汽车行业5月数据点评：国内市场表现活跃，插混汽车出口快速增长

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The domestic automotive market is experiencing active performance, with both month-on-month and year-on-year growth. In May, domestic car sales reached 2.135 million units, a month-on-month increase of 3% and a year-on-year increase of 10.3%. Sales of Chinese brand passenger cars grew by 22.6% year-on-year [2] - The penetration rate of new energy vehicles (NEVs) continues to rise, with NEV sales accounting for 51.3% of total domestic car sales in May. The growth in NEV sales is primarily driven by state subsidy policies [2] - Exports of plug-in hybrid vehicles (PHEVs) are rapidly increasing, with May exports reaching 551,000 vehicles, a month-on-month increase of 6.6% and a year-on-year increase of 14.5%. NEV exports totaled 212,000 units, a year-on-year increase of 120% [3] - The automotive industry is shifting its competitive focus towards the field of intelligence, driven by the dual forces of policy stimulation and technological innovation. The advantages of domestic brands in intelligence are significant contributors to their sales growth [4] Summary by Sections Domestic Market Performance - In May, domestic car sales reached 2.135 million units, with a month-on-month growth of 3% and a year-on-year growth of 10.3%. Chinese brand passenger car sales were 1.622 million units, up 22.6% year-on-year. NEV sales were 1.095 million units, a year-on-year increase of 27.9%, representing 51.3% of total domestic sales [2] - From January to May, domestic car sales totaled 10.258 million units, a year-on-year increase of 11.7%, with Chinese brand passenger car sales at 7.562 million units, up 26.3% year-on-year [2] Export Performance - In May, total automotive exports were 551,000 units, with NEV exports at 212,000 units, marking a year-on-year increase of 120%. Among NEVs, pure electric vehicle exports reached 138,000 units, up 79.8% year-on-year [3] - From January to May, total automotive exports were 2.49 million units, a year-on-year increase of 7.9%, with NEV exports at 855,000 units, up 64.6% year-on-year [3] Investment Strategy - The report emphasizes the ongoing trend of hybridization and the long-term presence of internal combustion engines in hybrid forms. It highlights the potential of domestic automotive supply chain leaders in various components, such as川环科技 (Chuanhuan Technology) and 宁波高发 (Ningbo Gaofa) [10]