行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2025 年 11 月 17 日 [Table_Title] 汽车科技持续向前，领先企业场景突破 ——汽车行业周报 [Table_Summary] 报告要点： 当前需求偏弱，但年度累计仍处超预期区间 乘用车：11 月 1-9 日，全国乘用车市场零售 41.5 万辆，同比去年 11 月 同期下降 19%，较上月同期下降 4%，今年以来累计零售 1,967.1 万辆， 同比增长 7%；11 月 1-9 日,全国乘用车厂商批发 46.8 万辆，同比去年 11 月同期下降 22%，较上月同期增长 48%，今年以来累计批发 2,424.2 万辆，同比增长 11%。 新能源：11 月 1-9 日，全国乘用车新能源市场零售 26.5 万辆，同比去 年 11 月同期下降 5%，较上月同期增长 16%，今年以来累计零售 1,041.5 万辆，同比增长 21%；11 月 1-9 日，全国乘用车厂商新能源批发 30.6 万辆，同比去年 11 月同期下降 3%，较上月同期增长 59%，今年以来累 计批发 1,236.2 万辆，同比增长 29%。 从 ...

与此同时，宁德时代在钠离子电池技术上取得重大突破，其发布的"钠新电池"成为全球首款通过新国标 认证的钠离子电池产品，在低温、安全、低碳方面具备显著优势，有望实现规模化应用，可减少对锂资 源的依赖。 在全球能源转型的浪潮中，宁德时代新能源科技股份有限公司（以下简称"宁德时代"）正以技术突破、 生态构建与全球布局为核心动力，持续巩固其作为全球新能源领军企业的地位。从动力电池到储能系 统，从中国市场到全球舞台，宁德时代的发展路径不仅代表了中国制造的升级，更成为全球零碳转型的 重要典范。 技术引领：持续推动电池技术创新 宁德时代始终将技术创新视为企业发展的核心驱动力。2025年，公司第五代磷酸铁锂电池实现量产，全 固态电池研发进度全球领先；第三代"麒麟电池"已成为行业标杆，"神行超充电池"覆盖主流车企供应 链。在储能领域，面向全球市场的587Ah储能电芯凭借高能量密度、长寿命与高安全性，成为电网调 频、数据中心和可再生能源项目的关键支撑。 在安全技术方面，公司推出的全球首创NP3.0电池安全技术平台，整合八大核心技术创新，确保电池系 统在极端情况下"高压不断电、动力不丢失、无明火无烟"，为智能驾驶时代的电池安全树立新 ...

再看公司底气：技术护城河越挖越深 就在减持公告前两天，宁德时代刚宣布第五代磷酸铁锂电池量产，能量密度和循环寿命再突破。三季度净利润还大涨41%，现金储备超3600亿。这说明啥？ 股东减持不是不看好公司，而是把资金挪到更前沿的战场。 对中长线投资者的启示 1. 别被减持吓破胆：创始股东套现≠公司衰落，特斯拉马斯克、腾讯马化腾都曾减持，好资产不怕资金流动； 老铁们，$宁德时代 sz300750$ 昨晚爆出大消息——创始股东黄世霖要转让1%股份，市值高达184亿！但别慌，这次减持和咱们想的不一样，背后藏着三个 关键信号，听帮主给你捋清楚。 先说本质：这不是割韭菜，而是精准输血 黄世霖这次通过询价转让，接盘方全是机构投资者，而且锁定期6个月。这种操作避免了直接砸盘，反而像是给储能业务备足弹药——要知道，黄世霖辞职 后一直深耕"光储充检"领域，这次套现184亿，很可能是在储能赛道下重注。 2. 盯紧技术迭代：宁德时代在固态电池、钠离子领域的专利近5万项，这才是长线价值根基； 3. 布局生态延伸：巧克力换电已覆盖45城，零碳产业园落地海南福建，这些新场景才是未来增量。 帮主20年经验总结：顶级公司的股东减持，往往不是终点 ...

