根据wind数据，新能源车ETF（159806）实时盘中净流入4000万份，资金抢筹新能源车资产。 申万宏源指出，第四批"以旧换新"资金已经下达，汽车补贴陆续进入尾声；以及明年起新能源免征购置 税政策结束，取而代之的是减半征收，每辆车最高需额外支付1.5万元税费，购买30万元以上车型的消 费者，购车成本将明显上升，进入四季度或许会因此迎来一波市场抢装。 新能源车ETF（159806）跟踪的是CS新能车指数（399976），该指数从沪深市场中选取涉及锂电池、电 机、电控及整车制造等关键领域业务的上市公司证券作为指数样本，全面反映新能源汽车产业链相关上 市公司证券的整体表现。该指数行业配置高度集中于新能源汽车相关制造业，风格偏向成长型。 （文章来源：每日经济新闻） ...

Group 1 - The China Securities New Energy Vehicle Industry Index (930997) has seen a strong increase of 1.94% as of September 25, 2025, with notable gains from companies such as Dongsheng Technology (300073) up 9.05%, Yiwei Lithium Energy (300014) up 7.35%, and China Baowu Steel Group (000009) up 6.98% [1] - The New Energy Vehicle ETF (515700) has risen by 1.81%, marking its fourth consecutive increase, with the latest price reported at 2.41 yuan [1] - Over the past week, the New Energy Vehicle ETF has accumulated a rise of 2.77%, ranking it in the top half among comparable funds [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the China Securities New Energy Vehicle Industry Index include CATL (300750), Huichuan Technology (300124), BYD (002594), and others, collectively accounting for 54.55% of the index [2] - The weight and performance of the top stocks are as follows: CATL (4.60%, 9.80%), Huichuan Technology (-0.02%, 9.63%), BYD (1.49%, 9.10%), and others [3] Group 3 - The New Energy Vehicle ETF has several off-market connections, including Ping An China Securities New Energy Vehicle ETF Initiated Connection A (012698), C (012699), and E (024504) [5]

新能源车ETF（159806）跟踪的是CS新能车指数（399976），该指数从A股市场中选取涉及锂电 池、电机、电控及整车制造等新能源汽车产业链关键领域的上市公司证券作为指数样本，成分股覆盖新 能源汽车相关制造业，风格偏向成长型。该指数旨在全面反映新能源汽车行业上市公司证券的整体表 现。 金元证券指出，资金面看，电力设备（电池）行业近期对市场资金的吸引力持续增强，已连续三周 与机械行业（机器人）共同形成对TMT板块的资金争夺局面。从市场表现来看，电力设备行业在换手 率指标上显示出较强的市场关注度，反映出投资者对该领域的兴趣提升。这一趋势表明，电力设备行业 在当前市场环境下正逐步成为资金配置的重要方向之一。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 没有股票账户的投资者可关注国泰中证新能源汽车ETF联接C（009068），国泰中证新能源汽车 ETF联接A（009067）。 注： ...

近年来，赛力斯在新能源汽车领域动作不断，除与华为合作推出问界系列车型外，还持续加大三电系统和智能驾驶研发投入。此次投资蓝电汽车，旨在扩大 产业布局、强化供应链控制，增强在电动车核心零部件领域的控制力，降低对外部供应商依赖，提升成本控制与产品迭代灵活性。这将有助于其进一步巩固 产业链地位，提升关键技术自主能力。 从业绩表现来看，赛力斯依托问界品牌已成为国内领先汽车厂商。2025年上半年，赛力斯新能源汽车累计销量为17.21万辆，虽然销量同比下滑14.35%，但 利润总额同比增长119.22%，归属于上市公司股东的净利润同比增长81.03%。8月份，赛力斯新能源汽车销量同比增长19.57%，其中问界系列增幅为 19.85%，问界M9和问界M8更是多次问鼎高端市场销量冠军。 此次投资重庆蓝电汽车科技有限公司，是赛力斯在新能源汽车产业链上的进一步完善，而双方的合作将会在未来产生怎样的成效，GPLP犀牛财经将继续关 注。 | == | 赛力斯集团股份有限公司 法定代表人：张正萍 | | 注册资本： 150860.7359万人民币 成立日期：2007-05-11 | 赛力斯汽车 | | --- | --- | --- | ...

