Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Views - **螺纹钢**: The main contract price of rebar showed a weak and volatile trend, with a daily decline of 0.33%, and both trading volume and open interest remained stable. In the current situation, the fundamentals of rebar have not improved under the situation of weak supply and demand. The pressure of inventory reduction is relatively large, and steel prices continue to be under pressure. The relatively positive factor is that the cost still provides support. In the short - term, the price will continue to oscillate and seek the bottom. Attention should be paid to the production situation of steel mills [5]. - **热轧卷板**: The main contract price of hot - rolled coil oscillated, with a daily increase of 0.03%, and both trading volume and open interest decreased. At present, the industrial contradictions of hot - rolled coil remain unresolved, inventory has increased again, and prices continue to be under pressure. However, the cost side still provides support. In the short - term, the price will continue to show a weak and volatile trend. Attention should be paid to the production situation of steel mills [5]. - **铁矿石**: The main contract price of iron ore oscillated, with a daily increase of 0.20%, and both trading volume and open interest decreased. Currently, the demand for iron ore is weakening, while the supply remains at a high level. Under the situation of strong supply and weak demand, the fundamentals of the iron ore market are weak. Under the dominance of the real - world logic, the iron ore price will continue to be under pressure and show a weak operation trend. Attention should be paid to the performance of the steel market [5]. 3. Summary by Directory 3.1 Industry Dynamics - **Energy Supply for Heating Season**: The National Development and Reform Commission organized a video conference on energy supply for the 2025 - 2026 heating season, requiring all regions and relevant enterprises to ensure stable energy production and supply, and improve the performance of medium - and long - term energy contracts, especially focusing on coal supply for northern heating areas [7]. - **New Energy Vehicle Sales**: From January to October 2025, China's automobile production and sales reached 27.692 million and 27.687 million vehicles respectively, with a year - on - year increase of over 10%. Among them, the production and sales of new energy vehicles reached 13.015 million and 12.943 million vehicles respectively, with a year - on - year increase of 33.1% and 32.7% respectively. In October, the sales of new energy vehicles accounted for 51.6% of the total vehicle sales for the first time [8]. - **Anti - Dumping Ruling**: On November 10, 2025, Thailand's anti - dumping and counter - subsidy sub - committee decided to continue to impose a 5 - year anti - dumping duty on cold - rolled stainless steel products from China. The anti - dumping duty for Ningbo Baoxin Stainless Steel Co., Ltd. is 8.5%, and for other Chinese producers/ exporters is 33.32%. Some producers/ exporters are exempted from the duty [9]. 3.2 Spot Market - **Steel Products**: The national average price of rebar (HRB400E, 20mm) was 3,228 yuan/ton, up 5 yuan/ton; the national average price of hot - rolled coil (4.75mm) was 3,308 yuan/ton, up 1 yuan/ton; the price of Tangshan billet (Q235) was 2,940 yuan/ton, unchanged; and the price of Zhangjiagang heavy scrap (≥6mm) was 2,140 yuan/ton, unchanged [10]. - **Iron Ore**: The price of 61.5% PB powder at Shandong ports was 773 yuan/ton, down 2 yuan/ton; the price of Tangshan iron concentrate (wet basis) was 798 yuan/ton, unchanged. The sea freight from Australia was 10.36 yuan/ton, down 0.09 yuan/ton, and from Brazil was 23.41 yuan/ton, down 0.12 yuan/ton. The SGX swap (current month) was 103.29, up 0.70, and the Platts index (CFR, 62%) was 103.00, up 0.95 [10]. 3.3 Futures Market | Variety | Closing Price | Change (%) | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | | Rebar | 3,025 | - 0.33 | 753,110 | - 296,403 | 1,923,701 | - 32 | | Hot - Rolled Coil | 3,242 | 0.03 | 324,368 | - 50,997 | 1,326,892 | - 19,179 | | Iron Ore | 763.0 | 0.20 | 262,391 | - 65,052 | 530,352 | - 11,250 | 3.4 Related Charts - **Steel Inventory**: The report provides charts on the weekly changes and total inventory (including steel mills and social inventory) of rebar and hot - rolled coil, which can be used to analyze the inventory trends of steel products [16][17][19]. - **Iron Ore Inventory**: Charts on the inventory of 45 ports in China, 247 steel mills, and domestic mines are provided, which are helpful for analyzing the supply and demand situation of iron ore [21][22][27]. - **Steel Mill Production**: Charts on the blast furnace operating rate, capacity utilization rate, profitability ratio of 247 steel mills, and the operating rate of independent electric furnaces are provided, which can be used to understand the production and operation status of steel mills [29][30][31]. 3.5后市研判 - **Rebar**: Both supply and demand are weakening. The weekly output of rebar decreased by 4.05 tons, and demand decreased by 13.66 tons. The fundamentals have not improved, and inventory reduction pressure is large. Although the cost provides support, the price will continue to oscillate and seek the bottom in the short - term. Attention should be paid to the production of steel mills [38]. - **Hot - Rolled Coil**: Both supply and demand are weakening. The weekly output decreased by 5.40 tons, and demand decreased by 17.59 tons. Industrial contradictions remain unresolved, inventory has increased again, and prices are under pressure. The cost provides support, and the price will continue to oscillate in the short - term. Attention should be paid to the implementation of steel mill production restrictions [38]. - **Iron Ore**: The supply - demand pattern remains weak, and inventory has increased significantly. Ore demand continues to decline, while supply remains at a high level. The price will continue to be under pressure and show a weak trend. Attention should be paid to the performance of the steel market [39].

