开源证券近日发布欧洲电动车销量月报：10月欧洲9国新能源车维持高增长，其中法国社会租赁计划落 地后BEV销量同比明显提速。2025年10月欧洲9国新能源车销量25.7万辆，同比+38.7%，新能源渗透率 31.5%，同比+7.7pcts。其中，BEV销量16.5万辆，同比+36.4%；PHEV销量9.2万辆，同比+42.9%。 （2）英国：2025年10月英国BEV销量3.7万辆，同比+23.6%；PHEV销量1.8万辆，同比+27.2%。英国已 重启电车补贴，且面临ZEV考核目标的压力，未来几个月电车销量有望持续提升。 以下为研究报告摘要： 2025年10月欧洲9国新能源车销量25.7万辆，同比+39% 10月欧洲9国新能源车维持高增长，其中法国社会租赁计划落地后BEV销量同比明显提速。2025年10月 欧洲9国新能源车销量25.7万辆，同比+38.7%，新能源渗透率31.5%，同比+7.7pcts。其中，BEV销量 16.5万辆，同比+36.4%；PHEV销量9.2万辆，同比+42.9%。 （1）德国：2025年以来德国电车渗透率整体呈逐月提升态势。2025年10月德国BEV销量5.2万辆，同比 +47. ...

Investment Rating - The investment rating for the power equipment industry is "Positive" (maintained) [1] Core Viewpoints - The European electric vehicle market is experiencing significant growth, with October 2025 sales in nine European countries reaching 257,000 units, a year-on-year increase of 39% [5][14] - The penetration rate of new energy vehicles in these countries is 31.5%, up by 7.7 percentage points year-on-year [14] - The report highlights the impact of various government policies and incentives, such as France's social leasing plan and Germany's planned electric vehicle subsidies, which are expected to support future sales growth [15][16][22] Summary by Sections Section 1: European Electric Vehicle Sales - In October 2025, Germany's BEV sales reached 52,000 units, a year-on-year increase of 47.7%, with a penetration rate of 21.0% [16][17] - The UK saw BEV sales of 37,000 units, up 23.6% year-on-year, with a penetration rate of 25.4% [20][22] - France's BEV sales were 34,000 units, a significant increase of 63.2% year-on-year, with a penetration rate reaching a historical high [22][24] - Italy's BEV sales were 6,000 units, up 25.1% year-on-year, while PHEV sales surged by 128.6% [32] - Spain's BEV sales reached 9,000 units, a remarkable increase of 90.1% year-on-year, with PHEV sales also showing strong growth [34] Section 2: Investment Recommendations - Recommended companies in the lithium battery sector include CATL, EVE Energy, and Xinwangda, with beneficiaries such as Zhongxin Innovation and Guoxuan High-Tech [38] - In lithium materials, Hunan Youneng is recommended, with beneficiaries including Fulin Precision and Wanrun New Energy [38] - For lithium battery structural components, Minglida and Minshi Group are recommended, with beneficiaries like Keda Li and Hesheng Co [38] - In power and electric drive systems, recommended companies include Weimais and Fute Technology, with beneficiaries such as Xinrui Technology [38]

Core Viewpoint - The Malaysian Electric Vehicle Association, led by Dennis Chuah, emphasizes the need for Chinese electric vehicle companies to invest in the rapidly growing Malaysian market to help achieve the goal of 15% electric vehicle penetration by 2030 [1][4]. Group 1: Market Development - Dennis Chuah has replaced his gasoline vehicles with electric ones, including a Tesla and a BYD, to better understand the Chinese EV market [1]. - Malaysia has over 4,000 public charging stations, with a revised target of 10,000 stations by 2030, delayed from the original 2025 goal [3][4]. - The government aims to reduce gasoline subsidies, which is seen as a prerequisite for supporting electric vehicle development [4][5]. Group 2: Competition and Collaboration - Japanese automakers are promoting plug-in hybrid electric vehicles (PHEVs) in Malaysia, creating competition for Chinese EV companies [5]. - The establishment of the ASEAN Electric Vehicle Association aims to enhance collaboration among member countries and improve negotiation power with automakers [7]. - Chinese EV companies are encouraged to localize production in Malaysia to capture market opportunities before growth stabilizes [10]. Group 3: Employment and Education - There is a lack of interest among Malaysian youth in electric vehicle-related careers due to perceived limited job opportunities compared to the semiconductor industry [6]. - The association is working to facilitate academic exchanges among students in Malaysia, Thailand, and the Philippines to promote interest in the EV sector [6]. Group 4: Future Outlook - The goal of achieving 15% electric vehicle market share by 2030 remains unchanged despite challenges, including the delay in charging infrastructure development [4]. - Concerns exist regarding the sustainability of Chinese EV companies in Malaysia without sufficient government support and subsidies [11].

