Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Keda Li, and others, based on their strong growth potential and market positioning [5][6]. Core Insights - The new energy vehicle market continues to show robust growth, with significant increases in delivery numbers for various manufacturers, particularly for Leap Motor, which achieved a record delivery of 66,657 units in September 2025 [2][11]. - The announcement from the National Development and Reform Commission and the State Administration for Market Regulation regarding the governance of price disorder in the new energy sector indicates a move towards stabilizing market prices and promoting fair competition [3][35]. - The "Ning Electric into Hunan" project has been fully completed and is expected to significantly reduce coal consumption and carbon emissions in the receiving areas, highlighting the ongoing investment in electric infrastructure [4][59]. Summary by Sections New Energy Vehicles - In September 2025, several new energy vehicle manufacturers reported strong delivery figures, with Leap Motor leading the new force with 66,657 units delivered, marking a 97.4% year-on-year increase [2][11]. - Other notable performances include Xiaomi with over 40,000 units delivered, and BYD maintaining its market leadership with 396,270 units delivered in September [2][18]. New Energy Generation - The recent announcement from regulatory bodies emphasizes the importance of maintaining a fair pricing order in the new energy sector, aiming to mitigate the negative impacts of price disorder on industry development [3][35]. - The report suggests that the recent stabilization of prices in the industry may signal a turning point for the photovoltaic sector, as efforts to combat price competition begin to take effect [36]. Electric Equipment and Automation - The State Grid Corporation's bidding activities in the first three quarters of 2025 reached a total of 1,409.12 billion yuan, with a significant portion allocated to transmission and transformation projects [4][59]. - The completion of the "Ning Electric into Hunan" project is expected to enhance the region's power supply capabilities while contributing to environmental sustainability by reducing carbon emissions [4][59].

Core Insights - In September 2023, the wholesale sales of new energy passenger vehicles in China are estimated to reach 1.5 million units, representing a year-on-year increase of 22% and a month-on-month increase of 16% [1] - Cumulatively, from January to September 2023, the total wholesale sales reached 10.446 million units, showing a year-on-year growth of 32%, indicating a steady growth trend in the overall market [1] Market Dynamics - The month of September had 22 working days, the same as the previous year, but the market sales were more active this year due to the overlap of the Mid-Autumn Festival and National Day holidays [1] - The optimization of market order in the new energy vehicle sector is ongoing, supported by joint efforts from the Ministry of Industry and Information Technology and other departments to regulate industry competition [1] Seasonal Trends - The traditional peak sales season, referred to as "Golden September and Silver October," is contributing to a gradual recovery in market enthusiasm, with the popularity of new energy models showing a significant improvement compared to the end of August [1] - The dual stimulus from nationwide vehicle trade-in programs and local policies is further enhancing market activity [1]

NO.2 零跑汽车完成26亿元内资股增发 每经记者｜董天意 实习生 张艺彤 每经编辑｜余婷婷 | 2025年9月4日 星期四 | NO.1 乘联分会：8月全国乘用车新能源市场零售107.9万辆 9月3日，乘联分会数据显示，初步统计，8月，全国乘用车新能源市场零售107.9万辆，同比增长5%， 环比增长9%，全国新能源市场零售渗透率55.3%，今年以来累计零售753.5万辆，同比增长25%；8月， 全国乘用车厂商新能源批发129.2万辆，同比增长23%，环比增长9%，新能源厂商批发渗透率53.6%，今 年以来累计批发892.6万辆，同比增长33%。 9月3日，公众号"中信证券发布"发文称，8月29日，零跑汽车完成内资股定向发行，募集资金总额合计 26亿元。中信证券担任本次发行的主办券商。零跑汽车本次发行引入武义县金投产发控股集团有限公 司、金华市产业基金有限公司、湖州信创股权投资合伙企业（有限合伙）和杭州禾合零跑股权投资合伙 企业（有限合伙）四名国资股东。 点评：零跑汽车成功完成内资股定向发行引入国资股东，这不仅拓展了公司的资本基础，也显示出国资 对其发展潜力的认可。随着资金的注入，零跑有望加速其市场战略布局， ...

Core Insights - In August, various new energy vehicle brands reported significant sales figures, with Leap Motor leading the way with a record delivery of 57,066 vehicles, marking a year-on-year increase of over 88% [2] - Xiaopeng Motors also achieved a new monthly high with 37,709 vehicles delivered in August, representing a year-on-year growth of 168.7% [3] - NIO delivered 31,305 vehicles in August, a year-on-year increase of 55.2%, while Li Auto reported 28,529 deliveries [5][6] Company Performance - Leap Motor's total deliveries from January to August reached 328,859 vehicles, a year-on-year growth of 136.4%, and is expected to surpass 1 million cumulative deliveries by the end of the year [2] - Xiaopeng Motors' cumulative deliveries for the year reached 271,615 vehicles, with a year-on-year growth of 330% [3] - NIO's cumulative deliveries stand at 838,036 vehicles, with significant contributions from its various brands [5] - Li Auto aims to stabilize monthly sales of its new models, targeting 6,000 units for the Li 8 and 9,000 to 10,000 units for the Li 6 [5] Market Trends - The overall market for new energy vehicles showed resilience, with a retail sales estimate of 1.1 million units in August, achieving a penetration rate of 56.7% [7] - The automotive market is expected to perform better in September, driven by government subsidies and a traditional sales peak [7] - The introduction of new models and expansion of dealership networks by companies like Xiaomi and Hongmeng Zhixing is anticipated to further stimulate sales [4][6]