eπ007+有着多重意义，其成功上市，不仅是"奕派速度"的具象化呈现，更彰显着东风奕派品牌的全面进 阶。今年6月，奕派科技正式成立，为"奕派速度"再提速，推动东风奕派迈入组织架构更高效、产业生 态更完整、用户连接更紧密的全新发展阶段。 "大家的信任与托付，让我们不敢懈怠。8月1日，我们在奕派科技战略发布会上，向用户庄严承诺：以 用户为本，技术为基，做让用户觉得靠谱的科技公司。"汪俊君说道。 汪俊君称："从那天起，奕派科技按下'加速键'：我们以用户为本，打造'用户口碑'一号工程！用户的声 音，直达最高决策。家庭用户想要大空间，我们给空间，推出了'大舒适家'奕派008；年轻用户要精 致，我们给精致，纳米01完成280余项升级，体验更极致。" "用户服务上，我们立下'3个1 铁律'：10 分钟响应、1 小时出方案、1 天内闭环。用极致效率，兑现承 诺。"汪俊君进一步说道："用户的信任，让我们不断加速！今年9月，我们月销首次突破3万辆！10月再 创新高，跻身'3万俱乐部'！这份增长势能，也正为东风汽车'冲刺年度新能源百万销量'，贡献奕派力 量。" 《中国经营报》记者注意到，东风奕派是东风汽车冲刺年度新能源100万辆销 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [70]. Core Insights - In October, the wholesale sales of narrow passenger vehicles reached 2.93 million units, a year-on-year increase of 7% and a month-on-month increase of 4% [2]. - The penetration rate of new energy vehicles exceeded 55%, with wholesale sales of electric vehicles at 1.62 million units, marking an 18% year-on-year increase [8]. - The report highlights potential investment opportunities in companies such as Geely Automobile and BYD, with a focus on Geely's low valuation for the upcoming year [4]. Summary by Sections Industry Overview - In October, the production of narrow passenger vehicles was 2.95 million units, reflecting an 11% year-on-year increase and a 4% month-on-month increase [2]. - The report estimates that retail sales for October were approximately 2.34 million units, showing a 3% year-on-year increase [8]. Sales Performance - The wholesale sales of new energy vehicles in October were 1.62 million units, with a penetration rate of 55%, which is a 5 percentage point increase year-on-year [8]. - The report indicates that the wholesale sales of domestic car manufacturers reached 2.14 million units in October, a 12% year-on-year increase [8]. Pricing and Inventory - The industry discount rate slightly increased in late October, with an average discount rate of 9.6%, reflecting a 0.1 percentage point increase month-on-month [8]. - The total inventory is estimated to be around 3.1 million units, with fuel vehicle inventory at approximately 850,000 units, indicating a higher overall inventory compared to the same period last year [8]. Future Outlook - The report anticipates that the fourth quarter will see a seasonal inventory reduction, with retail sales expected to reach 7.73 million units, a 6% year-on-year increase, while wholesale sales are projected to be 8.67 million units, a 1% year-on-year decrease [8]. - Potential catalysts for recovery in the automotive sector include better-than-expected retail sales post-Spring Festival and improved export performance [8].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 30.6 CNY [2][8]. Core Insights - The company's Q3 2025 performance met expectations, with revenue of 1.12 billion CNY, a year-on-year increase of 8%, and a net profit attributable to shareholders of 236 million CNY, up 5% year-on-year [2][4]. - The company is focusing on expanding its precision components business while actively developing markets for new energy vehicles and industrial machinery, which is expected to open up growth opportunities in the future [8][9]. Financial Performance Summary - **Revenue Forecast**: Projected total revenue for 2024A is 1.357 billion CNY, with expected growth rates of 1.0% in 2024, 11.8% in 2025, 18.2% in 2026, and 16.1% in 2027 [4][9]. - **Net Profit Forecast**: Expected net profit for 2024A is 289 million CNY, with growth rates of 9.6% in 2024, 9.0% in 2025, 21.8% in 2026, and 14.4% in 2027 [4][9]. - **Earnings Per Share (EPS)**: Projected EPS for 2024A is 0.58 CNY, increasing to 0.88 CNY by 2027 [4][9]. - **Valuation Ratios**: The company is expected to have a price-to-earnings (P/E) ratio of 43 in 2024, decreasing to 29 by 2027 [4][9]. Business Development Summary - The first tier of the company's industry is expected to continue providing stable growth, including core components for turbochargers and various precision parts [8][9]. - The establishment of Anhui Best, a wholly-owned subsidiary, is aimed at accelerating production capacity in the new energy vehicle sector, focusing on lightweight structural components and high-value precision parts [8][9]. - The third tier, involving industrial machinery and linear actuators, is also expanding, with the company developing high-precision components and enhancing its integrated solutions [8][9].

