Investment Rating - The investment rating for the power equipment industry is "Positive" (maintained) [1] Core Viewpoints - The European electric vehicle market is experiencing significant growth, with October 2025 sales in nine European countries reaching 257,000 units, a year-on-year increase of 39% [5][14] - The penetration rate of new energy vehicles in these countries is 31.5%, up by 7.7 percentage points year-on-year [14] - The report highlights the impact of various government policies and incentives, such as France's social leasing plan and Germany's planned electric vehicle subsidies, which are expected to support future sales growth [15][16][22] Summary by Sections Section 1: European Electric Vehicle Sales - In October 2025, Germany's BEV sales reached 52,000 units, a year-on-year increase of 47.7%, with a penetration rate of 21.0% [16][17] - The UK saw BEV sales of 37,000 units, up 23.6% year-on-year, with a penetration rate of 25.4% [20][22] - France's BEV sales were 34,000 units, a significant increase of 63.2% year-on-year, with a penetration rate reaching a historical high [22][24] - Italy's BEV sales were 6,000 units, up 25.1% year-on-year, while PHEV sales surged by 128.6% [32] - Spain's BEV sales reached 9,000 units, a remarkable increase of 90.1% year-on-year, with PHEV sales also showing strong growth [34] Section 2: Investment Recommendations - Recommended companies in the lithium battery sector include CATL, EVE Energy, and Xinwangda, with beneficiaries such as Zhongxin Innovation and Guoxuan High-Tech [38] - In lithium materials, Hunan Youneng is recommended, with beneficiaries including Fulin Precision and Wanrun New Energy [38] - For lithium battery structural components, Minglida and Minshi Group are recommended, with beneficiaries like Keda Li and Hesheng Co [38] - In power and electric drive systems, recommended companies include Weimais and Fute Technology, with beneficiaries such as Xinrui Technology [38]

Group 1: Financial Products and Investment Performance - The issue of inflated returns on bank wealth management products has gained significant attention, with many investors reporting discrepancies between advertised and actual returns [1] - Industry experts call for standardized performance displays and emphasize the need for investors to develop a more professional and rational understanding of performance benchmarks [1] - Liang Hong, a prominent private equity manager, publicly apologized for underperforming against major indices, attributing the decline to three main factors: heavy investments in innovative drugs, hardware companies, and stablecoin stocks [1][2] Group 2: Robotics and Electric Vehicles - The Ministry of Industry and Information Technology announced the establishment of a standardization committee for humanoid robots, with representatives from several listed companies included [2] - According to TrendForce, global sales of new energy vehicles reached 5.39 million units in Q3 2025, marking a 31% year-on-year increase, with battery electric vehicles (BEVs) growing by 48% [2] Group 3: Corporate Developments and Investments - Tuozhu denied reports of Tencent's investment in its latest funding round, stating that no current financing is taking place [3] - Jiangxi Changyun announced plans to publicly transfer land use rights and assets for 7.787 million yuan [5] - Longqi Technology's subsidiary plans to invest 30 million yuan in a venture capital fund focused on the intelligent industry [6] - Jusaylong intends to increase its subsidiary's capital by 170 million yuan through a debt-to-equity swap [7] - ST Sansheng received 254 million yuan from restructuring investors [8] - Lege Co., Ltd. plans to repurchase shares worth 40 to 80 million yuan [9] - Petty Co., Ltd. announced a share buyback plan of 50 to 70 million yuan [11] Group 4: Market Performance - The market showed a rebound with all major indices closing in the green, driven by strong performances in the aerospace, military, and AI application sectors [15] - The total trading volume in the Shanghai and Shenzhen markets was 1.73 trillion yuan, reflecting a decrease from the previous trading day [15]

Group 1 - The global competition for markets is intensifying, with China's vast market being a cornerstone for its modernization efforts [1][3] - The recent China International Import Expo showcased record participation, with 36.7 million square meters of exhibition space and 4,108 exhibiting companies, including 290 Fortune 500 firms [3][5] - The shift from "market for technology" to "market nurturing technology" positions China as a source of innovation [3][7] Group 2 - China's market is characterized by its ability to lead trends, stability, and future potential, which are crucial for maintaining its position in a complex international environment [5][10] - The market is no longer just a buyer of technology but is now generating new technologies and industries driven by consumer demand [7][9] - The growth of the photovoltaic industry and the export of over 2 million new energy vehicles highlight China's ability to turn new technologies into large-scale industries [9][10] Group 3 - The scale of China's market is impressive, with significant metrics such as nearly 30 new energy vehicles produced every minute and a retail sales total of 48.3 trillion yuan, reflecting a 5.5% annual growth [10][11] - The internal circulation capability, supported by a large population and a complete industrial system, serves as a protective barrier against risks [13][15] - The ongoing reforms to improve the business environment and reduce market entry barriers are essential for unlocking the market's full potential [17][19] Group 4 - The anticipated growth of the middle-income group to over 800 million people presents substantial market opportunities in housing, education, and healthcare [15][19] - The characteristics of China's large-scale market—leadership, stability, and growth—are interconnected and essential for global competitiveness [17][19]

