☆ Stock Star

Weekly Insights on the New Energy Vehicle Sector

Shanghai Metals Market reports that the overall energy storage cell market has exhibited a stabilizing trend this week. Despite the recent downturn in upstream lithium carbonate prices, which has dampened cost-driven price hikes, the supply of 314Ah cells remains constrained due to robust end-user demand. Prices have held steady despite the cost reductions, with mainstream orders for 100 MWh settling at RMB 0.36-0.37/Wh. Concurrently, the cooling of raw material prices has spurred cell manufacturers to decisively purchase lithium carbonate at reduced prices.

In the near term, as the market stabilizes post-June and overall growth decelerates, the momentum for energy storage cell growth in July will largely hinge on the capacity expansion of existing large-scale cell production lines.

01. Institutional Perspectives

Central China Securities highlights the recent implementation of multiple automotive consumption promotion policies, encompassing 17 measures across six key areas to "foster and expand the automotive aftermarket." These initiatives are expected to unlock consumption potential in areas such as vehicle modifications, RV camping, maintenance insurance, racing, and leasing. The third batch of "new energy and new infrastructure" funds will be disbursed before the end of June, in coordination with measures like the replacement and upgrading of old commercial vehicles and the promotion of new energy vehicles in rural areas, providing substantial market support.

Given the industry landscape characterized by policy support, domestic demand pressures, and export hedging, it is advisable to focus on two primary themes: Firstly, the overseas expansion theme, leveraging the certainty of external demand spurred by the accelerated export of passenger vehicles and the resilience of commercial vehicle exports. Prioritize vehicle enterprises with a significant proportion of overseas sales and steadily improving profitability, as well as leading component suppliers with global competitiveness. Secondly, the theme of market leaders in niche sectors, prioritizing component sub-sector leaders with stable competitive landscapes and cross-border expansion capabilities, including component enterprises related to themes such as AIDC power generation, liquid cooling, intelligent driving, and robotics.

02. Macro Developments

Ministry of Commerce and Eight Other Departments Issue Notice on Aftermarket Consumption Measures

On June 23, the Ministry of Commerce, along with eight other departments, jointly issued the Notice on Measures to Cultivate and Expand Automotive Aftermarket Consumption. These measures encompass six major sections and 17 specific initiatives, including the orderly development of vehicle modifications, support for the RV camping industry, cultivation of new business formats for traditional classic vehicles, optimization of automotive maintenance and insurance service supply, active promotion of automotive racing sports, and fostering innovative and integrated development of car rentals.

Seven Departments Launch Special Campaign Against Illegal Vehicle Recycling

On June 24, departments including the Ministry of Commerce, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Ecology and Environment, the Ministry of Transport, and the State Administration for Market Regulation formulated the Action Plan for the Special Rectification Campaign Against Illegal Recycling and Dismantling of Scrapped Motor Vehicles.

The campaign will investigate illegal activities such as recycling scrapped motor vehicles under the guise of "second-hand vehicle acquisition" and reselling them to illegal dismantling sites or dismantling them independently. For identified illegal recycling and dismantling sites, the source of the vehicles will be traced to disrupt the illegal recycling chain. If entities acquiring a large number of old vehicles in a short period are found, the actual status and flow of the vehicles will be verified, and relevant supporting documents will be strictly checked. In cases of false "loss" declarations, relevant departments will be promptly notified to conduct a vehicle-by-vehicle traceback and strictly hold accountable. Auction records of scrapped motor vehicles will be inspected, and the acquisition of used motor vehicles through auctions by entities without recycling and dismantling qualifications will be investigated, verifying the flow of the vehicles.

Two Departments Enable Same-Day Purchase, Tax Payment, and Registration for Domestically Produced Passenger Cars

On June 23, the General Office of the Ministry of Industry and Information Technology and the General Office of the Ministry of Public Security jointly announced that real-time sharing of motor vehicle certificate information will now be achieved, allowing domestically produced passenger cars to undergo purchase, tax payment, and registration on the same day. The most significant change in this new model is the real-time sharing of motor vehicle certificate information between the industrial and information technology departments and the public security departments, enabling "second-level" data transmission and further enhancing the efficiency of vehicle purchase and registration.

