Chr 2025-03-11 今年2月春节之后，企业生产经营活动加快，新品发布和促销活动竞相开展，市场活力明显提升，2月汽车 产销同比快速增长。1-2月，新一轮以旧换新政策加力扩围和早早落地，企业技术升级和产品换新刺激需求，汽 车产销总体呈现稳步增长。其中，乘用车继续良好表现，商用车市场有所回暖，新能源汽车表现抢眼，产销延 续快速增长态势。汽车行业开局的良好运行，为实现一季度开门红奠定基础。 随着中央经济工作会议精神的贯彻落实，国家各有关部委精准施策，协同发力，以旧换新政策加力扩围、 优化消费环境、稳外资工作等系列举措相继出台落地。政府工作报告中,明确提出要"加快补上内需特别是消 费短板，使内需成为拉动经济增长的主动力和稳定锚"。相关政策组合效应将不断释放，有利于持续巩固拓展 汽车行业稳中向好发展态势，激发企业创新动力，推动产业高质量发展。 2 中国汽车工业协会信息发布会 汽车工业经济运行特点 1 汽车总体产销、内销、出口情况 2 乘用车产销、内销、出口情况 3 商用车产销、内销、出口情况 4 ) 新能源汽车产销、内销、出口情况 5) 重点企业(集团)销量、内销、出口情况 3 气车工业协会 一、汽车总体产销、 ...

Investment Rating - The report indicates a positive outlook for the automotive industry, projecting continued growth in production and sales for 2025, supported by favorable government policies and market dynamics [3][4]. Core Insights - In 2024, China's automotive production and sales reached 31.28 million and 31.44 million units, respectively, marking year-on-year growth of 3.7% and 4.5%, with a strong performance in the passenger vehicle segment and a significant increase in new energy vehicles (NEVs) [3][9]. - The report highlights that NEVs surpassed 10 million units in production and sales for the first time, accounting for over 40% of total vehicle sales, indicating a shift towards high-quality development in the sector [3][59]. - Despite challenges such as external economic pressures and weak consumer confidence, the automotive market is expected to maintain a stable upward trend in 2025, driven by a series of supportive policies [4][9]. Summary by Sections Overall Production and Sales - The automotive industry in China has maintained its position as the world's largest market for 16 consecutive years, with production and sales consistently above 30 million units [9][10]. - In December 2024, production and sales reached 3.366 million and 3.489 million units, respectively, showing a month-on-month increase in sales of 5.2% [12]. Passenger Vehicle Production and Sales - Passenger vehicle production and sales for 2024 were 27.477 million and 27.563 million units, reflecting year-on-year growth of 5.2% and 5.8% [26][29]. - The domestic sales of passenger vehicles reached 22.608 million units in 2024, up 3.1% from the previous year, while exports increased significantly to 4.955 million units, a rise of 19.7% [29][33]. Commercial Vehicle Production and Sales - The commercial vehicle market showed weakness in 2024, with production and sales of 3.805 million and 3.873 million units, down 5.8% and 3.9% year-on-year [45][48]. - Exports of commercial vehicles, however, grew to 904,000 units, marking a 17.5% increase [48][79]. New Energy Vehicle Production and Sales - NEVs achieved remarkable growth in 2024, with production and sales reaching 12.886 million and 12.866 million units, representing year-on-year increases of 34.4% and 35.5% [59][65]. - The share of NEVs in total vehicle sales rose to 40.9%, with pure electric vehicles accounting for 60% of NEV sales [59][60]. Export Performance - Total automotive exports reached 5.859 million units in 2024, up 19.3% from the previous year, with passenger vehicle exports contributing significantly to this growth [79][83]. - The report notes that traditional fuel vehicle exports were 4.574 million units, reflecting a 23.5% increase, while NEV exports totaled 1.284 million units, a 6.7% rise [83][86].

