汽车行业周报：2025年汽车以旧换新政策出台，全球自动驾驶峰会举行

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of January 19, 2025 [1]. Core Insights - The introduction of the 2025 vehicle trade-in policy is expected to expand the scope of vehicle scrappage subsidies, including vehicles meeting the National IV emission standards. The policy sets a maximum subsidy of 15,000 yuan for purchasing new energy vehicles and 13,000 yuan for fuel vehicles [5]. - The fourth Global Autonomous Driving Summit held in Beijing discussed cutting-edge technologies in the autonomous driving sector, indicating a new wave of innovation in the industry [5]. - The report highlights investment opportunities arising from the new vehicle cycle starting in 2025, the continuation of the trade-in policy, and advancements in smart vehicle technology [5]. Summary by Sections Market Overview - The SW automotive sector rose by 4.6% last week, outperforming the Shanghai and Shenzhen 300 index, which increased by 2.1% [9]. - As of January 17, 2025, the automotive industry's price-to-earnings (P/E) ratio (TTM) was 24, reflecting a 3.9% increase from the previous week [14]. Investment Recommendations - Key stocks to watch include BYD (002594), Geely Automobile (0175.HK), SAIC Motor (600104), Changan Automobile (000625), and GAC Group (601238) for passenger vehicles [5]. - For new energy vehicles, recommended stocks include BYD (002594), Geely Automobile (0175.HK), Huayu Automotive (600741), and others, as the trade-in policy is expected to boost sales [5]. - In the smart vehicle sector, companies like Huawei's supply chain, Tesla's supply chain, and Xiaomi's supply chain are highlighted for potential growth opportunities [5]. Sales Data - In 2024, the retail sales of passenger vehicles were 533,000 units, a year-on-year decrease of 21%, while wholesale sales increased by 14% to 689,000 units [5]. - New energy vehicle retail sales reached 206,000 units, marking an 8% year-on-year increase, with wholesale sales at 261,000 units, a 45% increase [5]. Key Developments - The report notes significant developments in the heavy truck sector, with December 2024 heavy truck sales reaching 84,200 units, a 62% year-on-year increase, attributed to the new scrappage subsidy policy [5]. - The report also mentions the implementation of a new national standard for vehicle network security starting April 1, 2025, which aims to enhance the safety of connected vehicles [39].