☆ Securities Star

Weekly Report on the New Energy Vehicle Industry

According to Shanghai Metals Market, the power battery market sustained high operational levels this week, with both demand and cost factors contributing to stable cell prices. SMM surveys indicate that, as the year-end sales push nears, production schedules for passenger and commercial vehicles remain robust, extending the peak demand period for power batteries.

The passenger vehicle market, propelled by new model releases, end-of-year promotions, and channel stocking, continues to exhibit strong installation demand. The commercial vehicle sector is performing even more outstandingly, with orders for heavy trucks, light trucks, and urban logistics models advancing significantly due to expectations of next year's halved purchase tax policy. Some cell models are even experiencing temporary supply shortages.

Upstream material prices provided clear support this week, helping to stabilize cell costs. Lithium carbonate prices continued to rebound, boosting market sentiment and prompting some material companies to resume inventory replenishment.

01. Institutional Perspectives

Zheshang Securities highlights strong parallels between the new energy vehicle and embodied intelligence industries: essentially, new energy vehicles represent the application of new energy in transportation, serving as substitutes for traditional vehicles; embodied intelligence represents the practical application of AI, aiming to replace human labor. The 2024 new energy vehicle market reached approximately $547.2 billion, with the embodied intelligence industry projected to hit $700 billion by 2030.

While history may not repeat itself exactly, it often rhymes. The macroeconomic backdrop of 2025 resembles that of 2019. In the fourth quarter of 2025, the humanoid robot industry is at a stage akin to 'Tesla's pre-mass production phase, with domestic OEMs emerging.' Given the learning effects among market participants, this could replicate a more imaginative round of industrial investment opportunities.

02. Macro Developments

Hubei Provincial SASAC: Strengthens Capital Operations to Accelerate Transformation and Upgrading of Provincial Industries Through Strategic M&A

On December 4, Chen Zhong, Secretary and Director of the Hubei Provincial State-Owned Assets Supervision and Administration Commission (SASAC), stated that, facing the '15th Five-Year Plan,' the province will vigorously implement the 'Industry Foundation Strengthening and Chain Enhancement' initiative to comprehensively elevate modern industrial competitiveness. Adhering to a 'three-pronged approach,' the province will strengthen capital operations, using strategic mergers and acquisitions as a key tool to accelerate the transformation and upgrading of provincial industries. The goal is to achieve, within five years, automotive manufacturing and services, modern chemical industries, and other pillar sectors accounting for over 50% of revenue, with emerging industries like the low-altitude economy and AI forming competitive clusters, humanoid robots and other future industries making strategic layouts, and a modern industrial system featuring Hubei's state-owned assets taking shape.

Shanghai: All Newly Built or Updated Public Charging (Battery Swap) Facilities Must Use Products Certified Under Compulsory Certification System Starting August 1, 2026

On December 2, the Shanghai Municipal Transportation Commission and Shanghai Municipal Development & Reform Commission jointly issued the 'Notice on Strengthening Safety Management of Public-Sector New Energy Vehicle Charging (Battery Swap) Facilities.' The notice mandates that public charging (battery swap) facilities comply with national standards such as 'Safety Requirements for Electric Vehicle Conductive Charging Systems' (GB44263) and 'Safety Requirements for Electric Vehicle Power Supply Equipment' (GB39752). It encourages investment and construction enterprises to select high-quality, reliable facilities, such as those with CNAS or CMA-certified type test reports, product test reports, and standard compliance certificates issued by third-party testing agencies. According to the 'SAMR Announcement on Implementing Compulsory Product Certification for Electric Vehicle Power Supply Equipment,' starting August 1, 2026, all newly built or updated public charging (battery swap) facilities in the city must use products certified under the compulsory certification system for charging piles (CCC certification). Enterprises are encouraged to adopt CCC-certified facilities in advance.