Core Insights - CATL's fifth-generation lithium iron phosphate (LFP) battery has officially entered mass production, enhancing energy density and cycle life compared to its predecessor [3] - The new battery technology is expected to significantly improve the performance of electric vehicles [3] - The second-generation Shenxing supercharging battery, launched in April 2023, boasts an 800 km range and a peak charging power exceeding 1.3 MW [3] Group 1: Product Development - The fifth-generation LFP battery shows notable improvements in energy density, cycle life, and low-temperature performance [3] - The second-generation Shenxing supercharging battery can charge over 520 km of range in just 5 minutes and 75 km in 30 seconds, demonstrating rapid charging capabilities [3] - The battery supports full temperature range and can deliver a maximum power of 830 kW even at a 20% state of charge [3] Group 2: Market Position and Strategy - CATL has established partnerships with 16 automakers for the second-generation Shenxing supercharging battery, covering 39 mass-produced models, indicating a strong market penetration expected by 2025-2026 [4] - In 2024, CATL's Shenxing and Kirin batteries are projected to account for 30%-40% of power battery sales, increasing to 60%-70% by 2025 [4] - CATL maintains a leading position in the LFP battery market, with over 170 GWh shipped in the first ten months of the year, representing approximately 36.4% market share [4] Group 3: Supply Chain and Material Requirements - CATL is focusing on high-density LFP materials, frequently ordering from LFP suppliers to meet the demand for high-pressure solid LFP [5] - In September 2025, CATL made a prepayment of 1.5 billion yuan to secure LFP supply and became the controlling shareholder of Jiangxi Shenghua [6] - CATL is also constructing a 450,000-ton high-pressure solid LFP production line, expected to be operational by 2026, ensuring stable raw material supply [6]

Core Insights - The 2025 World Power Battery Conference held in Yibin, Sichuan, showcased 180 signed projects with a total value of 86.13 billion yuan, focusing on key areas in green energy such as power batteries and new energy vehicles [1] - China's power battery industry has seen significant growth, with production increasing from 83.4 GWh in 2020 to over 1000 GWh by 2024, representing a growth of over 10 times [1] - The industry is expanding into new applications such as energy storage and low-altitude economy, driven by technological innovation and global collaboration [2][3] Industry Growth and Market Dynamics - China's power battery industry has improved its global competitiveness, with six Chinese companies in the top ten global power battery manufacturers, holding over 60% market share [2] - In the first three quarters of this year, the cumulative installed capacity of power batteries reached 493.9 GWh, a year-on-year increase of 42.5% [2] - The energy storage sector is emerging as a new growth engine, with domestic lithium battery shipments expected to reach 580 GWh in 2025 [2] Technological Innovations - Companies like GCL are collaborating with tech giants to develop energy models and infrastructure, focusing on distributed energy and virtual power plants [3] - CATL has introduced a fourth-generation lithium iron phosphate battery, leading in energy density and lifespan, and is also producing sodium-ion batteries to reduce reliance on lithium [5] - The industry is witnessing advancements in semi-solid and solid-state batteries, with expectations for commercial viability in the coming years [6][5] Sustainability and Recycling - The recycling of power batteries is becoming crucial for resource stability and environmental protection, with calls for a comprehensive lifecycle management system [7] - The industry is integrating recycling into its operations, enhancing the sustainability of the supply chain and expanding the application of recycled materials [7] Global Integration and Future Outlook - China's power battery industry is deeply integrating into the global supply chain, supplying about 70% of battery materials and over 60% of power batteries globally [8][9] - The export volume of power batteries reached approximately 130 GWh in the first three quarters, marking a year-on-year increase of 32.7% [8] - Future strategies emphasize technological innovation, green development, and international cooperation to strengthen the industry's position as a pillar of the national economy [9]