Core Insights - The automotive market in August showed resilience, with significant growth in electric vehicles and overseas sales, leading to record sales for several major automakers and new entrants in the market [1] Group 1: Major Automakers Performance - BYD's August sales reached 373,600 units, nearly flat compared to 373,100 units in the same month last year. Cumulatively, BYD sold 2,863,900 units from January to August, with 630,700 units sold overseas [3] - SAIC Motor sold 363,000 vehicles in August, marking a 41% year-on-year increase and a 7.7% month-on-month growth. The cumulative sales from January to August reached 2,753,000 units, up 17.9% year-on-year [3] - China FAW's August sales exceeded 277,800 units, a 3.7% increase year-on-year, with cumulative sales of 2,081,300 units from January to August, reflecting a 5.5% year-on-year growth [3] - Geely's passenger vehicle sales in August reached 250,200 units, a 38% year-on-year increase and a 5% month-on-month growth. Cumulative sales from January to August totaled 1,897,100 units, up 47% year-on-year, achieving 63% of its annual sales target [3] - Chery Group sold 242,700 vehicles in August, a 14.6% year-on-year increase, with exports reaching 129,500 units, a 32.3% increase, setting a new monthly export record [3] - BAIC Group's August sales surpassed 135,000 units, a 3.3% year-on-year increase, with cumulative sales of 1,070,000 units from January to August, up 5.3% year-on-year [3] Group 2: New Energy Vehicle Manufacturers - Leap Motor achieved a record high delivery of 57,066 vehicles in August, maintaining its lead among new energy vehicle brands for six consecutive months [5] - Xpeng Motors delivered 37,709 vehicles in August, marking a historical high with both year-on-year and month-on-month increases [5] - NIO delivered 31,305 vehicles, surpassing Li Auto for the first time in 34 months, while Li Auto's deliveries fell to 28,529 vehicles, marking a decline for three consecutive months [5] - Hongmeng Zhixing delivered 44,579 vehicles in August, continuing a downward trend with a 9.47% decrease last month followed by a 6.64% decrease this month [5] - Zeekr's two brands (Lynk & Co and Zeekr) delivered 44,843 vehicles in August, remaining stable compared to the previous month [5] - Lantu delivered 13,505 vehicles, a 119% year-on-year increase with an 11.29% month-on-month growth [5] - Avita's August sales reached 10,565 vehicles, showing a slight 5% month-on-month increase [5]

Core Insights - In August, various new energy vehicle brands reported significant delivery numbers, with Leap Motor leading the pack with a record delivery of 57,066 vehicles, marking a year-on-year increase of over 88% [1][2] - Leap Motor's cumulative deliveries reached 328,859 vehicles from January to August, reflecting a year-on-year growth of 136.4% [1][2] - The overall market for new energy vehicles showed a positive trend, with a total retail sales estimate of 1.1 million units in August, achieving a penetration rate of 56.7% [9][10] Company Performance - **Leap Motor**: Delivered 57,066 vehicles in August, with a cumulative total of 328,859 vehicles for the year, and is expected to reach 1 million cumulative deliveries by the end of the year [1][2] - **Xpeng Motors**: Achieved 37,709 deliveries in August, a year-on-year increase of 168.7%, with a total of 271,615 vehicles delivered from January to August [2][3] - **NIO**: Delivered 31,305 vehicles in August, a 55.2% year-on-year increase, with cumulative deliveries reaching 838,036 vehicles [5][6] - **Xiaomi Motors**: Exceeded 30,000 deliveries for the second time since its launch, with plans to expand its retail presence [6] - **Li Auto**: Reported 28,529 deliveries in August, with a total of 1,397,070 vehicles delivered historically [6] Market Trends - The overall retail sales of narrow passenger vehicles in August were estimated at approximately 1.94 million units, showing a month-on-month increase of 6.2% and a year-on-year increase of 2.0% [9][10] - The market is expected to perform better in September due to the traditional peak season and the implementation of various subsidies [10]

