汽车汽配：1月乘用车销量同比下降，智驾平价化时代到来

Investment Rating - The report indicates a neutral investment rating for the automotive and auto parts industry, reflecting a cautious outlook on the sector's performance in the near term [2]. Core Insights - January saw a decline in overall passenger car sales, with retail sales dropping by 12.1% year-on-year to 1.794 million units, while wholesale sales decreased by 0.3% to 2.101 million units [2]. - New energy vehicle (NEV) retail sales reached 744,000 units in January, marking a year-on-year increase of 10.5% and a penetration rate of 41.5%, up 9 percentage points from the previous year [2]. - The report highlights the launch of BYD's advanced driving system "Tian Shen Zhi Yan," indicating the arrival of a new era of affordable intelligent driving features in the market [4]. Summary by Sections Passenger Vehicle Sales - January passenger vehicle retail sales were 1.794 million units, down 12.1% year-on-year and 31.9% month-on-month [2]. - NEV retail sales were 744,000 units, with a year-on-year growth of 10.5% and a penetration rate of 41.5% [2]. - Exports of passenger vehicles reached 380,000 units, a year-on-year increase of 3% [2]. Battery Installation and Performance - The total installed capacity of power and energy storage batteries in January was 80.4 GWh, a year-on-year increase of 40.8% [3]. - Power battery sales were 62.9 GWh, with a year-on-year growth of 24.6% [3]. - The average energy capacity of new energy vehicles was 48.5 kWh, showing a month-on-month decrease of 1.9% [3]. Intelligent Driving Technology - BYD's "Tian Shen Zhi Yan" system is segmented into three versions, aiming to integrate intelligent driving features into more affordable vehicle models [4]. - The report anticipates that models priced above 100,000 yuan will increasingly include basic intelligent driving functionalities, intensifying market competition [4].