汽车行业月报：7月新能源车渗透率升至51.1%；8月新车上市潮有望提振销量

Industry Rating - The automotive industry is rated as "Leading" [1] Core Insights - In July, the penetration rate of new energy vehicles (NEVs) rose to 51.1%, and the upcoming new car launch wave in August is expected to boost sales [1][2] - Retail sales of passenger vehicles in July slightly decreased year-on-year, while the market share of domestic brands continued to increase [1] - The retail sales of NEVs reached 878,000 units in July, marking a year-on-year increase of 36.9% [1] Summary by Sections Sales Performance - In July, retail sales of passenger vehicles totaled 1.72 million units, a year-on-year decrease of 2.8% [1] - Cumulative retail sales from January to July reached 11.56 million units, reflecting a year-on-year increase of 2.3% [1] - Domestic brands sold 1.06 million units in July, with a year-on-year increase of 13% and a market share increase of 8.5 percentage points to 61.8% [1] New Energy Vehicle Insights - The penetration rate of NEVs in July was 51.1%, with retail sales of 878,000 units, a month-on-month increase of 2.8% [1] - Cumulative NEV sales from January to July reached 4.988 million units, a year-on-year increase of 33.7% [1] - In July, domestic brands achieved a NEV penetration rate of 73.9%, while luxury and joint venture brands had rates of 27% and 8.3%, respectively [1] Export Performance - In July, total passenger vehicle exports reached 376,000 units, a year-on-year increase of 20% [1] - NEV exports increased by 18.2% month-on-month to 92,000 units, accounting for 24.5% of total passenger vehicle exports [1] - Cumulative exports from January to July reached 2.619 million units, reflecting a year-on-year increase of 31% [1] Investment Recommendations - The report suggests focusing on quality stocks in the passenger vehicle sector, including BYD (1211 HK), Li Auto (2015 HK), and NIO (9866 HK) [2]