汽车与汽车零部件行业周报、月报：华为赋能加速，反内卷成效逐步落地-20250818

Investment Rating - Maintain recommendation [6] Core Insights - The automotive industry is experiencing a stable and rapid growth in passenger vehicles, with retail sales for the first ten days of August reaching 452,000 units, a year-on-year decrease of 4% but a month-on-month increase of 6%. Cumulatively, retail sales for the year have reached 13.198 million units, reflecting a 10% year-on-year growth [1][20]. - In the new energy vehicle sector, retail sales for the same period reached 262,000 units, marking a 6% year-on-year increase and a 57.9% market penetration rate. Cumulatively, new energy vehicle retail sales have reached 6.717 million units, a 28% year-on-year growth [1][20]. - The collaboration between state-owned enterprises and Huawei is accelerating, with companies like GAC and SAIC enhancing their partnerships to improve product iteration and technological upgrades [2][41]. Summary by Sections Weekly Market Review - The automotive sector saw a 3.08% increase in the week from August 9 to August 15, outperforming the CSI 300 index by 0.71 percentage points [12]. - Major stocks in the passenger vehicle sector, such as SAIC Group and Great Wall Motors, showed significant gains, while some stocks in the automotive parts sector experienced substantial increases, with Feilong Co. rising by 39.06% [12][15]. Data Tracking - Passenger vehicle wholesale for the first ten days of August was 403,000 units, a 16% year-on-year increase, with cumulative wholesale reaching 15.927 million units, a 13% year-on-year growth [20]. - The new energy vehicle wholesale for the same period was 229,000 units, a 15% year-on-year increase, with cumulative wholesale reaching 7.862 million units, a 35% year-on-year growth [20]. Industry News - GAC Group announced a 600 million RMB investment in Huawei's automotive technology project, aiming to create a high-end independent automotive brand [2][41]. - The implementation of a 60-day payment term for suppliers by major automotive companies has largely been fulfilled, improving cash flow for parts suppliers [3][38]. - The market share of Chinese new energy passenger vehicles reached 68.3% globally in the first half of 2025, with a notable increase in the market share of pure electric vehicles [36].