乘用车行业点评报告：1月车市正值淡季，关注高端化、智能化主线

Investment Rating - The industry investment rating is "Positive" (maintained) [1][8] Core Insights - In January 2026, the passenger car market and the new energy vehicle market showed weak performance due to market policies. According to the China Passenger Car Association, retail sales of passenger cars from January 1 to 11 were 328,000 units, down 32% year-on-year and 42% month-on-month; among these, new energy vehicle retail sales were 117,000 units, down 38% year-on-year and 67% month-on-month, with a penetration rate of 35.5% for new energy vehicles [4] - The decline in sales is attributed to policies falling short of expectations. The reduction in purchase tax exemptions and the proportional subsidies have increased costs for mid-to-low-end vehicles, leading to a stronger consumer wait-and-see sentiment. This has resulted in a shift back to traditional fuel vehicles, and the anticipated demand release in January did not materialize [4] - The weakening demand for passenger cars is not necessarily negative, as it allows for clearer visibility of the competitive landscape in the mid-to-low-end market. The current market is characterized by a high preference for cost-effectiveness, and the focus remains on the new car cycle, with expectations for a surge in new car launches around the Beijing Auto Show in late April [4] Summary by Sections Market Performance - The passenger car market is currently in a seasonal downturn, with a significant drop in sales figures for both traditional and new energy vehicles [4] Investment Recommendations - The report suggests maintaining the existing strategy for the automotive sector, focusing on: 1. High-end Market: Recommend companies with a strong brand and clear competitive advantages, such as Jianghuai Automobile and Xiaomi Group, while paying attention to the new car cycle of BAIC Blue Valley [4] 2. Intelligent Vehicles: Highlighting the importance of smart technology in the automotive sector, with a core recommendation for XPeng Motors [4] 3. Overseas Expansion: While acknowledging the long process of overseas expansion, BYD is recommended for its potential contributions from international markets [4]