行业研究 邮箱：suqianye@hcyjs.com 执业编号：S0360523050001 证 券 研 究 报 告 电动车行业跟踪报告 4 月新势力交付同环比持续增长，零跑连续 推荐（维持） 两月稳居新势力交付榜首 电力设备及新能源 2025 年 05 月 06 日 华创证券研究所 证券分析师：苏千叶 证券分析师：黄麟 邮箱：huanglin1@hcyjs.com 执业编号：S0360522080001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 299 | 0.04 | | 总市值(亿元) | 47,031.12 | 4.86 | | 流通市值(亿元) | 41,360.01 | 5.39 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -8.6% | -9.5% | 1.9% | | 相对表现 | -4.9% | -6.5% | -2.7% | -18% -5% 8% 20% 24/05 24/07 24/09 24/12 25/02 25/04 2024-05- ...

Group 1 - The core objective of the tariff war initiated by Trump was to suppress China, but it backfired, damaging the U.S. industries instead [10] - The U.S. reliance on Chinese critical minerals for its clean energy sector was highlighted, showing that tariffs on these minerals harmed American industries [3][5] - The Biden administration's approach to tariffs was more targeted and effective compared to Trump's broad measures, which inadvertently hurt U.S. industries [5][7] Group 2 - The international response to U.S. tariff policies has been one of resistance, with calls for unity against U.S. trade bullying, emphasizing the need to maintain a multilateral trade system [1] - Trump's declining approval ratings and public dissatisfaction with his policies indicate a lack of support for his tariff strategies, which have created uncertainty in global trade [9][10] - The European economy is facing significant threats due to U.S. tariff policies, with officials expressing a desire for negotiations to resolve trade issues [10]

【导读】特斯拉马斯克下课危机 董事会开始寻找CEO继任者 中国基金报记者 泰勒 一顿操作下来，马斯克，两边不讨好。 马斯克又面临下岗危机 特斯拉董事会开始物色下任CEO 5月1日，据媒体爆料，约一个月前，随着特斯拉股价下滑、部分投资者因埃隆·马斯克专注白宫事务而不满，特斯拉董事会开始认真考虑寻找马 斯克的接班人。 据知情人士透露，董事会成员已联系多家高管猎头公司，着手启动寻找特斯拉下一任首席执行官的正式流程。 当时公司内部的紧张情绪正在加剧。销售和利润迅速恶化，而马斯克将大量时间花在华盛顿事务上。 就在那段时间，特斯拉董事会与马斯克召开了一次会议以了解最新情况。知情人士表示，董事会成员告诉马斯克，他需要将更多精力投入到特 斯拉上，并且要在公众面前公开表示这一点。 自从马斯克——这位特斯拉的首席执行官，将大量时间用于协助特朗普削减联邦开支以来，公司股价便陷入连跌。上周，在公司宣布第一季度 利润暴跌71%后，马斯克向投资者承诺他将很快重返特斯拉核心业务。 他在一场财报电话会议上表示："从下个月开始，我将把更多时间投入到特斯拉。" | 最高: 284.45 | 今开:279.90 | 成交量: 1.29亿股 | 换 ...

4月25日,新日股份2025一季度财报正式出炉。据季报统计,新日一季度营业收入10.54亿元,扣非净利润大 幅增长127.44%,以100%的同比增长率稳稳拿下第一季度"开门红","价值"曲线正以翻倍增速上扬成长。 正值新国标落地、以旧换新需求激增的窗口期,新日电动车超预期的营收和净利润表现显然令人振奋和 期待。张崇舜董事长在326经销商峰会上提到:"强者找方法,弱者找理由"。真正的强者,不仅要赢在产品, 更要赢在用户心里。这份瞩目的成绩背后,是新日实打实的产品硬实力和用户好口碑。新日"以用户为核 心,做有价值的产品"的战略主张为2025产品大年王炸开局。 01 全品类矩阵初现锋芒 用懂人心的好产品赋能销量狂飙 打造用户喜爱的口碑产品,是新日产品大年的根本立意。一季度的爆发式增长,正源于对"用户需求"的解 读和响应。 2025伊始,新日便率先提出聚焦爆品的战略方向,推出以甜心为代表的女款车型矩阵。除了击中女性审美 的时尚外观之外,更难掩智能操控的内核。围绕"省时、省力、省心"三大需求,新日推出全新SUNRA智驾 平台。手机一碰启动,座垫坐上自动启停,控车更自由灵活,分分钟奔赴上路。宝妈雨天接送孩子,急刹时 T ...

