【财经分析】龙头降价刺激汽车股大跌，车企“价格博弈”还会持续吗？

Core Viewpoint - The automotive stocks in both A-shares and Hong Kong stocks experienced a significant decline, with BYD's stock dropping nearly 6% in A-shares and nearly 9% in Hong Kong, amidst a competitive market environment and a recent promotional campaign by BYD [1][2]. Group 1: Market Performance - A-shares automotive stocks, including BYD, Seres, Zotye Auto, BAIC Blue Valley, and Great Wall Motors, all saw declines, with BYD falling nearly 6% [1]. - In Hong Kong, BYD's stock opened lower and closed down nearly 9%, while other automotive stocks like Geely Auto and Li Auto also experienced significant drops [1]. - The overall market sentiment reflects intense competition in the automotive sector, particularly in the new energy vehicle segment [1][6]. Group 2: Promotional Activities - BYD launched a limited-time promotional campaign involving 22 models from its Dynasty and Ocean series, offering discounts of up to 53,000 RMB [2][4]. - The promotional activities are part of BYD's strategy to boost sales amid increasing inventory levels in the new energy vehicle market [6][8]. - Previous promotional efforts included a similar campaign in March, indicating a trend of ongoing price adjustments to stimulate demand [4]. Group 3: Industry Insights - The Secretary-General of the Passenger Car Association noted that the price competition in the automotive industry is expected to continue, driven by rising inventory levels and market dynamics [6][9]. - Data indicates that as of April 2025, the national passenger car inventory reached 3.5 million units, reflecting a significant increase compared to the previous year [8]. - The first quarter of 2025 saw a 12.9% year-on-year increase in national car sales, attributed to policies like "trade-in for new" [8][11]. Group 4: Future Outlook - Analysts predict that the automotive market will remain competitive in the second half of 2025, but the likelihood of a low-level "involution" is minimal, with companies expected to enhance product competitiveness through diversification [9][12]. - The automotive sector is anticipated to maintain growth supported by government policies aimed at boosting domestic demand, despite potential fluctuations in sales growth rates [11][12].