汽车周观点：4月第4周乘用车环比+16.9%，继续看好汽车板块

Investment Rating - The report maintains a positive outlook on the automotive sector, particularly for the AI intelligence and robotics segments, with a focus on companies like Xiaopeng Motors and Horizon Robotics [3]. Core Insights - In the fourth week of April, the total number of compulsory insurance for passenger cars reached 442,000 units, reflecting a week-on-week increase of 16.9% [2][51]. - The SW automotive index increased by 0.5%, with the best-performing segments being automotive parts (+2.3%) and motorcycles and others (+1.8%) [2]. - Xiaopeng Motors delivered 35,045 new cars in April, marking a year-on-year growth of 273% [2][64]. - The report anticipates a total retail sales volume of 23.83 million passenger cars in 2025, representing a year-on-year increase of 4.7% [52]. Summary by Sections Weekly Market Review - The automotive sector ranked 8th in A-shares and 23rd in Hong Kong stocks for the week, with the best performance seen in automotive parts [7][9]. - The report highlights the strong performance of covered stocks such as Li Auto, NIO, and Xiaopeng Motors [2][24]. Industry Trends - The report notes a significant change in the external environment with a potential easing of the US-China trade war, which could alleviate market concerns regarding external demand for automobiles [3]. - The penetration rate of new energy vehicles reached 52.9% in the fourth week of April, with 234,000 units sold [51]. Company Performance - SAIC Group reported a total revenue of CNY 140.86 billion in Q1 2025, with a year-on-year net profit increase of 11% [2][64]. - BYD's wholesale volume in April was 380,000 units, reflecting a year-on-year increase of 21% [64]. - The report emphasizes the strong performance of companies like Xiaopeng Motors and Li Auto, which met expectations in their delivery numbers [64]. Future Outlook - The report predicts that the demand for passenger cars will remain high due to the implementation of scrapping and replacement policies, with an expected increase in sales volume [52]. - The report also forecasts a significant growth in the L3 and L2+ intelligent driving segments, with expected penetration rates of 28% and 37% respectively by 2025 [55].