汽车与汽车零部件行业周报、月报：政策逐步发力，智驾转向实务发展-20250512

Investment Rating - The report maintains a positive outlook on the automotive industry and its leading companies' performance trends [6][8]. Core Insights - The automotive market in April showed healthy growth, with retail sales of passenger vehicles reaching 1.755 million units, a year-on-year increase of 14.5% [2]. - The "old-for-new" policy has significantly boosted vehicle replacement and purchase, with 2.705 million vehicles exchanged by April 24, indicating a strong consumer trend towards upgrading vehicles [4]. - The shift towards practical development in intelligent driving is evident, with a predicted penetration rate of L2 and above functions in China reaching 62% by 2025 [5][48]. Summary by Sections 1. Market Performance - In April, the retail sales of passenger vehicles were 1.791 million units, a 17% increase year-on-year, while wholesale sales reached 2.174 million units, up 12% year-on-year [3][22]. - The new energy vehicle market saw retail sales of 922,000 units in April, a 37% increase year-on-year, with a penetration rate of 52.3% [3][22]. 2. Policy Impact - The "old-for-new" policy has led to a significant increase in vehicle exchanges, with approximately 70% of private car buyers benefiting from this initiative in April [4]. - The report highlights the importance of government policies in sustaining automotive consumption and sales growth [4]. 3. Industry Trends - The report notes a shift in marketing strategies among automakers, focusing more on practical features rather than solely on intelligent driving capabilities [5][52]. - The automotive industry is expected to continue benefiting from advancements in core components related to safety and intelligent driving technologies [6]. 4. Financial Performance - The automotive sector index rose by 2.03% in the week of April 28 to May 9, outperforming the broader market [14]. - The automotive parts sector showed the highest weekly increase of 5.83%, indicating strong investor interest [17].