为统筹产业布局和规模。试点地区要结合本地区新能源汽车保有量、动力蓄电池退役量等实际情况，充 分利用现有报废汽车、电子电器拆解以及有色冶金等产业基础，统筹布局动力蓄电池回收利用企业，适 图片来源：新华社 度控制拆解和梯次利用企业规模，严格控制再生利用企业（特别是湿法冶炼）数量，促进产业可持续发 展。 科技支撑在各行业的作用有目共睹。《通知》指出，要统筹利用现有资源，充分发挥骨干企业、科研机 构、行业平台及第三方认证机构等各方面优势，促进产学研用合作，重点加强关键共性技术攻关，建立 完善动力蓄电池绿色制造、回收利用及处置污染防控等标准体系，形成动力蓄电池回收利用技术创新和 推广应用机制。 《通知》提到，京津冀地区、山西省、上海市、江苏省、浙江省、安徽省、江西省、河南省、湖北省、 湖南省、广东省、广西壮族自治区、四川省、甘肃省、青海省、宁波市、厦门市及中国铁塔股份有限公 司为试点地区和企业。 鉴于目前我国新能源汽车动力回收利用体系还不够完善，《通知》提出，要推动汽车生产企业落实生产 者责任延伸制度，建立回收服务网点，充分发挥现有售后服务渠道优势，与电池生产、报废汽车回收拆 解及综合利用企业合作构建区域化回收利用体系 ...

Core Viewpoint - The Chinese smart electric vehicle industry is moving towards a future that prioritizes human-centered design and safety, necessitating stronger regulatory measures to address safety concerns arising from rapid technological advancements [1][8]. Regulatory Developments - The National Standardization Administration has initiated a draft for the "Technical Conditions for Motor Vehicle Operation Safety," which sets minimum safety, environmental, and performance standards for all vehicles on Chinese roads [2][5]. - The last revision of this standard was in 2017, and significant changes in the automotive industry, particularly the rise of new energy vehicles (NEVs) from a penetration rate of 2.7% to over 50%, have prompted this update [2][5]. Safety Concerns - Recent incidents involving electric vehicles, such as battery fires, autonomous driving failures, and difficulties in emergency exits, highlight critical safety issues that need to be addressed [3][4]. - The complexity of responsibility attribution in accidents involving smart driving systems complicates consumer protection, as data is often controlled by manufacturers, making it difficult for consumers to assert their rights [3][4]. Industry Challenges - Some manufacturers prioritize high energy density and low costs in battery design, potentially compromising safety [3]. - The entry of internet companies into automotive manufacturing has led to a focus on marketing over rigorous safety standards, creating a "gray area" where companies can exploit regulatory loopholes [4][5]. Upcoming Standards - The automotive industry is undergoing a comprehensive upgrade of mandatory national standards, with several key safety performance requirements being elevated to mandatory status [6][7]. - New standards include the "Safety Requirements for Power Batteries for Electric Vehicles," which mandates that batteries must not catch fire or explode, and specific regulations for hidden door handles to ensure safety during emergencies [7]. Market Implications - The shift towards stringent regulations is expected to compel companies to redirect resources from flashy marketing to solid technical research and safety validation [8]. - As regulations clarify the boundaries for all players, competition in the market is anticipated to shift from quantity to quality and safety, marking a significant transition for the industry [8].

Group 1 - Changshuo Technology is reportedly planning to shut down its Shanghai factory, with some operations moving to Kunshan and most production lines relocating to Southeast Asia due to lower costs [1][3] - The company has faced a significant drop in orders, with many workers experiencing reduced hours and income, leading to a workforce decline [3][5] - The situation reflects a broader trend of foreign companies relocating from China, with media in India and Vietnam suggesting a shift in the global manufacturing center [5] Group 2 - The decline in orders and workforce has resulted in idle factory spaces and increasing operational costs, making it difficult for Changshuo to sustain its operations [5] - Despite the challenges, data indicates that China's average monthly income for urban workers is around 7000 yuan, while Southeast Asian wages are significantly lower, prompting some foreign investments to shift [5][6] - The outflow of low-end manufacturing may lead to short-term economic fluctuations, but it is seen as an opportunity for China to focus on high-tech and high-value industries for long-term growth [5][12] Group 3 - The migration of companies like Changshuo and Foxconn is not viewed as the end of China's manufacturing capabilities but rather as a transition towards high-end manufacturing and innovation [12] - China's manufacturing sector is reportedly experiencing growth in high-tech areas, with significant exports in solar batteries and breakthroughs in aerospace technology [12] - The current geopolitical climate, particularly actions from the West, is seen as a catalyst for accelerating China's industrial upgrade [10][12]

