电力设备 电力设备 2025 年 11 月 24 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -34% -17% 0% 17% 34% 50% 2024-11 2025-03 2025-07 电力设备 沪深300 相关研究报告 《低空经济行业周报（第四十一期）： 进博会上多项低空经济订单签约，时 的科技总部落户上海—行业周报》 -2025.11.9 《固态电池行业周报（第二十二期）： 海目星打通锂金属固态电池量产工艺 获 4 亿订单，回天新材与太蓝新能源 达成固态胶粘剂战略合作—行业周 报》-2025.11.9 《固态电池行业周报（第二十一期）： 清华团队破解固态电池快充与低温瓶 颈，三星 SDI、宝马、Solid Power 三 方合作开发全固态电池—行业周报》 -2025.11.2 欧洲电动车销量月报（2025 年 10 月）：法国社会租 赁计划落地后 BEV 销量同比明显提速 ——行业点评报告 | 殷晟路（分析师） | 王嘉懿（分析师） | | --- | --- | | yinshenglu@kysec.cn | wangjiayi@kysec.cn | | 证书编号：S079052208 ...

Core Insights - The penetration rate of new energy vehicles (NEVs) in China surpassed 50% for the first time in October 2025, marking a significant shift towards electric vehicles as the dominant market force [1] - In October, the production and sales of NEVs reached 1.772 million and 1.715 million units respectively, with year-on-year growth exceeding 20%, setting new historical records for the month [1] - Cumulative sales for the first ten months of the year approached 13 million units, indicating a sustained increase in market enthusiasm for NEVs [1] Market Dynamics - The price range of 200,000 to 220,000 yuan has emerged as a critical threshold for consumers when choosing between new and used vehicles, as it encompasses both mainstream new energy vehicles and high-end used models [1] - Used cars in this price range offer advantages in terms of intelligent features, vehicle size, and driving experience compared to new cars [1] Competitive Landscape - The top-selling new models in the 200,000 to 220,000 yuan range for October included the Fangchengbao Titanium 7, Xiaomi SU7, and Leap Motor C11, all of which have high-value alternatives in the used car market [1] - For instance, the 2023 model of Li Auto L7 Pro offers superior range and comfort compared to its new counterparts, while the BMW 5 Series New Energy 535Le, originally priced around 500,000 yuan, is available for approximately 230,000 yuan in the used market [1] Consumer Behavior - The trend towards purchasing used NEVs is increasingly viewed as a smart and pragmatic choice rather than a compromise, as the technology stabilizes and the depreciation rates of used vehicles decline [2] - Consumers are encouraged to focus on thorough research and verification when selecting used NEVs, emphasizing the importance of asking questions, inspecting details, and ensuring guarantees [3][5] Recommendations for Purchasing Used NEVs - Utilize reputable platforms like Guazi Second-hand Cars for better pricing and direct sourcing [5] - Engage with AI tools to clarify needs and compare options before purchase [5] - Conduct detailed inspections of vehicle conditions through video checks and ensure comprehensive support during the pickup process [5] - Pay special attention to battery health and consider warranties that provide dual protection [5]

Core Insights - Porsche reported a third-quarter loss of €966 million (approximately ¥8 billion), leading to a 99% year-on-year decline in sales profit for the first three quarters of the year [3][8] - A fire incident involving a Porsche Taycan raised safety concerns about the brand, occurring during driving with no casualties reported [3][5] - The company has faced multiple fire incidents in electric vehicles within a short period, indicating a potential trend in safety issues [5] Financial Performance - For the first nine months of the year, Porsche's sales profit plummeted from €4 billion in 2024 to only €40 million, a 99% decrease [8] - The company anticipates customs duties to reach €700 million this year, impacting profitability [8] - Porsche's stock value has halved since its IPO in 2022, reflecting significant market challenges [8] Market Dynamics - Porsche's electric vehicle delivery accounted for only 27% of total sales in 2024, falling short of its goal to have over half of new cars electrified by 2025 [9] - Global deliveries for Porsche decreased by 6% year-on-year, with the Chinese market experiencing a 26% drop [9] - The company is adjusting its product strategy, including the introduction of new internal combustion engine models and delaying some electric vehicle launches [9] Management Changes - Current CEO Oliver Blume will step down, with Michael Leiters set to take over in January 2026, amid concerns about potential conflicts of interest during a critical transition period for the company [8]