Group 1: AIDC and North America Power Shortage Opportunities - The company maintains a positive outlook on AIDC and the opportunities arising from power shortages in North America, emphasizing the need for systematic upgrades across generation, transmission, and consumption sides of electricity [2] - On the generation side, the company sees commercial potential in SOFC as it scales up in the future [2] - The company recommends Magpower for its strong positioning in the market [2] Group 2: New Energy Vehicles - In October, domestic new energy vehicle wholesale sales reached 1.62 million units, with a year-on-year increase of 18% and a month-on-month increase of 8%, while retail sales were 1.28 million units, showing a slight month-on-month decline of 1% [3] - Export sales for new energy vehicles exceeded 250,000 units, marking a year-on-year increase of over 100% and a month-on-month increase of 19% [3] - The company anticipates continued demand for vehicle purchases in November, potentially leading to further sales growth [3] - Recommended companies include Yiwei Lithium Energy and Enjie [3] Group 3: Energy Storage - Global energy storage project capacity increased by approximately 9,201 MW/27,428 MWh, with a rise in awarded capacity [4] - The company is optimistic about the diversified development of new energy storage technologies and sees investment opportunities in the domestic industrial and commercial storage market [4] - The company recommends Haibo Sichuang, Shenghong Co., and Kehua Data [4] Group 4: Power Equipment - Five back-to-back interconnection projects have been approved, with a total investment of 24.4 billion yuan [5] - The company notes that prices for transformers and complete sets of equipment have stabilized and rebounded [5] - The company continues to view power grid investment as maintaining high prosperity, with accelerated construction of ultra-high voltage projects expected [5] - Recommended companies include Siyuan Electric, Pinggao Electric, and Guodian Nari [5]

11月24日，港股恒生指数收涨1.97%，恒生科技指数涨2.78%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 25716.50c | 496.48 | 1.97% | 3026亿 | | HSTECH | 恒生科技 | 5545.56c | 150.07 | 2.78% | 1054亿 | | HSBIO | 恒生生物科技 | 15532.70c | 513.91 | 3.42% | 170亿 | | HSCEI | 恒生中国企业指数 | 9079.42c | 159.64 | 1.79% | 1263亿 | | HSCI | 恒生综合指数 | 3939.50c | 78.38 | 2.03% | 2357亿 | 新能源车概念股走强，蔚来涨近6%，理想汽车涨近4%，小鹏汽车涨超3%。 科网股表现活跃，快手涨逾7%， 网易涨近6%， 哔哩哔哩涨超5%，阿里巴巴、百度集团、腾讯音乐均 涨超4%。 | 地平线机器人-W | 7.580 | 4.70% | | --- | --- | ...

| 地平线机器人-W | 7.580 | 4.70% | | --- | --- | --- | | 9660.HK | | | | 阿里巴巴-W | 154.500 | 4.67% | | 9988.HK | | | | 腾讯音乐-SW | 72.300 | 4.48% | | 1698.HK | | | | 百度集团-SW | 111.800 | 4.19% | | 9888.HK | | | | 金蝶国际 | 14.370 | 4.13% | | 0268.HK | | | | 理想汽车-W | 71.350 | 3.93% | | 2015.HK | | | | 小鹏汽车-W | 81.350 | 3.63% | | 9868.HK | | | 编辑 ｜ 钉钉 11月24日，港股恒生指数收涨1.97%，恒生科技指数涨2.78%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 25716.50c | 496.48 | 1.97% | 3026亿 | | HSTECH 恒生科技 ...

Core Insights - The domestic market is expected to benefit from the increase in electric vehicle battery capacity and the continuous expansion of new scenarios, leading to sustained high growth in demand for power batteries [1] - The European market is anticipated to accelerate recovery in demand with the initiation of a new car cycle [1] - By 2025, the supply-demand relationship in the industry chain is expected to improve further, with leading manufacturers operating at near full capacity, resulting in price increases in energy storage cells and related components [2] Group 1: Market Trends - A new growth cycle is emerging, with energy storage expected to become a core growth driver [1] - The domestic market for new energy vehicles is benefiting from increased electric vehicle battery capacity and the expansion of new applications, while the European market is set to recover due to the new car cycle [1] - The introduction of capacity pricing policies in various provinces in China is expected to enhance the economic viability of independent energy storage, with demand anticipated to exceed expectations by 2026 [1] Group 2: Supply and Pricing Dynamics - By 2025, the supply-demand relationship is expected to improve significantly, with leading manufacturers nearly at full production capacity, leading to price increases in energy storage cells and other components [2] - Capital expenditures in the battery sector are expected to remain high, but overall growth will align with demand, while new capacity in the materials sector is limited, potentially leading to further increases in utilization rates [2] Group 3: Technological Advancements - The industrialization of all-solid-state sulfide batteries is entering the pilot testing phase in 2025, with semi-solid oxide/polymer composite routes accelerating [3] - By 2026, small-scale production and trial installations of all-solid-state sulfide batteries are expected, with advancements in process routes and material systems [3] Group 4: Investment Recommendations - Investment strategy focuses on three main lines: 1. Anticipating energy storage demand to exceed expectations, driving a reversal trend in the sector, with key recommendations in lithium battery materials, batteries, and related components [4] 2. Emphasizing new technologies as high-growth investment directions, particularly solid-state and sodium batteries and their supply chains [4] 3. Looking at the recovery of charging station construction under policy support, with new scenarios potentially leading to value reassessment [4]

