Xinda Securities·2025-07-07 06:03Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report highlights that BYD leads the domestic brand sales with a total of 2.145 million vehicles sold in the first half of the year, marking a year-on-year increase of 33% [2][3] - New energy vehicle sales are experiencing significant growth, with BYD's sales reaching 378,000 units in June, a year-on-year increase of 11% [3] - The report notes that new entrants in the market, such as Leap Motor, Li Auto, and Xpeng, have shown strong performance, with Leap Motor achieving a record monthly sales of 48,000 units in June, a year-on-year increase of 138.7% [3] Summary by Sections Sales Performance - BYD's June sales reached 383,000 units, with a total of 2.145 million units sold in the first half of the year, achieving 39% of its annual target of 5.5 million units [3] - SAIC Group reported a wholesale sales figure of 365,000 units in June, a year-on-year increase of 21.6%, with a total of 2.053 million units sold in the first half of the year, up 12.4% year-on-year [3] - Geely's new energy vehicle sales in June were 122,000 units, accounting for 52% of its total sales, with a cumulative total of 725,000 units in the first half, reflecting a year-on-year increase of 126% [3] Market Dynamics - The report indicates that the new energy vehicle segment is growing rapidly, with a 40.2% increase in sales for the segment [3] - The competitive landscape is intensifying, with new models being launched and market dynamics shifting, impacting sales for some companies [2][3]