Core Insights - The Chinese new energy vehicle (NEV) industry is transitioning from a "policy nurturing period" to a market-driven phase as government subsidies begin to phase out [3] Group 1: Policy Changes - Shenzhen's automotive replacement subsidy policy will cease on October 28, 2025, after reaching its budget limit [1] - The subsidy program aims to promote the replacement of approximately 160,000 vehicles by the end of 2025, alongside significant sales in home appliances and digital products [2] Group 2: Market Response - The subsidy program has seen a strong market response, with over 1 million applications submitted nationwide by October 22, 2023, indicating high consumer interest [2] - The rapid depletion of subsidy qualifications has led to additional funding being allocated by Shenzhen authorities [2] Group 3: Regional Variations - Several provinces have suspended their long-term special bond subsidy policies, while some local governments are introducing supplementary measures to stimulate automotive consumption [3] - Starting January 1, 2026, the full exemption from vehicle purchase tax for NEVs will shift to a 50% reduction, increasing the cost of purchasing these vehicles [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The fundamentals of lithium carbonate may be in a stage of increasing supply and demand and inventory reduction. The upstream raw material prices are rising, the supply of domestic lithium carbonate is growing steadily, the demand is strong, and the industrial inventory is gradually decreasing. The option market sentiment is bullish, and the implied volatility has slightly decreased. Technically, the 60 - minute MACD shows that the double - line is above the 0 - axis and the red column is slightly converging. The operation suggestion is to conduct light - position trading with a slightly strong oscillation and pay attention to controlling risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 81,900 yuan/ton, up 2,380 yuan. The net position of the top 20 is - 188,469 hands, down 4,674 hands. The trading volume of the main contract is 483,478 hands, up 52,304 hands. The spread between near and far - month contracts is - 380 yuan/ton, down 200 yuan. The warehouse receipt of GZEE is 27,739 hands/ton, down 960 hands [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 76,550 yuan/ton, up 1,150 yuan. The average price of industrial - grade lithium carbonate is 74,300 yuan/ton, up 1,150 yuan. The basis of the Li₂CO₃ main contract is - 5,350 yuan/ton, down 1,230 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 941 US dollars/ton, up 44 US dollars. The average price of amblygonite is 8,600 yuan/ton, up 350 yuan. The price of lepidolite (2 - 2.5%) remains unchanged at 2,835 yuan/ton [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 47,140 tons, up 1,260 tons. The monthly import volume is 19,596.9 tons, down 2,250.01 tons. The monthly export volume is 150.82 tons, down 218.09 tons. The monthly operating rate of lithium carbonate enterprises is 47%, up 1%. The monthly output of power batteries is 151,200 MWh, up 11,600 MWh. The price of lithium manganate remains unchanged at 32,000 yuan/ton. The price of lithium hexafluorophosphate is 99,000 yuan/ton, up 4,000 yuan. The price of ternary material (811 type) in China remains unchanged at 162,000 yuan/ton. The price of lithium cobaltate remains unchanged at 343,500 yuan/ton. The price of ternary material (622 power type) in China remains unchanged at 141,500 yuan/ton [2] 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China remains unchanged at 152,500 yuan/ton. The monthly operating rate of ternary cathode materials is 53%, down 2%. The price of lithium iron phosphate is 34,800 yuan/ton, unchanged. The monthly operating rate of lithium iron phosphate cathode is 59%, up 2%. The monthly output of new energy vehicles is 1,617,000 vehicles, up 226,000 vehicles. The monthly sales volume is 1,604,000 vehicles, up 209,000 vehicles. The cumulative sales penetration rate of new energy vehicles is 46.09%, up 0.55%. The cumulative sales volume of new energy vehicles is 11,228,000 vehicles, up 2,908,000 vehicles. The monthly export volume of new energy vehicles is 222,000 vehicles, down 2,000 vehicles. The cumulative export volume of new energy vehicles is 1.758 million vehicles, up 830,000 vehicles. The 20 - day average volatility of the underlying is 23.64%, up 1.49%. The 40 - day average volatility of the underlying is 25.69%, down 1.63% [2] 3.6 Option Situation - The total subscription position is 137,942 contracts, up 7,152 contracts. The total put position is 57,430 contracts, up 3,173 contracts. The put - call ratio of the total position is 41.63%, up 0.1494%. The implied volatility of at - the - money IV is 0.35%, down 0.0087% [2] 3.7 Industry News - From October 22 - 25, 2025, the "2025 Automotive Industry Statistical Annual Report Work Conference" was held in Changsha. The overall automobile production and sales are growing, but the industry still faces multiple challenges. Suggestions include promoting the implementation of stable - growth policies, gradually phasing out the vehicle purchase tax reduction policy, and strengthening comprehensive management of the "involution" [2] - In September 2025, China imported 19,597 tons of lithium carbonate, a 10% month - on - month decrease and a 20% year - on - year increase. It exported 151 tons of lithium carbonate, a 59% month - on - month decrease and a 9% year - on - year decrease [2] - In September 2025, China's export volume of lithium iron phosphate was 3,091.99 tons, a 54.6% month - on - month increase and a 599% year - on - year increase [2] - In September 2025, China's cumulative export volume of lithium hexafluorophosphate was about 1,351 tons, a 7.1% month - on - month increase, and the cumulative import volume was 10.365 tons [2]

