Group 1: Company Overview - De Yi Energy Technology (Tongling) Co., Ltd. has established a modern new energy battery production base in Cuoyang, Anhui Province, with a focus on quality control through AI vision and real-time monitoring of temperature, humidity, and dew point [1] - The first phase of the production facility, with a capacity of 5 GWh, commenced construction in July 2022 and began operations in September 2023, featuring four fully operational production lines [1][2] - The company achieved a production value of 640,000 yuan in November 2023, with projected values of 396 million yuan in 2024 and 1.2 billion yuan from January to September 2025 [2] Group 2: Industry Development - Cuoyang County has seen rapid growth in the new energy vehicle industry, establishing a relatively complete industrial chain focused on "new energy vehicle components" [1][3] - The Cuoyang Economic Development Zone currently hosts 26 new energy vehicle and component enterprises, with 14 of them being above-scale enterprises, producing various automotive components [3] - The local government is actively working to enhance the industrial chain and attract more upstream and downstream enterprises in the new energy vehicle sector [3] Group 3: Future Prospects - De Yi Energy plans to commence the second phase of its lithium-ion battery project in September 2024, aiming for full production capacity of 20 GWh by July 2026, which is four times the capacity of the first phase [2] - Jin Yu Materials Co., Ltd., a new player in the new energy vehicle components industry, is expanding its production capacity of battery aluminum foil, responding to high demand [2]

Core Viewpoint - Leap Motor (9863.HK) experienced a significant intraday surge of over 7%, reaching HKD 50.75, following the announcement of its inclusion in the Hang Seng Technology Index [1] Group 1: Company Developments - The Hang Seng Index Company announced on November 21 that Leap Motor will be included in the Hang Seng Technology Index, effective after market close on December 5, 2025, and will take effect on December 8, 2025 [1] - The Hang Seng Technology Index is considered a benchmark for core technology stocks in the Hong Kong market, representing the 30 most growth-oriented companies with strong technology attributes [1] Group 2: Industry Context - The inclusion of Leap Motor enhances the index's representation of the new energy vehicle (NEV) industry, reflecting the company's recognition in terms of technological innovation, R&D investment, revenue growth, market capitalization, and liquidity [1] - The index currently includes other technology manufacturers such as Xiaomi, Li Auto, and Xpeng Motors, with BYD set to join in June 2025 [1]

每日经济新闻 新能源车ETF（159806）跟踪的是CS新能车指数（399976），该指数从沪深市场中选取涉及新能源 汽车制造、锂电池及相关材料等领域的上市公司证券作为指数样本，以全面反映中国新能源汽车产业链 的整体表现。CS新能车指数聚焦于新能源汽车行业的核心环节，具有显著的行业代表性和成长性特 征。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 新能源车ETF（159806）盘中回调超4%，10月新能源汽车表现亮眼。 申港证券指出，2025年10月全国汽车销量、库存情况等数据公布，车企新车型持续发布，居民购车 需求持续释放，汽车市场热度延续，市场表现持续向好。新能源汽车销量增速依然保持较高水平。伴随 各项刺激政策效果不断显现，汽车销量有望继续攀升。10月汽车销量为332.2万辆，同比增加8.8%。今 年1-10月，汽车累计销量为2768.7万 ...

Group 1 - The lithium battery equipment industry is benefiting from increased demand for energy storage, with a significant growth forecast for solid-state battery industrialization, expecting a market size of 2.06 billion yuan by 2025 and potentially reaching 33.6 billion yuan by 2030 [1] - Key growth segments include dry mixing and coating equipment, stacking processes, and packaging testing equipment, indicating a robust expansion in the sector [1] - The solid-state battery production ramp-up phase is anticipated to occur between the second half of 2025 and 2026, as Chinese companies actively invest in critical technologies and capacity building [1] Group 2 - The New Energy Vehicle ETF (159806) tracks the CS New Energy Vehicle Index (399976), which selects listed companies involved in the manufacturing of new energy vehicles, lithium batteries, and related materials, reflecting the overall performance of China's new energy vehicle industry chain [1] - The CS New Energy Vehicle Index focuses on core segments of the new energy vehicle industry, showcasing significant representativeness and growth characteristics [1]

