汽车行业周报：2024年汽车以旧换新中新能源汽车比例超过60%

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][6]. Core Insights - In December 2024, the retail sales of passenger vehicles reached approximately 2.622 million units, representing a year-on-year increase of 11% and a month-on-month increase of 9% [12][33]. - The report highlights that the proportion of new energy vehicles in the automotive replacement program exceeded 60% in 2024 [3][39]. - The report suggests that domestic automotive consumption demand is expected to grow steadily under supportive policies [12]. Summary by Sections Market Review - The automotive sector rose by 1.31% from January 6 to January 10, 2025, outperforming the overall A-share market [14][18]. - Among sub-sectors, automotive parts saw the largest increase of 3.01%, while passenger vehicles experienced a decline of 1.47% [14][18]. Core Data - Total automotive sales in November 2024 were approximately 3.316 million units, with a month-on-month increase of 8.6% and a year-on-year increase of 11.7% [21][22]. - BYD, Chery, and Geely were the top three automakers in December 2024, with retail sales of approximately 403,000, 199,000, and 186,000 units, respectively [2][3]. - The price of battery-grade lithium carbonate was approximately 75,700 CNY per ton as of January 10, 2025, reflecting a 1% change from January 3, 2025 [4][36]. Industry News and Company Announcements - Geely aims to produce and sell 2.71 million vehicles in 2025, with 1.5 million being new energy vehicles [3][39]. - The Ministry of Commerce reported that the proportion of new energy vehicles in the automotive replacement program exceeded 60% in 2024 [3][39]. Investment Recommendations - The report recommends focusing on vehicle manufacturers that lead in intelligence and technology cycles, such as Xpeng Motors, BYD, Xiaomi Group, and Leap Motor [4][12]. - For the parts sector, it suggests prioritizing companies involved in electric and intelligent growth, such as Huguang Co., Wuxi Zhenhua, Bojun Technology, Kebo Da, and Baolong Technology [4][12].