Dongguan Securities: Strong energy storage demand may bring a "non-peak season" for new energy vehicles.

Dongguan Securities Research Report shows that the current new energy vehicle market is in the year-end rush and purchase tax exemption policy window period. Sales in November continued to reach new highs, while energy storage demand remained strong, and demand for lithium batteries as a whole remained high. The lithium battery industry chain is expected to see a slight increase in pre-production in December compared to the previous month, with the industry's prosperity continuing and overall prices stable or slightly rising. The first quarter of 2026 is traditionally the off-season for new energy vehicle sales, coupled with changes in the purchase tax policy, short-term production may weaken, but strong energy storage demand could prevent the usual off-season. Further attention should be paid to the production situation of the industry chain.