汽车行业年度策略：拥抱智能化行业变革，把握全球化发展机遇

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [2][22]. Core Insights - The automotive industry is experiencing a transformation driven by smart technology and globalization opportunities [2]. - The domestic sales of passenger vehicles have shown positive growth due to the "old-for-new" policy, with a notable increase in exports [4][5]. - The market share of new energy vehicles (NEVs) has reached 39.6%, with a significant rise in the market share of domestic brands [4][5]. Summary by Sections 1. Industry Review - The "old-for-new" policy has stimulated domestic demand, leading to a 3.7% year-on-year increase in passenger vehicle sales for the first ten months of 2024, with domestic sales at 17.33 million units [4][64]. - In October 2024, domestic passenger vehicle sales reached 2.251 million units, marking a year-on-year growth of 11.4% [4][62]. - Exports of passenger vehicles totaled 4.1 million units in 2024, reflecting a 24% increase year-on-year, with strong performance from fuel vehicles [4][64]. - The market for NEVs is trending towards higher-end models, with the market share of domestic brands rising to 64.6% [4][73]. 2. Industry Outlook - Global penetration of new energy vehicles is expected to slow, with hybrid vehicles (HEV/PHEV) potentially becoming mainstream [5][112]. - The "old-for-new" policy is anticipated to continue supporting industry growth, with a projected 4% increase in wholesale passenger vehicle sales in 2024 [5][114]. - The report highlights the acceleration of smart driving technology, with expectations for urban NOA (Navigation on Autopilot) to penetrate lower-priced models by 2025 [6][105]. 3. Investment Recommendations - The report recommends investing in domestic brands such as Changan Automobile and JAC Motors, with a focus on BYD [7]. - For commercial vehicles, it suggests Yutong Bus and China National Heavy Duty Truck Group, while also highlighting opportunities in smart component companies like Top Group and Baolong Technology [7].