1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% since 2024. In 2025, high - competitiveness new car products are continuously launched, and the call for "anti - involution" is growing louder [4][121]. - In the overseas market, severe trade protectionism in Europe and the United States brings volatility risks to exports. Attention should be paid to new growth points such as countries along the Belt and Road and the Middle East [4][121]. - In terms of the competitive landscape, the market share of domestic brands continues to expand. Companies with strong product strength, smooth overseas expansion, and stable supply should be focused on [4][121]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Tracking - The weekly price - to - earnings ratios and price - to - book ratios of related sectors and listed companies are presented in the report, including the closing prices and weekly price changes of companies such as BYD, Seres, and Great Wall Motor [14][17]. 3.2 Industrial Chain Data Tracking 3.2.1 China New Energy Vehicle Market Tracking - **China Market Sales and Exports**: Data on China's new energy vehicle sales, penetration rate, domestic sales, and exports are provided, as well as sales data for electric vehicles (EV) and plug - in hybrid vehicles (PHV) [18][20][26]. - **China Market Inventory Changes**: Information on the monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory is given [27][28]. - **China New Energy Vehicle Manufacturer Deliveries**: Monthly delivery data for new energy vehicle manufacturers such as Leapmotor, Li Auto, XPeng, and NIO are presented [31][32][35]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: Data on global new energy vehicle sales, penetration rate, and sales of EV and PHV are provided [41][42][44]. - **European Market**: Information on European new energy vehicle sales, penetration rate, and sales of EV and PHV in countries like the UK, Germany, and France are presented [45][46][51]. - **North American Market**: Data on North American new energy vehicle sales, penetration rate, and sales of EV and PHV are provided [58][59][60]. - **Other Regions**: Information on new energy vehicle sales, penetration rate, and sales of EV and PHV in regions such as Japan, South Korea, and Thailand are presented [61][62][65]. 3.2.3 Power Battery Industrial Chain - Data on power battery installation volume (by material), export volume (by material), weekly average price of battery cells, and material costs are provided. Information on the production start - up rates and prices of ternary materials, ternary precursors, lithium iron phosphate, and other materials are also included [78][80][85]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are presented [101][102][103]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - The State Council Information Office released the white paper "China's Actions for Carbon Peak and Carbon Neutrality", highlighting China's achievements in green and low - carbon transformation and the promotion of new energy vehicles [108]. 3.3.2 China: Industry Dynamics - According to the Passenger Car Association, from October 1 - 31, new energy vehicle retail sales increased by 17% year - on - year, and cumulative retail sales since the beginning of the year increased by 23%. The estimated wholesale growth rate of new energy vehicles in October was 16% [110][112]. 3.3.3 China: Enterprise Dynamics - Seres was listed on the main board of the Hong Kong Stock Exchange on November 5, becoming the first luxury new energy vehicle company with "A + H shares". The Aian UT Super 1 car jointly built by JD.com, GAC, and CATL was officially launched [113][114]. 3.3.4 Overseas: Policy Dynamics - The EU Council reached an agreement on the 2040 climate target, aiming to reduce net greenhouse gas emissions by 90% compared to 1990 by 2040 [115]. 3.3.5 Overseas: Industry Dynamics - In the UK, passenger car sales in September increased by 13.7%, with pure - electric and plug - in hybrid electric vehicles increasing by 29.1% and 56.4% respectively. In the US, car sales in October decreased by 5.1% year - on - year, and the new energy vehicle market was in trouble due to the expiration of tax credits [117][118]. 3.4 Industry Views - In the domestic market, in October, new energy passenger vehicle retail sales were 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%. From January to October, cumulative retail sales were 10.27 million, a year - on - year increase of 23%. In October, new energy passenger vehicle wholesale was 1.614 million, a year - on - year increase of 16% and a month - on - month increase of 8%. From January to October, cumulative wholesale was 12.061 million, a year - on - year increase of 30%. The new energy retail penetration rate in October was 58.7%, and the wholesale penetration rate was 55.2% [2][119]. - Globally, from January to September, new energy vehicle sales increased by 30% year - on - year to 15.42 million. In the European market, cumulative sales were 2.78 million, a year - on - year increase of 28%; in the North American market, cumulative sales were 1.42 million, a year - on - year increase of 10%; in other regions, cumulative sales were 0.77 million, a year - on - year increase of 54%. The UK reached a new high in September, mainly due to the government's electric vehicle subsidy policy [2][119]. - In the US, new energy vehicle sales and penetration rates reached consecutive record highs in August and September, mainly because the federal electric vehicle tax credit ($7,500) expired on September 30. In October, car sales decreased by 5.1% year - on - year, Ford's electric vehicle sales decreased by 24.8% year - on - year, and Tesla's sales decreased by 30.4% year - on - year in October after a growth in September. Tesla launched low - cost versions of Model Y and Model 3 in October, and the market reaction remains to be seen [3][120]. 3.5 Investment Suggestions - Focus on the new energy vehicle industry in China, pay attention to new growth points in overseas markets such as countries along the Belt and Road and the Middle East, and select companies with strong product strength, smooth overseas expansion, and stable supply [4][121].

Core Insights - The first "National Good Car" by JD.com, the Aion UT Super No. 1, has officially rolled off the production line at GAC Group's factory in Changsha, marking a significant collaboration between JD.com, GAC Group, and CATL [1] Group 1: Vehicle Production and Features - The Aion UT Super can be produced in as little as 53 seconds per unit, showcasing an efficient manufacturing process [1] - It is equipped with CATL's "chocolate battery," offering an impressive range of 500 kilometers, enabling users to charge once a week [1] - The vehicle supports rapid battery swapping in just 99 seconds, enhancing convenience for users [1] Group 2: Market Expectations and Auction Insights - According to JD.com's research, 83% of potential users expect the new car's price to be below 100,000 yuan [1] - On October 22, the first "National Good Car" (001) was auctioned after intense bidding, with over 23,000 bids placed, ultimately reaching a price of 78.19 million yuan, although the high premium raises questions about the final transaction [1]