Relevant officials stated that in addition to improving data exchange efficiency between the two departments for domestically produced passenger cars, the shared content has been further expanded, and the sharing model has been optimized, providing enterprises with the option to upload through a unified interface. Enterprises can uniformly transmit certificate and pre-inspection information to the industrial and information technology departments and share it with the public security departments, effectively boosting data exchange efficiency. Meanwhile, the number of standard vehicle photos required has been reduced, and paper documents are no longer necessary, lowering enterprise operating costs. It is estimated that over 20 million vehicles will benefit from this convenience annually.

03. Industry Updates

CAAM: Top 10 MPV Manufacturers Sold 313,000 Units from January to May

On June 24, according to statistical analysis by the China Association of Automobile Manufacturers, from January to May 2026, the top 10 MPV manufacturers collectively sold 313,000 units, accounting for 81% of total MPV sales. Among these ten enterprises, compared to the same period last year, Great Wall Motors, Geely Automobile, and Dongfeng Company experienced varying degrees of sales growth, while other enterprises saw varying degrees of decline.

National Energy Administration: China's Electric Vehicle Charging Infrastructure Reached 22.497 Million Units by End-May, Up 44.9% Year-on-Year

On June 24, the National Energy Administration released data on national electric vehicle charging facilities for May 2026. According to data from the national charging facility monitoring service platform, by the end of May 2026, China's total electric vehicle charging infrastructure (guns) reached 22.497 million units, up 44.9% year-on-year.

Among them, there were 4.951 million public charging facilities (guns), up 25.9% year-on-year, with a total rated power of 242 million kilowatts and an average power per gun of approximately 48.89 kilowatts. There were 17.546 million private charging facilities (guns), up 51.4% year-on-year, with a reported installed electrical capacity for private charging facilities reaching 151 million kilovolt-amperes. The average power per gun was approximately 48.89 kilowatts, up 8.9% year-on-year, maintaining a steady growth trend this year, with continuously improving rapid charging service capabilities at stations. The number of private charging facilities (guns) has sustained a year-on-year growth rate of over 50% this year, indicating rapid development of home charging facilities.

Official Launch of the Automotive Industry's Transparent Supply Chain Platform

On June 23, the official website of the Transparent Supply Chain for the Automotive Industry (TSCE) (www.tsce-auto.org.cn) was officially launched. The platform was jointly initiated and is co-operated by the Chinese Society of Automotive Engineers and Shanghai International Automobile City (Group). Currently, 18 vehicle OEM enterprises are participating in the construction, and the first batch of 12 leading component enterprises has completed data interconnection access.

04. Corporate Developments

MOMENTA Clears Hong Kong Stock Exchange Listing Hearing

On June 23, Livermore Securities reported that MOMENTA GLOBAL LIMITED (Mengteng Zhijia Global Co., Ltd.) passed the Hong Kong Stock Exchange listing hearing, with CICC and Deutsche Bank serving as joint sponsors.

BYD Launches Tengshi N8L Flash Charging Version, Starting at RMB 319,800

On June 23, BYD introduced the Tengshi N8L flash charging version, offering two variants: the Honor Edition and the Flagship Edition, priced at RMB 319,800 and RMB 349,800, respectively. The new vehicle is equipped with the second-generation Blade Battery, and the plug-in hybrid flash charging version boasts a pure electric range of 430 kilometers, capable of "5-minute quick charge, 9-minute full charge," and can increase charging time by only 3 minutes in environments as low as -30°C.

The new vehicle globally debuts a new generation of AI intelligent cockpit, equipped with the Celestial Eye 5.0 assisted driving system, and is based on the Yisifang vehicle intelligent control technology platform, supporting extreme steering, compass turning, intelligent crab walking, Yisifang parking, stability enhancement on slippery roads, and intelligent parking safety backup functions. Additionally, the vehicle supports the "Didi Xia" super intelligent agent, which can understand and execute multi-step complex instructions, integrate with the mobile phone ecosystem, and achieve vehicle control based on user needs.

CATL Forms Joint Venture with Octopus Energy

On June 22, CATL and Octopus Energy, the UK's largest energy company, announced the establishment of a joint venture to jointly construct a battery swap network for heavy trucks in Europe. CATL will introduce its Qiji battery swap technology to Europe, promoting the electrification transformation of road freight by enhancing the energy replenishment efficiency of heavy trucks.

According to the plan, by 2027, the two parties will establish the first batch of demonstration battery swap stations in the UK, prioritizing coverage of major highway arteries and core logistics ports. It is anticipated that by 2035, the battery swap station network will expand to over 30 stations, with business radiation to Scotland and Wales, forming a battery swap network covering core arteries across the UK.

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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