汽车行业周报：政策效果逐渐体现，库存压力有所缓解

Investment Rating - The report maintains a positive investment rating for the automotive industry, recommending specific companies for investment [3]. Core Insights - The "old-for-new" policy has intensified, leading to a significant increase in subsidy applications, with over 450,000 applications submitted by August 2, 2024, and an average daily increase of over 10,000 applications from July 25 to August 2 [10][24]. - The inventory pressure in the automotive sector has eased, with the dealer inventory warning index at 59.4% in July 2024, showing a year-on-year increase of 1.6 percentage points but a month-on-month decrease of 2.9 percentage points [10][11]. - The sales growth of new energy vehicles (NEVs) in the price ranges of 250,000-300,000 yuan and 300,000-350,000 yuan has been remarkable, with year-on-year growth rates of 110.5% and 43.8%, respectively, surpassing the market average [10][11]. Summary by Sections Weekly Update - The "old-for-new" policy is showing clear effects on consumer demand, with expectations for continued growth in subsidy applications [10]. - The automotive industry is experiencing a seasonal downturn, yet the demand remains strong due to policy support [10]. Market Review - The automotive sector's performance was ranked 26th among 30 industries, with a weekly decline of 3.19% [11][17]. - The sub-sectors of motorcycles, parts, passenger vehicles, sales and services, and commercial vehicles experienced varying declines, with commercial vehicles seeing the largest drop at 5.94% [11][17]. Investment Recommendations - Recommended companies for investment include GAC Group, BYD, Changan Automobile, and Great Wall Motors for complete vehicles, and Huayu Automotive, Bertel, Desay SV, and others for intelligent components [11][24]. Industry News - The report highlights significant product launches and market expansions, including the launch of the Extreme X model in Singapore and the introduction of BYD's 2025 models [24][26][27].