汽车行业专题研究报告：受多孩政策推动，大空间车型有望放量

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, reflecting a positive outlook on the sector driven by the three-child policy and increasing demand for spacious family vehicles [2][3]. Core Insights - The three-child policy in China is expected to boost the demand for large space SUVs and MPVs, as these vehicles cater well to the needs of multi-child families. The report highlights that the number of multi-child households is likely to continue increasing due to ongoing supportive measures [3][9]. - The report identifies key automotive companies that are expected to benefit from this trend, including Jianghuai Automobile, Li Auto, BYD, and Great Wall Motors, with additional mentions of companies like Seres, Xpeng Motors, and Geely as beneficiaries [3][9]. Summary by Sections Investment Recommendations - The report emphasizes that the demand for large family vehicles is set to accelerate, supported by the government's three-child policy and associated benefits. It suggests that brands like Huawei, Li Auto, and others are launching or have launched competitive models that will likely see increased sales [9][10]. Three-Child Policy Impact - The report discusses the gradual implementation of the three-child policy and its implications for the automotive market. It notes that since the introduction of the two-child policy, the sales and market share of SUVs have significantly increased, with SUV sales reaching 9.44 million units in 2020, accounting for 47% of total passenger vehicle sales, up from 17% in 2013 [3][11][13]. - The report also highlights that the proportion of families with three or more children has risen to 15% in 2022, an increase of 3.9 percentage points from 2020, indicating a growing market for larger vehicles [3][9]. Supply Side Dynamics - The report points out that domestic and new energy vehicle manufacturers are ramping up the supply of large space SUVs and MPVs, which are expected to meet the rising demand from multi-child families. The report lists several brands that are actively expanding their product offerings in this segment [3][9][10].