中信证券：汽车行业走出内卷曙光已现 重点推荐华为智选主机厂等

Group 1 - The core viewpoint of the articles indicates that the 2024 automotive consumption stimulus policies will be significantly stronger, with per vehicle discounts increasing to 9%, compared to previous rates of 5% and 2.5% [1] - The policy leverage multiplier has stabilized around 3.0, showing a marginal decrease, and market feedback is becoming increasingly proactive [1] - The upcoming vehicle trade-in policies in the second half of 2024 are expected to effectively support sales, with a high likelihood of continuation and potential for additional diverse stimulus measures [1] Group 2 - Under neutral expectations, passenger car sales are projected to reach 29.24 million units in 2025, reflecting a year-on-year increase of 6.4%, indicating a positive outlook for the industry [2] - The industry is showing signs of emerging from intense competition, with a focus on recommending segments such as mainstream market models, high-end and ultra-high-end models from Huawei's selected manufacturers, and undervalued stocks experiencing a turnaround [2]