Core Viewpoint - The domestic new energy vehicle (NEV) industry is shifting its focus from research and manufacturing to the construction of a comprehensive service ecosystem across the entire value chain, as highlighted by the increasing sales and ownership of NEVs in China [3][5]. Group 1: Market Trends and Challenges - Monthly sales of domestic NEVs have consistently exceeded 1 million units since Q2 this year, with a penetration rate stabilizing above 40%, and the total number of NEVs in circulation surpassing 32 million [3]. - The implementation of vehicle replacement policies has led to a steady increase in the supply and transaction volume of second-hand NEVs [3]. - The industry is facing growing consumer pain points and challenges related to the use and circulation of NEVs, indicating a need for improved service ecosystems [3][5]. Group 2: Research Initiatives - The China Electromechanical Equipment Maintenance and Renovation Technology Association (CEMMTRA) has initiated the establishment of a New Energy Vehicle Power Battery Appraisal Committee and launched a research project on the comprehensive service ecosystem for NEVs [4]. - The research project will focus on nine major directions, inviting participation from various industry stakeholders and research institutions [4]. Group 3: Key Questions and Development Needs - The industry is addressing five critical questions regarding the implementation of the "3060" strategy, the standardization of the NEV aftermarket, the adaptation of the insurance market, the development of automotive circulation and remanufacturing, and enhancing the role of power batteries [5][6]. - The need for a standardized and transparent battery repair and replacement system is emphasized, as current practices lead to high costs and limited options for consumers [12][15]. Group 4: Solutions and Recommendations - To tackle the challenges in the insurance market, regulatory bodies have issued guidelines to enhance the quality of NEV insurance, aiming to improve product offerings and establish a high compensation risk-sharing mechanism [10]. - Establishing a warranty extension mechanism for power batteries is crucial to improve the circulation efficiency of NEVs and enhance consumer confidence [11]. - The industry is encouraged to develop a comprehensive battery repair and appraisal system to address high technical barriers and costs associated with battery maintenance [17].

Core Viewpoint - The newly released national standard for electric vehicle batteries, known as the "strictest battery safety regulation in history," emphasizes safety over energy density, marking a shift in the industry towards prioritizing safety technology and quality over mere performance metrics [2][4][12]. Summary by Sections New National Standard - The "Safety Requirements for Power Batteries for Electric Vehicles" (GB38031-2025) will be implemented on July 1, 2026, introducing mandatory standards for batteries to not catch fire or explode after thermal runaway [4][11]. - The new standard includes 7 individual tests and 17 battery pack/system tests, enhancing safety measures compared to the 2020 version [4][5]. Industry Impact - The introduction of the new standard is expected to raise industry entry barriers, accelerate the exit of low-end production capacity, and concentrate market resources among leading companies [2][12]. - Companies like CATL, BYD, and others have already announced compliance with the new standards, indicating a proactive approach to safety [7][12]. Technological Advancements - The new standard requires improvements in battery design to reduce the likelihood of self-ignition, including new tests for rapid charging cycles and impact resistance [5][8]. - Solid-state batteries are anticipated to benefit from the new safety requirements, as they offer better thermal stability and safety features compared to traditional lithium batteries [9][12]. Market Dynamics - The shift towards safety as a core competitive advantage is expected to reshape the industry landscape, favoring companies that invest in research and development and prioritize product quality [12]. - The new regulations may lead to increased costs for companies as they upgrade technology and production processes to meet the new standards [11][12]. Future Outlook - The industry is likely to see a consolidation trend, with larger firms gaining a competitive edge due to their ability to meet the new safety standards and invest in advanced technologies [12]. - The transition from a price-driven market to one focused on quality and safety is expected to enhance the overall stability and reliability of electric vehicle batteries [11][12].

Core Viewpoint - The transition from traditional fuel vehicles to electric vehicles (EVs) is creating a significant demand for skilled maintenance personnel, with a projected 60%-65% of EVs requiring service between 2025 and 2028, highlighting a critical shortage of qualified technicians in the industry [1][20][21]. Group 1: Industry Context - As of April 2025, the penetration rate of EVs is expected to reach 50%, with an estimated ownership of over 100 million vehicles by 2030 [1][20]. - The complexity of EVs, particularly their battery systems, necessitates higher knowledge and skill levels for maintenance personnel compared to traditional vehicles [21]. Group 2: Standard Development - The China Society of Automotive Engineers released the "Professional Competency Requirements for Power Battery Maintenance Technicians" (T/CSAE 442-2025) in May 2025, aiming to standardize training and evaluation for technicians [3][10]. - The standard categorizes battery maintenance technicians into four levels: Level 4 (Technician), Level 3 (Senior Technician), Level 2 (Technician/Assistant Engineer), and Level 1 (Senior Technician/Engineer), each with progressively advanced skill requirements [4][25]. Group 3: Competency Requirements - The standard outlines comprehensive competency requirements across twelve areas, including system maintenance, fault diagnosis, and quality management [7][10]. - It provides a framework for evaluating the professional capabilities of maintenance personnel, which is essential for ensuring service quality and industry competitiveness [9][12]. Group 4: Training and Implementation - To facilitate the adoption of the new standard, a training program titled "Power Battery Maintenance Technician Professional Competency Enhancement Project" was launched in collaboration with CATL, focusing on aligning training with the new competency requirements [15][17]. - The implementation of this standard is expected to enhance the professional image of battery maintenance personnel and support the sustainable development of the EV industry [12][17].

