汽车和汽车零部件行业周报20260208：地补出台+需求见底，建议关注汽车板块-20260212

Investment Rating - The report maintains a "Buy" rating for the automotive sector [3] Core Insights - The automotive sector is expected to stabilize and recover due to the introduction of local subsidies for vehicle replacement and the upcoming launch of new models after the Spring Festival [2][12] - The report highlights potential investment opportunities in various segments, including passenger vehicles, automotive parts, and motorcycles, with specific company recommendations [2][19][34] Summary by Sections 1. Passenger Vehicles - The introduction of the 2026 vehicle replacement subsidy is anticipated to stimulate domestic demand, with subsidies based on vehicle price [14][15] - January sales data shows mixed results, with BYD's sales down 30% year-on-year, while Geely's sales increased by 1% [13][18] - Recommended companies include Geely, Xpeng, and BYD, with a focus on the left side of the demand bottom [2][19] 2. Automotive Parts - The report emphasizes the growth potential in the automotive parts sector, particularly in smart driving and new energy vehicles [19][23] - Recommended companies include Bertel, Horizon Robotics, and Top Group, focusing on the H and T chains [2][19] 3. Motorcycles - The motorcycle market is experiencing growth, particularly in the mid-to-large displacement segment, with recommendations for Chuanfeng Power and Longxin General [31][34] - Sales data indicates a strong performance in the 500cc+ category, with a significant year-on-year increase [32] 4. Commercial Vehicles - The heavy truck market is expected to recover due to the continuation of the vehicle replacement subsidy policy, with recommendations for Weichai Power and China National Heavy Duty Truck [35][36] - The report notes a 26% year-on-year increase in heavy truck sales for 2025 [35] 5. Tires - The tire industry is projected to benefit from ongoing globalization and demand, with recommendations for Sailun Tire and Senqilin [37][39] - The report highlights a high operating rate for PCR tires and a gradual recovery in TBR demand [39]