汽车行业周报：特斯拉FSD入华落地，高阶智驾渗透率提升

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of March 2, 2025 [1]. Core Insights - The automotive market is entering a recovery phase post-Chinese New Year, driven by self-demand recovery and the gradual rollout of vehicle replacement policies. The introduction of Tesla's Full Self-Driving (FSD) in China is expected to enhance the penetration rate of advanced intelligent driving technologies [6][36]. - Investment opportunities are highlighted in the context of the 2025 new vehicle cycle and the continuation of vehicle replacement policies. Key companies to watch include Tesla, Huawei, and Xiaomi, as well as advancements in L3 commercial vehicles and Robotaxi developments [6][36]. Summary by Sections Market Overview - As of February 1-23, 2025, wholesale passenger car sales reached 993,000 units, a year-on-year increase of 60% but a month-on-month decrease of 34%. Cumulative sales for the year stand at 3.094 million units, up 13% year-on-year [6][36]. - New energy vehicle (NEV) wholesale sales for the same period were 517,000 units, reflecting a 128% year-on-year increase but a 19% decrease month-on-month. Year-to-date cumulative sales are 1.406 million units, up 52% year-on-year [6][36]. Key Companies and Recommendations - Major companies in the passenger vehicle sector include BYD (002594), Geely (0175.HK), Xpeng (9868.HK), SAIC Motor (600104), Changan Automobile (000625), and GAC Group (601238) [6][36]. - In the NEV sector, recommended companies include BYD, Geely, Huayu Automotive (600741), and several others involved in the supply chain [6][36]. Intelligent Vehicles - The report emphasizes the impact of Tesla's FSD launch in China, which is expected to boost the domestic market for high-level intelligent driving. Key players in this segment include BYD, Geely, and SAIC, along with various component manufacturers [6][37]. Heavy Trucks - In January 2025, heavy truck sales were 72,000 units, down 26% year-on-year and 14% month-on-month. February sales are projected at around 80,000 units, showing an 11% month-on-month increase and a 34% year-on-year growth [6][38]. - The report suggests monitoring the inclusion of National IV trucks in the vehicle scrappage subsidy program in 2025, which could benefit the heavy truck market. Recommended companies include Weichai Power (2338.HK/000338) and China National Heavy Duty Truck Group (3808.HK/000951) [6][38].