Core Viewpoint - Niu Technologies (NASDAQ: NIU) is experiencing growth in revenue and net profit, with a significant upcoming earnings report scheduled for May 19, 2024 [1][3]. Financial Performance - As of December 31, 2024, Niu Technologies reported total revenue of 3.288 billion RMB, representing a year-over-year increase of 24.0% [1]. - The company's net profit attributable to shareholders was -193 million RMB, showing a year-over-year growth of 28.93% [1]. Company Overview - Niu Technologies, established in 2014, is a leading provider of smart urban mobility solutions, aiming to offer convenient and environmentally friendly transportation tools [2]. - The company is recognized as the first lifestyle brand in China's urban mobility sector, promoting the brand philosophy of technology, style, and freedom [2]. - Niu has launched multiple electric vehicle series, including NQi, MQi, and UQi, along with related cultural products and professional outdoor bicycles [2]. - The MQi and UQi models have won seven major global design awards, highlighting their excellence in design [2].

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The photovoltaic industry is experiencing a weakening market atmosphere, with continued price declines across the supply chain. N-type module prices fell by 0.02 CNY/W, driven by expectations of decreased terminal component demand as the 531 rush installation deadline approaches. It is recommended to focus on the BC technology industry trend, which has relatively high certainty for the year [3][17][22]. - Offshore wind projects are progressing steadily, with the Jiangsu 1550MW offshore wind project entering the basic phase of construction. The successful connection of the Guangdong Yangjiang offshore wind project to the grid marks a significant milestone [3][23]. - The energy storage sector is seeing a valuation recovery during the earnings announcement period, with a focus on storage PCS and industrial storage segments. Global energy storage demand is rebounding, particularly in Europe, and there is potential for valuation recovery in large-scale and household storage segments [3][26]. - The electric grid investment in the first quarter of 2025 reached 95.6 billion CNY, a year-on-year increase of 24.8%. The State Grid plans to accelerate investment in UHV projects in the second quarter [3][43]. - The electric vehicle sector is influenced by potential tariff exemptions proposed by the Trump administration, suggesting continued investment in high-profit companies within the sector [3][45]. Summary by Sections Photovoltaic - Market sentiment is weak, with prices continuing to decline. N-type components dropped by 0.02 CNY/W, and terminal component demand is expected to decrease [3][15][21]. - The supply chain is under pressure, with expectations of a decline in domestic terminal component demand in the second half of the year [3][17][22]. Wind Power - Offshore wind projects are entering a positive phase, with significant projects in Jiangsu and Guangdong making progress [3][23][24]. Energy Storage - The sector is experiencing a valuation recovery, with a focus on PCS and industrial storage. Global demand is increasing, particularly in Europe [3][26][27]. Electric Grid Equipment - Investment in electric grid projects in the first quarter of 2025 was 95.6 billion CNY, a 24.8% increase year-on-year. The State Grid is expected to enhance UHV investment in the second quarter [3][43][44]. Electric Vehicles - The electric vehicle sector is affected by proposed tariff exemptions, with a recommendation to continue investing in high-profit companies [3][45][46]. Hydrogen Energy - Multiple large-scale hydrogen projects are underway, with a focus on hydrogen production and storage. Significant investments are being made in green hydrogen projects [3][38][39][40].

