汽车行业周报：新汽车央企将成立，乘用车行业加速整合-20250609

Investment Rating - The report maintains an investment rating of "Recommended" for the automotive industry [2][5]. Core Insights - The establishment of a new central automotive enterprise by the China Ordnance Equipment Group is expected to accelerate the consolidation of the passenger vehicle industry, enhancing operational efficiency and decision-making autonomy for Changan Automobile [5][15]. - The passenger vehicle market is entering a phase of accelerated elimination, and the new central enterprise is anticipated to strengthen the competitiveness of state-owned enterprises in the new energy market [5][15]. Industry Dynamics - Notable industry news includes NIO's plans to enter seven European markets between 2025 and 2026, and BYD's collaboration with Xiaojuchongdian and Xindian to build megawatt fast-charging stations [5][16]. - The automotive sector's performance from June 3 to June 6, 2025, shows that the automotive index underperformed the CSI 300 index by 0.71 percentage points, with a slight increase of 0.17% in the automotive sector [5][38]. Data Tracking - In April 2025, retail sales of passenger vehicles reached 1.75 million units, a year-on-year increase of 14.46%, while retail sales of new energy passenger vehicles reached 905,000 units, up 33.67% year-on-year [5][67]. - The penetration rate of new energy vehicles in retail sales reached 51.6%, an increase of 7.35 percentage points year-on-year [5][67]. - The inventory level of automotive dealers in April 2025 was at a reasonable range, with a comprehensive inventory coefficient of 1.41, down 17.06% year-on-year [5][80].