Core Viewpoint - Dongfeng Group is undertaking significant capital operations, including the spin-off of its electric vehicle subsidiary, Lantu Auto, to enhance valuation and focus on the burgeoning new energy vehicle sector [1][2]. Group 1: Capital Operations - Dongfeng Group plans to spin off Lantu Auto and distribute shares to existing shareholders, allowing Lantu to independently list on the Hong Kong Stock Exchange [1]. - The privatization of Dongfeng Group will be executed through a merger with its wholly-owned subsidiary, Dongfeng Automotive Investment, leading to its delisting from the exchange [1][2]. - This strategic move aims to replace underperforming traditional assets with high-potential new energy assets, facilitating a shift towards a more focused business model [3][4]. Group 2: Market Position and Challenges - Lantu Auto has shown promising sales momentum, achieving over 56,100 units sold in the first half of the year, with a target of 200,000 units for the full year [6][7]. - The company is experiencing a reduction in losses, with a single-quarter profit reported in Q4 2022, indicating a positive trend towards profitability [6]. - However, Lantu faces challenges such as a limited product range, heavily relying on the "Dreamer" model, which constrains its sales potential [7]. Group 3: Strategic Implications - The restructuring reflects a broader trend among traditional automakers to adapt to the competitive landscape by prioritizing new energy assets [3]. - The successful listing of Lantu Auto could enhance its financing capabilities, brand image, and governance, positioning it better in the international market [2][4]. - The capital operations signify a strategic upgrade for Dongfeng Group, moving from a passive to an active approach in the new energy sector [3].

Group 1 - The core viewpoint of the articles highlights the growth in the Chinese passenger car market, particularly in the new energy vehicle (NEV) sector, with retail sales showing a year-on-year increase of 2% and a cumulative growth of 10% for the year [1] - From August 1 to 17, 2023, retail sales of NEVs reached 502,000 units, representing a 9% year-on-year increase and a 28% increase year-to-date [1] - The penetration rate of NEVs in the passenger car market is reported at 58% for the same period [1] Group 2 - According to Zhongjin Securities, domestic NEV sales are expected to maintain high growth through 2025, which will drive demand for batteries and materials [1] - The recent significant increase in lithium carbonate prices is anticipated to improve profitability in related sectors, with a recommendation to focus on battery and cathode material segments [1] - Solid-state batteries have shown progress in both NEV and energy storage applications, indicating a clear trend towards industrialization, with future attention on related materials and equipment companies [1] Group 3 - The CSI New Energy Vehicle Industry Index includes 50 listed companies involved in various aspects of the NEV industry, reflecting the overall performance of leading companies in this sector [1] - As of July 31, 2025, the top ten weighted stocks in the CSI New Energy Vehicle Industry Index account for 55.33% of the index, with notable companies including CATL, BYD, and Ganfeng Lithium [2] - The New Energy Vehicle ETF closely tracks the CSI New Energy Vehicle Industry Index, providing investors with exposure to the performance of the NEV sector [2]

Core Insights - Beijing's new energy vehicle (NEV) production exceeded 310,000 units from January to July this year, surpassing the total production target of 294,000 units for the entire year of 2024 [1] - In July alone, NEV production reached 52,000 units, marking a year-on-year increase of 140% [1] - Xiaomi's automotive factory in Beijing has optimized production processes through smart technology upgrades, resulting in a significant increase in production efficiency and equipment utilization [1] Industry Performance - The NEV sector is part of a broader trend in Beijing's industrial growth, with advanced manufacturing industries such as electronic information, intelligent equipment, new energy storage, and aerospace also contributing to economic vitality [1] - From January to July, the industrial added value of Beijing's large-scale industries grew by 6.1% year-on-year, indicating robust economic performance [1] - The collaboration among various automotive companies in Beijing is highlighted as a key factor in the rapid development of the NEV industry [1]