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints - The automotive industry is undergoing a transformation from scale - expansion to value - creation, with anti - involution as the underlying logic. In the short term, industry supervision will focus on preventing behaviors such as below - cost dumping, shoddy workmanship, and excessive promotion. However, it is difficult to immediately stop price cuts or raise car prices due to factors like scale effects, technological upgrades, raw material price drops, intense competition, and consumer behavior changes [31]. - The new energy vehicle industry is expected to continue growing, driven by public - domain and county - level market expansion, old - for - new subsidy policies, and the industrialization of intelligent and connected vehicle technologies [2][20][23]. 3. Summary by Directory 3.1 《汽车行业稳增长工作方案（2025—2026年）》 - **Sales Targets in 2025**: The target is to achieve annual vehicle sales of about 32.3 million, a year - on - year increase of about 3%, with new energy vehicle sales reaching about 15.5 million, a year - on - year increase of about 20%. The auto export is expected to maintain stable growth, and the added value of the automotive manufacturing industry is expected to increase by about 6% year - on - year. Compared with the initial forecast, the new energy vehicle sales target has been slightly adjusted down by 500,000 units [2][8]. - **Current Sales Performance**: From January to August 2025, the cumulative vehicle sales were 21.128 million, a year - on - year increase of 12.6%, completing 65.4% of the annual target. The cumulative new energy vehicle sales were 9.62 million, a year - on - year increase of 36.7%, completing 61.9% of the annual target. The sales growth rate has slowed down since August due to the high base from the previous year [9]. - **Growth Drivers**: - Public - domain and county - level markets will bring incremental demand. The plan aims to promote over 700,000 new energy vehicles in public - domain transportation in 25 pilot cities [13]. - Old - for - new subsidy policies have been optimized in 2025 compared to 2024, but some regional subsidies have been adjusted since mid - 2025 [20]. - The industrialization of intelligent and connected vehicle technologies, with the conditional approval of L3 - level vehicle mass production, will stimulate potential consumer demand [23]. 3.2 《汽车整车企业供应商账款支付规范倡议》 - **Key Operational Standards**: It defines the standards for order confirmation, delivery acceptance, payment settlement, and contract terms. For example, vehicle manufacturers should complete acceptance within 3 working days, and the payment period should not exceed 60 natural days from the date of acceptance. It encourages cash or bank acceptance bill payments, especially for small and medium - sized suppliers, and advocates long - term stable cooperation with contract validity of at least one year [3][24]. - **Background and Significance**: The automotive industry is experiencing price cuts (about 15% in the overall market, 20% for fuel vehicles, and 8% for new energy vehicles), and the industry's profit margin has declined to 4.3% in 2024. Vehicle manufacturers have transferred cost pressure to suppliers. The initiative aims to build a positive cycle of "quality - cost - price" and a collaborative ecosystem of "vehicle - parts" [25]. 3.3 Summary and Thinking - **Industry Transformation**: The automotive industry is shifting from scale - driven to value - driven growth. In the short term, industry supervision will focus on preventing unfair competition, but it is difficult to immediately change the price - cut trend due to various factors [31]. - **Market Incentive Policies**: - Loan interest subsidies are available for personal consumer loans from September 1, 2025, to August 31, 2026, with an annual interest subsidy rate of 1 percentage point, capped at 50% of the loan contract interest rate [35]. - New energy vehicle purchase tax exemptions will be phased out. They are fully exempted from January 1, 2024, to December 31, 2025, and halved from January 1, 2026, to December 31, 2027 [36][38].

