近日，华泰证券发布研报指出，德国政府延长并优化电动车补贴政策，将对全球锂电产业链构成显著利好。根据最新政策，德国将对售价低于4万欧元的纯电动车继续提供最高4500欧元的购车补贴，并对插电式混合动力车提供部分支持，政策有效期延长至2025年底。华泰证券认为，此举有望提振欧洲电动车市场需求，进而带动动力电池及上游锂资源的需求增长。德国作为欧洲最大的汽车市场之一，其政策导向对整个欧洲乃至全球新能源汽车产业发展具有重要风向标作用。随着补贴政策的延续，预计2024-2025年德国电动车销量将持续攀升，为中资电池企业（如宁德时代、亿纬锂能等）在欧洲布局的产能释放提供有力支撑。此外，锂、钴、镍等关键原材料的需求也将随之提升，利好具备全球供应链整合能力的锂电材料供应商。华泰证券强调，投资者可重点关注具备技术优势、成本控制能力和海外客户基础的动力电池及材料龙头企业，把握欧洲电动化加速带来的结构性机会。
Recently, Huatai Securities released a research report highlighting that Germany’s extension and optimization of its electric vehicle (EV) subsidy policy will significantly benefit the global lithium battery industry. Under the updated policy, Germany will continue offering up to €4,500 in purchase subsidies for fully electric vehicles priced below €40,000 and partial support for plug-in hybrid vehicles, with the program extended through the end of 2025. Huatai Securities believes this move is expected to boost EV demand in Europe, thereby driving growth in demand for traction batteries and upstream lithium resources.As one of Europe’s largest automotive markets, Germany’s policy direction serves as a key indicator for the broader European and global new energy vehicle sectors. With the subsidy extension, EV sales in Germany are projected to rise steadily in 2024–2025, providing strong support for Chinese battery makers—such as CATL and EVE Energy—that are ramping up production capacity in Europe. Additionally, demand for critical raw materials like lithium, cobalt, and nickel is also set to increase, benefiting lithium battery material suppliers with robust global supply chain integration capabilities.Huatai Securities recommends investors focus on leading battery and material companies with technological advantages, cost control capabilities, and established overseas customer bases to capture structural opportunities arising from Europe’s accelerating electrification trend.
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