汽车行业周报：乘用车库存25年12月小幅去化，静待观望需求落地-20260118

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates a slight reduction in passenger car inventory in December 2025, with a focus on observing demand [5][8] - The expected demand for passenger cars in November-December 2025 is approximately 1.5 million units, with December's terminal sales at 2.27 million units, a year-on-year decrease of 16.7% [5][8] - The report anticipates that demand will gradually materialize as multiple provinces open application channels for subsidies in late January 2026 [5][8] - The dynamic inventory turnover ratio for the passenger car industry at the end of December 2025 is 2.5 months, with a reduction of 64,000 units in December [5][8] Summary by Sections Passenger Car Inventory - In December 2025, the passenger car inventory saw a slight decrease, with a total inventory turnover ratio of 2.5 months [5][8] - The report highlights a cautious production approach by car manufacturers in January 2026, which will affect inventory reduction [5][8] PHEV Market Analysis - The report emphasizes the importance of PHEV market share, particularly focusing on BYD and Geely due to their competitive strategies [9][16] - It notes that the market share variance remains significant despite increased supply, and adjustments in configurations and terminal discounts are crucial for market performance [9][16] Recent Report Insights - The report discusses the potential for increased sales of long-range PHEVs priced below 200,000 yuan, driven by adjustments in purchase tax and demand-side factors [16] - It predicts that major manufacturers like BYD, Geely, Great Wall, and Chery will launch several models in this price range [16] Investment Recommendations - The report provides a "shelf-style" investment suggestion, recommending attention to various companies within the passenger vehicle chain, including Geely, BYD, and others [17] - It categorizes companies into right-side and left-side targets based on their operational performance and market position [17]