Core Points - The Ministry of Industry and Information Technology (MIIT) has released key points for the standardization work in the automotive sector for 2025, focusing on enhancing green and low-carbon standards [1] - The initiative aims to promote the implementation of standards for passenger vehicle fuel consumption evaluation methods and indicators, as well as energy consumption limits for electric vehicles [1] - The development of standards for monitoring energy consumption in passenger vehicles, electric utilization coefficients for light hybrid vehicles, and predictive cruise control system evaluations is being accelerated [1] Group 1 - The MIIT is conducting preliminary research on standards for average fuel consumption evaluation of heavy commercial vehicles, technical specifications for hydrogen (ammonia) engine vehicles, and classification and grading of automotive energy-saving [1] - The initiative aims to continuously promote energy conservation and emission reduction in the automotive industry [1] - The MIIT is pushing for the implementation of standards related to greenhouse gas management terminology and definitions for road vehicles, product carbon footprint labeling, and carbon footprints for key products related to passenger vehicles [1] Group 2 - The initiative includes the review and approval of carbon emission accounting standards for engine manufacturing companies and scrapped vehicle recycling enterprises [1] - The development of carbon footprint standards for complete vehicle manufacturing companies, electric vehicles, power batteries, and drive motors is being accelerated [1] - Preliminary research is being conducted on carbon reduction technology standards related to electronic identification of automotive products, the use of recycled materials, and comprehensive utilization of scrapped vehicles [1]

Investment Rating - The report maintains a "Positive" investment rating for the industry [3]. Core Insights - The report highlights the prominence of leading companies and the ongoing push towards new directions in the industry [1]. Summary by Sections 1. Weekly Review of the Electric New Energy Sector - The CJ Electric New Energy Index fell by 0.41% this week, with the first half of the week seeing a rebound following the broader market, while the latter half was dragged down by photovoltaic and energy storage sectors due to significant tariff impacts [9]. - Wind power, lithium batteries, and electric power equipment showed stronger performance compared to other sectors [9]. 2. Important Events Review and Outlook - The distributed photovoltaic market demand continues to weaken, leading major manufacturers to lower photovoltaic module prices by 0.01-0.03 RMB/W. However, centralized bidding project scales have recently seen a significant increase [11]. - Key contracts and agreements were signed, including a sales framework agreement for battery cells and successful bids for photovoltaic component procurement [11]. - The report notes a 4.8% year-on-year increase in total electricity consumption in March, with a cumulative increase of 2.5% for the first quarter [11]. 3. Sector Strategy Summary and Core Recommendations - The report emphasizes the importance of focusing on undervalued stocks with good quarterly reports, particularly in the energy storage, electric power equipment, and lithium battery sectors, while also keeping an eye on themes like robotics and AI [14]. - For photovoltaic, the report suggests monitoring price changes in the supply chain and production schedules for May, with specific recommendations for companies like Longi Green Energy and Tongwei Co [14]. - In the energy storage sector, the report anticipates a recovery as negative tariff impacts are priced in, recommending leading companies like Sungrow Power Supply and Dewei Co [15]. - The lithium battery sector is viewed as being at a bottom stage, with recommendations for companies like CATL and Hunan YN Energy [15]. - Wind power is expected to see increased activity in offshore projects, with recommendations for companies like Orient Cable and Mingyang Smart Energy [15]. - The electric power equipment sector is advised to focus on domestic demand and potential export opportunities, with recommendations for companies like State Grid Corporation and Mingyang Electric [15]. 4. Photovoltaic Sector Analysis - The photovoltaic module prices are under downward pressure due to weak demand in the distributed market, while centralized bidding projects are increasing [20]. - The report highlights the positive progress in new technologies, including the development of high-efficiency cells and the expansion of production capacity for new battery technologies [20][36]. - The overall sentiment in the photovoltaic sector is cautious, with expectations of a recovery in the second half of the year driven by overseas demand and supply policies [36].