Guodu Securities·2025-03-05 02:10Investment Rating - The industry investment rating is "Recommended" [3][27] Core Insights - In January, retail sales of passenger cars were 1.794 million units, a year-on-year decrease of 12.1% and a month-on-month decrease of 31.9%. The weak performance was mainly due to policy-driven market overextension and the impact of the Spring Festival [4][12] - Leading companies in the new energy sector, such as CATL and BYD, are making significant moves at the start of the year. CATL is planning to raise funds through its Hong Kong listing to support its internationalization strategy, while BYD is launching 21 models equipped with its advanced driving technology, enhancing competition in vehicle intelligence [4][6] Summary by Sections Industry Performance and Analysis - The automotive sector saw a 1.19% increase last week, with strong performances from companies like BYD, Weichai Power, and CATL. However, companies like Seres and Jianghuai Auto showed weaker performance. Traditional automakers are enhancing their intelligence capabilities, narrowing the competitive gap with leaders like Huawei and Tesla [8] Industry Updates - CATL has officially submitted its application for a Hong Kong listing, with funds raised aimed at overseas capacity expansion and international business development [6] - BYD's "Tianshen Eye" strategy was launched, featuring three technology solutions for high-level driving, with the first batch of 21 models covering price ranges from 70,000 to 200,000 yuan [6] Investment Opportunities - Investment opportunities in the automotive industry are concentrated in electrification and intelligence. Recommended companies include BYD and Seres for their significant growth potential, as well as leading players in the electric and intelligent sectors such as CATL, Yiwei Lithium Energy, and others [7] Industry Data Tracking - In January, the retail sales of new energy passenger cars reached 744,000 units, a year-on-year increase of 10.5%, but a month-on-month decrease of 42.9% [14] - The production of lithium salts in China for 2024 is projected at 1.139 million tons, with significant year-on-year growth in lithium carbonate and lithium hydroxide production [13]