汽车行业定期报告：比亚迪引领智驾平权，极氪科技集团正式成立

Investment Rating - The industry rating is "Outperform the Market" [7][73]. Core Insights - BYD has announced its entry into the high-level intelligent driving sector with its self-developed system "Tian Shen Zhi Yan," which includes three versions tailored for different vehicle models and market segments. This strategy is expected to disrupt the traditional market structure and increase competition in the mid-to-low-end market [3][11]. - Zeekr Technology Group has been established following the acquisition of Lynk & Co, with a dual-brand strategy aimed at enhancing operational efficiency and product development. The group plans to launch five new models this year, primarily hybrid SUVs, targeting an annual sales goal of 710,000 units, representing a 40% growth rate [12][13]. Market Performance - From February 10 to February 14, the automotive sector rose by 1.2%, matching the performance of the CSI 300 index. Year-to-date, the automotive sector has increased by 9.1%, ranking third among 31 sectors [17][21]. - The sub-sectors of passenger cars, automotive parts, automotive services, and motorcycles saw increases of 3.7%, 0.1%, 0.5%, and 3.7% respectively, while commercial vehicles experienced declines [21][30]. Key Industry Data - For the period of February 1-9, retail sales of passenger cars reached 239,000 units, a year-on-year decrease of 31%, while retail sales of new energy passenger cars increased by 11% to 95,000 units [5][33]. - Wholesale sales of passenger cars were 219,000 units, showing no year-on-year growth, while new energy passenger car wholesale sales grew by 44% to 101,000 units [34][37]. New Vehicle Launches - BYD's new model "Seagull" was launched on February 10, 2025, as part of its ongoing product expansion strategy [66].