交银国际每日晨报-2025-03-12

Investment Rating - The report rates the automotive industry as "Leading" [4] Core Insights - The automotive market in February 2025 saw a retail sales increase of 26% year-on-year, driven by trade-in policies and promotional activities from car manufacturers [4][6] - The retail sales of new energy vehicles (NEVs) maintained a strong growth trend, recording 686,000 units sold in February, representing a year-on-year increase of 79.7% [6] - The market is expected to continue its recovery in March 2025, with significant month-on-month growth anticipated due to increased promotional efforts and new model launches from various manufacturers [6] Summary by Sections Market Performance - In February 2025, the total retail sales of passenger vehicles reached 1.386 million units, with a year-on-year increase of 26% and a month-on-month decrease of 22.8% [4] - The cumulative retail sales for January and February 2025 showed a year-on-year growth of 1.2% [4] Brand Performance - Domestic brands performed well, with retail sales of 910,000 units in February, marking a year-on-year increase of 51% [6] - The market share of domestic brands increased to 65.6%, up by 10.6 percentage points year-on-year [6] Export Trends - Passenger vehicle exports totaled 349,000 units in February, with a year-on-year increase of 11% [6] - New energy vehicles accounted for 34% of total exports, with 118,000 units exported, reflecting a year-on-year growth of 27.8% [6] Investment Recommendations - The report suggests focusing on quality stocks in the passenger vehicle sector, particularly BYD and XPeng Motors, due to their strong product offerings and market positioning [6]