汽车行业专题研究：积极看多，为什么是汽车？

Investment Rating - The report maintains a "Strong Buy" rating for the automotive sector [6][9]. Core Viewpoints - The automotive industry is expected to benefit from multiple favorable policies and a recovering economy, leading to improved fundamentals and low valuations [9][16]. - The sector is positioned as a key driver for economic growth and technological competition, with significant contributions to employment and consumption [19][25]. Summary by Sections Introduction: Multiple Benefits and Strong Outlook for the Automotive Sector - Recent policies from the central bank and regulatory bodies are expected to enhance market sentiment and investor confidence, contributing to a rebound in capital markets [9][14]. - The automotive sector is experiencing a dual boost from both domestic demand and exports, with valuations at a five-year low [9][16]. Automotive as a Core Industry for Economic Development and New Productivity - The automotive industry plays a crucial role in driving consumption and economic recovery, accounting for 10.3% of China's total retail sales in 2023, with a retail value of 4.86 trillion yuan, up 6.2% year-on-year [19][22]. - Employment in the automotive sector has significantly increased, with the workforce growing from 425,000 in 2020 to 1,093,000 in 2024 [22]. Fundamentals: Policy Intensification and Resonance of Domestic Demand and Exports - The implementation of vehicle replacement subsidies has led to a notable increase in vehicle registrations, with August 2024 seeing 193.7 million new registrations, a year-on-year increase of 3.3% [9][37]. - Exports of passenger vehicles reached 3.174 million units from January to August 2024, marking a 29.4% increase year-on-year [9][16]. Investment Recommendations: Beneficiaries in Complete Vehicles and New Components - Recommended companies in the passenger vehicle segment include BYD, Geely, Li Auto, and Xpeng, with a focus on electric vehicle manufacturers [9][37]. - The report highlights a new growth phase for automotive components, suggesting investments in companies like Delian Technology and Fuyao Glass [9][37].