汽车行业周报：问界M8&新M9预售，鸿蒙智行迎来新车周期

Investment Rating - The report maintains an investment rating of "Recommended" for the automotive industry [2]. Core Insights - The launch of the new models, AITO M8 and M9, marks the beginning of a new vehicle cycle for Hongmeng Zhixing, with pre-sale prices set at 478,000 and 368,000 yuan respectively. The pre-sale orders exceeded 18,000 and 36,000 units within 36 hours [5][11]. - The report highlights the potential for multiple blockbuster models to emerge from the new vehicle cycle, driven by strong collaboration between Huawei and SAIC, which may introduce the "Shangjie" brand by Q4 2025 [5][11]. - The automotive sector has shown resilience, with the automotive index outperforming the CSI 300 index by 1.69 percentage points during the week of March 3 to March 7, 2025 [5][37]. Summary by Sections Industry Dynamics - Geely has launched the "Qianli Haohan" advanced driving system, enhancing its position in AI-driven automotive technology [12]. - WeRide has initiated the first public road autonomous driving service in Europe, deploying L4 autonomous minibuses in France [13]. - The Ministry of Commerce reported over 700,000 applications for vehicle replacement subsidies in 2025, indicating strong market activity [16]. Market Performance - The automotive sector's index rose by 3.08% from March 3 to March 7, 2025, with passenger vehicles, commercial vehicles, and auto parts showing positive growth [37][42]. - The report notes that the PE ratio for the automotive sector is 28.9, reflecting a week-on-week increase [42]. Data Tracking - In January 2025, retail sales of passenger vehicles reached 1.7936 million units, a year-on-year decrease of 12.03% [49]. - The penetration rate for new energy vehicles reached 41.5% in January 2025, with retail sales of 744,100 units, marking an 11.44% increase year-on-year [49][53]. - The report indicates that the penetration rate for L2.5 and above intelligent driving systems reached a historical high of 14.39% in December 2024 [55].