Group 1 - Moore Threads will launch its initial public offering (IPO) for subscription on November 24, 2025, impacting the integrated circuit sector [2] - The 2025 China Automotive Supply Chain Conference will take place from November 24 to 26, 2025, focusing on the new energy vehicle sector [2] - The 2025 Second China International Lithium Industry Conference is scheduled for November 24 to 26, 2025, affecting the battery industry [2] - The International Copper Association Day China Forum will be held on November 25, 2025, impacting the non-ferrous metals sector [2] - Huawei will officially release the Mate 80 on November 25, 2025, influencing the consumer electronics market [2] - The International Integrated Circuit Symposium and Exhibition (IIC Shenzhen 2025) will occur from November 25 to 26, 2025, affecting the integrated circuit industry [2] - Alibaba will launch its first self-developed flagship dual-display AI glasses, Quark AI Glasses S1, on November 27, 2025, impacting the consumer electronics sector [2] Group 2 - The 2025 (22nd) China Mergers and Acquisitions Annual Conference will take place from November 27 to 28, 2025, affecting the brokerage sector [3] - The 2025 Low-altitude Equipment Industry Innovation and Development Conference is scheduled for November 27 to 28, 2025, impacting the low-altitude economy [3] - The 2025 World Intelligent Manufacturing Conference will be held from November 27 to 29, 2025, influencing the intelligent manufacturing and artificial intelligence sectors [3][4] Group 3 - The 2025 AERO Asia General Aviation Exhibition will take place from November 27 to 30, 2025, impacting the aerospace sector [4] - The Hong Kong Futures Exchange will launch futures contracts based on the Hang Seng Biotechnology Index on November 28, 2025, affecting the Hong Kong pharmaceutical sector [4] - The 2025 CCF China Software Conference is scheduled for November 28 to 30, 2025, impacting the software industry [4] - The Harmony Starry Night Gala will be held on November 28, 2025, influencing the digital economy sector [4] - The 2025 Third New Quality Productivity Automotive Conference will take place from November 28 to 30, 2025, impacting the automotive industry [4] - The 2025 China Artificial Intelligence Conference is scheduled for November 29 to 30, 2025, affecting the artificial intelligence sector [4]

Core Insights - The global sales volume of new energy vehicles (NEVs) is projected to reach 5.39 million units in Q3 2025, representing a year-on-year increase of 31% [1] - Battery electric vehicles (BEVs) are expected to account for 3.71 million units sold, marking a 48% year-on-year growth, while plug-in hybrid electric vehicles (PHEVs) are forecasted to reach 1.67 million units, with a 4% increase [1] - TrendForce anticipates that global NEV sales will total 20.43 million units in 2025, reflecting an approximate 25% year-on-year growth [1] - The electric vehicle market is expected to face regional disparities in 2026 due to adjustments in subsidy policies, particularly with the end of subsidies in the U.S., which may lead to a market decline [1] - Despite these challenges, the overall trend towards electrification is expected to continue, with global NEV sales projected to rise to 22.8 million units in 2026, representing a 12% year-on-year increase [1]

Core Insights - The global sales of new energy vehicles (NEVs) reached 5.39 million units in Q3 2025, marking a year-on-year increase of 31% [2] - Battery electric vehicles (BEVs) accounted for 3.71 million units sold, up 48% year-on-year, while plug-in hybrid electric vehicles (PHEVs) saw sales of 1.67 million units, a 4% increase [2] NEV Market Performance - BYD maintained its position as the top seller of BEVs with a market share of 15.4%, although its sales decreased compared to Q2 [5] - Tesla ranked second with a strong Q3 performance, achieving a 29% quarter-on-quarter increase, driven by incentives in the U.S. and growth in China [5] - Geely and Leapmotor showed remarkable growth, with market shares of 6% and 4.1% respectively, surpassing Xpeng for two consecutive quarters [6] - Volkswagen's ranking fell to seventh due to a decline in the Chinese market, offsetting gains in Europe and the U.S. [6] - Hyundai ranked ninth with a quarterly decline but year-on-year growth, while BMW faced challenges with decreasing sales of its electric vehicles [6] PHEV Market Dynamics - BYD faced saturation and intense competition in the Chinese PHEV market, experiencing year-on-year sales decline despite quarterly growth [6] - AITO, Chery, and Geely ranked second to fourth in PHEV sales, with Chery showing rapid growth and a market share increase to 6.6% [6] - Li Auto, despite being the second in sales in Q2, faced market share erosion due to increasing competition from range-extended electric vehicles (REEVs) [6] Future Projections - TrendForce forecasts global NEV sales to reach 20.43 million units in 2025, a year-on-year increase of approximately 25% [7] - For 2026, despite regional subsidy policy adjustments leading to market differentiation, global NEV sales are expected to rise to 22.8 million units, reflecting a 12% year-on-year growth [7]