国金证券：传统燃油向新能源过渡，关注品牌溢价&设计溢价两大主线

Core Insights - The luxury fuel vehicle market has a premium-seeking nature, characterized by brand premium, design premium, and technology premium [1] - In the era of new energy, competition in the luxury vehicle market is shifting, with a reduction in the importance of technology attributes and some brands still in the establishment phase; the core focus remains on brand and design [1] - The high-end market's domestic replacement is less affected by market price wars, as the competitive landscape is determined by brand strength; currently, there is a coexistence of incremental demand and domestic replacement, with the luxury vehicle market in the new energy era primarily driven by brand premium and design premium [1]