel vehicles are expected to maintain at least 25% market share in the future [3]. Market Data and Trends - In March, the penetration rate of new energy vehicles in China reached 54.1%, indicating a significant shift towards EVs [4]. - Despite the growth of EVs, fuel vehicles remain a substantial part of sales for traditional automakers, with companies like Geely, Great Wall, and Chery still relying heavily on fuel vehicle sales [6][9]. Financial Performance and Competitive Landscape - BYD's decision to stop producing fuel vehicles is backed by its strong control over the battery supply chain, leading to a projected gross margin of 21.02% in 2024, surpassing competitors like Li Auto (19.8%) and Tesla (17.9%) [7]. - Fuel vehicles still represent a significant portion of total sales for major automakers, with Geely's fuel vehicle sales projected to account for 59.19% of total sales in 2024 [9]. Global Market Strategy - Companies like Chery and Geely are focusing on international markets, with Chery's overseas sales in 2024 expected to reach 1.144 million units, of which over 80% will be fuel vehicles [14]. - The global automotive market still sees fuel vehicles as a dominant force, with 85% market share compared to 15% for new energy vehicles [17]. Policy and Industry Outlook - The Chinese government is expected to continue supporting the development of internal combustion engine technology alongside new energy vehicles, indicating a balanced approach to automotive development [13]. - The article suggests that fuel vehicles will remain relevant in the market, especially as electric vehicle technology continues to mature [17].

Report Investment Rating - No investment rating information is provided in the report. Core Views - The lithium carbonate market is under pressure from an oversupply situation that is difficult to fundamentally improve in the short - term and weakening cost support due to the loosening of lithium ore prices. The downstream material factories mainly conduct rigid - demand restocking, and the overall market trading atmosphere is stable. The upstream lithium salt factories have a strong willingness to support prices, but actual transactions are mainly between traders and downstream material factories. The option market shows a bullish sentiment with the call position dominant, and the implied volatility has slightly decreased. Technically, the 60 - minute MACD shows that the two lines are near the 0 - axis and the red bars are slightly contracting. The operation suggestion is to conduct light - position range trading and control risks by paying attention to trading rhythm [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract is 74,360 yuan/ton, up 200 yuan; the net position of the top 20 is - 46,489 lots, up 7,282 lots; the position volume of the main contract is 203,726 lots, down 6,885 lots; the spread between near - and far - month contracts is - 260 yuan/ton, up 180 yuan; the Guangzhou Futures Exchange warehouse receipt is 19,135 lots/ton, up 1,380 lots [2]. 现货市场 - The average price of battery - grade lithium carbonate is 74,100 yuan/ton, up 100 yuan; the average price of industrial - grade lithium carbonate is 72,150 yuan/ton, up 100 yuan; the basis of the Li₂CO₃ main contract is - 260 yuan/ton, down 100 yuan [2]. Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 793 US dollars/ton, unchanged; the average price of amblygonite is 8,325 yuan/ton, unchanged; the price of lithium mica (2 - 2.5%) is 2,391 yuan/ton, unchanged [2]. 产业情况 - The monthly output of lithium carbonate is 35,690 tons, up 560 tons; the monthly import volume is 12,327.97 tons, down 7,794.24 tons; the monthly export volume is 417.13 tons, up 18.53 tons; the monthly operating rate of lithium carbonate enterprises is 42%, down 1 percentage point; the monthly output of power batteries is 100,300 MWh, down 7,500 MWh; the price of lithium manganate is 30,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 60,500 yuan/ton, unchanged; the price of cobalt - lithium oxide is 225,000 yuan/ton, unchanged; the price of ternary material (811 type) in China is 149,500 yuan/ton, unchanged; the price of ternary material (622 power type) in China is 126,500 yuan/ton, unchanged [2]. Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China is 131,000 yuan/ton, unchanged; the monthly operating rate of ternary cathode materials is 40%, down 4 percentage points; the price of lithium iron phosphate is 33,700 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 57%, unchanged; the monthly output of new energy vehicles is 888,000 units, down 127,000 units; the monthly sales volume is 892,000 units, down 52,000 units; the cumulative sales penetration rate of new energy vehicles is 40.31%, up 1.35 percentage points; the cumulative sales volume of new energy vehicles is 1,835,000 units, up 628,000 units; the monthly export volume of new energy vehicles is 131,000 units, down 19,000 units; the cumulative export volume of new energy vehicles is 282,000 units, up 100,000 units [2]. Option Situation - The 20 - day average volatility of the underlying is 14.47%, up 0.05 percentage points; the 40 - day average volatility is 13.17%, up 0.04 percentage points; the total call position is 201,060 lots, up 1,000 lots; the total put position is 59,941 lots, up 2,683 lots; the put - call ratio of the total position is 29.81%, up 1.1921 percentage points; the at - the - money implied volatility (IV) is 0.15%, down 0.0036 percentage points [2]. Industry News - During the Tomb - Sweeping Festival holiday in 2025, the price limit range and trading margin standards of various futures contracts on the Guangzhou Futures Exchange remain unchanged. After trading resumes on April 7, 2025, the price limit range of industrial silicon futures contracts will be adjusted to 6%, the speculative trading margin standard to 8%, and the hedging trading margin standard to 7%; for lithium carbonate futures contracts, the price limit range will be adjusted to 8%, the speculative trading margin standard to 10%, and the hedging trading margin standard to 9%. - Guangdong has officially issued relevant regulations on the management of official vehicles for provincial - level government agencies and public institutions, promoting the use of new energy vehicles. - In March 2025, XPeng Motors delivered 33,205 smart electric vehicles, a year - on - year increase of 268%, and has delivered over 30,000 vehicles for five consecutive months. In the first quarter of 2025, XPeng Motors delivered a total of 94,008 smart electric vehicles, a year - on - year increase of 331%. - Xiaomi Auto added 15 stores in March, with 235 stores in 65 cities across the country. As of March 31, there were 127 service outlets covering 75 cities. In April, 33 new stores are planned to be added in 7 cities. - Li Auto's sales target for this year is 700,000 vehicles, with an internal expectation of 50,000 pure - electric vehicle sales and a supply - chain expectation of at least 140,000. The sales target for extended - range models is between 560,000 and 650,000 vehicles, with a monthly average of 46,700 - 54,100 vehicles. - In March, China's manufacturing PMI, non - manufacturing PMI, and composite PMI were 50.5%, 50.8%, and 51.4% respectively, up 0.3, 0.4, and 0.3 percentage points from the previous month, rising for two consecutive months. The construction industry PMI reached a new high since June 2024, indicating an obvious economic recovery trend [2].