Group 1 - The overall performance of the equity market remains strong, with the new energy vehicle ETF rebounding over 1.5% during trading and turning positive [1] - As of August 19, 2025, the China Securities New Energy Vehicle Industry Index (930997) increased by 0.10%, with notable gains from component stocks such as Guoxuan High-Tech (002074) up 5.77%, Sanhua Intelligent Control (002050) up 3.25%, and Funeng Technology (688567) up 2.56% [1] - The new energy vehicle ETF (515700) rose by 0.16%, with the latest price at 1.86 yuan, and has accumulated a weekly increase of 3.23% as of August 18, 2025, ranking in the top half among comparable funds [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the China Securities New Energy Vehicle Industry Index (930997) include CATL (300750), Huichuan Technology (300124), BYD (002594), and others, collectively accounting for 55.33% of the index [2] - The new energy vehicle ETF (515700) has several off-market linkages, including Ping An China Securities New Energy Vehicle ETF Initiated Link A (012698), Link C (012699), and Link E (024504) [2]

Group 1: Financial Performance - Company reported a revenue of 37.197 billion yuan for the first half of 2025, representing a year-on-year increase of 23.78% [1] - Net profit attributable to shareholders reached 2.711 billion yuan, up 62.26% year-on-year [1] - Basic earnings per share stood at 1.61 yuan, with non-recurring net profit at 2.587 billion yuan, reflecting a 47.68% increase year-on-year [1] Group 2: Product Performance - The shipment volume of ternary cathode materials was 39,600 tons, a year-on-year increase of 17.68%, with high-nickel 9-series products accounting for over 60% [1] - The export volume of ternary cathode materials constituted 57% of China's total exports in this category [1] - Shipment volume of nickel products surged to 139,400 tons, marking an 83.91% increase year-on-year, while cobalt product shipments declined by 9.89% to 20,800 tons [1] Group 3: Industry Trends and Collaborations - The company has achieved large-scale production of cylindrical battery materials and established deep collaborations with leading firms such as Yiwei Lithium Energy and CATL [2] - Strategic partnerships have been formed for solid-state battery materials development with key clients, indicating a comprehensive approach to market expansion [2] - The company anticipates a gradual narrowing of the price gap between ternary batteries and lithium iron phosphate batteries, driven by the stabilization of core metal prices and the rise of new markets [2] Group 4: Resource Optimization and Cost Management - The company has optimized its operational structure by adding stakes in two nickel mines in Indonesia, enhancing its nickel-cobalt resource reserves [3] - The shipment volume of MHP (Nickel Cobalt Hydroxide) reached approximately 120,000 tons, reflecting a year-on-year growth of over 40% [3] - A lithium sulfate project with an annual production capacity of 50,000 tons is in the equipment installation phase, expected to be completed by the end of the year, which will further reduce lithium salt production costs [3]

Core Points - The China Securities New Energy Vehicle Industry Index rose by 2.22% to 2233.36 points, with a trading volume of 56.581 billion yuan [1] - The index has increased by 6.73% over the past month, 6.70% over the past three months, and 12.35% year-to-date [1] - The index includes 50 listed companies involved in various aspects of the new energy vehicle industry, reflecting the overall performance of leading companies in this sector [1] Index Composition - The top ten weighted companies in the index are: CATL (10.04%), Huichuan Technology (9.23%), BYD (8.03%), Changan Automobile (4.73%), Sanhua Intelligent Control (4.71%), Huayou Cobalt (4.44%), EVE Energy (4.23%), Tianqi Lithium (3.34%), Ganfeng Lithium (3.23%), and Gree Environmental (2.53%) [1] - The index is primarily composed of companies listed on the Shenzhen Stock Exchange (83.86%) and the Shanghai Stock Exchange (16.14%) [1] Industry Breakdown - The industry composition of the index shows that 58.17% is in the industrial sector, 22.85% in consumer discretionary, 17.81% in materials, and 1.17% in information technology [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the new energy vehicle sector include several ETFs from Ping An and Huatai-PineBridge [2]

Group 1 - The core viewpoint of the article highlights the steady increase in lithium battery production in the new energy vehicle industry during August, driven by a recovery in production plans from downstream cathode material and cell companies, leading to a significant rise in lithium carbonate prices due to improved supply and demand dynamics [1] - The hydrogen energy industry is accelerating its development, with national support for technology research and development, focusing on hydrogen production, storage, transportation, and application [1] - The domestic bidding data in the energy storage sector remains highly prosperous, with European large-scale storage tenders exceeding expectations and a continuous recovery in household storage demand, significantly increasing the proportion of independent storage [1] Group 2 - In the wind power sector, multiple coastal regions are advancing ultra-GW-level offshore wind projects, with a noticeable acceleration in development pace [1] - The New Energy Vehicle ETF (159806) tracks the CS New Energy Vehicle Index (399976), which selects listed companies involved in the upstream materials, midstream components, and downstream complete vehicles of the new energy vehicle industry to comprehensively reflect the overall performance of related listed companies in China [1] - Investors without stock accounts can consider the Guotai Zhongzheng New Energy Vehicle ETF Connect C (009068) and Guotai Zhongzheng New Energy Vehicle ETF Connect A (009067) [1]

