Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Viewpoints - The automotive sector is expected to see an upward trend in fundamentals supported by policies, with a recommendation to increase allocation in automotive stocks [6][16] - The implementation of trade-in policies has shown significant stimulating effects, and the retail sales of various brands are expected to rise due to new car launches and a low base from the previous year [6][16] - The report suggests that the automotive sector's volume and price are both showing marginal improvements, indicating a positive outlook for automotive demand in the coming year [6][16] Summary by Sections Current Dynamics - The Tank 500 Hi4-Z model was launched on January 1, 2025, priced at 363,800 yuan, featuring a dual-motor plug-in hybrid system with a total power of 645 kW and a torque of 1195 N·m, achieving 0-100 km/h in just 4 seconds [4][14][45] - In December 2024, BYD delivered 514,809 vehicles, a year-on-year increase of 41.3%, while Li Auto delivered 58,513 vehicles, up 16.2% year-on-year [5][15] - The report anticipates continued growth in sales for 2025 as major automakers focus on overseas markets and government policies remain supportive [5][15] Sector Performance and Valuation - The automotive sector underperformed the market from December 30, 2024, to January 3, 2025, with a decline of 7.4%, compared to the Shanghai Composite Index's drop of 5.6% [3][18] - The PE-TTM for the automotive sector is reported at 27.9, with historical valuation percentiles indicating a relatively high valuation for passenger vehicles at 81.7% [3][25] Recommendations - Recommended stocks in the automotive sector include BYD, Great Wall Motors, Changan Automobile, and Li Auto, while component stocks recommended are Fuyao Glass, Top Group, and Silver Wheel [6][16]
汽车行业周动态：坦克500 Hi4-Z元旦上市，新势力等各大车企发布12月销量
INDUSTRIAL SECURITIES·2025-01-09 02:02