Core Viewpoint - The company focuses on innovation-driven strategies based on power electronics and motor control technology, aiming to convert technological reserves into value in emerging application scenarios [1] Group 1: Business Strategy - The company consolidates its competitive advantage in the HVAC/R sector while expanding into the new energy vehicle thermal management and automation and robotics sectors [1] - The strategic direction is to systematically advance the transformation of technology reserves into market opportunities for new growth points [1] Group 2: Market Opportunities - The new energy vehicle sector has become a new engine driving the company's performance growth [1] - As the global penetration rate of new energy vehicles continues to rise, the optimization of product and customer structure contributes significantly to the overall performance growth of the company [1]

Core Insights - In October 2025, the domestic narrow passenger car market retail sales reached 2.248 million units, a year-on-year decrease of 0.5% and a month-on-month increase of 0.2% [1] - Cumulatively, from January to October 2025, total sales reached 19.256 million units, reflecting a year-on-year growth of 8.0% [1] Group 1: Market Performance - October 2025 saw a slight year-on-year decline in retail sales of passenger cars due to a high base from the previous year, with a decrease of 0.9% [3] - New energy vehicles (NEVs) experienced a year-on-year growth of 7.3% in October, while conventional fuel vehicles saw a decline of 10% [3] - The cumulative growth rate of passenger cars has shown a gradual deceleration in the second half of the year [3] Group 2: Manufacturer Sales Rankings - BYD ranked first in retail sales from January to October 2025 with 2.838 million units sold, a decrease of 2.1% year-on-year, holding a market share of 14.7% [9] - Geely followed with 2.141 million units sold, marking a significant year-on-year increase of 56.2% and a market share of 11.1% [9] - In October 2025, BYD sold 295,871 units, down 14.8% month-on-month and 31.4% year-on-year, capturing a market share of 13.2% [8] Group 3: New Energy Vehicle Sales - In October 2025, BYD led the NEV wholesale sales with 436,856 units, a month-on-month increase of 11.1% but a year-on-year decrease of 12.7%, holding a market share of 27.0% [10] - Geely's NEV sales reached 177,882 units in October, reflecting a year-on-year increase of 63.6% [10] - From January to October 2025, BYD also led NEV sales with 3.656 million units, a year-on-year growth of 12.9% and a market share of 30.3% [11]

