中国汽车工业协会副秘书长陈士华表示，今年以来，新能源汽车继续实现较高增长，一方面是国内汽车 以旧换新补贴政策持续显效，力度大，惠及面广，推动了新能源汽车市场较高增长。另一方面明年新能 源汽车购置税减半征收，使得部分消费者存在提前购车现象，新能源汽车市场迎来新一轮的消费高峰。 专家同时表示，今年以来，我国新能源车企新品供给的持续丰富、产品技术的不断升级、补能体系的不 断完善等，也共同推动了新能源汽车市场实现较高增长。 ...

Core Insights - The latest data from the China Association of Automobile Manufacturers indicates that the production and sales of new energy vehicles (NEVs) in China have continued to grow significantly in the first ten months of this year, with October marking a milestone where NEV monthly sales exceeded 50% of total new car sales for the first time [1] Group 1: Production and Sales Data - From January to October, China's total automobile production reached 27.692 million units, while sales totaled 27.687 million units, both showing a year-on-year growth of over 10% [1] - NEV production and sales during the same period reached 13.015 million and 12.943 million units, respectively, reflecting year-on-year increases of 33.1% and 32.7% [1] - In October, NEV monthly sales accounted for 51.6% of total new car sales, marking a significant achievement in the market [1] Group 2: Export Performance - In the first ten months of the year, NEV exports reached 2.014 million units, representing a remarkable year-on-year growth of 90.4% [1] Group 3: Market Drivers - The growth in the NEV market is attributed to several factors, including the effectiveness of the domestic vehicle replacement subsidy policy, which has been impactful and widely beneficial [1] - Anticipation of a reduction in the purchase tax for NEVs next year has led some consumers to expedite their purchases, contributing to a new consumption peak in the NEV market [1] - Continuous innovation in product offerings, technological upgrades, and improvements in the charging infrastructure have also played a crucial role in driving the growth of the NEV market [1]

Core Insights - The retail sales of new energy vehicles in China's passenger car market reached 1.4 million units from October 1 to 31, marking a year-on-year increase of 17% and an 8% increase compared to the previous month [1] - Cumulatively, retail sales for the year have reached 10.27 million units, reflecting a year-on-year growth of 23% [1] - The wholesale of new energy vehicles by manufacturers during the same period was 1.614 million units, showing a year-on-year increase of 16% and an 8% increase from the previous month [1] - Year-to-date wholesale figures stand at 12.061 million units, indicating a year-on-year growth of 30% [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the lithium battery industry, particularly the demand and supply outlook for lithium batteries and related materials such as lithium carbonate and lithium hexafluorophosphate [1][2][3][4][5][6][7][8][9][10][11][12][15]. Core Insights and Arguments Demand Growth - In 2025, China's new energy vehicle (NEV) sales grew by 28%, with a projected growth rate of approximately 20% for 2026, driven by commercial vehicle policies and increased consumer acceptance [1][2]. - The European NEV market is expected to grow nearly 30% in 2025, with a forecasted growth rate of about 25% for 2026, surpassing China's growth [1][2]. - The U.S. NEV market is relatively stable, with expected sales around 1.6 to 1.7 million units, showing low growth but potential for unexpected increases [1][2]. - The energy storage sector is projected to reach 550 GWh in shipments for 2025, marking a 75% year-on-year increase, with expectations of maintaining around 50% growth in 2026 [1][2][4]. Material Price Dynamics - Lithium hexafluorophosphate prices are highly volatile, with short-term price increases translating directly into profits for companies like Tianqi Lithium and others, indicating significant stock price elasticity [1][3][5]. - The lithium carbonate market is expected to remain in a tight balance, with demand growing rapidly, supporting high price levels even without large-scale supply clearances [1][7][12]. Supply Chain Insights - The lithium carbonate price is influenced by a feedback mechanism between supply and demand, with predictions for 2025 prices ranging from 70,000 to 90,000 CNY per ton, following fluctuations due to tariffs and market conditions [6][7][9]. - Inventory levels for lithium carbonate have decreased from around 50 days to approximately 30 days, indicating a neutral to low inventory status, which could lead to increased prices during peak demand periods [9]. Future Supply Growth - Future growth in domestic lithium supply is expected from regions like Jiangxi, Tibet, and Qinghai, with projects gradually ramping up production [11]. - African and Argentinian lithium projects are anticipated to contribute to supply in 2026, with several projects either newly operational or in ramp-up phases [10]. Other Important Insights - The lithium battery industry's leading companies, such as CATL, are expected to outperform the average industry growth, potentially leading to higher valuations during market transitions [3]. - The storage sector is seen as a key driver for industry growth over the next five years, with solid-state battery production expected to enhance demand further [15]. - Stock trading logic differs from commodity trading, with a focus on long-term profit growth for stocks and short-term market expectations for commodities, suggesting a strategic approach to stock selection based on market trends and liquidity [13][14]. This comprehensive overview captures the essential insights and projections regarding the lithium battery industry, highlighting both opportunities and risks for investors.

