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

Investment Rating - The report maintains a positive outlook on the automotive industry and its leading companies' performance trends [6][8]. Core Insights - April saw a healthy growth in automotive sales, with retail sales of 1.755 million vehicles, a year-on-year increase of 14.5%, approaching the historical high of 1.81 million in April 2018 [2]. - The "trade-in" policy has significantly boosted vehicle purchases, with 2.705 million vehicles exchanged by April 24, 2025, indicating that approximately 70% of private car buyers benefited from this policy [4]. - The shift towards practical development in intelligent driving is evident, with a predicted penetration rate of L2 and above vehicles in China reaching 62% by 2025 [5][48]. Summary by Sections 1. Market Performance - In April, the retail sales of passenger vehicles reached 1.791 million units, a 17% increase year-on-year, while wholesale sales were 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 "trade-in" policy has led to a significant increase in vehicle purchases, with applications rising by 120,000 from March to April [4]. - The government is focusing on standardizing automotive chips and enhancing safety standards for new energy vehicles [45][60]. 3. Industry Trends - The report highlights a shift in marketing strategies among automakers, moving from emphasizing "intelligent driving" to focusing on basic vehicle features and safety [5][52]. - The automotive sector is expected to continue benefiting from advancements in core components related to intelligent driving [6]. 4. Company Developments - Companies like Xiaomi and Li Auto are adjusting their marketing strategies to align with consumer expectations and regulatory responsibilities [52]. - The report notes significant financial movements, such as Seres Group's IPO application and the increase in shareholding by its CEO [42][43].