乘用车行业深度报告：12月需求创新高，2025年智驾迎拐点、比亚迪发力

Investment Rating - The report maintains a "Positive" investment rating for the industry [26] Core Insights - The December automotive market is expected to see significant growth driven by the effects of the vehicle replacement policy, with both new energy and fuel vehicles projected to increase in sales [6][7] - The penetration rate of new energy vehicles is anticipated to reach 51.9% in December, with a year-on-year growth of 48.1% [7] - The report highlights that the smart driving sector is poised for rapid advancement, with companies like BYD expected to lead the charge in promoting "smart driving equality" [26][32] Summary by Sections 1. December Observations - The automotive market is experiencing a surge in sales due to the vehicle replacement policy and high demand for new models, with retail electric vehicle penetration expected to hit 52% [6][26] - The replacement policy has led to a significant increase in vehicle scrapping applications, with nearly 2.7 million applications by mid-December [6][12] 1.2 BYD's Smart Driving Initiatives - BYD is adopting a dual approach of collaboration and self-research in the smart driving field, aiming to enhance its competitive edge [15][26] - The "Tian Shen Zhi Yan" self-research program has rapidly progressed, with plans to roll out advanced smart driving features across various vehicle segments [20][41] - BYD's scale advantages and commitment to smart driving technology are expected to position it as a key player in the widespread adoption of smart driving solutions [41][42] 2. November Market Conditions - The automotive market in November saw record high retail and wholesale sales, driven by government policies and promotional activities [44][46] - The penetration rate of new energy vehicles reached approximately 49% in wholesale and over 50% in retail for the first time [44][46] - The report notes that the demand for fuel vehicles also increased, with significant growth in sales attributed to local government incentives [7][34] 3. Smart Driving Developments - The report emphasizes the importance of cost reduction in accelerating the penetration of smart driving technologies, with mainstream models expected to adopt these features extensively by 2025 [32][41] - BYD's smart driving capabilities are expected to improve significantly as it integrates advanced algorithms and data from its extensive vehicle fleet [42][43]