Market Performance - The new materials sector experienced an increase this week, with the new materials index rising by 2.50%, outperforming the ChiNext index by 0.39% [1][2] - Over the past five trading days, the synthetic biology index rose by 2.88%, semiconductor materials increased by 9.04%, electronic chemicals went up by 6.88%, biodegradable plastics rose by 3.41%, industrial gases increased by 5.64%, and battery chemicals surged by 13.68% [1][2] Price Tracking - Amino acids showed the following prices and weekly changes: valine at 12,600 CNY/ton (-1.18%), arginine at 22,700 CNY/ton (-0.87%), tryptophan at 37,500 CNY/ton (-5.06%), and methionine at 21,900 CNY/ton (-0.68%) [3] - Biodegradable materials prices remained stable: PLA (FY201 injection grade) at 17,800 CNY/ton, PLA (REVODE201 film grade) at 17,200 CNY/ton, PBS at 17,800 CNY/ton, and PBAT at 9,850 CNY/ton [3] - Vitamin prices included: Vitamin A at 63,000 CNY/ton (-1.56%), Vitamin E at 60,500 CNY/ton (-6.20%), Vitamin D3 at 227,500 CNY/ton (unchanged), calcium pantothenate at 40,500 CNY/ton (unchanged), and inositol at 26,000 CNY/ton (unchanged) [3] - Industrial gases and wet electronic chemicals prices were stable: UPSSS grade hydrofluoric acid at 11,000 CNY/ton and EL grade hydrofluoric acid at 5,600 CNY/ton [3] - In plastics and fibers, carbon fiber remained at 83,750 CNY/ton, polyester industrial yarn at 8,400 CNY/ton (-1.18%), and aramid at 102,700 CNY/ton (+17.62%) [3] Investment Recommendations - The "Automobile Industry Steady Growth Work Plan" suggests focusing on upstream new materials in the automotive sector [4] - The State Council emphasized the need for rational competition governance in the new energy vehicle sector, aiming for improved profitability in the supply chain [5] - The Ministry of Industry and Information Technology's plan aims for approximately 32.3 million vehicle sales in 2025, with new energy vehicle sales projected at around 15.5 million, reflecting a 20% year-on-year growth [5] - Companies such as Times New Material and Jundingda are recommended for attention [5]

Core Insights - In 2023, China's automobile exports surpassed Japan for the first time, becoming the world's largest exporter, with a strong growth trajectory expected to continue through 2025 [1] - By August 2025, China's automobile exports reached 4.292 million units, a year-on-year increase of 13.7%, with new energy vehicle exports at 1.532 million units, up 87.3% [1] - The Chinese automotive industry has established a complete supply chain from battery to vehicle manufacturing, maintaining its position as the global leader in new energy vehicle production and sales for ten consecutive years [1][8] Industry Trends - Exporting has become a crucial strategy for automakers to cope with intense domestic market competition, as they leverage product performance and cost-effectiveness in international markets [3] - Leading automakers are transitioning their export strategies into key growth engines, with Chery, BYD, and SAIC Motor adopting differentiated approaches to expand their global presence [5][6] - Chery focuses on emerging markets with a traditional fuel vehicle strategy, while BYD leads growth through new energy vehicles, and SAIC Motor capitalizes on its MG brand's success in Europe [5][6] Market Dynamics - The geographical distribution of China's automobile exports is diversifying, moving away from reliance on single markets to a more balanced approach across multiple regions [6] - The primary export markets have shifted from the former Soviet Union to Central and South America and the Middle East, indicating a strategic pivot in export focus [6] Technological and Production Advancements - China's automotive industry has achieved significant advancements in core technologies for new energy vehicles, with a market share of 68.8% in global battery manufacturing as of mid-2025 [8] - Scale production has effectively reduced unit costs, enhancing competitiveness through synergies in procurement, research, and manufacturing [8] Challenges and Strategic Recommendations - The rapid growth of China's automobile exports faces challenges from rising trade barriers and geopolitical risks, necessitating a proactive approach to navigate the evolving global trade landscape [10][11] - Companies are advised to enhance their capabilities in managing intellectual property and understanding complex international regulations to sustain export growth [13] - The future of China's automotive global positioning will depend on geopolitical dynamics, localization of production, technological leadership, and brand development [15]

