汽车新消费研究框架：悦己需求加速，技术驱动供需共振

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry [4]. Core Insights - The automotive industry is experiencing a transformation driven by new consumer demands, particularly from Generation Z, who prioritize personalized and emotional value in their purchases. This shift is supported by advancements in electric and intelligent vehicle technologies, leading to a resonance between supply and demand [9][31]. Summary by Sections Traditional Automotive Model Limitations - The traditional automotive model is limited by a singular focus on hardware performance, which restricts emotional value creation. In the era of fuel vehicles, competition was primarily based on engine and performance metrics, leading to minimal differentiation among brands. The shift to intelligent electric vehicles emphasizes emotional interaction, as seen with brands like NIO, which enhances user connection through features like the "NOMI" emotional companion [14][19]. New Consumer Trends and Generation Z - Generation Z is becoming a significant force in the automotive market, expected to account for over 20% of sales by 2025. Their preferences are shifting from traditional needs (economy, appearance, practicality) to new demands focused on intelligence, fashion, and individuality [33]. The concept of "self-pleasing" consumption is gaining traction, where consumers prioritize emotional value and personal experience over mere functionality [37]. Industry Transformation - The automotive industry is transitioning from hardware manufacturers to technology and service providers. Direct sales models are replacing traditional dealership systems, exemplified by Tesla's approach, which enhances user experience and reduces costs by eliminating intermediaries [67]. The revenue structure is also evolving, with software and service income becoming increasingly important, as demonstrated by Tesla's growing software revenue streams [71]. Investment Recommendations - The report suggests focusing on three main investment themes: 1. Core components driven by intelligence and electrification, recommending companies like Bertel [97]. 2. Innovative companies focused on user operations and service value, highlighting Li Auto and Xpeng [97]. 3. Comprehensive companies that integrate scene fusion and ecological collaboration, recommending Xiaomi Group and Seres [97].