商报讯(记者叶晓珺)近期，新能源赛道受到资金青睐，能源金属、电池、储能等板块均迎来大幅上涨， 尤其是锂电池产业链。昨日，相关概念股纷纷涨停，孚日股份（002083）6连板，华盛锂电6天3板，天 赐材料（002709）等20余只个股涨停；其中，"宁王"表现惊艳，AH股均走高，A股宁德时代 （300750）盘中涨超8%逼近历史新高，H股宁德时代涨超5%。 与此同时，宁德时代宣布，第五代磷酸铁锂电池产品在近期开始量产，在能量密度和循环寿命上实现新 的突破；在全固态电池方面，宁德时代的研究和产业化进度处于全球前列；"巧克力换电联盟"目前已覆 盖全国45座城市，到2025年底将建成1000座换电站。另外，海博思创近日与宁德时代签订战略合作协 议，2026年至2028年，采购电量累计不低于200GWh。 锂电池板块掀涨停潮，"宁王"大涨8% 昨日早盘，锂电池概念股纷纷暴涨，华盛锂电收获20%幅度涨停，股价创新高；康鹏科技、泰和科技 （300801）、永兴材料（002756）、天赐材料等20余只个股涨停。 其中，宁德时代AH股早盘联袂走高，截至午间收盘，A股报417.98元/股，涨8.18%，总市值1.91万亿 元，成交额 ...

11月13日，A股三大指数全天震荡拉升，沪指午后走强，再创十年新高，盘中最高涨至4030.40点。截至 收盘，上证指数报4029.50点，涨0.73%；深证成指报13476.52点，涨1.78%；创业板指报3201.75点，涨 2.55%。沪深北三市全天成交20657亿元，较上个交易日放量1009亿元。 盘面上，全市场超3900只个股上涨，逾百股涨停。锂电池产业链全天表现强势，华盛锂电、天赐材料、 多氟多等20余只个股涨停；光伏、储能方向反弹，上能电气以20%幅度涨停；存储芯片概念反复活跃， 佰维存储涨超10%；大消费板块午后走强，三元股份4连板。 消息面上，11月12日，2025世界动力电池大会签约仪式在四川宜宾举行，共签约项目180个，总金额达 861.3亿元，涵盖动力电池、新型储能、光伏、智能网联新能源汽车等绿色新能源关键领域，展现出强 劲的产业集聚效应与发展动能。 宁德时代董事长曾毓群在会上表示，第五代磷酸铁锂电池产品近期开始量产，在能量密度和循环寿命上 实现新的突破。在全固态电池方面，宁德时代的研究和产业化进度处于全球前列。"巧克力换电联盟"目 前已覆盖全国45座城市，到2025年底将建成1000座 ...

Market Overview - A-shares experienced a strong rally on November 13, with the Shanghai Composite Index reaching a ten-year high of 4030.40 points during intraday trading, closing at 4029.50 points, up 0.73% [2] - The Shenzhen Component Index rose 1.78% to 13476.52 points, while the ChiNext Index increased by 2.55% to 3201.75 points [2] - Total trading volume across the Shanghai and Shenzhen markets was 206.57 billion yuan, an increase of 10.09 billion yuan from the previous trading day [2] Lithium Battery Sector - The lithium battery industry chain saw significant gains, with over 20 stocks, including Huasheng Lithium and Tianci Materials, hitting the daily limit [3] - Contemporary Amperex Technology Co., Ltd. (CATL) closed at 415.6 yuan per share, up 7.56%, with a total market capitalization of 1.9 trillion yuan [3] - The World Power Battery Conference held on November 12 in Yibin, Sichuan, resulted in 180 signed projects worth 86.13 billion yuan, focusing on key areas such as power batteries and new energy vehicles [3] - CATL's chairman announced the mass production of the fifth-generation lithium iron phosphate battery, achieving breakthroughs in energy density and cycle life [3] Energy Storage Sector - The energy storage sector also performed well, with stocks like Haibo Sichuang and Shangneng Electric hitting the daily limit [5] - The National Development and Reform Commission and the National Energy Administration released guidelines to promote renewable energy consumption, indicating a supportive policy environment [5] - The global energy storage market is expected to grow significantly, with a projected 50% increase in installed capacity to 300 GWh by 2025, translating to a battery demand of 500 GWh to 550 GWh [5][6] Industry Outlook - Guojin Securities highlighted unprecedented development opportunities for the lithium battery industry due to a combination of technological advancements and market demand [4] - Dongwu Securities noted that the current valuation of the lithium battery sector remains reasonable, with an expected growth rate of 25% to 30% next year [4] - The energy storage industry is experiencing a surge in orders, with cumulative orders exceeding 250 GWh in the first half of the year, indicating a robust demand outlook [6] Market Trends - The fourth quarter is typically a period of style rotation in the market, with potential shifts in investor preferences [7] - The current market environment shows similarities to the 2020-2021 bull market, driven by policy support and industry trends [8]