Core Points - 51 Credit Card's subsidiary, Hangzhou Vala Network Technology Co., Ltd., won the prestigious "iF Gold Award" for its innovative product, the electric folding motorcycle "TinyCase," at the "iF Design Award Night 2025" in Berlin [1][2] - The "iF Design Award," established in 1953, is recognized as one of the most important and authoritative awards in the industrial design field, with the "iF Gold Award" representing the highest level of recognition for outstanding industrial design products [1] - The design of "TinyCase" allows it to be easily folded and stored in a car trunk, making it an ideal travel companion for users, reflecting the company's commitment to enhancing user experience in its automotive business [2] Company Strategy - The award highlights the company's cutting-edge design philosophy and its relentless pursuit of improving user experience within the Vala automotive business [2] - The company aims to continue innovating under the concept of "redefining automotive lifestyles," providing customers with technologically advanced smart products [2] - The recognition from the award is expected to positively impact the promotion and application of the Vala automotive business [2]

近日，智联电动车全球产业基地建设发布会在重庆举行。重庆提出，3年内建成智联电动车全球产业基 地，预计到2027年，智联电动车年产量超过1500万辆。 打造智联电动车产业链体系 两江新区重点承载产业合作发展、产业大脑服务、产业中试创新三大平台建设，永川、铜梁、大足、璧 山等区支持头部车企及配套企业建设智能制造基地，形成协同发展格局。 两江新区产业基础雄厚、开放功能完善、创新资源富集，已形成汽车、电子信息两个2000亿级主导产 业，依托汽车和电子的产业基底，在电子电气架构、电池技术以及智能网联等领域与智联电动车进行技 术共享和双向渗透。 同时，两江新区生产性服务业基础较好，可聚焦智联电动车产业链的服务环节，与智联电动车产业全球 发展联盟及相关单位一起，加快打造智联电动车产业的合作发展平台、数据服务平台和质量服务平台， 通过人工智能赋能、数字化能力提升，助力企业增强竞争力以及产品的智能化、网联化转型，实现从创 意孵化、研发设计、共享制造到检验检测、售后服务的全产业链、全价值链融合发展。 建设智联电动车标准体系 智联电动车产业的良好发展离不开支撑产业的标准化体系。发布会介绍了智联电动车标准体系的建设情 况，智联电动车 ...

Investment Rating - The report maintains a "Recommended" investment rating for the electric vehicle industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [56]. Core Insights - CATL has launched the "Xiaoyao Dual-Core Battery" to promote the transition to a "multi-core era" in power batteries, featuring innovative technologies such as "electric-electric range extension" [8]. - The electric power equipment and new energy sector saw a 3.1% increase this week, ranking third among all industry sectors, outperforming the CSI 300 index by 2.71 percentage points [10]. - The report highlights a stable pricing trend for battery raw materials, with lithium carbonate prices decreasing by 2.78% and other materials showing mixed price movements [30]. Summary by Sections 1. CATL Launch and Auto Show - CATL introduced the Xiaoyao Dual-Core Battery on April 21, featuring three types of dual-core batteries and two innovative technologies aimed at enhancing safety, resource efficiency, and performance [8]. 2. Market Performance Review - The electric power equipment and new energy sector increased by 3.1%, ranking third among 30 industry sectors, while the CSI 300 index rose by 0.38% [10]. - In the electric vehicle sector, 190 stocks were tracked, with 136 rising and 48 falling this week [14]. 3. New Energy Vehicle Industry Tracking - The report notes that China's lithium battery shipments reached 314 GWh in Q1 2025, a 55% year-on-year increase, with power and energy storage batteries growing by 41% and 120%, respectively [42]. - Key company announcements include CATL's share buyback and announcements from other companies regarding stock pledges and incentive plans [40]. 4. Price Trends of Raw Materials - The report details the price movements of key battery materials, with lithium carbonate at 70,000 CNY/ton, cobalt sulfate stable, and nickel sulfate prices holding steady [30].

数据统计显示，中证全球电动车指数近一个月下跌3.63%，近三个月上涨1.35%，年至今上涨0.55%。 金融界4月28日消息，上证指数低开震荡，中证全球电动车指数 (全球电动车，932155)报3673.25点。 从指数持仓来看，中证全球电动车指数十大权重分别为：宁德时代（13.21%）、比亚迪股份 （12.74%）、比亚迪（9.38%）、Tesla Motors Inc（8.88%）、小鹏汽车-W（8.5%）、理想汽车-W （7.59%）、赛力斯（6.33%）、Rivian Automotive Inc.（4.33%）、Lucid Group Inc（3.23%）、亿纬锂 能（3.02%）。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 据了解，中证全球电动车指数从全球市场中选取业务涉及电动车整车制造、 ...