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Keda Li, and others, based on their strong growth potential and market positioning [5][6]. Core Insights - The new energy vehicle market continues to show robust growth, with significant increases in delivery numbers for various manufacturers, particularly for Leap Motor, which achieved a record delivery of 66,657 units in September 2025 [2][11]. - The announcement from the National Development and Reform Commission and the State Administration for Market Regulation regarding the governance of price disorder in the new energy sector indicates a move towards stabilizing market prices and promoting fair competition [3][35]. - The "Ning Electric into Hunan" project has been fully completed and is expected to significantly reduce coal consumption and carbon emissions in the receiving areas, highlighting the ongoing investment in electric infrastructure [4][59]. Summary by Sections New Energy Vehicles - In September 2025, several new energy vehicle manufacturers reported strong delivery figures, with Leap Motor leading the new force with 66,657 units delivered, marking a 97.4% year-on-year increase [2][11]. - Other notable performances include Xiaomi with over 40,000 units delivered, and BYD maintaining its market leadership with 396,270 units delivered in September [2][18]. New Energy Generation - The recent announcement from regulatory bodies emphasizes the importance of maintaining a fair pricing order in the new energy sector, aiming to mitigate the negative impacts of price disorder on industry development [3][35]. - The report suggests that the recent stabilization of prices in the industry may signal a turning point for the photovoltaic sector, as efforts to combat price competition begin to take effect [36]. Electric Equipment and Automation - The State Grid Corporation's bidding activities in the first three quarters of 2025 reached a total of 1,409.12 billion yuan, with a significant portion allocated to transmission and transformation projects [4][59]. - The completion of the "Ning Electric into Hunan" project is expected to enhance the region's power supply capabilities while contributing to environmental sustainability by reducing carbon emissions [4][59].

Core Insights - In September 2023, the wholesale sales of new energy passenger vehicles in China are estimated to reach 1.5 million units, representing a year-on-year increase of 22% and a month-on-month increase of 16% [1] - Cumulatively, from January to September 2023, the total wholesale sales reached 10.446 million units, showing a year-on-year growth of 32%, indicating a steady growth trend in the overall market [1] Market Dynamics - The month of September had 22 working days, the same as the previous year, but the market sales were more active this year due to the overlap of the Mid-Autumn Festival and National Day holidays [1] - The optimization of market order in the new energy vehicle sector is ongoing, supported by joint efforts from the Ministry of Industry and Information Technology and other departments to regulate industry competition [1] Seasonal Trends - The traditional peak sales season, referred to as "Golden September and Silver October," is contributing to a gradual recovery in market enthusiasm, with the popularity of new energy models showing a significant improvement compared to the end of August [1] - The dual stimulus from nationwide vehicle trade-in programs and local policies is further enhancing market activity [1]

NO.2 零跑汽车完成26亿元内资股增发 每经记者｜董天意 实习生 张艺彤 每经编辑｜余婷婷 | 2025年9月4日 星期四 | NO.1 乘联分会：8月全国乘用车新能源市场零售107.9万辆 9月3日，乘联分会数据显示，初步统计，8月，全国乘用车新能源市场零售107.9万辆，同比增长5%， 环比增长9%，全国新能源市场零售渗透率55.3%，今年以来累计零售753.5万辆，同比增长25%；8月， 全国乘用车厂商新能源批发129.2万辆，同比增长23%，环比增长9%，新能源厂商批发渗透率53.6%，今 年以来累计批发892.6万辆，同比增长33%。 9月3日，公众号"中信证券发布"发文称，8月29日，零跑汽车完成内资股定向发行，募集资金总额合计 26亿元。中信证券担任本次发行的主办券商。零跑汽车本次发行引入武义县金投产发控股集团有限公 司、金华市产业基金有限公司、湖州信创股权投资合伙企业（有限合伙）和杭州禾合零跑股权投资合伙 企业（有限合伙）四名国资股东。 点评：零跑汽车成功完成内资股定向发行引入国资股东，这不仅拓展了公司的资本基础，也显示出国资 对其发展潜力的认可。随着资金的注入，零跑有望加速其市场战略布局， ...

