Core Viewpoint - The new national standard for electric vehicle batteries in China aims to enhance safety by implementing stricter requirements, particularly regarding fire and explosion prevention, while acknowledging that no technology can completely eliminate the risk of battery fires [1][2][11]. Group 1: New National Standards - The new standard, GB38031-2025, modifies previous requirements by mandating that batteries must not catch fire or explode, and that smoke must not harm passengers [1][2]. - New testing methods have been introduced, including internal heating tests to simulate harsher conditions, in addition to existing external heating and puncture tests [2][8]. - The new standards also include bottom impact tests and safety tests after fast charging cycles, which battery manufacturers must meet [8][10]. Group 2: Battery Safety and Technology - Achieving safety at the pack level (NTP) is not sufficient; extreme conditions cannot be fully covered by current testing methods, indicating that driver behavior remains crucial for safety [3][4]. - The intrinsic safety of individual battery cells is significant for the overall safety of the battery pack, with safer cell designs contributing to compliance with national safety standards [5][11]. - Material choices, such as using polyimide (PI) for separators instead of polypropylene (PP) or polyethylene (PE), could enhance safety, although cost and commercial viability are challenges [7][12]. Group 3: Industry Implications - The new standards may lead to a reshuffling among battery material suppliers, but many manufacturers already adhere to high standards, minimizing upstream impacts [12]. - The enforcement of the new standards may require stronger penalties to deter potential shortcuts in manufacturing processes, as merely raising standards may not eliminate all risks [13].

Key Points - The core viewpoint of the article highlights the rapid growth and structural changes in China's electric vehicle (EV) market, driven by increasing production, consumer acceptance, and regulatory developments [6][9][33]. Group 1: Market Trends - In the first four months of 2025, China's EV production reached 4.395 million units, marking a year-on-year increase of 43.7%, with a cumulative penetration rate of 43.4% [6]. - The popularity of self-driving tours during the May Day holiday boosted new car consumption, while mergers and reorganizations among companies like NIO and Geely are ongoing [6][7]. - The Shanghai Auto Show showcased a focus on domestic brands, with new technologies and products emerging, and joint ventures beginning to reverse [7]. Group 2: Market Structure - As of April 2025, the market share of cars (CAR) was 45.4%, down 1.85 percentage points year-on-year, while SUVs and MPVs accounted for 42.5% and 4.1%, respectively [11]. - The passenger vehicle segment saw a growth rate of 25.6% for sedans and 29.9% for SUVs, with MPVs experiencing a significant increase of 57.0% due to promotional efforts [11]. Group 3: Battery Market - In April 2025, the installed capacity of EV batteries reached 49.3 GWh, a year-on-year increase of 43.3%, with a 54.3% growth in the battery market from January to April [17]. - The average battery capacity per vehicle was 52.0 kWh, up 9.6% year-on-year, with companies like Xiaomi and Tesla contributing significantly to the installed capacity [17]. - The market share of square battery cells was 98.4%, while lithium iron phosphate (LFP) batteries continued to gain traction due to new safety standards [18]. Group 4: Battery Supply Chain - The top three battery manufacturers held a combined market share of 75.0%, with the top ten accounting for 95.1%, indicating a stable concentration in the market [20]. - CATL, the leading battery supplier, had a market share of 41.6%, while BYD and other companies also showed significant contributions to the installed capacity [21]. Group 5: New Standards and Regulations - The new national standard for EV battery safety, GB38031-2025, was approved, introducing stricter testing requirements to enhance safety [33][36]. - The new regulations aim to cover the entire battery industry chain, from production to sales, ensuring comprehensive safety measures [35][36].

