汽车行业周观点：1月第2周乘用车同比-9.5%，继续看好汽车板块

Investment Rating - The report maintains a positive outlook on the automotive sector despite a year-on-year decline of 9.5% in passenger car sales for the second week of January 2025 [1][3]. Core Insights - The automotive sector is expected to benefit from a significant increase in electric vehicle penetration, projected to reach 50%-80% over the next three years, marking a pivotal year for automotive intelligence and electrification [5][35]. - Key stocks recommended for January include Yutong Bus and SAIC Motor, with Yutong highlighted for its low valuation and high dividend yield [5][35]. - The report anticipates a total retail sales volume of 23.73 million units for 2025, representing a year-on-year growth of 4.7% [35]. Weekly Sector Review - The automotive sector ranked 8th in A-shares and 3rd in Hong Kong stocks for the week, with the SW commercial vehicle index showing the best performance at +6.7% [8][12]. - The SW automotive index increased by 4.6%, with notable gains in covered stocks such as Changhua Group and Xpeng Motors [3][17]. Industry Trends - Significant developments include the establishment of a research center by Li Auto in Germany and strong profit forecasts from Great Wall Motors and Leap Motor for 2024 [5][41]. - The report emphasizes the importance of embracing AI and robotics in the automotive sector, predicting a strong performance for companies focusing on these technologies [5][35]. Company-Specific Updates - Li Auto's new R&D center will focus on design, power semiconductors, and intelligent chassis [5][41]. - Great Wall Motors expects a net profit of 12.4 to 13 billion yuan for 2024, reflecting a year-on-year increase of 76.6% to 85.1% [5][41]. - Leap Motor anticipates a revenue of at least 11.8 billion yuan for Q4 2024, with a significant year-on-year growth of 123.5% [5][41].