汽车行业双周报（2025、05、16-2025、05、29）：比亚迪推出新一轮限时促销活动，整车行业竞争或加剧-20250530

Investment Rating - The report maintains a "Market Weight" rating for the automotive industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [55]. Core Insights - BYD has launched a new round of limited-time promotional activities, which may intensify competition in the automotive industry [2][49]. - The automotive sector has shown resilience, with the automotive index outperforming the CSI 300 index by 2.10 percentage points over the past two weeks [5][12]. - In April, China's automotive production reached 2.619 million units, a year-on-year increase of 8.9%, while sales were 2.590 million units, up 9.8% year-on-year [20][21]. Summary by Sections Automotive Industry Trends and Valuation Review - As of May 29, 2025, the automotive sector index has increased by 0.86% over the past two weeks, outperforming the CSI 300 index by 2.10 percentage points, ranking 10th among 31 industries [12][14]. - Year-to-date, the automotive sector has risen by 10.69%, ranking 2nd among the 31 industries [12][14]. Industry Data Tracking - In April, automotive exports totaled 517,000 units, reflecting a year-on-year growth of 2.6% [20][21]. - The dealer inventory warning index for April was 59.8%, up 0.40 percentage points year-on-year and 5.20 percentage points month-on-month [20][21]. Industry News - The China Passenger Car Association reported that from January to April, the automotive industry generated revenues of 32.552 billion yuan, a year-on-year increase of 7% [32]. - In April, sales of Chinese brand passenger cars reached 1.571 million units, a year-on-year increase of 23.5% [35]. Corporate News - Xiaomi's SU7 Ultra has received over 23,000 orders, indicating strong market interest [40]. - BYD's promotional activities could enhance sales but may also lead to increased competition in the automotive sector [49][43]. Investment Recommendations - The report suggests focusing on companies that enhance brand competitiveness through intelligent processes, such as BYD and Changan Automobile [49]. - It also highlights the potential growth in the intelligent driving industry chain, recommending companies like Baolong Technology, Huayang Group, and Bertel [49].