Group 1 - Multiple regions in China have recently suspended the acceptance of automobile replacement subsidy applications, while scrapping and updating subsidies continue to be processed [1] - The personal consumption loan interest subsidy policy, which will soon be launched, includes the automotive consumption sector [1] - In July 2025, China's new energy vehicle (NEV) production and sales reached 1.243 million and 1.262 million units, respectively, representing year-on-year growth of 26.3% and 27.4% [1] - From January to July 2025, NEV production and sales totaled 8.232 million and 8.22 million units, with year-on-year growth of 39.2% and 38.5% [1] - The penetration rate of NEVs continues to rise, with July's new NEV sales accounting for 48.7% of total new vehicle sales, a significant increase from the previous year [1] - NEV exports showed strong growth, with July exports reaching 225,000 units, a year-on-year increase of 120%, and cumulative exports from January to July totaling 1.308 million units, up 84.6% year-on-year [1] - The NEV market is expected to maintain high prosperity due to the ongoing effects of the trade-in policy and the launch of new models [1] Group 2 - As of August 15, 2025, the CSI New Energy Vehicle Industry Index (930997) rose by 2.05%, with constituent stocks such as Defu Technology (301511) up 9.46% and Keda Li (002850) up 6.33% [2] - The New Energy Vehicle ETF (515700) increased by 2.12%, with a latest price of 1.83 yuan [2] - The New Energy Vehicle ETF saw a turnover of 2.48% during the trading session, with a transaction volume of 56.7886 million yuan [2] - Over the past year, the New Energy Vehicle ETF has achieved an average daily transaction volume of 66.1291 million yuan [2] - The New Energy Vehicle ETF's scale increased by 10.1297 million yuan in the past week, ranking in the top half among comparable funds [2] - Leveraged funds continue to invest, with the latest financing purchase amounting to 2.8749 million yuan and a financing balance of 45.518 million yuan [2] - The New Energy Vehicle ETF's net value increased by 50.01% over the past year [4] - The ETF has recorded a maximum monthly return of 31.51% since its inception, with the longest consecutive monthly gains being five months and a total increase of 74.13% [4] Group 3 - As of July 31, 2025, the top ten weighted stocks in the CSI New Energy Vehicle Industry Index accounted for 55.33% of the index [5] - The top weighted stocks include CATL (300750), Huichuan Technology (300124), BYD (002594), and others [5][6]

