《联合早报》发文称，自9月起，多地补贴政策收紧影响新车销售，中国多地暂停汽车以旧换新补贴后，10月全国汽 车市场略有萎缩，乘用车销量环比微降0.1%，是逾一年来首次环比下滑；同时，今年前10个月新能源乘用车增长 21.9%。 【环球网财经综合报道】中国汽车工业协会发布数据显示，10月份我国新能源汽车新车销量首次超过汽车新车总销量 的50%，达到51.6%。当月新能源汽车产销分别完成177.2万辆和171.5万辆，同比分别增长21.1%和20%。 中汽协建议，考虑到明年新能源汽车购置税实施减半征收，明年继续优化实施汽车"以旧换新"政策，以稳定市场预 期。 报道也提到，尽管补贴退场，但因购置税优惠政策调整将刺激年末购车需求，今年最后两个月市场仍预期增长。 ...

Investment Rating - The report maintains an "Outperform" rating for the lithium battery industry [1][7]. Core Insights - The lithium battery index has outperformed the CSI 300 index, with a year-to-date increase of 48.12%, surpassing the CSI 300 by 33.71 percentage points as of September 19, 2025 [4][11]. - The industry is experiencing a recovery in net profit growth, with a 28.07% year-on-year increase in net profit for the first half of 2025 [7][25]. - The report emphasizes the importance of focusing on three main investment lines within the lithium battery sector [7]. Summary by Sections Industry Performance - The lithium battery sector's revenue for 2024 was 2.25 trillion yuan, a slight increase of 0.07% year-on-year, while net profit was 110.14 billion yuan, down 22.02% [7][18]. - In the first half of 2025, the sector's revenue reached 1.14 trillion yuan, a 13.78% increase year-on-year, with 67.92% of companies reporting positive growth [7][19]. New Energy Vehicle Sales - Global sales of new energy vehicles reached 10.6574 million units from January to July 2025, a 24.57% increase year-on-year [7][12]. - In China, new energy vehicle sales for the same period were 9.592 million units, up 36.37% year-on-year, with exports accounting for 150.5 thousand units, a growth of 83.76% [7][12]. Price Trends in the Supply Chain - The prices of key materials in the lithium battery supply chain have shown significant differentiation, with lithium carbonate prices at 72,500 yuan per ton, down 4.28% since the beginning of the year, while electrolytic cobalt prices rose to 279,000 yuan per ton, an increase of 63.64% [7][19]. Investment Strategy - The report suggests maintaining an "Outperform" rating based on the industry's growth prospects and valuation levels, with the lithium battery sector's valuation at 29.11 times earnings as of September 19, 2025 [7][19]. - The report recommends focusing on three main investment lines within the lithium battery industry, considering the trends in the sector and the performance of sub-sectors [7][19].

Core Insights - In July, China's automobile sales reached 2.593 million units, showing a month-on-month decline but a year-on-year increase of 14.7% [1] - New energy vehicle (NEV) sales continued to grow rapidly, with 1.262 million units sold in July, accounting for 48.7% of total new car sales [2] - The automotive industry is playing a significant role in stimulating domestic demand, with NEV production and sales for the first seven months reaching 8.232 million and 8.22 million units, respectively, marking a year-on-year growth of 39.2% and 38.5% [2] Automotive Market Performance - In July, total automobile production and sales were 2.591 million and 2.593 million units, respectively, with month-on-month declines of 7.3% and 10.7%, but year-on-year increases of 13.3% and 14.7% [1] - Passenger car sales reached 2.287 million units in July, with a year-on-year growth of 14.7% and a market share of 70.1% for Chinese brands, up 3.8 percentage points from the previous year [1] New Energy Vehicle Growth - NEV production and sales in July were 1.243 million and 1.262 million units, respectively, with year-on-year growth of 26.3% and 27.4% [2] - NEV sales accounted for 45% of total new car sales from January to July, indicating a strong market presence [2] - NEV exports significantly contributed to overall automotive export growth, with July exports reaching 575,000 units, a year-on-year increase of 22.6% [2] New Model Launches - Several automakers launched new models in July, particularly in the SUV segment, to enhance market supply [3] - Geely's Galaxy A7 and XPeng's new P7 were among the notable launches, with Geely aiming for over 1 million annual sales [3] Policy Impact on Consumption - The Chinese government has initiated policies to support automotive consumption, including a new round of long-term special bonds for trade-in programs [4] - Upcoming tax reductions for NEVs purchased between January 1, 2026, and December 31, 2027, are expected to boost consumer confidence and stimulate sales [4][5] Competitive Landscape - The competitive edge of NEVs is not solely reliant on tax incentives but also on advanced features such as intelligent driving and stylish designs, which attract consumers willing to pay a premium [6] - Companies are focusing on product differentiation, cost advantages through vertical integration, and building robust technology and service ecosystems to maintain competitiveness [6]