Group 1 - The core material price of electrolyte continues to rise, with lithium hexafluorophosphate reaching 87,000 yuan per ton, a 51% increase over the past month [1] - Lithium carbonate futures have rebounded over 9% in the last six trading days [1] - The CSI New Energy Vehicle Industry Index (930997) has increased by 1.16%, with constituent stocks such as Yahua Group rising by 10.03% and Zhongmin Resources by 6.79% [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the CSI New Energy Vehicle Industry Index account for 54.61% of the index, including CATL, Huichuan Technology, and BYD [2] - The weightings of the top stocks include CATL at 9.80%, Huichuan Technology at 9.63%, and BYD at 9.10% [4]

Core Viewpoint - The development of charging infrastructure is crucial for the consumption of electric vehicles (EVs) in China, with a new action plan aiming to significantly enhance charging capacity by 2027 [1][2]. Group 1: Action Plan Overview - The "Three-Year Doubling" Action Plan aims to establish 28 million charging facilities and provide over 300 million kilowatts of public charging capacity by the end of 2027, meeting the charging needs of over 80 million electric vehicles [1]. - The plan addresses the current shortcomings in charging infrastructure and aims to support the rapid growth of the new energy vehicle industry in China [1]. Group 2: Current Challenges - Despite rapid development, there are still issues such as uneven distribution of public charging networks, insufficient service in residential areas, and the need for improved operational management [2]. - During peak travel times, such as holidays, there have been reports of long wait times for charging, with some drivers waiting 3 to 4 hours [2]. Group 3: Infrastructure Development Focus - The action plan emphasizes balanced development of charging facilities, particularly in rural areas, and aims to enhance high-power charging infrastructure in key cities and along highways [3]. - The initiative is expected to boost market confidence and stimulate potential vehicle purchases by addressing concerns about infrastructure lagging behind sales growth [3]. Group 4: Economic Impact - The addition of over 10 million charging facilities is projected to drive a thriving supply chain, creating new jobs and increasing demand for materials like copper and aluminum, with an estimated investment of over 200 billion yuan in charging equipment manufacturing and construction [3]. Group 5: Innovation and Future Prospects - The evolution of charging stations into bidirectional energy nodes will facilitate energy exchange and contribute to the development of virtual power plants [4]. - The action plan encourages the exploration of innovative pricing policies and market mechanisms, which could lead to new business models and improved energy management [4]. - Challenges such as land resource constraints in urban areas and the need for sustainable business models for charging station operations remain to be addressed [4].

Core Viewpoint - The establishment of the Taizhou Fudi New Energy Power Battery project represents a significant investment in the new energy vehicle battery sector, highlighting the strategic focus of BYD Group on lithium iron phosphate blade battery production [1] Group 1: Project Overview - The Taizhou Fudi New Energy Power Battery project covers a total area of 1,500 acres and plans to invest 8.8 billion yuan, with 8 billion yuan allocated for fixed asset investment [1] - The project aims to achieve an annual production capacity of 22 GWh of new energy vehicle power batteries upon reaching full production [1] Group 2: Industry Impact - This project is one of the largest single manufacturing investments in recent years in Taizhou, which is expected to enhance the development level of the local automotive industry chain [1] - The establishment of this strategic base is crucial for building a highland for the development of the new energy vehicle industry in Taizhou [1]

Core Viewpoint - The meeting between FAW Jiefang and Guoxuan High-Tech focuses on deepening strategic cooperation in the new energy commercial vehicle sector, battery technology upgrades, and supply chain collaboration to address market opportunities and challenges [2] Group 1: Strategic Cooperation - Both companies aim to enhance their partnership by integrating their strengths to jointly tackle new opportunities and challenges in the new energy commercial vehicle market [2] - The discussion emphasizes the importance of battery technology as a core element in the development of new energy commercial vehicles, with a focus on solving key technical challenges such as large capacity, fast charging, and applicability [2] Group 2: Future Plans - Guoxuan High-Tech plans to actively promote subsequent work based on the discussions, focusing on technological upgrades and forward-looking layouts in the commercial vehicle market [2] - The collaboration is expected to enhance both companies' market share and contribute to the development of the new energy industry [2] Group 3: Industry Impact - The exchange marks a new phase of closer cooperation between FAW Jiefang and Guoxuan High-Tech, aiming to drive high-quality development of new energy commercial vehicles [2] - The integration of FAW Jiefang's vehicle advantages with Guoxuan High-Tech's battery resources is intended to lead the green transformation of China's commercial vehicle industry [2]