Core Insights - In April 2025, 21 A and H-share listed automotive manufacturers reported a total vehicle sales of 1.8261 million units, representing a year-on-year increase of 11.01% [2][6] - Among these, BYD, SAIC Motor, and Geely Auto ranked as the top three in sales, while XPeng Motors and BAIC Blue Valley experienced sales growth exceeding 200% [6][10] Vehicle Sales Overview - Total vehicle sales for April 2025 reached 1.8261 million units, with a month-on-month decline of 9.08% [2][6] - BYD and SAIC Motor each sold over 370,000 units, while Geely Auto sold 234,112 units, marking a significant increase of 52.75% year-on-year [7][9] New Energy Vehicle (NEV) Sales - A total of 16 companies reported NEV sales of approximately 948,200 units in April 2025, reflecting a year-on-year increase of 45.2% and a month-on-month increase of 1.05% [10][14] - The NEV penetration rate reached approximately 53.64%, the highest since the beginning of the year [10] Company-Specific Performance - BYD's April sales included 380,089 total vehicles, with pure electric and plug-in hybrid sales of 195,700 and 176,900 units, respectively [8][18] - SAIC Motor reported total sales of 376,517 units, with a year-on-year growth of 4.59% [9] - Geely Auto's NEV sales reached 125,563 units, a year-on-year increase of 144.15% [18] - XPeng Motors achieved a remarkable year-on-year growth of 273%, selling 35,045 units in April [9][16] - BAIC Blue Valley's NEV sales surged by 258.33%, reaching 10,327 units [14][16]

混动车型需求迎来市场良机 摩特的首款混动车型专用润滑油是于2016年问世，但此后近十年的时间里，该公司并未对该产品做出太 大的调整或者升级。 原因在于该公司管理层对市场需求的判断："在2023年之前，新能源汽车渗透率的提升还没有如今这样 的趋势，但从2024年开始，我就明确感受到这样的势头。" "你从去年全国乘联会（注：中国汽车流通协会乘用车市场信息联席分会）所公布的去年混动车增速， 就能知道答案了。"王远博在接受记者专访时首先解答第一个疑惑。 乘联会的数据显示，2024年，中国混合动力汽车市场同比增长65%。这一增速让王远博振奋："这是一 个很'可怕'的数字，如果连续保持这样的增速，混动车型所带来的市场需求将十分可观。" 事实上，混动车的规模化增长，是当前中国汽车电动化趋势下市场需求格局演变的一个缩影。"'十年河 东、十年河西'，中国汽车市场、汽车供应链已经成为全球一股强劲动力，并体现出巨大的需求和独特 性。"王远博告诉记者。 成立已有172年历史的法国润滑油企业摩特，借着今年5月国际汽联F4方程式中国锦标赛上海站开赛之 际，发布了一款面向混合动力专用的汽车润滑油新产品。 在专访摩特中国董事总经理王远博前， ...

Core Insights - The penetration rate of new energy vehicles (NEVs) has faced significant challenges, dropping from a peak of 53.9% in August 2022 to 41.2% in the first quarter of 2025, indicating a struggle to maintain growth after initially rapid adoption [1][3][11] - Despite aggressive market entry by various manufacturers, including traditional and new players, the NEV market is experiencing a plateau, with the competition between NEVs and traditional fuel vehicles intensifying [5][10][19] - Consumer concerns regarding battery technology, charging efficiency, and overall vehicle performance are hindering further penetration of NEVs into the market [11][15][21] Industry Trends - The NEV market saw a rapid increase in penetration rates from 15% in 2021 to 28% in 2022, and further to 36%, 48%, and finally peaking at 53.9% in August 2022 [8][10] - The market has witnessed a surge in new models, with nearly 100 new vehicles launched in a short span, predominantly in the NEV category [3][10] - The competition is not only between NEVs and fuel vehicles but also within the NEV sector itself, as various brands strive to capture market share [10][19] Consumer Behavior - A significant portion of NEV owners (over 30%) expressed regret about their purchase, indicating a potential shift back to fuel vehicles due to unresolved issues with battery life and charging speed [11][15] - The decision-making process for consumers has