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儲能與新能源車雙輪驅動,技術迭代打開鋰電增長空間

中國汽車工業協會資料顯示,2025年前9個月,中國新能源汽車產銷分別完成1124.3萬輛和1122.8萬輛,同比分別增長35.2%和34.9%,新能源汽車新車銷量達到汽車新車總銷量的46.1%,表現亮眼,彰顯新能源車行業蓬勃活力,有效帶動動力電池裝車量實現強勁增長。電車匯資料顯示,1-9月我國動力電池累計裝車量493.9GWh,同比增長42.5%。出口方面,1-9月動力電池出口量為129.1GWh,累計同比增長32.7%,海外市場成為重要增量。

儲能市場需求加速湧現,BloombergNEF預計到2030年底,全球累計儲能裝機容量將達到1,877GWh,產能達650GW。

鋰電行業正處於需求擴張與技術迭代的關鍵增長期,儲能與新能源汽車雙輪驅動需求持續釋放,疊加政策支持與全球競爭格局優化,行業景氣度有望持續提升。當前估值處於合理區間,頭部企業盈利修復與技術突破為主要看點,建議關注寧德時代(3750.HK)、比亞迪(002594.SZ)、贛鋒鋰業(1772.HK/002460.SZ)以及廈門鎢業(600549.SH)。

撰稿: 李曉然研究分析員
電話:
22776535

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margaretli@phillip.com.hk
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