Core Viewpoint - Lixing Co., Ltd. plans to establish a joint venture named Jiyou Lixing (Shanghai) Technology Co., Ltd. to expand new business growth points and optimize its business structure, focusing on the development of the new energy vehicle and automation equipment industries [1] Investment Details - The registered capital of the joint venture is RMB 100 million, with Lixing contributing RMB 20 million, accounting for 20% of the total [1] - Shanghai Jiyou contributes RMB 59 million, holding 59% of the joint venture [1] - Shanghai United contributes RMB 10 million, representing 10% of the joint venture [1] - Shanghai Gaoxing contributes RMB 11 million, holding 11% of the joint venture [1] Business Objectives - The joint venture aims to focus on national strategic industry demands and hot market needs, primarily developing products related to the new energy vehicle and automation equipment industries [1] - The venture will leverage the overseas channels and brand resources of all parties to explore key international markets such as Europe and North America [1] - The goal is to create a high-end transmission component brand from China [1]

Core Viewpoint - Longpan Technology (龙蟠科技) has signed a procurement cooperation agreement with CATL (宁德时代) for the supply of lithium iron phosphate cathode materials, which is expected to significantly boost the company's sales and establish long-term relationships with downstream partners [1] Group 1: Agreement Details - Longpan Technology's subsidiary, Lithium Source (亚太), will sell a total of 157,500 tons of lithium iron phosphate cathode materials to CATL's overseas factories from Q2 2026 to 2031 [1] - The total sales amount from this contract is estimated to exceed 6 billion RMB based on expected quantities and market prices [1] Group 2: Strategic Implications - The agreement is part of the company's strategy to establish stable long-term relationships with partners and to capture overseas market opportunities [1] - Successful execution of this contract is anticipated to have a positive impact on the company's future performance [1]

Group 1 - The report highlights the continuous optimization of supply and demand structures in the new energy vehicle industry, supported by favorable policies and strong demand resilience. In July, production and sales of new energy vehicles reached 1.243 million and 1.262 million units, respectively, marking year-on-year growth of 26.3% and 27.4% [3][72] - The report emphasizes that the overall price levels in the industry are at a low point, making it easier for prices to rise than to fall. This presents a good opportunity for investment in high-quality companies within the supply chain, which are currently valued at historically low levels [3][72] - The report maintains a "recommended" rating for the new energy vehicle industry, with a focus on sectors expected to yield excess returns, including solid-state batteries, battery materials, and liquid cooling technologies [4][73] Group 2 - The report provides a detailed analysis of the performance of various indices, with the new energy vehicle index and lithium battery index showing strong growth of 33.57% and 42.42% year-to-date, respectively [22] - Key companies such as Tianhong Lithium, Xian Dao Intelligent, and Yiwei Lithium Energy have shown significant weekly gains, with increases of 78.8%, 51.5%, and 36.4%, respectively [26] - The report tracks the prices of key materials in the lithium battery supply chain, noting a decrease in lithium carbonate prices to 74,700 yuan per ton, down 6.2% from the previous week, while cobalt prices increased by 1.5% to 271,000 yuan per ton [34][37] Group 3 - The report indicates that from January to July 2025, production and sales of new energy vehicles reached 8.232 million and 8.22 million units, respectively, with year-on-year growth of 39.2% and 38.5% [48] - The report mentions that in August, major companies like BYD and Xiaopeng reported varying sales figures, with BYD selling 374,000 units and Xiaopeng experiencing a 169% year-on-year increase in deliveries [49] - The report notes that the global power battery installation volume reached 590.7 GWh in the first seven months of 2025, reflecting a year-on-year growth of 35.3%, with Chinese companies showing particularly strong performance [64][65]