Industry Information - CATL and BYD's Fudi Battery have partnered with BHP to accelerate the electrification of the global mining industry, focusing on electric mining equipment and fast-charging infrastructure [7][8] - As of June 2025, the total number of motor vehicles in China reached 460 million, with 55 million drivers, marking a record high in new energy vehicle registrations [9][10] - China's new energy vehicle ownership reached 36.89 million by June 2025, accounting for 10.27% of total vehicles, with a year-on-year growth of 27.86% in new registrations [9][10] - The export volume of automobiles from China increased by over 10% in the first half of 2025, totaling 3.083 million vehicles [11] - Rho Motion reported that global new energy vehicle sales reached 9.1 million in the first half of 2025, with China contributing 5.5 million, a 32% increase year-on-year [12][13] Policy Information - Gansu province has adjusted the pricing mechanism for electric vehicle charging services to a model of "electricity cost + service fee," effective from August 1, 2025 [25][26] - The State Council has mandated the establishment of a working group to regulate competition in the new energy vehicle industry, focusing on cost investigation and price monitoring [17] - The Ministry of Industry and Information Technology will assist companies in rapid listing verification and precise subsidies for vehicle trade-ins [14][15] - New energy vehicle charging infrastructure subsidies have been announced in various regions, including a 1.49 million yuan subsidy in Zhejiang and a 960,000 yuan subsidy in Shanxi [39][40] Company Information - Xpeng Motors has completed a $250 million Series B financing round to accelerate the development and mass production of its flying car [16] - NIO has launched the world's highest-altitude battery swap station in Tibet, enhancing its service network [7] - Geely has signed a merger agreement with Zeekr Technology, aiming to strengthen its market position [7] - Ideal Auto reported a cash reserve of 110.7 billion yuan, leading in the number of self-built fast-charging stations among automakers [7] - The first model of Huawei's HarmonyOS vehicle, named Shangjie H5, has been officially announced [15]

Industry Overview - The report highlights the successful pre-sale of Xiaomi's YU7, which achieved over 200,000 orders in just three minutes, indicating strong market interest. The YU7 is priced lower than Tesla's Model Y, making it a competitive option in the electric vehicle market [1] - The report notes that the penetration rate of new energy dump trucks is significantly lower than that of overall new energy vehicles, suggesting substantial growth potential in this segment [5] - The film industry faced challenges in 2024 due to a lack of quality content, leading to a 43% decline in summer box office revenue. However, the 2025 summer box office has shown signs of recovery, with a strong start and several highly anticipated films scheduled for release [7] Electric Vehicle Sector - The Ministry of Industry and Information Technology released a new batch of vehicle production announcements, showing a 65% increase in new energy dump truck models compared to the previous batch. This reflects an accelerated transition towards electrification in the industry [5] - The report indicates that the majority of new models are pure electric, with a focus on larger battery capacities and high-power motors to address range anxiety and improve performance in complex working conditions [5] - Key players in the electric vehicle market include China National Heavy Duty Truck Group, Foton Daimler, and SANY Group, each adopting different competitive strategies [5] Film Industry Insights - The report emphasizes the significant drop in box office performance in 2024, with only 116.4 billion yuan generated during the summer season, a 43% year-on-year decline. This highlights the industry's need for high-quality content to attract audiences [7] - The 2025 summer box office has already surpassed 1 billion yuan, indicating a potential recovery, with several films generating significant interest and high anticipation among viewers [7]

Core Insights - The core component of the automotive industry's electrification transformation is the power battery, which is a highly competitive segment within the industry [4] - In 2024, global sales of new energy vehicles are projected to reach 17 million units, with China accounting for approximately 70% of the market share, maintaining its position as the world's largest market for ten consecutive years [5] - China is expected to produce around 0.5 TWh of power batteries in 2024, representing 60% to 70% of the global market share, significantly contributing to the electrification of both the Chinese and global automotive markets [5] Battery Technology Development - The development path of automotive power batteries is primarily based on lithium-ion technology, evolving from liquid lithium iron phosphate and liquid ternary lithium to solid-liquid hybrid batteries, with a future focus on all-solid-state battery systems [6] - Current energy density levels for lithium iron phosphate batteries can reach 190 Wh/kg, with volume energy density standards achieving up to 400 Wh/L [6] - Solid-state batteries are being researched globally, with various electrolyte types including oxides, sulfides, chlorides, and polymers being explored [7] Safety and Performance - Solid-state batteries offer significant improvements in safety performance, with thermal runaway temperatures reaching around 300°C, compared to 180°C for ternary liquid batteries and 220°C for lithium iron phosphate batteries [8] - The industry has seen successful trials of solid-liquid hybrid batteries, such as NIO's 360 Wh/kg battery, which can provide a driving range of 1,000 kilometers [8] Future Directions - Solid-liquid hybrid batteries are expected to exist for a considerable time as a transitional phase, with future research focusing on material systems, including high nickel and lithium-rich manganese-based cathodes, and silicon-carbon anodes [9] - The cost of solid-state batteries remains high, estimated to be 5 to 10 times that of current liquid batteries, but is expected to decrease as production scales up [9] - The development of sodium-ion batteries is also underway, with plans to enhance their energy density to 200 Wh/kg and explore solid-state options [10] Standards and Definitions - The definition of all-solid-state batteries is based on standards set by the China Automotive Engineering Society, which includes specific criteria for weight loss during testing [10] - Many companies have achieved the technical indicators necessary for all-solid-state battery development, which is crucial for advancing this technology [10]