汽车行业周报（2025/3/10-2025/3/16）-2025-03-17

Investment Rating - The report maintains a "Positive" outlook for the automotive industry, indicating expectations for the industry index to outperform the market index by 5% over the next six months [6]. Core Insights - The automotive sector saw a 1.59% increase in the Shanghai and Shenzhen 300 Index, while the Shenwan Automotive Industry Index rose by 0.75%, lagging behind the market by 0.83 percentage points, ranking 26th among 31 primary industries [1]. - In February, the retail sales of new energy passenger vehicles reached 690,000 units, with a retail penetration rate of 50%. The new policies and vehicle purchase tax exemptions are expected to support the new energy vehicle market [5]. - The report highlights a competitive landscape in the entry-level vehicle segment under 150,000 yuan, with companies like BYD and Geely intensifying their efforts [5]. Market Overview - The automotive industry index experienced varied performance across segments, with the passenger vehicle sector increasing by 3.30% and the commercial vehicle sector declining by 0.30% [1]. - Among the 294 listed automotive companies, 173 saw stock price increases, with notable gainers including Xinlong Health (+61.01%), Zhaofeng Co. (+44.21%), and Xiangyang Bearing (+36.61%) [1]. Valuation Metrics - As of March 16, 2025, the Shenwan Automotive Sector's Price-to-Earnings (PE) ratio (TTM) stands at 29.18 times, positioned at the 54.83 percentile over the past five years [2]. Industry Data Observations - The average price of lithium carbonate is 74,900 yuan per ton, showing a week-on-week decline of 0.32% [4]. - The price of zinc ingots increased by 0.67% compared to February 28, reaching 23,800 yuan per ton, while aluminum ingots rose by 1.94% to 20,700 yuan per ton [3].