汽车行业周报（20250512-20250518）

Investment Rating - The report maintains a positive outlook for the automotive industry, with an optimistic sales forecast for the year, expecting a retail growth rate of 5.2% and a wholesale growth rate of 8.4% [2]. Core Insights - The automotive industry experienced a recovery in sales in May, with expectations for continued strong performance driven by economic stability, policy support, and new vehicle launches. Notably, demand for high-end brands priced above 200,000 yuan is anticipated to rebound, with a forecasted wholesale growth rate of 31% for new energy passenger vehicles, providing a solid foundation for the performance of both vehicle manufacturers and parts suppliers [2][6]. Data Tracking - In April, wholesale sales of passenger vehicles reached 2.22 million units, showing a year-on-year increase of 11.0% but a month-on-month decrease of 10.0%. The export volume for passenger vehicles was 430,000 units, reflecting a year-on-year growth of 0.4% and a month-on-month increase of 5.0% [4]. - New energy vehicle sales in April were particularly strong, with BYD delivering 380,000 units (up 21% year-on-year), and other new players like Leap Motor and Xpeng showing significant growth [4][21]. - The average discount rate in early May was 7.2%, slightly down from the previous month, with an average discount amount of 10,613 yuan [4]. Market Performance - The automotive sector saw a weekly increase of 2.71%, ranking first among 29 sectors. The performance of the automotive index outpaced other indices, with the passenger vehicle segment rising by 3.90% [9][31].