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汽车行业周报:天神之眼标配,加速智驾普惠-20250319
Shanghai Aijian Securities·2025-02-17 09:36

Investment Rating - The automotive sector is rated as "stronger than the market" with a performance that matches the Shanghai Composite Index, both increasing by 1.19% [2][7]. Core Insights - The automotive sector's overall performance is in line with the Shanghai Composite Index, ranking 15 out of 31 sectors. The passenger vehicle segment saw a notable increase of 3.71%, while commercial vehicles declined by 1.61% [2][7]. - In January, domestic passenger car sales decreased by 12.1% year-on-year, while new energy vehicle (NEV) sales increased by 10.5%, achieving a penetration rate of 41.5% [2][26]. - Major automotive companies are accelerating the adoption of intelligent driving technologies, with BYD launching its "Tian Shen Zhi Yan" high-level intelligent driving system across its entire model range [2][42]. - State-owned automotive enterprises are planning restructuring, with the establishment of Zeekr Technology Group, which aims for a 40% growth rate and a sales target of 710,000 vehicles in 2025 [2][42]. Summary by Sections Market Review - The automotive sector's index closed at 7,004.6 points, with a 1.19% increase, matching the Shanghai Composite Index's performance [7]. - The passenger vehicle segment increased by 3.71%, while commercial vehicles saw a decline of 1.61% [7]. Industry Tracking - January saw a seasonal decline in overall automotive sales, with NEV sales showing a year-on-year increase [26]. - The overall retail sales of narrow passenger vehicles in January were 1.794 million units, down 12.1% year-on-year [26]. - NEV retail sales reached 744,000 units in January, marking a 10.5% increase year-on-year [26]. Company Developments - BYD announced the integration of DeepSeek technology into its vehicles, enhancing human-vehicle interaction [2][42]. - Changan Automobile and Dongfeng Motor are planning restructuring with state-owned enterprises [2][42]. - Zeekr Technology Group was established following the acquisition of Lynk & Co, aiming for significant growth in the coming years [2][42]. Stock Performance - Notable stock performances include Baolong Technology (+11.46%), Zhongding Holdings (+9.77%), and Xiaomi Group (+5.30%) [16]. - Xpeng Motors experienced a decline of 6.21% in stock performance [16]. New Energy Vehicle Trends - In January, Changan's new energy vehicle sales surged by 358.3% year-on-year, while BYD's sales decreased by 3.2% [30]. - The overall inventory coefficient for automotive dealers was 1.40, indicating a slight increase but still below the warning line [31]. Export Performance - In December, the export of new energy vehicles reached 134,000 units, reflecting a year-on-year increase of 20.7% [34]. Future Vehicle Launches - Upcoming vehicle launches include BYD's Han L and Tang L, as well as new models from various manufacturers, indicating a strong pipeline for new energy vehicles [46].