Macro News - The People's Bank of China announced that the 1-year and 5-year Loan Prime Rates (LPR) remain unchanged at 3.0% and 3.5% respectively, marking six consecutive months of stability since June [1] - The Federal Reserve's October meeting minutes revealed mixed opinions among officials regarding a potential rate cut in December, with a 36.2% probability of a 25 basis point cut and a 63.8% probability of maintaining the current rate [1] - The U.S. Bureau of Labor Statistics will not release the October non-farm payroll report, combining it with the November data to be published on December 16 [2] Industry News - Counterpoint Research forecasts that memory prices are expected to rise by approximately 50% before the second quarter of 2026, primarily due to a critical chip shortage affecting traditional LPDDR4 [3] - The Shanghai Real Estate Brokerage Industry Association initiated a self-discipline campaign to maintain market order, emphasizing accurate market reflection, honest information dissemination, and fair competition among real estate agencies [4] - The China Semiconductor Industry Association predicts that the chip design industry sales will reach 835.73 billion yuan in 2025, a 29.4% increase from 2024, translating to approximately 118.04 billion USD, marking the first time sales exceed 100 billion USD [5] Sector Opportunities - CITIC Securities suggests that domestic charging infrastructure is poised for a new acceleration phase, driven by policy support, particularly for high-power fast charging equipment, benefiting related charging pile equipment companies [6] - Huaxin Securities believes that the overall price of the new energy vehicle supply chain is at a low point, with strong demand resilience, presenting a good opportunity for investment in core companies within the supply chain [6] - CITIC Securities highlights significant advancements in Gemini 3 Pro's multimodal understanding and logical reasoning capabilities, suggesting continued attention to the development of native multimodal technologies and the new application opportunities they present [6]

Core Insights - Xiaomi's automotive division achieved a significant milestone by producing its 500,000th vehicle in just 602 days, setting a record for the fastest production ramp-up in the global new energy vehicle sector [1][3] - The company plans to deliver over 400,000 vehicles in 2025, indicating a strong growth trajectory and consumer acceptance of its products [3] Production and Sales Performance - The Xiaomi SU7 has become the best-selling mid-to-large sedan in China for 2025, while the YU7 has topped the sales charts for mid-to-large SUVs for three consecutive months, including being the best-selling SUV across all categories in October [3] - In Q3, Xiaomi delivered over 100,000 vehicles, marking a historical high for a single quarter and a year-on-year increase of 173.4% [3] - Cumulatively, Xiaomi has delivered over 260,000 vehicles in the first three quarters of the year, with September and October seeing monthly deliveries exceeding 40,000 units [3] Financial Performance - Xiaomi's automotive business achieved its first quarterly profit in Q3, with revenue from smart electric vehicles reaching 28.3 billion yuan [3] - The company is on track to meet its delivery target of 350,000 vehicles ahead of schedule [3] Industry Impact - As a leading player in the smart manufacturing and new energy vehicle industry in the Beijing-Tianjin-Hebei region, Xiaomi's production capabilities have positively influenced over 300 upstream component suppliers [3]

Core Insights - The China-ASEAN trade relationship has shown resilience and vitality despite increasing external uncertainties and challenges to international economic order [1][3] - In 2024, the total value of China-ASEAN goods trade reached a historic high of $982.1 billion, marking a 16.9 times increase since the establishment of the free trade area in 2002 [3] - ASEAN has become the largest trading partner for Zhejiang province, surpassing the EU for the first time in 2025 [4] Trade Growth - From January to October 2025, the trade value between China and ASEAN reached $862.7 billion, reflecting an 8.2% year-on-year growth [3] - Zhejiang's trade with ASEAN amounted to 710.61 billion yuan, a 16.2% increase year-on-year, with exports of new energy vehicles growing by 190% [4][6] - The import of agricultural products from ASEAN to Zhejiang increased by over 40% in the same period [7] Infrastructure and Logistics - The establishment of a comprehensive regulatory site at Zhejiang's airport has improved the efficiency of importing fresh produce from ASEAN, reducing transfer distances by 50% [7] - The "green channel" initiative has expedited customs clearance for imported seafood, allowing for rapid processing and distribution [9] Policy and Cooperation - The signing of the upgraded China-ASEAN Free Trade Area 3.0 agreement marks a new phase in economic cooperation, enhancing customs procedures and trade facilitation [13] - The issuance of certificates of origin under the China-ASEAN Free Trade Agreement has increased by 15.7%, helping companies benefit from approximately 8 billion yuan in tariff reductions [11][13]

