汽车行业周报：年末乘用车市场维持高景气，蔚来发布全新品牌firefly萤火虫

Investment Rating - The industry investment rating is "Neutral" indicating that the industry index is expected to fluctuate within -10% to 10% relative to the CSI 300 index over the next six months [97]. Core Insights - NIO has officially launched the ET9, a smart electric flagship model priced at 788,000 yuan, featuring advanced perception hardware and a fully controlled intelligent chassis. Additionally, NIO introduced a new brand, Firefly, targeting the high-end small car market with a pre-sale price of 148,800 yuan for its first model [4][86]. - Geely's new model, Galaxy Starship 7 EM-i, has achieved over 10,000 deliveries within 13 days of its launch, with a significant monthly sales increase of 121% in November [11][62]. - The retail sales of passenger cars in December are expected to grow by 15% year-on-year, supported by the continuation of trade-in policies and increased local subsidies [49][55]. Summary by Sections 1. Investment Highlights - NIO's new brand Firefly aims to expand into the high-end small car market, with a product matrix targeting various price segments [4][86]. - Geely's Galaxy Starship 7 EM-i has shown strong market performance, indicating a shift towards electric vehicles [11][62]. 2. Industry Data Tracking - According to the China Passenger Car Association, retail sales of passenger cars reached 1.083 million units in the first half of December, a year-on-year increase of 34% [14][55]. - The retail sales of new energy vehicles during the same period reached 536,000 units, reflecting a 71% year-on-year growth [14][55]. 3. Market Performance - The automotive sector overall saw a decline of 1.05% this week, with specific segments such as passenger vehicles and commercial vehicles experiencing varied performance [87]. - The automotive parts sector showed mixed results, with some sub-segments like body accessories and chassis systems facing declines [87]. 4. New Model Tracking - New models launched include Chery's iCAR V23 and other vehicles, indicating ongoing innovation in the market [92]. - The introduction of new models is expected to drive sales growth, particularly in the electric vehicle segment [50][62]. 5. Industry Dynamics - The competitive landscape in the automotive industry is intensifying, with companies focusing on innovation and market expansion [20][78]. - The establishment of new manufacturing facilities, such as Yutong's electric commercial vehicle factory in Qatar, highlights the industry's growth and international expansion efforts [95].