中国汽车动力电池产业创新联盟11日发布的7月动力电池月度信息显示，产量方面，7月，我国动力和其 他电池合计产量为133.8GWh，环比增长3.6%，同比增长44.3%。销量方面，7月，我国动力和其他电池 销量为127.2GWh，环比下降3.2%，同比增长47.8%。电池销量同比增速仍维持在高位。 新能车ETF紧密跟踪中证新能源汽车产业指数，中证新能源汽车产业指数选取50只业务涉及新能源整 车、电机电控、锂电设备、电芯电池、电池材料等新能源汽车产业的上市公司证券作为指数样本，反映 新能源汽车产业龙头上市公司证券的整体表现。 数据显示，截至2025年7月31日，中证新能源汽车产业指数(930997)前十大权重股分别为宁德时代 (300750)、汇川技术(300124)、比亚迪(002594)、长安汽车(000625)、华友钴业(603799)、三花智控 (002050)、亿纬锂能(300014)、赣锋锂业(002460)、天齐锂业(002466)、格林美(002340)，前十大权重股 合计占比55.33%。 新能车ETF(515700)，场外联接(平安中证新能车ETF联接A：012698；平安中证新能车ETF联接 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - This week, nickel prices showed a strong trend. At the beginning of the week, downstream procurement was decent, but as prices rose, trading volume became lighter. There was an arrival of Norwegian nickel slabs during the week, increasing supply. In the industrial chain, ore prices remained stable, and ferronickel prices rose slightly, with the cost line stabilizing and rebounding slightly. Stainless - steel inventory decreased slightly. New - energy vehicle production and sales data were good, but the proportion of ternary battery installations declined. The long - term oversupply situation remains unchanged [8]. - The main contract of Shanghai nickel will fluctuate around the 20 - day moving average, while the main contract of stainless steel will run with a slightly upward trend [9][10]. 3. Summary According to the Directory 3.1 Viewpoints and Strategies - **Nickel Outlook**: Nickel prices were strong this week. Downstream trading turned light as prices rose. Supply increased with the arrival of Norwegian nickel slabs. The long - term oversupply pattern persists. The main contract of Shanghai nickel will fluctuate around the 20 - day moving average [8][9]. - **Stainless - steel Outlook**: The main contract of stainless steel will run with a slightly upward trend [10]. 3.2 Fundamental Analysis - **Industrial Chain Weekly Price Changes**: Nickel ore prices remained stable, with red - soil nickel ore (CIF) NI1.5%, Fe30 - 35% at $56 and NI1.4%, Fe30 - 35% at $50, showing no change. Sulfuric acid nickel prices rose slightly, with battery - grade up 1.89% and electroplating - grade unchanged. Ferronickel prices were stable to rising, with low - grade ferronickel in Shandong unchanged at 3200 yuan/ton and high - grade up 0.54% to 925 yuan/nickel point. Electrolytic nickel prices increased by about 0.96% - 0.98%. Stainless - steel prices rose 0.82%, with 304 stainless steel at 13787.5 yuan/ton [13][14]. - **Nickel Ore Market**: Nickel ore prices were flat compared to last week, and freight rates decreased by $0.5/wet ton. On August 7, 2025, the total nickel ore inventory at 14 ports in China was 10.3334 million wet tons, up 3.92%. In June 2025, nickel ore imports were 4.3466 million tons, up 10.68% month - on - month and down 9.21% year - on - year. Currently, the market is mostly in a wait - and - see mode, and with inventory piling up, nickel ore may face continued pressure [17]. - **Electrolytic Nickel Market**: Nickel prices fluctuated upward, and downstream trading became lighter. In July 2025, China's refined nickel production was 36,151 tons, up 4.74% month - on - month and 24.57% year - on - year. In June 2025, China's refined nickel imports were 17,010.151 tons, down 3.00% month - on - month and up 132.29% year - on - year. LME and SHFE inventories increased [22][30][33]. - **Ferronickel Market**: Ferronickel prices were stable to rising. In July 2025, China's ferronickel production was 22,900 tons of metal, down 1.69% month - on - month and 10.63% year - on - year. In June 2025, China's ferronickel imports were 1.041 million tons, up 22.8% month - on - month and 50.0% year - on - year [44][47][50]. - **Stainless - steel Market**: Stainless - steel prices rose, with 304 stainless steel up 0.82%. In June, stainless - steel crude steel production was 3.2916 million tons, with 300 - series production down 2.28% month - on - month. On August 8, the national stainless - steel inventory was 1.1063 million tons, down 0.49 million tons [57][62][69]. - **New - energy Vehicle Production and Sales**: In June 2025, new - energy vehicle production and sales were 1.268 million and 1.329 million vehicles respectively, up 26.4% and 26.7% year - on - year. In June, the total output of power and other batteries was 129.2 GWh, up 4.6% month - on - month and 51.4% year - on - year [74][79]. 3.3 Technical Analysis - From the daily K - line chart, prices will fluctuate around the 20 - day moving average, with little change in positions. The MACD green bar is shrinking, and the KDJ shows an upward trend. The support and resistance levels of the Fibonacci retracement are effective, and prices will move in a narrow range [82]. 3.4 Industrial Chain Summary - **Nickel Ore**: Neutral to bearish. The ore market is quiet, and most players are in a wait - and - see mode [85]. - **Ferronickel**: Neutral to bearish. Ferronickel prices are rising slightly, and the cost line is rising slightly [85]. - **Refined Nickel**: Neutral. The long - term oversupply pattern remains, and social inventory has increased [85]. - **Stainless - steel**: Neutral. Costs have risen slightly, and inventory has decreased [85]. - **New - energy**: Neutral. Production data are good, but the proportion of ternary battery installations has decreased [85].