become more complex, involving multiple layers of consideration, including brand recognition, product comparison, and long-term cost implications [15][17] Technological Challenges - The NEV sector is facing technological hurdles, particularly in battery performance, where rapid charging can significantly reduce battery lifespan [11][21] - Traditional fuel vehicles are enhancing their appeal through smart technology, narrowing the gap in user experience compared to NEVs [19][21] Market Dynamics - The market is characterized by a dual approach, with companies like Geely pursuing both NEV and traditional fuel vehicle strategies to maintain competitiveness [21] - The historical strength of established brands in the fuel vehicle market continues to pose a challenge for NEVs, as consumer trust and brand loyalty play crucial roles in purchasing decisions [21][22]

5月12日，中国汽车流通协会表示，进入4月下旬多地出台新一轮扩内需促消费政策，叠加上海国际车展开幕，众多新车集中发布并陆续上市提升了 市场关注度，带动客流量提升及订单转化率环比增长。 根据乘联分会统计的数据，4月全国乘用车市场零售175.5万辆，同比增长14.5%，环比下降9.4%；今年前4个月累计零售687.2万辆，同比增长7.9%。 "今年4月国内乘用车零售同比增速是近10年正常年份同期的最高增速，扭转了此前零售增速偏低的特征，进一步削弱汽车市场的季度周期波动特 征。"乘联分会表示，今年国家以旧换新政策启动早，补贴政策"一步到位"，年初市场增长较好，车市价格竞争较为温和，行业内卷状态因市场增 长而改善。 车型降价潮降温 乘联分会发布的数据显示，今年4月仅有14款车型降价，较去年4月的41款和2023年4月份的19款数量大幅下降，体现了降价潮明显降温的特征。 "在国家促消费政策推动下，很多省市出台并逐步落实了相应的促消费政策，叠加主机厂厂补加码、金融支持、车展等线下活动的全面启动，4月车 市走势良好。随着春节前的燃油车消费潮转为节后的新能源消费潮，新能源渗透率持续提升，新能源车成为春季乘用车市场恢复的主要驱 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the 18th week of 2025 (April 28 - May 4), the retail sales of passenger cars reached 420,000, a year - on - year increase of 17.6%. The retail sales of new energy passenger cars were 203,000, a year - on - year increase of 38.4%. The new energy penetration rate was 48.4%, up 7.2 percentage points from the same period last year and down 4.6 percentage points from the previous week. Since the beginning of this year, the cumulative retail sales of passenger cars have been 6.874 million, a year - on - year increase of 4.0%, and the cumulative retail sales of new energy passenger cars have been 3.347 million, a year - on - year increase of 32.5%. The cumulative new energy penetration rate is 48.7% [2][13]. - The demand in the new energy vehicle market is clearly differentiated. Leading brands have consolidated their leading positions, but the market pattern is not fixed. New brands have brought new variables, and traditional car companies are achieving excellent performance in new energy sales [3][23]. 3. Summary According to the Catalog 3.1 Passenger Car Market Weekly Overview - **Overall Sales and Penetration Rate**: In the 18th week of 2025, the retail sales of passenger cars were 420,000, a year - on - year increase of 17.6%. The retail sales of new energy passenger cars were 203,000, a year - on - year increase of 38.4%. The new energy penetration rate was 48.4%, up 7.2 percentage points from the same period last year and down 4.6 percentage points from the previous week. Since the beginning of this year, the cumulative retail sales of passenger cars have been 6.874 million, a year - on - year increase of 4.0%, and the cumulative retail sales of new energy passenger cars have been 3.347 million, a year - on - year increase of 32.5%. The cumulative new energy penetration rate is 48.7% [2][13]. - **Sales by Power Type**: Among passenger cars, traditional fuel, hybrid, and new energy vehicles sold 196,000, 20,000, and 203,000 respectively, with year - on - year growth rates of 0.6%, 34.5%, and 