MIIT: Urges Competitive Chinese Enterprises in Photovoltaic, Wind Power, Lithium Batteries, and New Energy Vehicles to 'Venture Abroad'

On December 1, China Daily published a signed article by Li Lecheng, Secretary of the Party Group and Minister of the Ministry of Industry and Information Technology, titled 'Accelerating Green and Low-Carbon Transformation of Chinese Manufacturing to Promote Global Sustainable Development.' The article emphasizes the importance of strengthening international cooperation in green industries. Chinese manufacturing will adhere to principles of joint consultation and construction, leveraging bilateral and multilateral international cooperation mechanisms to deepen exchanges in green technologies, equipment, trade, and standards. It encourages competitive Chinese enterprises in photovoltaic, wind power, lithium batteries, and new energy vehicles to 'venture abroad,' investing in green energy projects in countries along the 'Belt and Road' and promoting green infrastructure and transportation solutions. China will actively participate in formulating international green and low-carbon rules and strengthen capacity building for implementing international conventions.

03. Industry Developments

CPCA: Measures to Expand Domestic Demand and Strengthen Internal Circulation Expected to Drive Domestic Automobile Sales Beyond 35 Million Units During the '15th Five-Year Plan' Period

On December 4, the China Passenger Car Association (CPCA) released an analysis of the '15th Five-Year Plan' proposals, noting that the plan emphasizes 'effective quality improvements,' meaning economic growth will be increasingly driven by total factor productivity gains, technological innovation contributions, and green/low-carbon transitions. Measures to expand domestic demand and strengthen internal circulation are expected to drive domestic automobile sales beyond 35 million units during the '15th Five-Year Plan' period, with new energy vehicle penetration exceeding 70% and high-level autonomous driving becoming more widespread.

CPCA: Preliminary National Passenger Vehicle Retail Sales Down 7% YoY, Up 1% MoM from November 1-30

On December 3, the CPCA released preliminary data indicating that from November 1-30, national passenger vehicle retail sales reached 2.263 million units, down 7% year-over-year (YoY) but up 1% month-over-month (MoM). Year-to-date retail sales reached 21.519 million units, up 6% YoY. During the same period, national new energy passenger vehicle retail sales hit 1.354 million units, up 7% YoY and 6% MoM, with year-to-date sales reaching 11.504 million units, up 20% YoY. From November 1-30, 2025, the national new energy passenger vehicle retail penetration rate reached 59.8%, while the wholesale penetration rate among manufacturers reached 57.5%.

CPCA: National Passenger Vehicle Manufacturers' New Energy Wholesale Volumes Reached 1.72 Million Units from November 1-30, Up 20% YoY

On December 2, CPCA data showed that, based on preliminary monthly estimates, national passenger vehicle manufacturers' new energy wholesale volumes reached 1.72 million units from November 1-30, up 20% YoY and 7% MoM. Year-to-date wholesale volumes reached 13.78 million units, up 29% YoY.

04. Company Developments

Leado L90 Achieves Delivery of 40,000th New Vehicle

On December 4, the Leado L90 achieved delivery of its 40,000th new vehicle. As Leado's flagship model, the L90 accomplished this delivery milestone just four months after launch, ranking first in sales among pure electric large SUV models.

Changan Automobile November Sales Reach 283,000 Units, Up 2.3% YoY

On December 2, Changan Automobile released its latest production and sales report. Data showed November sales reached 283,000 units, up 2.3% YoY. This included 125,000 new energy vehicle sales, up 23% YoY, and 55,000 overseas sales, up 47% YoY. From January to November, cumulative sales reached 2.657 million units, including 993,700 new energy vehicles and 577,600 overseas vehicles.

BYD January-November 2025 Automobile Sales Reach 4.18 Million Units, Up 11.3% YoY

On December 1, BYD released November sales data, reporting 480,186 vehicle sales (compared to 506,804 YoY). From January to November, automobile sales reached 4.18 million units, up 11.3% YoY. The company's new energy vehicle power battery and energy storage battery installations totaled approximately 27.669 GWh in November 2025, with cumulative installations reaching approximately 258.282 GWh year-to-date.

Harmony Intelligent Mobility November Sales Exceed 80,000 Units, Up 89.61% YoY

On December 1, Harmony Intelligent Mobility announced November delivery data, reporting 81,864 new vehicle deliveries across all models, up 89.61% YoY and setting a new monthly delivery record. The brand currently operates five marques: Aito, Luxeed, Enjoyal, Zense, and Shangjie.

05. Secondary Market

Industry Performance

Industry Valuation

New Energy Vehicle Sales

06. Raw Material Prices

Lithium Compound Spot Prices

Cathode Material Prices

Electrolyte Prices

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