Core Insights - The domestic passenger car market in June showed strong growth, with retail sales reaching 2.084 million units, a year-on-year increase of 18.1% and a month-on-month increase of 7.6% [1] - Cumulative retail sales for the year reached 10.901 million units, reflecting a year-on-year growth of 10.8% [1] - In the new energy vehicle (NEV) sector, June retail sales hit 1.111 million units, marking a year-on-year increase of 29.7% and a month-on-month increase of 8.2% [1] Market Performance - The retail penetration rate of NEVs in June reached 53.3%, up 4.8 percentage points from the same period last year, maintaining above 50% for four consecutive months [1] - Among 13 A/H share listed automakers, 10 companies reported year-on-year sales growth in June, representing 77% of the sample [1] Company Highlights - BYD's June sales reached 382,585 units, a year-on-year increase of 11.98%, with cumulative sales for the first half of the year at 2.146 million units, up 33.04% [2] - SAIC Motor's June sales were 365,331 units, a year-on-year increase of 21.56%, with NEV sales at 120,696 units, up 29.19% [3] - Geely's June sales reached 236,036 units, a year-on-year increase of 42.12%, with NEV sales at 122,367 units, up 85.52% [3] New Energy Vehicle Growth - Changan's June sales were 235,098 units, with NEV sales at 100,815 units, reflecting a year-on-year increase of 57.11% [4] - Leap Motor and Xpeng Motors reported significant growth, with Leap Motor's June deliveries at 48,006 units, up 138.65%, and Xpeng's at 34,611 units, up 224.44% [4] Emerging Brands - New brands like Xiaomi and Huawei are gaining traction, with Xiaomi's new model YU7 achieving over 289,000 pre-orders in one hour [5] - The overall market is benefiting from government consumption promotion policies and local initiatives, contributing to a robust June performance [5]

Group 1 - The core viewpoint of the article highlights a significant growth in the national passenger car market retail during the first 18 days of May, with a year-on-year increase of 12% and a month-on-month increase of 18% [1] - The total retail sales of passenger cars from January to May this year reached 7.804 million units, reflecting an 8% year-on-year growth [1] - In the new energy vehicle market, retail sales reached 484,000 units from May 1 to 18, marking a 32% year-on-year increase and a 15% month-on-month increase, with a market penetration rate of 52% [1] Group 2 - Cumulatively, the retail sales of new energy vehicles for the year have reached 3.808 million units, showing a robust year-on-year growth of 35% [1]

Market Overview - The global aluminum battery box market for electric vehicles is experiencing strong growth, with sales expected to reach $2.29 billion in 2024 and projected to soar to $13.81 billion by 2031, reflecting a compound annual growth rate (CAGR) of 29.7% [3][5]. Market Analysis and Development Trends - The rapid development of electric vehicles is a key driver for the growth of the aluminum battery box market. Global electric vehicle sales surpassed 10 million units in 2022, marking a 61% year-on-year increase, with China and Europe being the main growth engines. In 2022, China's production and sales of new energy vehicles reached 7.058 million and 6.887 million units, respectively, representing year-on-year growth of 96.9% and 93.4% [5][6]. Technological Innovations and Trends - Technological advancements are significantly impacting the development of the aluminum battery box market. Improvements in lightweight, high strength, and corrosion resistance are enhancing the role of aluminum battery boxes in electric vehicles. As battery technology progresses and costs decrease, the demand for aluminum battery boxes is expected to grow further [7]. Application Areas and Market Segmentation - The aluminum battery box market for electric vehicles is witnessing rapid growth across various application areas, including both civilian and military sectors. There is an increasing demand for customized solutions tailored to different vehicle models and usage scenarios, necessitating comprehensive and professional consulting services to meet diverse customer needs [8]. Competitive Landscape and Leading Enterprises - The competitive landscape of the aluminum battery box market for electric vehicles is taking shape, with leading enterprises leveraging advanced technologies and strong market influence. However, there remains ample opportunity for emerging companies to enter the market. As technology continues to advance and the market matures, the competitive landscape is expected to optimize further, providing growth opportunities for more enterprises [9].

毫无悬念的是，4月，比亚迪以38.01万辆的成绩继续稳坐国内新能源车销量榜第一。其中，王朝网和海洋网累计销量为34.71万辆，腾势汽 车售出新车1.54万辆，方程豹月销超过1万辆，同比增长375.8%。 紧随其后的吉利汽车4月新能源（包含吉利、领克、极氪）销量为12.56万辆，同比增长144%。从销量占比来看，新能源销量已占吉利汽车 4月总销量的54%。吉利银河成为吉利新能源车的销量主力，4月销量逼近10万辆，同比增长281%。 在4月新能源销量的比拼上，奇瑞集团与长安汽车"不相上下"。其中长安汽车新能源车零售7.13万辆，同比增长46.7%。长安旗下三大新能 源品牌中深蓝汽车销量2.01万辆，同比增长58%；阿维塔销量1.17万辆，同比增长122.6%；启源销量也超过1万辆。 奇瑞集团销售新能源汽车6.12万辆，同比增长85.5%。其中旗下新能源车品牌iCAR销售汽车6947辆，智界品牌销售汽车4461辆。 相较之下，长城汽车4月的新能源车销量虽同比增长了28.42%，但总量仅为2.88万辆，不及多个造车新势力企业。零跑汽车继3月之后继续 摘得4月造车新势力销冠，其4月交付量为4.1万辆，同比增长173%。 ...