汽车行业2月数据点评：销量持续增长，自主品牌市占率超七成

Investment Rating - The industry investment rating is "Positive" as it is expected to outperform the market benchmark index by more than 5% in the next six months [19]. Core Viewpoints - The domestic automotive market is experiencing a strong recovery, driven by unprecedented subsidy policies, with a total subsidy scale expected to exceed 400 billion yuan, accounting for 8% of automotive sales [4][3]. - In February 2025, domestic automobile sales reached 1.688 million units, a year-on-year increase of 39.9%, with traditional fuel vehicles and new energy vehicles growing by 14.3% and 92.6% respectively [4][3]. - The market share of domestic brands in passenger vehicles has surpassed 70.6%, reflecting a significant increase of 11.2 percentage points year-on-year [4]. - The penetration rate of new energy vehicles in domestic sales reached 45.1%, up 12.4 percentage points from the previous year [4]. Summary by Sections Domestic Market Performance - In February 2025, the production and sales of automobiles were 2.103 million and 2.129 million units respectively, marking a year-on-year growth of 39.6% and 34.4% [3]. - New energy vehicle sales reached 889,200 units, with a year-on-year growth of 91.5% [3]. - The sales of pure electric vehicles reached 426,000 units, growing by 94% year-on-year, while plug-in hybrid vehicles saw a growth of 83% [5]. Export Performance - In February 2025, automobile exports totaled 441,000 units, a year-on-year increase of 16.9%, with new energy vehicles accounting for 29.7% of total exports [6]. - The export of plug-in hybrid vehicles grew by 2.2 times, indicating a strong trend in hybrid vehicle exports [6]. Investment Strategy - The domestic automotive market is characterized by accelerated electrification and the strong rise of domestic brands, supported by policy incentives and technological innovation [6]. - The focus of competition in the automotive industry is shifting towards the field of intelligence, with leading companies in smart driving and data training expected to capture more market share [6]. Future Outlook - The trend towards hybridization is expected to continue, with internal combustion engines likely to exist in hybrid forms for the long term [11]. - Key suppliers in the automotive parts sector are identified, including leading companies in various components such as川环科技 and 宁波高发 [11].