The Report is produced in Chinese only.
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)。 |
|
|
This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.