Industry Investment Rating - The report highlights the strong commitment of Zhejiang Geely Holding Group to become a benchmark for carbon neutrality in China, with a clear strategic roadmap for achieving this goal [6][27] Core Viewpoints - Geely Holding Group is actively promoting the transformation of the automotive industry towards electrification and intelligence, exploring multiple new energy technology paths such as pure electric, hybrid, plug-in hybrid, green methanol, and battery swapping [7][172] - The company has developed a comprehensive carbon management platform, "Ji Carbon Cloud," which has been successfully applied to 1,669 partner companies in the industrial chain, significantly enhancing carbon management experience sharing [9] - Geely's efforts in carbon neutrality are not limited to its own operations but extend to the entire value chain, including suppliers and customers, with a focus on reducing emissions across the lifecycle of its products [169][180] Summary by Relevant Sections Strategic Planning and Implementation - Geely has established a clear carbon neutrality strategy, aiming for full-chain carbon neutrality by 2045, with specific milestones set for 2030 and 2040 [6][27] - The company has implemented a carbon management system across its subsidiaries, with Lotus Technology and Farizon New Energy Commercial Vehicles completing their carbon management system construction in 2023 [16] Technological Innovation and Product Development - Geely is exploring diverse new energy technologies, including green methanol and battery swapping, to drive technological innovation in the Chinese automotive industry [7][172] - The company has achieved significant progress in reducing carbon emissions in its manufacturing processes, with a 53.7% reduction compared to the baseline year 2020 [180] Global Expansion and Market Adaptation - Geely is actively expanding its presence in overseas markets, with a focus on green and sustainable practices, as seen in its collaboration with local governments and partners in Brazil [5][12] - The company has developed region-specific products, such as the T9 EV and T9 PHEV, to meet the unique demands of markets like Latin America, Southeast Asia, and Europe [36] Corporate Governance and Sustainability - Geely has established a robust climate governance framework, with the board of directors overseeing climate-related matters and a dedicated ESG working group responsible for setting and monitoring carbon neutrality goals [147] - The company has integrated sustainability into its supplier evaluation system, with a focus on reducing emissions across the supply chain, achieving a 15.5% reduction in emissions for new energy vehicle suppliers compared to 2020 [169] Public Engagement and Community Impact - Geely is actively engaging the public in its carbon reduction efforts, with initiatives like the Z-Green community, which has attracted over 358,649 participants and achieved a carbon reduction of 111,012 tons of CO2 equivalent [21] - The company is also collaborating with local governments, such as in Ningbo, to promote zero-carbon transportation solutions, contributing to the city's inclusion in the national pilot program for full electrification of public vehicles [9]

Industry Overview - The global automotive industry is undergoing a dual transformation in energy and intelligence, presenting significant opportunities for the Chinese automotive sector to transition from being large to strong [2] - The first half of this transformation focuses on energy transition, where the Chinese automotive industry has gained a competitive edge globally [2] - The second half, centered on intelligence, is becoming increasingly competitive, with software being the key driver for differentiation and innovation in vehicle applications [2] - The complexity of vehicle iteration, software development, and integration verification has significantly increased, leading to high development costs [2] - The adoption of an open software architecture, inspired by modular design principles like LEGO, could enhance development efficiency and product quality [2] Open Software Architecture - The open software architecture is designed to integrate seamlessly with AI large models, promoting a flexible and scalable framework for automotive software development [4] - Key components of the architecture include middleware, operating system foundations, toolchains, and ecosystem development [4] - The architecture aims to address challenges in multi-domain integration, data processing, and AI deployment, providing a unified development view for domain controllers [26] - The middleware layer includes standard middleware for MCUs and SoCs, vehicle basic services, and a unified communication framework for the entire vehicle [26] - The operating system layer focuses on balancing performance, safety, and third-party ecosystem compatibility, with various OS options for different vehicle domains [28] AI Large Models in Automotive Applications - AI large models are revolutionizing automotive software development by enabling data-driven approaches, particularly in autonomous driving and intelligent cockpit systems [13] - In intelligent cockpits, AI models enhance human-machine interaction through natural language processing, personalized recommendations, and driver behavior analysis [31] - In autonomous driving, AI models are used for environment perception, decision-making, and control execution, with end-to-end models offering global optimization and reduced reliance on manual rules [33] - AI models are also being deployed on the edge, reducing dependency on cloud computing and improving real-time performance [24] - Challenges for AI models in automotive applications include high computational resource demands, data processing and storage, and ensuring model stability and reliability [42] Cloud Applications - Cloud-based AI models are being used for vehicle security operations, performance prediction, fault diagnosis, and virtual testing [46] - The Vehicle Security Operation Center (VSOC) leverages AI to enhance threat detection, automated response, and data analysis, improving overall vehicle cybersecurity [47] - AI models in the cloud can predict vehicle performance, optimize energy management, and provide fault diagnosis and predictive maintenance [49] - Virtual testing and validation using AI models can simulate various driving scenarios, reducing the need for physical testing and accelerating development cycles [52] - Challenges in cloud applications include data privacy, model scalability, real-time performance requirements, and cross-platform compatibility [52] Middleware and Toolchains - The middleware layer in the open software architecture supports multi-domain integration, providing services like cross-core collaboration, power management, and health monitoring [54] - Standard middleware for MCUs and SoCs follows AUTOSAR Classic and Adaptive Platform standards, ensuring high performance, reliability, and security [56][60] - The toolchain for open software architecture includes classic tools for MCU and SoC development, as well as efficient development frameworks that support AI integration [29] - The ecosystem for open software architecture focuses on unified interfaces, communication protocols, and development standards, promoting collaboration and innovation across the industry [10]

