民生证券给予比亚迪推荐评级：技术赋能+强化营销构筑高端品牌溢价

Group 1 - The core viewpoint of the report is a recommendation for BYD (002594.SZ) based on its strong performance in high-end vehicle capabilities and brand development [2] - High-end models demonstrate off-road, wading, sand slope, and track capabilities, showcasing the technical value of the vehicles [2] - The leadership change in Tengshi is expected to strengthen the systematic construction of the brand [2] Group 2 - The report emphasizes the reaffirmation of the high-end strategy, driven by technology with three models: Tengshi, Fangchengbao, and Yangwang [2] - Potential risks include lower-than-expected sales in the automotive industry and for new models, as well as the impact of EU tariffs on overseas sales and profits [2]