☆ Securities Star

Weekly Report on the New Energy Vehicle Sector

According to Shanghai Metals Market, in the physical market this week, downstream participants continued to make purchases based on need at lower prices, while upstream lithium salt producers were strongly resistant to selling in small quantities. Overall, market inquiries and actual transactions were relatively brisk. This week, domestic lithium carbonate production continued to see a significant decline due to maintenance and production halts at lithium spodumene and lithium mica-based lithium salt plants.

From the perspective of market transactions and inventory performance, upstream lithium salt producers still adhered to a strategy of reluctance to sell in small quantities, with consistently low willingness to ship goods. Coupled with several companies entering maintenance phases, the current supply was primarily based on long-term agreement (LTA) delivery modes, including 'LTA + incremental' delivery. Downstream material producers continued to make purchases according to a need-based schedule. As the end of the month approached, coupled with a slight increase in price levels compared to last week, purchasing behavior remained generally steady, with limited instances of large-scale inventory buildup. Traders, influenced by the dual effects of reduced upstream supply, limited circulation of small orders, and downstream demand-driven purchases, continued to see their inventories dwindle.

01. Macro Events

① Ministry of Industry and Information Technology: Abolishes and Revises Policy Standards Related to the 'Cascading Utilization' of Spent Power Batteries from New Energy Vehicles

On July 30, the Ministry of Industry and Information Technology issued an announcement regarding the abolition and revision of policy standards related to the 'cascading utilization' of spent power batteries from new energy vehicles, as well as the regulation of relevant industry activities.

The announcement mentioned the abolition of provisions related to 'cascading utilization' in the 'Industry Specification Conditions for the Comprehensive Utilization of Spent Power Batteries from New Energy Vehicles (2024 Edition).' It also stated that the management of enterprise announcements for 'cascading utilization' would cease. Enterprises previously announced as 'cascading utilization' firms would be removed from the list of enterprises meeting the industry specification conditions for the comprehensive utilization of spent power batteries from new energy vehicles. The list of announced recycling enterprises would remain valid.

② State Post Bureau: 'AI Plus' Drives Accelerated Deployment of Postal Drones and Unmanned Vehicles

On July 29, at the press conference for the release of the '15th Five-Year Plan for the Development of the Postal Industry,' Hu Kai, a spokesperson for the State Post Bureau, stated that during the '15th Five-Year Plan' period, the State Post Bureau would deeply implement an innovation-driven development strategy, strengthen the construction of technology research and development centers focused on artificial intelligence, balance development and security, collaborate with relevant national departments to continuously improve relevant policies, regulations, and standards, expand application scenarios, and cultivate and develop new qualitative productivity in the industry.

In addition to hardware upgrades for 'flying in the sky' and 'running on the ground,' the 'Plan' also mandates the widespread application of a batch of intelligent terminals and agents to enhance the level of intelligent monitoring and scheduling throughout the entire process. At the same time, it aims to explore the value of industry data in monitoring changes in consumer demand, logistics efficiency, and economic development conditions, to better serve government decision-making, production operations, market monitoring, and command and scheduling.

③ Ministry of Industry and Information Technology: Will Collaborate with Relevant Departments to Expedite the Preparation and Release of Guidelines for the Standardized Payment of Supplier Invoices by Automotive Enterprises

The General Office of the Ministry of Industry and Information Technology and the First Department of Equipment Industry organized a media symposium on July 27 to report on the progress of promoting the shortening of supplier payment terms by key automotive enterprises. Twenty journalists from central media, financial media, and relevant industry media were invited to serve as the first batch of 'Supervisors on Payment Term Issues in the Automotive Industry.'

The meeting pointed out that since June 2025, the Ministry of Industry and Information Technology has encouraged the active implementation of the 'Regulations on Ensuring Payments to Small and Medium-sized Enterprises' by 17 key automotive enterprises and the issuance of '60-day Payment Term Commitments.' It has guided the China Association of Automobile Manufacturers to issue the 'Initiative for the Standardized Payment of Supplier Invoices by Automobile Manufacturers,' and opened an 'Online Window for Reporting Issues (Suggestions) on the Fulfillment of Payment Term Commitments by Key Automotive Enterprises,' implementing multiple measures to promote the shortening of supplier payment terms. However, a few automotive enterprises still have issues such as delayed start times for calculations and non-standard process management, which effectively extend payment terms and require further supervision and improvement.

Next, the Ministry of Industry and Information Technology will collaborate with relevant departments to expedite the preparation and release of guidelines for the standardized payment of supplier invoices by automotive enterprises, strengthen supervision and rectification of automotive enterprises that effectively extend payment terms, increase regulatory and enforcement efforts against those suspected of violations or illegal activities, and effectively protect the legitimate rights and interests of supply chain enterprises, especially small and medium-sized enterprises.

