汽车：7月乘用车销量环比微降，出口延续增长态势

Investment Rating - The report maintains an "Outperform" rating for the automotive industry, indicating a positive outlook compared to the broader market [2]. Core Insights - In July, the wholesale sales of passenger vehicles in China reached 1.965 million units, reflecting a year-on-year decline of 4.9% and a month-on-month decline of 9.4%. Retail sales were 1.720 million units, down 2.8% year-on-year and 2.6% month-on-month. The external economic environment has shown increased uncertainty, and internal demand remains relatively weak [5][6]. - The "old-for-new" vehicle replacement policy is gradually taking effect, with the new energy vehicle (NEV) subsidy increasing to 20,000 yuan, leading to a NEV penetration rate exceeding 50% in July. Cumulatively, retail sales for the year reached 11.556 million units, a year-on-year increase of 2.3% [5][6]. - Exports of vehicles continued to show strong growth, with July exports reaching 553,000 units, a year-on-year increase of 26% and a month-on-month increase of 14% [5]. Summary by Sections Passenger Vehicle Sales - In July, the wholesale volume of passenger vehicles was 1.965 million units, down 4.9% year-on-year and 9.4% month-on-month. Retail sales were 1.720 million units, down 2.8% year-on-year and 2.6% month-on-month [5][6]. New Energy Vehicles - July saw NEV wholesale sales of 945,000 units, with a penetration rate of 48.1%. Year-to-date, NEV wholesale sales reached 5.562 million units, a year-on-year increase of 29.8% [6]. - Exports of NEVs in July were 92,000 units, a year-on-year increase of 1.3% [6]. Market Share and Performance - Domestic brands accounted for 57% of retail sales in the first seven months of 2024, a year-on-year increase of 7.2 percentage points. In July, domestic brands sold 1.06 million units, up 13% year-on-year [6]. - The report suggests focusing on companies such as BYD, Great Wall Motors, and Li Auto, among others, for potential investment opportunities [6].