11月12日至13日，以"新视野·新生态·新机遇"为主题的2025世界动力电池大会在四川宜宾国际展览中心 举行，低空飞行器、电动船舶等创新产品引人驻足。本次大会共签约项目180个，总金额达861.3亿元， 涵盖动力电池、新型储能、光伏、智能网联新能源汽车等绿色新能源关键领域，展现出强劲的产业集聚 效应与发展动能。 随着新能源汽车产业的快速发展，我国动力电池产业在市场规模、技术创新以及配套体系等多方面取得 积极成效。工业和信息化部数据显示，我国动力电池产量从2020年的83.4GWh增长至2024年的超过 1000GWh，几年间增长逾10倍。 接受《证券日报》记者采访的多位业内人士表示，近年来，我国动力电池产业在产销量和出口方面实现 大幅增长，不仅筑牢了新能源汽车发展的核心优势，更在新型储能、低空经济等多元场景中开辟新赛 道。动力电池产业正以技术创新为钥、以全球协同为翼，叩响未来能源革命的大门。 市场增量空间巨大 近年来，我国动力电池产业集中度与全球竞争力显著提升。在全球动力电池装车量排名前十的企业中， 中国企业稳占六席，合计市场份额超过60%。今年前三季度，我国动力电池产业延续增长态势，累计装 车量达493. ...

Core Viewpoint - The article emphasizes the strategic development of CATL in the energy storage sector, highlighting the alignment of its initiatives with national policies aimed at promoting the integration of renewable energy and energy storage systems [1][2][5]. Policy Support - The new policy from the National Energy Administration supports the optimization of energy storage configurations in renewable energy bases, facilitating the transition of energy storage from a supporting role to a value-creating entity [2][5]. - The market responded positively to the policy announcement, with CATL's stock rising nearly 6%, indicating strong market confidence in the "policy + leading enterprise" development model [2]. Technological Advancements - CATL's diverse battery technology portfolio addresses the varying demands of energy storage applications, including the fifth-generation lithium iron phosphate battery for large-scale energy storage and sodium-ion batteries for high-latitude regions [3]. - The company's strategy of parallel development of multiple technology routes positions it well to meet the new policy's requirements for "complementary development of multiple varieties" [3]. Market Expansion - CATL's strategy of expanding into various scenarios aligns with the new policy's emphasis on distributed renewable energy development across multiple fields [4]. - The company has successfully integrated its battery technology into various sectors, including heavy-duty electric trucks and maritime applications, demonstrating the commercial viability of energy storage solutions [4]. Business Model Innovation - CATL's dual strategy of "model innovation + zero-carbon ecosystem" addresses the need for improved energy storage business models as outlined in the new policy [5]. - The establishment of the "Chocolate Battery Swap Alliance" and the high recycling rates of battery materials contribute to reducing lifecycle costs and enhancing the value of decentralized energy storage resources [5]. Conclusion - The energy storage industry is entering a golden period of growth, with CATL's development path responding to national strategies and leading the global energy storage sector [5].