汽车看好高端车市场自主品牌崛起——汽车行业双周报:40万元以上高端车市场空间稳定，且目前自主份额占比较低，自主车企具备较大提升空间：华源晨会精粹20251211-20251211

Core Insights - The report emphasizes the stable market potential for high-end vehicles priced above 400,000 yuan, with a significant opportunity for domestic brands to increase their market share in this segment [3][5][7] - The shift in competitive factors from brand and performance parameters to technology attributes and emotional experiences is highlighted as a key trend in the automotive industry [6][7] - The report suggests that domestic automakers, leveraging their technological advancements and understanding of consumer needs, are well-positioned to create popular models that meet customer demands [7] Market Data - The high-end vehicle market (above 400,000 yuan) has maintained sales between 700,000 to 1,200,000 units annually since 2018, representing over 5% of total vehicle sales [5] - In the first ten months of 2025, internal combustion engine (ICE) vehicles accounted for 52.9% of sales in this segment, while battery electric vehicles (BEV) made up only 15.0% [5] - The report forecasts that the penetration rate of new energy vehicles in the high-end market will exceed 50% by 2026 [5] Competitive Landscape - Foreign brands currently dominate the high-end vehicle market, holding 59.1% of the market share, with traditional foreign brands like BBA accounting for over 40% [6] - Domestic brands have seen a significant increase in market share, rising to 40.9% since 2021, with companies like Seres, Li Auto, BYD, and Geely surpassing Volkswagen in market presence [6] Investment Analysis - The report recommends focusing on domestic brands with strong product capabilities and robust new vehicle cycles, particularly Seres and JAC Motors, as they are expected to benefit from the stable high-end market and the upcoming reduction in new energy vehicle purchase subsidies [3][7]