Group 1 - Ningde Times announced a revenue of approximately 104.186 billion yuan for Q3 2025, representing a year-on-year growth of 12.9% [1] - The net profit attributable to shareholders was approximately 18.549 billion yuan, showing a year-on-year increase of 41.21% [1] - Basic earnings per share were reported at 4.10 yuan [1] Group 2 - The New Energy Vehicle ETF closely tracks the CSI New Energy Vehicle Industry Index, with a weight distribution of 52.6% in batteries, 13.3% in energy metals, 9.2% in complete vehicles, and 8.3% in automation equipment [1] - The CSI New Energy Vehicle Industry Index includes 50 listed companies involved in new energy vehicles, electric motors, lithium battery equipment, battery cells, and battery materials, reflecting the overall performance of leading companies in the sector [1] - As of September 30, 2025, the top ten weighted stocks in the CSI New Energy Vehicle Industry Index accounted for a total of 54.61%, with key players including Ningde Times, Huichuan Technology, BYD, and others [1]

Group 1 - The price of battery materials continues to rise, supporting the high demand in the lithium battery sector, driven by electric vehicles and energy storage [1] - In September, China's power battery sales reached 146.5 GWh, a month-on-month increase of 9.0% and a year-on-year increase of 42.2%, with exports at 26.7 GWh, up 18.2% month-on-month and 28.3% year-on-year [1] - Domestic energy storage demand remains strong, with a bidding scale of 11.7 GW/33.3 GWh in September, reflecting a year-on-year increase of 57.5% and 103.7% respectively [1] Group 2 - The industry is expected to maintain high demand, with projections for increased domestic electric vehicle sales and global energy storage supporting growth [1] - The latest static PE ratio is 36 times, positioned at the historical 60th percentile, with future earnings growth expected to lower the dynamic PE [1] - Catalysts for growth include solid-state batteries, "anti-involution," assisted driving, and robotics, indicating a unique high demand in the industry [1] Group 3 - As of October 17, 2025, the CSI New Energy Vehicle Industry Index (930997) fell by 3.47%, with component stocks showing mixed performance [2] - Leading stocks included Shengxin Lithium Energy up 2.09% and Sanhua Intelligent Control up 1.44%, while Yiwei Lithium Energy led the decline at 8.14% [2] - The New Energy Vehicle ETF (515700) decreased by 3.43%, with a current price of 2.31 yuan, but has seen a cumulative increase of 1.96% for the month [2] Group 4 - As of September 30, 2025, the top ten weighted stocks in the CSI New Energy Vehicle Industry Index accounted for 54.61% of the index [3] - The top ten stocks include CATL, Huichuan Technology, BYD, and others, reflecting the concentration of market influence within these companies [3] - The New Energy Vehicle ETF is closely tracking the CSI New Energy Vehicle Industry Index, which includes 50 companies involved in various aspects of the new energy vehicle sector [3]

Core Insights - The National Development and Reform Commission and five other departments have released the "Three-Year Doubling Action Plan for Electric Vehicle Charging Facility Service Capacity (2025-2027)" aiming to establish 28 million charging facilities by the end of 2027, providing over 300 million kilowatts of public charging capacity to meet the charging needs of over 80 million electric vehicles, effectively doubling the charging service capacity [1][2]. Group 1: Action Plan Goals - By the end of 2027, 1.6 million DC charging guns will be added in urban areas, including 100,000 high-power charging guns [2]. - 40,000 "super-fast combined" charging guns with over 60 kilowatts will be newly built or renovated in highway service areas [2]. - The plan aims to add at least 14,000 DC charging guns in rural areas where public charging stations have not yet been established, ensuring comprehensive coverage of public charging facilities in rural regions [2]. Group 2: Current Status and Growth - As of June 30 this year, the number of new energy vehicles in China reached 36.89 million, accounting for 10.27% of the total vehicle count, with pure electric vehicles making up 69.23% of new energy vehicles [2]. - In the first half of this year, 5.622 million new energy vehicles were registered, marking a year-on-year increase of 27.86%, the highest for the same period in history [2]. - By the end of August this year, the total number of electric vehicle charging infrastructure (charging guns) in China reached 17.348 million, a year-on-year increase of 53.5%, with 4.316 million being public charging facilities [3].

Core Insights - The China Securities New Energy Vehicle Industry Index (930997) has shown a strong increase of 1.57% as of October 15, 2025, with notable gains in constituent stocks such as Zhenyu Technology (300953) up 10.68% and Sanhua Intelligent Control (002050) up 10.01% [1] - The New Energy Vehicle ETF (515700) has risen by 1.41%, with a recent price of 2.38 yuan, and has accumulated a 6.92% increase over the past month [1] Group 1: Index Performance - The China Securities New Energy Vehicle Industry Index reflects the overall performance of leading listed companies in the new energy vehicle sector, selecting 50 companies involved in electric vehicles, motor control, lithium battery equipment, battery cells, and materials [1] - The top ten weighted stocks in the index as of September 30, 2025, account for 54.61% of the index, with CATL (300750) leading at 9.80% [2][4] Group 2: Stock Performance - Notable stock performances include: - CATL (300750) up 1.68% with a weight of 9.80% - Huichuan Technology (300124) up 1.87% with a weight of 9.63% - BYD (002594) up 0.60% with a weight of 9.10% - Changan Automobile (000625) up 1.99% with a weight of 5.08% - Sanhua Intelligent Control (002050) up 10.01% with a weight of 4.74% [4]