7月新能源汽车表现亮眼 | 投研报告

Core Viewpoint - The automotive market in China is showing positive trends with increasing sales and a strong demand for new energy vehicles, supported by various stimulus policies [1][2]. Overall Sales - In July 2025, total automotive sales reached 2.593 million units, representing a year-on-year increase of 14.7%. Cumulatively, from January to July 2025, sales amounted to 18.269 million units, up 12% year-on-year [2]. Inventory Situation - The comprehensive inventory coefficient for automotive dealers in July was 1.4, a decrease of 10% year-on-year and 4.9% month-on-month. The inventory warning index stood at 57.2, down 2.2 year-on-year but up 0.6 month-on-month [2]. New Energy Vehicles - In July, new energy vehicle sales reached 1.262 million units, a year-on-year growth of 27.4%, with a penetration rate of 48.7%. From January to July 2025, new energy vehicle sales totaled 8.22 million units, marking a 38.5% year-on-year increase and a penetration rate of 45.0% [2]. Investment Strategy and Focus - The automotive sector should focus on undervalued leading companies in vehicle manufacturing and parts due to performance improvements. Key areas of interest include early movers in the new energy sector such as BYD, Changan Automobile, Geely, and Li Auto, as well as stable low-valuation parts leaders like Huayu Automotive and Fuyao Glass [3]. Key Focus Stocks - The recommended focus stocks for the week include BYD, Li Auto, Top Group, Desay SV, and Shangsheng Electronics [4]. Market Review - The automotive sector experienced a weekly increase of 3.08%, ranking 9th among 31 sectors tracked by Shenwan [5]. Performance Against Indices - The automotive industry outperformed the CSI 300 index this week, with the Shanghai Composite Index, CSI 300, Shenzhen Component Index, and ChiNext Index showing respective changes of 1.70%, 2.37%, 4.55%, and 8.58% [6].