Investment Rating - The industry investment rating is In-Line [4] Core Insights - BYD Auto Japan launched the Sealion 7 in April 2025, which has a driving range of 540km to 590km on a single charge, with prices ranging from ¥4,950,000 to ¥5,720,000 [3][6] - BYD Auto Japan aims to introduce PHEVs in 2026 and plans to establish a lineup of 7-8 models of BEVs and PHEVs by around 2027 [7][6] - The company is focusing on improving battery performance in cold climates and plans to launch a mini EV with unique specifications for Japan in late 2026 [6][8] Summary by Sections Growth Strategy - BYD Auto Japan's sales volume for 2024 was 2,223 vehicles, with a forecast of 1,120 vehicles for January to May 2025 [3] - The Sealion 7 addresses issues related to battery efficiency in cold weather through advanced heating systems [3][6] PHEV Launch - PHEVs are expected to appeal to Japanese consumers due to their electric efficiency and overall quality, with 65% of BYD's global passenger car sales being PHEVs [7][6] Mini EV Market Entry - BYD plans to enter the mini EV market in Japan with a platform unique to the region, leveraging technologies like e-Platform3.0 and LFP blade batteries [8][9] - The mini EV market is anticipated to grow with several Japanese OEMs launching their models, which may stimulate demand [8][9] Implications for Auto Parts Industry - The expansion of mini EV sales in Japan highlights the need for Japanese parts suppliers to focus on cost reduction for EV components [10]

Investment Rating - The investment rating for the electric power equipment industry is "Positive" (maintained) [1] Core Viewpoints - The report highlights a significant increase in BEV sales among major automakers in Europe, indicating a strong trend towards electrification in the automotive industry. Renault's BEV sales grew by 88% year-on-year, Volkswagen's by 113%, and BMW's by 64% in Q1 2025 [4][14][23] - The introduction of new electric vehicle models is expected to sustain the electrification trend, with various automakers planning to launch competitively priced electric vehicles in the coming years [6][37] - The report discusses the implications of carbon emission regulations, noting that a shift to a three-year average assessment period for emissions targets could alleviate pressure on automakers and allow for better planning and execution of new model launches [53] Summary by Sections Sales Performance - In Q1 2025, Renault's BEV sales increased by 88% year-on-year, with a penetration rate of 17.1% [15] - Volkswagen's BEV deliveries in Europe rose by 113%, achieving a market share of approximately 26% [19][21] - BMW's BEV sales in Europe grew by 64%, with a penetration rate of 18.7% [23] New Model Launches - Stellantis plans to introduce multiple new models priced below €25,000, which are expected to boost sales in Q2 2025 [40] - Renault's new model, the Renault 4, is set to launch in Q2 2025, building on the success of the Renault 5 [41] - Volkswagen will showcase a new range of entry-level BEVs in September 2025, with the ID.2 model expected to launch in 2026 [45] Carbon Emission Regulations - The European Parliament has approved a revision of carbon emission regulations, shifting to a three-year average assessment, which is seen as beneficial for the industry [53] - Stellantis believes that relaxing the assessment timeline can prevent panic pricing strategies in late 2025 [54] - BMW is confident in meeting the revised emission targets, having already exceeded previous goals [58] Investment Recommendations - The report recommends investing in companies involved in lithium batteries, such as CATL and Yiwei Lithium Energy, as well as companies producing lithium materials and components [59]

Investment Rating - The investment rating for the electric power equipment industry is "Positive" (maintained) [1] Core Insights - The report highlights a significant increase in BEV sales among major automakers in Europe, indicating a strong trend towards electrification in the automotive industry. Renault's BEV sales grew by 88%, Volkswagen's by 113%, and BMW's by 64% in Q1 2025 [4][14][23] - The introduction of new electric vehicle models is expected to sustain the electrification trend, with Stellantis and Renault planning to launch multiple affordable B-segment electric vehicles by the end of 2024 [6][37] - The report discusses the impact of carbon emission regulations, noting that the EU has revised its assessment method to consider a three-year average from 2025 to 2027, which may alleviate immediate pressure on automakers [53] Summary by Sections Sales Performance - In Q1 2025, Renault's BEV sales increased by 88%, with a penetration rate of 17.1% in Europe. The Renault 5 model was the best-selling B-segment electric vehicle [15][18] - Volkswagen's BEV deliveries in Europe rose by 113%, achieving a market share of approximately 26% [19][21] - BMW's BEV sales in Europe grew by 64%, with a penetration rate of 18.7% [23][25] - Chinese automakers are increasing PHEV exports to mitigate the impact of tariffs, with BYD's sales in Europe rising by 124% [5][32] New Model Launches - Stellantis plans to launch several new models priced below €25,000, which are expected to boost sales in Q2 2025 [40] - Renault's new model, the Renault 4, is set to launch in Q2 2025, building on the success of the Renault 5 [41] - Volkswagen will showcase a new range of entry-level BEVs in September 2025, with the ID.2 model expected to launch in 2026 [45] - BMW is set to begin production of the iX3 by the end of 2025, with a series of NEUE KLASSE models to follow [46] Carbon Emission Regulations - The EU's revised carbon emission assessment method is expected to provide automakers with more time to meet targets, with a focus on increasing BEV penetration rates [53] - Stellantis believes that the revised timeline will prevent panic pricing in Q4 2025 [54] - Renault emphasizes the importance of reducing costs to maintain competitiveness in the electric vehicle market [55] - Volkswagen anticipates continued pressure in 2025, despite the regulatory changes [57] - BMW expresses confidence in meeting carbon emission targets due to its current BEV penetration rate [58] Investment Recommendations - The report recommends investing in companies involved in lithium batteries, such as CATL and Yiwei Lithium Energy, as well as companies producing lithium materials and components [59]