9 月我国新能源汽车销售同比增长且环比持续增长。2025 年 9 月，我国新能源汽车销售 160.40 万辆，同比增长 24.63%，环比增长14.98%，9 月月度销量占比 49.72%，主要系政策 层面持续鼓励，新能源整车性价比总体提升。2025 年 9 月，我国动力电池装机76.0GWh， 同比增长 39.45%，其中三元材料装机占比 18.16%；宁德时代、比亚迪和中创新航装机位居 前三。 中原证券近日发布锂电池行业月报：2025 年 9 月，我国新能源汽车销售 160.40 万辆， 同比增长 24.63%，环比增长14.98%，9 月月度销量占比 49.72%，主要系政策层面持续鼓 励，新能源整车性价比总体提升。2025 年 9 月，我国动力电池装机76.0GWh，同比增长 39.45%，其中三元材料装机占比 18.16%。 以下为研究报告摘要： 投资要点： 9 月锂电池板块指数走势强于沪深 300 指数。2025 年 9 月，锂电池指数上涨 17.12%， 新能源汽车指数上涨 16.22%，而同期沪深300 指数上涨 2.59%，锂电池指数走势强于沪深 300 指数。 上游原材料价格涨跌互现。截至 ...

Core Viewpoint - The lithium battery sector outperformed the CSI 300 index in August, driven by market style shifts, continuous growth in electric vehicle sales, performance growth in the lithium battery sector, and developments related to solid-state batteries [1][3]. Group 1: Lithium Battery Sector Performance - In August 2025, the lithium battery index rose by 13.23%, while the new energy vehicle index increased by 14.99%, compared to a 10.90% rise in the CSI 300 index, indicating stronger performance of the lithium battery sector [1]. - The sector's performance is attributed to the ongoing growth in electric vehicle sales, which reached 1.395 million units in August 2025, marking a year-on-year increase of 26.82% and a month-on-month increase of 10.54% [1]. Group 2: Sales and Production Data - In August 2025, the installed capacity of power batteries in China was 62.5 GWh, reflecting a year-on-year growth of 32.42%, with ternary material installations accounting for 17.44% [1]. - Leading companies in installed capacity include CATL, BYD, and Zhongchuang Innovation [1]. Group 3: Raw Material Prices - As of September 12, 2025, the price of battery-grade lithium carbonate was 71,000 CNY/ton, up 3.65% from early August, while lithium hydroxide rose by 12.25% to 76,800 CNY/ton [2]. - Other raw materials also saw price increases, with cobalt electrolyte priced at 274,000 CNY/ton (up 1.48%) and lithium iron phosphate at 34,700 CNY/ton (up 0.58%) [2]. Group 4: Industry Outlook - The industry maintains a "stronger than the market" investment rating, with the lithium battery and ChiNext valuations at 27.58 times and 44.35 times, respectively [3]. - The overall industry outlook remains positive, with a focus on upstream raw material price trends, monthly sales, domestic and international policies, and advancements in solid-state batteries [3].

Group 1 - The "anti-involution" policy is benefiting the rare metals industry, with supply disruptions from lithium mines leading to an expected increase in lithium prices [1] - As of 2025, 54 companies in the A-share non-ferrous metals sector have released performance forecasts, with over 80% (44 companies) expected to be profitable, including Zijin Mining and Luoyang Molybdenum with net profits exceeding 5 billion yuan [1] - The solid-state battery, as the next-generation solution for lithium batteries, is anticipated to achieve an energy density exceeding 500 Wh/kg, significantly enhancing battery performance [1] Group 2 - In July 2025, China's power battery installation volume increased by 34.85% year-on-year, with ternary materials accounting for 19.50% of the total, led by CATL, BYD, and Zhongchu Innovation [2] - Upstream raw material prices have generally risen, with battery-grade lithium carbonate priced at 82,000 yuan/ton, up 33.88% since early July, and lithium hydroxide at 74,800 yuan/ton, up 23.91% [2] - The CSI Rare Metals Theme Index rose by 2.45% as of August 15, 2025, with significant gains in component stocks such as Zhongke Sanhuan and Platinum New Materials [2]