汽车行业周报：小米SU7 Ultra上市，关注产业链机会

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2] Core Viewpoints - The launch of Xiaomi SU7 Ultra at a significantly reduced price of 529,900 RMB, down from the pre-sale price of 814,900 RMB, is expected to drive substantial growth in the supply chain [5][11] - The SU7 Ultra has received over 15,000 pre-orders within a day, indicating strong market demand and a projected delivery volume that will exceed the initial estimate of 10,000 units for 2025 [5][11] - The report highlights advancements in intelligent driving technology, with notable updates from Tesla and Chery, indicating a competitive landscape in the smart driving segment [12][13] Industry Dynamics - Industry News: Significant progress in FSD (Full Self-Driving) technology in China, with software updates starting from February 25 [12] - New Models: The report lists several new vehicle launches, including the Xiaomi SU7 Ultra, which is a fully electric sedan [31] - Company Announcements: Changan Automobile's subsidiary Avita Technology has completed a significant equity purchase from Huawei, indicating strategic partnerships in the industry [33] Market Performance - The automotive sector underperformed the broader market, with a decline of 2.72% from February 24 to February 28, 2025, compared to a 2.22% drop in the CSI 300 index [34][41] - The report notes a decrease in the price-to-earnings (PE) ratio for the automotive sector, which stood at 28.1 times as of February 28, 2025 [41] Data Tracking - Monthly Data: In January 2025, retail sales of passenger vehicles reached 1.794 million units, a year-on-year decrease of 12.01% [44][52] - New Energy Vehicles: Retail sales of new energy passenger vehicles were 744,000 units in January, with a penetration rate of 41.5%, reflecting a year-on-year increase of 8.73 percentage points [52][57] - Intelligent Driving Penetration: The penetration rate for vehicles equipped with L2.5 and above intelligent driving systems reached a historical high of 14.39% in December 2024 [59]