Core Insights - In August, various new energy vehicle brands reported significant sales figures, with Leap Motor leading the way with a record delivery of 57,066 vehicles, marking a year-on-year increase of over 88% [2] - Xiaopeng Motors also achieved a new monthly high with 37,709 vehicles delivered in August, representing a year-on-year growth of 168.7% [3] - NIO delivered 31,305 vehicles in August, a year-on-year increase of 55.2%, while Li Auto reported 28,529 deliveries [5][6] Company Performance - Leap Motor's total deliveries from January to August reached 328,859 vehicles, a year-on-year growth of 136.4%, and is expected to surpass 1 million cumulative deliveries by the end of the year [2] - Xiaopeng Motors' cumulative deliveries for the year reached 271,615 vehicles, with a year-on-year growth of 330% [3] - NIO's cumulative deliveries stand at 838,036 vehicles, with significant contributions from its various brands [5] - Li Auto aims to stabilize monthly sales of its new models, targeting 6,000 units for the Li 8 and 9,000 to 10,000 units for the Li 6 [5] Market Trends - The overall market for new energy vehicles showed resilience, with a retail sales estimate of 1.1 million units in August, achieving a penetration rate of 56.7% [7] - The automotive market is expected to perform better in September, driven by government subsidies and a traditional sales peak [7] - The introduction of new models and expansion of dealership networks by companies like Xiaomi and Hongmeng Zhixing is anticipated to further stimulate sales [4][6]

Core Insights - The automotive market in August showed resilience, with significant growth in electric vehicles and overseas sales, leading to record sales for several major automakers and new entrants in the market [1] Group 1: Major Automakers Performance - BYD's August sales reached 373,600 units, nearly flat compared to 373,100 units in the same month last year. Cumulatively, BYD sold 2,863,900 units from January to August, with 630,700 units sold overseas [3] - SAIC Motor sold 363,000 vehicles in August, marking a 41% year-on-year increase and a 7.7% month-on-month growth. The cumulative sales from January to August reached 2,753,000 units, up 17.9% year-on-year [3] - China FAW's August sales exceeded 277,800 units, a 3.7% increase year-on-year, with cumulative sales of 2,081,300 units from January to August, reflecting a 5.5% year-on-year growth [3] - Geely's passenger vehicle sales in August reached 250,200 units, a 38% year-on-year increase and a 5% month-on-month growth. Cumulative sales from January to August totaled 1,897,100 units, up 47% year-on-year, achieving 63% of its annual sales target [3] - Chery Group sold 242,700 vehicles in August, a 14.6% year-on-year increase, with exports reaching 129,500 units, a 32.3% increase, setting a new monthly export record [3] - BAIC Group's August sales surpassed 135,000 units, a 3.3% year-on-year increase, with cumulative sales of 1,070,000 units from January to August, up 5.3% year-on-year [3] Group 2: New Energy Vehicle Manufacturers - Leap Motor achieved a record high delivery of 57,066 vehicles in August, maintaining its lead among new energy vehicle brands for six consecutive months [5] - Xpeng Motors delivered 37,709 vehicles in August, marking a historical high with both year-on-year and month-on-month increases [5] - NIO delivered 31,305 vehicles, surpassing Li Auto for the first time in 34 months, while Li Auto's deliveries fell to 28,529 vehicles, marking a decline for three consecutive months [5] - Hongmeng Zhixing delivered 44,579 vehicles in August, continuing a downward trend with a 9.47% decrease last month followed by a 6.64% decrease this month [5] - Zeekr's two brands (Lynk & Co and Zeekr) delivered 44,843 vehicles in August, remaining stable compared to the previous month [5] - Lantu delivered 13,505 vehicles, a 119% year-on-year increase with an 11.29% month-on-month growth [5] - Avita's August sales reached 10,565 vehicles, showing a slight 5% month-on-month increase [5]

Core Insights - In August, various new energy vehicle brands reported significant delivery numbers, with Leap Motor leading the pack with a record delivery of 57,066 vehicles, marking a year-on-year increase of over 88% [1][2] - Leap Motor's cumulative deliveries reached 328,859 vehicles from January to August, reflecting a year-on-year growth of 136.4% [1][2] - The overall market for new energy vehicles showed a positive trend, with a total retail sales estimate of 1.1 million units in August, achieving a penetration rate of 56.7% [9][10] Company Performance - **Leap Motor**: Delivered 57,066 vehicles in August, with a cumulative total of 328,859 vehicles for the year, and is expected to reach 1 million cumulative deliveries by the end of the year [1][2] - **Xpeng Motors**: Achieved 37,709 deliveries in August, a year-on-year increase of 168.7%, with a total of 271,615 vehicles delivered from January to August [2][3] - **NIO**: Delivered 31,305 vehicles in August, a 55.2% year-on-year increase, with cumulative deliveries reaching 838,036 vehicles [5][6] - **Xiaomi Motors**: Exceeded 30,000 deliveries for the second time since its launch, with plans to expand its retail presence [6] - **Li Auto**: Reported 28,529 deliveries in August, with a total of 1,397,070 vehicles delivered historically [6] Market Trends - The overall retail sales of narrow passenger vehicles in August were estimated at approximately 1.94 million units, showing a month-on-month increase of 6.2% and a year-on-year increase of 2.0% [9][10] - The market is expected to perform better in September due to the traditional peak season and the implementation of various subsidies [10]