Core Insights - The chairman of BYD, Wang Chuanfu, emphasized that the second half of electrification will be transformative, focusing on smart technology as a key driver for industry development [1] - BYD is projected to achieve a 47% penetration rate for new energy vehicles in China by 2024, marking a 12 percentage point increase, and is expected to lead the market with sales of 4.27 million vehicles [1] - The company plans to invest 100 billion yuan in smart technology to lead the transformation of the automotive industry [2] Group 1: Market Position and Sales - BYD's sales for January to February 2025 reached 623,000 units, maintaining its position as the top seller in the Chinese automotive market [1] - In 2024, BYD's vehicle exports reached 417,000 units, a year-on-year increase of 71.8%, positioning it among the top exporters [3] Group 2: Investment and R&D - BYD's R&D investment for 2024 is projected to be 54.16 billion yuan, a year-on-year increase of 35.68%, with a workforce of 120,000 R&D personnel, up 18.24% [2] - The company completed a financing round of 43.5 billion HKD (approximately 5.6 billion USD) to support technology development, overseas expansion, and liquidity [3] Group 3: Global Expansion Strategy - BYD aims to leverage its technological leadership to expand internationally, with plans to export smart technology overseas by 2026-2027 [2] - The company has established its first overseas passenger vehicle manufacturing base in 2024 and is entering the top ten brands in over ten countries [3]

Core Viewpoint - CATL's 2024 annual report shows a significant decline in revenue for the first time since its IPO in 2018, with total revenue of 362 billion yuan, down 9.7% year-on-year, while net profit increased by 15% to 50.7 billion yuan, indicating a challenging market environment for the company [2][12]. Group 1: Financial Performance - The company's revenue decline is attributed to increased sales volume of lithium batteries but decreased prices, a trend seen across the industry [4]. - CATL achieved lithium-ion battery sales of 475 GWh in 2024, a year-on-year increase of 21.79%, with power battery sales at 381 GWh (up 18.85%) and energy storage battery sales at 93 GWh (up 34.32%) [5]. - Despite the revenue drop, CATL's gross margin improved from 19.19% in 2023 to 24.44% in 2024, showcasing effective cost reduction strategies [11]. Group 2: Market Trends - The penetration rate of new energy vehicles in China has approached 50%, indicating a mature market [3]. - The growth rate of CATL's power batteries has significantly slowed, dropping from 107.97% in 2022 to 18.85% in 2024, suggesting the company is nearing its growth ceiling [7]. - CATL's market share in the global energy storage battery sector has declined from 43.4% in 2022 to 36.5% in 2024, highlighting increasing competition [9]. Group 3: Future Outlook - The ability of CATL to return to revenue growth in 2025 hinges on the recovery of lithium battery prices, which are expected to remain under pressure due to supply exceeding demand [14][15]. - Projections indicate that the global lithium carbonate price may stabilize between 70,000 to 120,000 yuan per ton in 2025, with potential downward pressure on prices [16][19]. - Long-term growth concerns arise from competition as automakers begin to develop their own batteries, particularly solid-state batteries, which could challenge CATL's market dominance [23][25]. Group 4: Strategic Initiatives - CATL is investing in the construction of battery swap stations, with plans to build 1,000 by 2025 and a long-term goal of 30,000 stations, which could enhance its market position [29]. - The company holds significant cash reserves of 303.5 billion yuan, indicating potential for strategic investments or initiatives to bolster its competitive edge [28].