智通财经网·2025-09-19 01:29Core Viewpoint - The report from China Galaxy Securities highlights that during the "14th Five-Year Plan" period, the automotive industry is expected to benefit from policies supporting domestic demand and the acceleration of new productivity development, particularly through technological innovations and global supply chain layouts [1][2]. Group 1: Automotive Industry Contribution - The automotive industry has become a significant contributor to GDP, with the industrial output of key automotive enterprises projected to grow from 2.51 trillion yuan in 2013 to 4.45 trillion yuan by 2024, maintaining a GDP contribution of over 3% [1]. - The automotive sector is a stabilizer for the job market due to its long industrial chain and high correlation with other sectors, providing numerous employment opportunities [1]. Group 2: New Energy Vehicle (NEV) Development - During the "14th Five-Year Plan," NEV policies evolved from direct subsidies to diversified support, including tax incentives and market regulations, leading to a projected NEV sales volume of 12.87 million units in 2024, a 35.5% year-on-year increase, with a penetration rate of 40.93% [2]. - Domestic brands have gained significant market share, with NEV sales expected to reach 17.96 million units in 2024, a 23.5% increase, resulting in a cumulative market share of 61%, up by 8.6 percentage points from the previous year [2]. Group 3: Global Expansion and Export Growth - The Chinese automotive industry has become the world's largest automobile exporter, with exports projected to reach 6.41 million units in 2024, reflecting a five-year compound annual growth rate (CAGR) of 45.15% [2]. - The export structure is shifting towards new energy vehicles, which are expected to account for 35.76% of total exports in 2024, with significant growth in markets such as Europe, Southeast Asia, and Latin America [2]. Group 4: Future Trends in Automotive Technology - The integration of artificial intelligence (AI) is transforming the automotive industry, with smart driving and smart cockpit technologies expected to enhance vehicle performance and user experience [3]. - The development of embodied intelligence and low-altitude economy is anticipated to create new growth opportunities, with the global market for urban air mobility projected to exceed one trillion dollars by 2040 [3]. Group 5: Strategic Recommendations - The focus should be on four main lines: 1) Policy-driven domestic demand, with an emphasis on high-end models to avoid price wars [6] 2) Further penetration of electrification and intelligence into mid-range vehicles [6] 3) Global expansion opportunities, particularly in Europe and emerging markets [6] 4) New productivity layouts, including humanoid robots and low-altitude economy [6].