38.4% respectively, accounting for 46.8%, 4.8%, and 48.4% of passenger cars. Among new energy passenger cars, pure - electric, plug - in hybrid, and extended - range vehicles sold 115,000, 64,000, and 25,000 respectively, with year - on - year growth rates of 34.0%, 31.7%, and 92.5% respectively, accounting for 56.5%, 31.3%, and 12.2% of new energy passenger cars [18]. - **Sales by Production Attribute**: Among passenger cars, self - owned and joint - venture brands sold 264,000 and 156,000 respectively, with year - on - year growth rates of 31.6% and - 0.4% respectively, accounting for 62.9% and 37.1% of passenger cars. Among new energy passenger cars, self - owned and joint - venture brands sold 187,000 and 17,000 respectively, with year - on - year growth rates of 47.3% and - 18.0% respectively, accounting for 91.9% and 8.1% of new energy passenger cars [18]. 3.2 Key New Energy Vehicle Manufacturers' Sales Analysis 3.2.1 BYD - Weekly sales were 65,000, with BYD brand selling 62,000, and Denza, Fangchengbao, and Yangwang brands selling 3,000, 2,000, and 19 respectively. Since March 2022, BYD has stopped the production of fuel vehicles and focused on new energy vehicles. Since March this year, it has released the super e - platform and launched new cars such as Denza N9, Yangwang U7, and Fangchengbao Titanium 3 [24]. 3.2.2 Geely Automobile - Weekly sales were 40,000, with 22,000 being new energy vehicles (3,000 from the ZEEKR brand), and the electrification rate reached about 55%. In 2024, the company released the "Taizhou Declaration". The Geometry brand was incorporated into the Galaxy brand. Recently, Geely acquired ZEEKR. The 2025 sales target is 2.71 million, with Geely, ZEEKR, and Lynk & Co brands targeting 2 million, 320,000, and 390,000 respectively, and the new energy vehicle sales target is 1.5 million [27]. 3.2.3 SAIC - GM - Wuling - The overall weekly sales of passenger cars were 14,000, with 12,000 being new energy vehicles, and the electrification rate was about 86%. Recently, Wuling Hongguang launched an extended - range version, and Baojun launched the "Baojun Xiangjing" with plug - in hybrid and pure - electric options, but pure - electric models still dominate in sales [35]. 3.2.4 Changan Automobile - The overall weekly sales of passenger cars were 24,000, with 11,000 being new energy vehicles, and the electrification rate was about 47%. Its new energy brands Shenlan and Qiyuan sold more than 4,000 and 3,000 respectively. In addition, Avita, a joint venture with Huawei and CATL, sold about 2,000 [40]. 3.2.5 Chery Automobile - The overall weekly sales of passenger cars were 24,000, with 7,000 being new energy vehicles, and the electrification rate was about 30%. Its new energy brands iCAR, Chery New Energy, and Zhijie (a brand under Hongmeng Zhixing) each sold about 1,000 [48]. 3.2.6 Tesla - The sales of Tesla (China) in that week were 7,324. Model 3 sold 1,987 and Model Y sold 5,337. This year, Tesla has launched multiple promotions, such as the "biggest discount package ever" for Model 3 after the Spring Festival and new promotions in April [54]. 3.2.7 New - Force Car Manufacturers - Li Auto sold 11,000, mostly L - series models. Wenjie sold about 7,000, with a significant month - on - month increase. The new car M8 was launched on April 16 and started delivery on April 20. Leapmotor, Xiaomi, and XPeng each sold about 6,000, NIO sold about 5,000, and Aion sold about 4,000 [56][57].

