汽车与汽车零部件行业周报、月报：政策托底，科技引领

Investment Rating - The report maintains a "Recommended" investment rating for the automotive and automotive parts industry [6] Core Views - The automotive market is expected to benefit from the continued implementation of the vehicle replacement policy, which is projected to support consumption and stabilize the market [3][4] - The sales of passenger vehicles have shown a steady upward trend, with significant year-on-year growth in both retail and wholesale volumes [2][21] - The report emphasizes the importance of technological advancements in the industry, particularly in areas such as humanoid robots, flying cars, AI, and autonomous driving [3][4] Summary by Sections Market Overview - As of March 5, 2025, over 310,000 applications for vehicle scrapping and more than 700,000 applications for vehicle replacement subsidies have been received, indicating strong demand driven by the policy [1] - In the first nine days of March, retail sales of passenger vehicles reached 364,000 units, a 14% increase year-on-year, while wholesale sales reached 403,000 units, a 26% increase year-on-year [2][21] Sales Data - Cumulative retail sales for the year reached 3.539 million units, reflecting a 2% year-on-year growth, while cumulative wholesale sales reached 4.268 million units, showing a 14% year-on-year increase [2][21] - In the new energy vehicle segment, retail sales for the first nine days of March reached 204,000 units, a 44% increase year-on-year, while wholesale sales reached 214,000 units, a 53% increase year-on-year [2][21] Investment Recommendations - The report suggests focusing on the ongoing positive impact of the vehicle replacement policy on consumption and the stability it brings to the automotive sector [4] - It highlights the significance of technological advancements and encourages investment in companies that are leading in the integration of new technologies within the automotive industry [4]