新能源车ETF（159806）跟踪的是CS新能车指数（399976），该指数从沪深市场中选取涉及锂电池、充 电桩、新能源整车等业务的50家上市公司证券作为指数样本，重点配置电池、乘用车及能源金属等细分 领域，以全面反映新能源汽车产业链相关上市公司证券的整体表现。 （文章来源：每日经济新闻） 11月17日早盘，新能源车ETF（159806）涨超1%。 华鑫证券表示，根据中汽协数据，10月，我国新能源汽车月产销分别完成177.2万辆和171.5万辆，同比 分别增长21.1%和20%。1~10月，我国新能源汽车产销累计完成1301.5万辆和1294.3万辆，同比分别增长 33.1%和32.7% 。供给端，电池及主机厂新品不断推出，需求端反馈积极，政策也不断发力。价格层 面，产业链历经价格大幅下行，资本开支不断收缩，供需格局不断优化，行业协会、产业链公司均在积 极优化产能与供给，力争价格保障企业盈利。整体而言，产业链价格处于底部，价格企稳回升，部分环 节如碳酸锂、六氟磷酸锂、电解液需求强劲，供给偏紧，价格进入上升阶段，看好产业链优质公司。行 业评级及投资策略：政策持续呵护，供给端部分企业开始收缩资本开支，供需结构在边 ...

Core Insights - The global automotive market is experiencing significant growth, with global sales reaching 8.55 million units in September 2025, marking a 10% year-on-year increase and a 12% month-on-month increase. China's market share has risen to 38%, up 2 percentage points from the previous year, indicating an acceleration in the globalization of Chinese automobiles [2] Group 1: Domestic Market Dynamics - A series of favorable policies in China have injected strong momentum into the automotive and particularly the new energy vehicle (NEV) sector, driving domestic consumption through trade-in and replacement incentives [2] - Major Chinese automakers, including SAIC, BYD, and Geely, reported sales exceeding 300,000 units in October, with significant year-on-year growth, and the share of NEVs in traditional automakers' sales continues to rise [2] - New energy vehicle startups like Leap Motor, Xiaomi, and Xpeng have also achieved record sales, with Leap Motor's monthly sales surpassing 70,000 units for the first time [2] Group 2: Global Market Position - Chinese automakers are increasingly influential in the global market, with two Chinese companies, BYD and Geely, ranking 6th and 9th respectively among the world's top 10 automakers, and Chery approaching the top 10 at 11th place [4] - The shift in product strategy for Chinese automakers has moved from a one-size-fits-all approach to localized development tailored to the specific needs of different regional markets, enhancing their competitiveness [4][5] - Chinese NEV companies are adapting to stringent European emission regulations and are exploring mid-to-high-end products, improving their brand perception and market presence [4] Group 3: Strategic Shifts in Global Operations - Chinese automakers are transitioning from "going out" to "going in," establishing local production facilities overseas to comply with local regulations and reduce trade barriers [5] - The "ecological going out" strategy represents a new model of globalization for Chinese automotive companies, focusing on systematic output, localized R&D, and supply chain collaboration [5] - The future direction for Chinese automotive companies includes deepening technological innovation, enhancing supply chain collaboration, and building a comprehensive global service ecosystem to maintain stable growth in global market share [5]

Core Insights - The Chinese automotive market is experiencing a surge in the production and sales of large SUVs, defined as vehicles exceeding 5 meters in length and 3 meters in wheelbase, driven by consumer demand for spacious and comfortable vehicles [1][6][8] Market Trends - In 2024, the sales of C-class SUVs are projected to grow by 26.5%, with August 2023 sales reaching 87,000 units, marking a year-on-year increase of over 50% [1][6] - The trend towards larger vehicles is characterized by the introduction of multiple models from brands like Li Auto, NIO, and Geely, with dimensions approaching those of traditional business vehicles [1][6][8] Consumer Demand - Rising household incomes, an increase in multi-child families, and the need for vehicle upgrades are driving demand for larger, high-comfort vehicles [1][8] - Consumers are increasingly viewing 6- or 7-seat vehicles as necessities rather than options, as traditional sedans fail to meet family travel needs [1][8] Supply-Side Factors - The maturity of China's electric vehicle supply chain and technological advancements have reduced the operational costs of larger vehicles, enhancing the driving experience [1][8] - The production of large SUVs allows automakers to achieve higher profit margins and establish a premium brand image [1][8] Industry Challenges - The growing size of vehicles poses challenges in terms of parking and maneuverability, leading to potential issues in urban areas where parking spaces may not accommodate larger models [9][10]