④ Ministry of Industry and Information Technology: Will Accelerate the Preparation and Release of the '15th Five-Year Plan' for the Development of the Intelligent Connected New Energy Vehicle Industry

On July 27, Guo Shougang, Director-General of the First Department of Equipment Industry at the Ministry of Industry and Information Technology, introduced the development of China's intelligent connected vehicle industry at the media roundtable for the 2026 World Intelligent Connected Vehicle Conference.

Next, the Ministry of Industry and Information Technology will accelerate the preparation and release of the '15th Five-Year Plan' for the development of the intelligent connected new energy vehicle industry, deeply implement the 'National Standardization Development Outline,' accelerate breakthroughs in a number of key core technologies, expedite the development of key standards, international coordination, and implementation, and deeply promote pilot applications of 'vehicle-road-cloud integration,' production access, and road traffic pilots, to foster the establishment of an ecosystem that spans the entire industrial chain.

02. Industry News

① National Energy Administration: Electricity Consumption in the Charging and Battery-Swapping Service Industry Rose by 56.9% Year-on-Year in the First Half of the Year

On July 30, at a press conference, the National Energy Administration stated that in the first half of this year, driven by the rapid development of high-tech industries such as new energy vehicles and artificial intelligence, electricity consumption in the charging and battery-swapping service industry and the internet data service industry showed robust growth, reaching 81 billion and 49.4 billion kWh, respectively, representing year-on-year increases of 56.9% and 44%, contributing to a 0.9 percentage point increase in total electricity consumption across society.

② CPCA: Retail Sales of Passenger Vehicles Nationwide Reached 1.123 Million Units from July 1-26

On July 29, the China Passenger Car Association (CPCA) released data showing that from July 1-26, retail sales of passenger vehicles nationwide reached 1.123 million units, down 18% year-on-year and 13% month-on-month; cumulative retail sales since the beginning of the year reached 9.824 million units, down 20% year-on-year. From July 1-26, retail sales of new energy passenger vehicles nationwide reached 738,000 units, down 2% year-on-year and 10% month-on-month; cumulative retail sales since the beginning of the year reached 5.443 million units, down 13% year-on-year. From July 1-26, the retail penetration rate of new energy vehicles in the passenger vehicle market nationwide was 65.7%.

③ National Energy Administration: Total Number of Electric Vehicle Charging Infrastructure Units (Guns) Reached 23.057 Million at the End of June, Up 43.2% Year-on-Year

On July 28, the National Energy Administration released data on electric vehicle charging infrastructure nationwide for the first half of 2026. According to data from the national charging infrastructure monitoring service platform, as of the end of June 2026, the total number of electric vehicle charging infrastructure units (guns) in China reached 23.057 million, representing a year-on-year increase of 43.2%. Among them, there were 5.009 million public charging infrastructure units (guns), up 22.3% year-on-year, with a total rated power of 247 million kW and an average power of approximately 49.35 kW per gun; there were 18.048 million private charging infrastructure units (guns), up 50.4% year-on-year, with the installed electricity capacity for private charging infrastructure reaching 155 million kVA.

03. Company Updates

① Tesla Considering Spinning Off Its China Business? Official Response: False Information

On July 30, Tesla officially announced that its 10 millionth electric vehicle rolled off the production line at the Fremont factory, making Tesla the first company worldwide to produce 10 million electric vehicles cumulatively. More than half of global orders were fulfilled by the Shanghai Gigafactory. In the first half of 2026, the Shanghai Gigafactory delivered nearly 468,000 vehicles, up 28.4% year-on-year, achieving a new record high for production in the same period over the past three years.

According to The Paper, on July 31, there were reports that Tesla was considering spinning off its China business, a move seen as paving the way for a potential future merger with SpaceX. Tesla China referred to this as 'false information.'

② Momenta Obtains Germany-Wide L4 Test License, Uber Increases Investment Again

On July 29, media reports stated that Momenta had obtained a test license issued by the German Federal Motor Transport Authority, allowing it to conduct Level 4 autonomous driving tests on urban roads across Germany, becoming the first Chinese company to receive this qualification. Momenta had previously partnered with Uber to integrate Robotaxi services into its mobility platform and planned to launch Munich as its first European city.

③ SAIC Motor Group Establishes Partnership with Feishu

On July 27, SAIC Motor Group announced that it had recently signed a group-level cooperation agreement with Feishu. The two sides will leverage Feishu AI and an integrated collaboration platform to accelerate the deep integration of AI into the entire process of research and development, production, and operations, enhance organizational efficiency within the group, and drive business quality improvement and cross-organizational collaboration.

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