汽车与零部件行业周报：以旧换新政策落地，广汽华为合作取得新进展

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The implementation of the "old-for-new" policy is expected to drive sales growth in the automotive market, with unified replacement subsidy standards and an expanded scope for scrapping and updating subsidies [3] - GAC Group and Huawei are collaborating to establish a project company with an investment of 1.5 billion yuan, aiming to develop a new intelligent automotive brand and a series of smart new models [4] - The wholesale volume of passenger vehicles showed a year-on-year decrease of 4% for the last week of December, while the total for the month increased by 13% year-on-year [3] Market Review - The automotive sector rose by 1.31%, with the best-performing sub-sector being automotive parts, which increased by 3.01% [2] - The top five companies in terms of stock price increase were Zhaomin Technology (+39.00%), Jun Chuang Technology (+34.31%), Shuanglin Co. (+29.43%), Feilong Co. (+25.36%), and Beite Technology (+23.67%) [2] - The top five companies with the largest stock price declines were Disenli (-20.20%), Tongda Electric (-19.98%), Dae Oriental (-15.21%), Chuanhuan Technology (-13.50%), and Shentong Technology (-11.54%) [2] Sales Data - For the period of December 23-31, the wholesale volume was 1.294 million units, down 4% year-on-year and down 3% month-on-month [3] - For the entire month of December, the wholesale volume was 3.064 million units, up 13% year-on-year [3] - In the same period, the wholesale volume of new energy passenger vehicles was 587,000 units, up 12% year-on-year and up 12% month-on-month [3] Investment Recommendations - Recommended companies in the automotive sector include BYD, Great Wall Motors, Changan Automobile, China National Heavy Duty Truck Group A, Yutong Bus, and Weichai Power [9] - Recommended companies in the automotive parts sector include Yinlun Co., Bertley, Baolong Technology, Longsheng Technology, Yunyi Electric, Zhejiang Xiantong, Haoneng Co., Lingyun Co., Shentong Technology, and Bojun Technology [9]