汽车行业周报：华为L3级将逐步开启商用化，尚界有望Q4上市

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of February 23, 2025 [1]. Core Insights - The automotive market is entering a recovery phase post-Chinese New Year, driven by policy incentives and natural demand recovery. The wholesale volume of passenger cars from February 1-16 reached 588,000 units, a year-on-year increase of 65% but a month-on-month decrease of 40%. Cumulatively, 2.68 million units have been sold this year, reflecting a 9% year-on-year growth [6][39]. - The report highlights significant growth in the new energy vehicle (NEV) sector, with wholesale volumes reaching 258,000 units from February 1-16, marking a 109% year-on-year increase despite a 34% month-on-month decline. Cumulative sales for NEVs this year stand at 1.147 million units, up 39% year-on-year [6][39]. - The report emphasizes the commercial rollout of L3 autonomous driving technology by Huawei, which is expected to enhance the penetration of mid-to-high-level intelligent driving systems [6][40]. Summary by Sections Passenger Vehicles - The report notes that the passenger car market is positively influenced by early policy implementation and natural recovery post-holiday. Key stocks to watch include BYD, Geely, and Xpeng [6][39]. New Energy Vehicles - The NEV sector is projected to continue its growth trajectory due to ongoing policy support, with key stocks including BYD, Geely, and Huayu Automotive [6][39]. Intelligent Vehicles - The report identifies opportunities in the intelligent vehicle sector, particularly with the commercial launch of L3 autonomous driving. Key companies include BYD, Geely, and SAIC Motor [6][40]. Heavy Trucks - The heavy truck market is facing challenges with January sales down 26% year-on-year, but the report suggests potential recovery driven by policy incentives for older vehicles. Recommended stocks include Weichai Power and China National Heavy Duty Truck [6][41].