Investment Rating - The report indicates a positive outlook for the automotive industry, particularly for new energy vehicles, driven by government policies and market demand [2][4]. Core Insights - The automotive market in China is experiencing a rebound due to enhanced government subsidies for vehicle scrappage and replacement, particularly benefiting new energy vehicles [2][4]. - The traditional sales peak season, "Golden September and Silver October," is expected to further stimulate market activity with various auto shows and new product launches [2][4]. - The report highlights a significant increase in both production and sales of new energy vehicles, which accounted for a substantial portion of total vehicle sales [47][40]. Summary by Sections Automotive Production and Sales Growth - In August, automotive production reached 2.492 million units, and sales were 2.453 million units, reflecting a month-on-month increase of 9% and 8.5% respectively, although year-on-year figures showed a decline of 3.2% and 5% [4][7]. - From January to August, total automotive production and sales were 18.674 million and 18.766 million units, with year-on-year growth of 2.5% and 3% [4][7]. Passenger Vehicle Production and Sales Growth - In August, domestic passenger vehicle sales were 1.942 million units, a month-on-month increase of 8.3%, but a year-on-year decline of 10.7% [7][10]. - For the first eight months, domestic passenger vehicle sales totaled 12.992 million units, down 1.6% year-on-year [15][10]. Commercial Vehicle Production and Sales Growth - In August, commercial vehicle production and sales were 271,000 and 272,000 units respectively, with month-on-month increases of 5.7% and 1.4%, but year-on-year declines of 9.8% and 12.2% [26][29]. - From January to August, commercial vehicle production and sales were 2.532 million and 2.608 million units, with production down 0.8% year-on-year and sales up 1.6% [26][29]. New Energy Vehicle Growth - In August, new energy vehicle production and sales reached 1.092 million and 1.1 million units, with year-on-year growth of 29.6% and 30% respectively [37][40]. - For the first eight months, new energy vehicle production and sales were 7.008 million and 7.037 million units, reflecting year-on-year growth of 29% and 30.9% [38][40]. Export Growth - In August, automotive exports reached 511,000 units, a month-on-month increase of 9% and a year-on-year increase of 25.4% [57][63]. - From January to August, total automotive exports were 3.773 million units, showing a year-on-year increase of 28.3% [57][63].

Investment Rating - The report does not explicitly state an investment rating for the automotive industry. Core Insights - The Chinese automotive industry is undergoing a significant green revolution, driven by national "dual carbon" goals, with companies actively developing carbon neutrality strategies and sustainable practices [203][224]. - The industry has seen a continuous increase in production and sales, with 2023 figures showing a total production and sales volume exceeding 30 million vehicles, marking a year-on-year growth of 11.6% and 12% respectively [29][33]. - The report highlights the importance of sustainable supply chains and the integration of ESG (Environmental, Social, and Governance) principles into business operations to enhance competitiveness [93][94]. Summary by Sections Overview of Sustainable Development in the Automotive Industry - The automotive industry in China has expanded significantly over the past decade, becoming a key player in global economic and environmental sustainability [7]. - The government has implemented various supportive policies to foster high-quality growth in the automotive sector, focusing on innovation and sustainability [8][12]. Policy Updates - In 2023, the automotive industry faced challenges such as raw material cost fluctuations and supply chain disruptions but received strong governmental support through tax incentives and green initiatives [8][10]. - New policies have been introduced to promote electric vehicle adoption and enhance charging infrastructure [9][10]. Strengthening ESG Competitiveness - The report emphasizes the need for the automotive industry to implement carbon neutrality and sustainable supply chain practices to enhance ESG competitiveness [5][37]. - Companies are encouraged to adopt innovative technologies and practices to improve resource efficiency and reduce carbon emissions [40][41]. Representative Companies' Sustainable Practices - Guangzhou Automobile Group, Zhejiang Geely Holding Group, and CATL are highlighted for their commitment to sustainability and social responsibility [203][204]. - These companies have established comprehensive ESG management frameworks and are actively engaging in carbon reduction initiatives [213][216]. Market Performance - The report indicates that the automotive market in China is recovering, with passenger vehicle sales showing a positive trend, driven by increased consumer demand [29][32]. - The commercial vehicle market has also rebounded, with significant year-on-year growth in production and sales [32]. Innovation and Technology - The automotive industry is focusing on technological innovation, particularly in electric and intelligent vehicles, to meet the evolving market demands and sustainability goals [75][76]. - Companies are investing in research and development to enhance vehicle efficiency and reduce environmental impact [63][65]. Community Engagement and Social Responsibility - The report outlines various community engagement initiatives undertaken by automotive companies, emphasizing their role in enhancing social welfare and environmental protection [191][196]. - Companies are actively participating in public welfare projects and promoting awareness of environmental issues [167][170]. Conclusion - The Chinese automotive industry is positioned for sustainable growth, with a strong focus on innovation, ESG principles, and community engagement, contributing to both economic and environmental goals [28][224].