汽车行业1月数据点评：新能源出口高增，智驾驱动结构性机会

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The report highlights significant growth in new energy vehicle (NEV) exports, with a year-on-year increase of 49.6% in January, indicating a strong upward trend in this segment [3] - The domestic market shows a continued rise in the proportion of NEVs, which accounted for 40.6% of total vehicle sales in January, up 9.1% from the same period last year [2] - The report emphasizes that intelligent driving technology is becoming a key competitive factor for automakers, with companies like BYD and Tesla leading advancements in this area [4] Summary by Sections Domestic Market Performance - In January, domestic vehicle sales reached 1.953 million units, a slight decline of 2.1% year-on-year, while traditional fuel vehicle sales fell by 15.1% to 1.16 million units [2] - NEV sales in the domestic market were 793,000 units, marking a 26.2% increase year-on-year, with pure electric vehicles making up 57.8% of NEV sales [2] Export Performance - Total vehicle exports in January were 470,000 units, a year-on-year increase of 6.1%, with NEV exports reaching 150,000 units, up 49.6% [3] - BYD's export volume increased significantly by 91.5% year-on-year, reaching 70,000 units, showcasing its strong position in the global market [3] Investment Strategy - The report suggests that the trend towards hybrid vehicles will continue, with internal combustion engines remaining relevant in hybrid forms [4] - Key beneficiaries in the supply chain include companies like Kehua Holdings, New Coordinates, and Zhongyuan Neipei, which are positioned to capitalize on the growth in the automotive sector [4]