宁德时代（300750.SZ）全力冲刺港股上市之际，市值也水涨船高，虽然港股尚未完成IPO，但其总市 值已经超越了重要竞争对手比亚迪（002594.SZ）。 2018年宁德时代A股上市后，宁德时代和比亚迪的竞争并不限于动力电池的产品力，趁着市场火热融资 扩大业务，抢占更多市场份额也是重点，两者上市以来过去多年的融资额都是累计大约千亿规模。 有业内人士认为，两者在国内动力电池市场份额合计逼近70%，而更大的空间在海外市场，海外新能源 汽车的渗透率整体低于20%，在香港成功融资后，两家公司都在加速出海布局，在海外的市占率仍有较 大的提升空间。 宁德时代市值再次领先 过去几年，比亚迪和宁德时代的市值交替上升，你追我赶。 在宁德时代股价连涨五个交易日后，5月12日收涨3.52%，报收257元，总市值11317亿元；另一边，比 亚迪当日上涨1.94%，报收370.28元，总市值为11253亿元，宁德时代的总市值再次实现对比亚迪的反 超。 5月12日早上，市场消息称预计宁德时代将于5月20日在香港挂牌并开始上市交易。宁德时代公告称，此 次港股IPO共计划发行1.18亿股股份，在发售量调整权及超额配售权悉数行使的情况下，本 ...

周度报告——新能源汽车 美国汽车关税政策受压回撤 ★ 动态跟踪 行业数据跟踪方面，据乘联会发布，4 月 1-27 日全国乘用车新能 源市场零售 72.8 万辆，同比增长 24%，新能源市场零售渗透率 52.3%，今年以来累计零售 314.8 万辆，同比增长 33%；4 月 1-27 日，全国乘用车厂商新能源批发 84.6 万辆，同比增长 25%，新 能源厂商批发渗透率 53.9%，今年以来累计批发 369.5 万辆，同 比同期增长 38%。 新 能 源 与 新 材 料 企业端，多车企发布 4 月销量数据，比亚迪以 38 万辆的销量数 据继续稳居领先地位，吉利、零跑、小鹏等新能源销量数据抢眼。 海外市场方面，受美国汽车及零部件关税影响北美新车市场 3 月销量高增长，但关税争对汽车而非新能源汽车，因而渗透率未 出现明显变化（见图表 23-26）。压力下关税政策有所回撤，4 月 29 日发布两项行政命令，一是进口整车关税仅由 2025 年 3 月 26 日第 10908 号公告确定，不得适用其他关税（免除钢铁、铝 的单独关税，避免多项关税叠加）；二是为在美国本土生产的整 车企业提供税收抵免，部分抵消其进口零部件所面 ...

Core Insights - High-quality charging infrastructure is essential for increasing consumer purchase willingness and meeting charging demands [1] - The penetration rate of new energy vehicles (NEVs) in China has surpassed 50% and continues to rise, necessitating proactive development of charging infrastructure [1] - The complete industrial chain in China's NEV sector supports technological innovation and enhances international competitiveness while contributing to carbon neutrality goals [1] Charging Infrastructure Characteristics - The installation of private charging piles in communities is becoming a focal point, with private charging pile ownership increasing from 232,000 in 2017 to 8.892 million by November 2024, a growth of approximately 37 times [2] - High-power charging piles are gaining more support, with over 45% of public charging piles being DC charging piles as of October 2024 [2] Rural Charging Infrastructure Development - Urban areas have high coverage of charging infrastructure, but rural areas lag behind, prompting initiatives to enhance rural charging facilities [3] - The interaction between vehicles and the grid is entering a phase of large-scale commercialization, with projects demonstrating significant energy savings [3] Challenges in Charging Infrastructure Planning - The "charging piles entering communities" initiative faces obstacles, including difficulties in installing private charging piles in densely populated areas [4] - The lack of unified charging interface standards increases the costs of large-scale deployment and complicates the establishment of shared private charging piles [5] Policy Recommendations for Charging Infrastructure Development - Establish a unified standard for charging infrastructure systems to ensure stability and safety in power supply [7] - Optimize the approval process for private charging infrastructure and promote innovative business models for shared charging piles [8] - Focus on rural areas for developing private charging infrastructure, integrating urban and rural resources [9] - Accelerate the establishment of technical standards for vehicle-grid interaction and improve pricing mechanisms [10]