Core Viewpoint - The lithium battery sector is experiencing growth in revenue and net profit, with significant demand in the energy storage market, despite some companies facing challenges in profitability [1][2][3]. Group 1: Revenue and Profitability - In the first three quarters of 2025, the lithium battery sector generated revenue of 1.78 trillion yuan, a year-on-year increase of 12.81%, with 78.85% of companies reporting positive growth [1]. - Net profit for the same period reached 67.95 billion yuan, up 28.07% year-on-year, with 59.43% of companies showing positive growth [1]. - For 2024, the sector's revenue is projected at 2.25 trillion yuan, a slight increase of 0.14%, while net profit is expected to decline by 21.68% [1]. Group 2: Demand and Sales - In the first nine months of 2025, sales of new energy vehicles in China reached 11.196 million units, a year-on-year increase of 34.55%, with exports accounting for 1.758 million units, up 89.4% [2]. - The total output of power and other batteries in 2025 was 1,121.90 GWh, reflecting a staggering year-on-year growth of 5140% [2]. - The shipment of energy storage lithium batteries reached 430 GWh, marking a 99.07% increase year-on-year [2]. Group 3: Price Trends in the Industry Chain - Since the beginning of 2025, prices of key materials in the lithium battery supply chain have generally risen, with lithium carbonate prices remaining under pressure [3]. - As of November 7, 2025, the price of lithium hexafluorophosphate was 119,000 yuan per ton, up 90.40% since the start of the year, while electrolyte prices increased by 44.33% [3]. Group 4: Investment Recommendations - The industry maintains a "stronger than the market" investment rating, with lithium battery and ChiNext valuations at 29.39 times and 43.55 times, respectively [4]. - The recommendation is to continue focusing on four main investment lines based on the development trends of the lithium battery industry and the characteristics of the domestic and international new energy vehicle markets [4].

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建 议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 碳酸锂产业日报 2025/11/11 研究员: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 86,540.00 | -700.00↓ 前20名净持仓（日，手） | -163,201.00 | -877.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 526,493.00 | -7990.00↓ 近远月合约价差（日，元/吨） | -1,640.00 ...

在东风奕派品牌发布两周年之际，拳头产品eπ007正式升级为eπ007+。 11月10日，东风奕派品牌全新"智美超能轿跑"eπ007+正式上市，限时焕新价13.99万元起。 作为弈派品牌首款产品，eπ007于2024年3月上市伊始便被寄予厚望，是东风汽车加力布局新能源市 场投下的重磅产品。时隔不到一年半时间，2025年8月1日，东风汽车集团组建东风奕派科技，并整合了 奕派、风神、纳米三大品牌，新公司名称也凸显了奕派品牌的重要性，而本次焕新上市的eπ007+无疑 也将肩负起更大责任。 在市场销量层面，重组整合后的奕派科技正渐入佳境，9月、10月销量接连突破3万辆大关。而作为 主打产品之一，定位14万元级主流市场的eπ007+"提量"仍是主要任务，其也是东风汽车冲刺年度新能源 车100万销量目标的重要动力。 产品实力的全面升级，则是保证销量向上的基础，eπ007+拥有"性能驾控、超能智慧、高能颜值、 全能品质"四大核心优势，全系标配119项智能舒适安全配置，致力于重新定义年轻人的第一台智能轿跑 标准。 在超能智慧方面，新车首发搭载天元T200辅助驾驶系统，全系标配禾赛科技ATX激光雷达以及29 个感知硬件，标配20 ...

Core Insights - The article highlights the significant growth in China's new energy commercial vehicle exports, with a year-on-year increase of 144.5% in the first nine months of 2025, reaching 73,000 units, which constitutes 8.7% of total commercial vehicle exports [22][23][28]. - Australia emerges as the largest export market for China's new energy commercial vehicles, with exports soaring by 2410.3% in the same period [22][28]. - The article discusses the implementation of new regulations and standards in the commercial vehicle sector, aimed at enhancing safety and promoting the adoption of electric vehicle battery swapping [5][6][11]. Policy and Regulations - A new national standard for electric vehicle battery swapping for commercial vehicles will be implemented starting November 1, 2025, promoting the safe and reliable operation of electric commercial vehicles [5]. - The Ministry of Transport and other departments are pushing for the large-scale application of artificial intelligence in transportation, focusing on smart driving technology and improving public travel experiences [6][12]. - The Ministry of Transport has released new technical specifications for hydrogen transportation, effective from March 1, 2026, to ensure safety in hydrogen road transport [7]. Market Insights - The export of new energy commercial vehicles from China is primarily driven by the global push for carbon neutrality, leading to a strong demand for such vehicles [23][28]. - The article notes that the export market is facing challenges, including varying technical standards and local market conditions in different countries [36][37]. - The export structure shows a significant concentration in Australia, Mexico, the Philippines, and Chile, indicating a trend towards high-quality development in these markets [28][29]. Company Monitoring - Qingling New Energy has launched a new electric tow truck designed for narrow road rescue scenarios, featuring a peak power of 110 kW [38][39]. - GAC Aion has introduced the world's first 8.5-meter L4-level autonomous city bus, which boasts a range of over 400 kilometers and includes accessibility features [41][42]. - Great Wall Motors has officially launched the Haval Shanhai Pao Hi4-T in Chile, accelerating its global brand expansion [38].