一季度全球新能源车销量突破400万辆，汽车ETF（516110）涨超2%

Core Viewpoint - The global sales of new energy vehicles (NEVs), including battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hydrogen fuel cell vehicles, are projected to reach 4.02 million units in Q1 2025, representing a 39% year-on-year growth [1][4]. Fundamental Analysis - Global NEV sales are expected to account for 18.4% of total automotive sales in Q1 2025, driven by favorable policies such as vehicle trade-in programs [4]. - In April, the retail sales of NEVs in China reached 905,000 units, showing a year-on-year increase of 33.9% and a penetration rate of 51.5% [4]. - Domestic NEV penetration rates for independent brands reached 72.8%, while luxury and joint venture brands had penetration rates of 23.5% and 6.8%, respectively [4]. Technical Analysis - The trend of smart technology is identified as a key driver for the upward cycle of NEVs, with over 20 automakers integrating advanced AI models into their vehicles [5]. - The penetration rate of L2-level assisted driving features in new vehicles is projected to reach 57.3% by 2024, indicating a growing adoption of smart driving technologies [5]. - The automotive parts sector is expected to see differentiated revenue and profit growth, particularly in the smart driving supply chain, with L2.5 and above smart driving models anticipated to enter a rapid growth phase by 2025 [5]. Financial Analysis - Public funds have significantly increased their holdings in the automotive sector, with the automotive industry being the most heavily weighted sector in Q1 2025 [7]. - The current allocation of funds in the automotive sector is at a historical high, indicating strong institutional confidence in the long-term fundamentals of the industry [7]. Market Outlook - The long-term outlook for the automotive sector remains positive, particularly in the areas of smart driving and smart cockpit technologies [9]. - The mid-term indicators suggest an improving fundamental trend in the automotive industry, supported by increased allocations from public funds [9].