开源证券近日发布欧洲电动车销量月报：11月欧洲9国新能源车维持高增长，其中法国、意大利补贴落 地后BEV高速增长，挪威年底迎来电车抢装。2025年11月欧洲9国新能源车销量28.1万辆，同比 +38.6%，新能源渗透率34.3%，同比+9.0pcts。其中，BEV销量19.0万辆，同比+40.5%；PHEV销量9.1万 辆，同比+35.0%。 投资建议 以下为研究报告摘要： 欧盟委员会提案调整了2035年减排目标，但我们预计此次提案并不会影响欧洲电动化的长期趋势，相 反，提案将对小型电动汽车给予"超级积分"，并对企业用车的零排放车型占比加以约束，来进一步促进 欧洲电动车的销量。此外，2025年底至2026H1，各车企新一代纯电车型将陆续推向市场，新车型有望 带动欧洲电车市场放量。投资建议：（1）锂电池：推荐宁德时代、亿纬锂能、欣旺达；受益标的中创 新航、国轩高科；（2）锂电材料：推荐湖南裕能、天赐材料；受益标的富临精工、万润新能；容百科 技、当升科技、中伟股份、厦钨新能、华友钴业；星源材质、恩捷股份；新宙邦；天奈科技；（3）锂 电结构件：推荐铭利达、敏实集团；受益标的科达利、和胜股份；（4）电源/电驱系统：推 ...

NO.2华泰证券：看好矿服及设备商向矿山开发转型趋势 华泰证券研报表示，当前金属高价下或催生较多勘探、矿服及设备制造商向矿业开发转型，此类转型模 式主要包括参股、控股以及EPC+O模式(低参股但享有超额收益权)。在此背景下，上述转型模式有望成 为未来矿业重要的开发力量，原因在于当前高金属价格背景下，中小型矿山业主具备较强的开发意愿， 但普遍面临资金实力有限，技术和项目管理能力不足等约束，需外部力量协助推进开发；而大型矿业公 司更偏好资源体量大，生命周期长的项目，对规模有限的小型矿山参与意愿较低。在此背景下，矿服、 矿业设备公司具备丰富的运营经验参与该类型小矿山开发，并通过EPC+O的形式参股运营。这种多方 互利的商业模式有望在未来大规模展开，因此我们看好矿服、矿业设备制造商转型，建议投资者关注该 行业新动态。 NO.3开源证券：欧盟委员会提案不会影响欧洲电动化的长期趋势 ｜2025年12月26日星期五｜ NO.1中金公司：建议维持超配黄金 12月26日，中金公司（601995）研报指出，今年黄金涨幅较大，估值偏高，2026年初美联储宽松预期阶 段性退坡，或成为风险来源。考虑到明年美联储最终仍会重新加速宽松，因 ...

（文章来源：第一财经） 开源证券指出，欧盟委员会提案调整了2035年减排目标，但我们预计此次提案并不会影响欧洲电动化的 长期趋势，相反，提案将对小型电动汽车给予"超级积分"，并对企业用车的零排放车型占比加以约束， 来进一步促进欧洲电动车的销量。此外，2025年底至2026H1，各车企新一代纯电车型将陆续推向市 场，新车型有望带动欧洲电车市场放量。 ...

Group 1 - The 2025 Munich Auto Show highlighted the collaboration between European automotive manufacturers and Chinese battery producers, particularly with CATL's introduction of its NP3.0 technology platform and the Shunxing Pro lithium iron phosphate battery [1] - Despite a slowdown in the electrification rate in Europe, data shows that the electrification rate increased from 23% to 26% in the first half of 2025, with projections nearing 29% by year-end, indicating a contradiction in the market dynamics [2] - The structural issues in Europe's electrification process are evident, with a significant reliance on high-end ternary batteries and insufficient development of lithium iron phosphate technology, leading to a lack of competitiveness in the mid-to-low-end market [2] Group 2 - Northvolt's bankruptcy in 2024 and its North American subsidiary's subsequent failure in 2025 have highlighted Europe's loss of capacity to produce qualified lithium iron phosphate batteries, which are crucial for reducing electric vehicle prices [3] - The European Union is at least five years behind China in the development and production of lithium iron phosphate batteries, a gap that may persist until 2030 [3] - BloombergNEF predicts that Europe will face a 70GWh shortfall in battery capacity by 2025, despite projected electric vehicle sales of 3.27 million units [3] Group 3 - The lack of local battery production capabilities in Europe has created significant opportunities for Chinese battery companies like CATL and EVE Energy to establish manufacturing plants in the region [3][4] - CATL's factory in Hungary is expected to have a capacity of 100GWh, supplying 30 European brands, while a joint venture with Stellantis in Spain aims for a 50GWh capacity by the end of 2026 [6] - The collaboration between Chinese battery firms and European automakers is deepening, with CATL's technology being integrated into various vehicle platforms, indicating a shift towards a more collaborative approach in product design [6][7] Group 4 - CATL's market share in Europe reached 35% from January to October 2024, with expectations to exceed 40% in 2025 and potentially surpass 50% by 2027 [8] - The global market share of CATL reached 37.5% from January to July 2025, reflecting an 11 percentage point increase since 2020, solidifying its position as an industry leader [8] - European manufacturers are responding to the competitive landscape by encouraging local battery industry transformation and exploring technology sharing with automotive companies [8]