汽车行业周观点：以旧换新政策保证总量增长，关注年报行情

Investment Rating - The industry rating is "Outperform the Market" [29] Core Viewpoints - The recent "old-for-new" policy is expected to ensure overall growth in the automotive sector, with a focus on annual report trends [2][6] - The automotive sector index rose by 4.6% recently, ranking 8th out of 31 sectors [2] - The report highlights a significant decline in retail sales of passenger vehicles, down 21% year-on-year, while wholesale sales increased by 14% [4] - The report anticipates investment opportunities in the automotive sector post-Spring Festival, driven by the implementation of the "old-for-new" policy and the competitive landscape among domestic brands [5][6] Summary by Sections Recent Market Trends - The automotive sector index has shown a positive trend, with a 4.6% increase [2] - Retail sales of passenger vehicles for the year were 533,000 units, a 21% decrease year-on-year, while wholesale sales reached 689,000 units, a 14% increase [4] Industry Changes - The "old-for-new" policy is entering a phase of deepening and strengthening, as announced by multiple government departments [4] - New product launches and significant events in the automotive sector are expected to be limited in January and February, traditionally a slow season [5] Investment Strategy - The report suggests focusing on annual report trends and potential investment opportunities in the automotive sector, particularly in domestic luxury brands [6] - Key companies to watch include Geely, Seres, Li Auto, BYD, and Great Wall Motors, all of which have strong fundamentals [5] Recommendations - The report recommends a focus on companies with strong brand momentum and competitive advantages, particularly in the context of price wars and market share competition [5]