汽车行业周报：比亚迪秦PLUS荣耀版车型上市，7-10万紧凑型车价格战加剧

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Viewpoints - The recent launch of BYD Qin PLUS Glory Edition has intensified the price war in the compact car segment priced between 70,000 to 100,000 yuan, with multiple automakers following suit by reducing prices [4][29] - The automotive sector saw a weekly increase of 5.82%, outperforming the Shanghai Composite Index, which rose by 3.71% [3][12] - February is expected to be the lowest sales month of the year, with retail sales of narrow passenger vehicles projected at approximately 1.15 million units, a 43.5% month-on-month decline [4][18] Summary by Sections Market Review - The automotive sector's performance was highlighted by a 5.82% increase, with the best-performing sub-sector being automotive parts, which rose by 6.73% [3][12] - The top five companies in terms of stock price increase included Hanma Technology (+54.29%), Zhongjie Precision (+43.38%), and Beite Technology (+40.74%) [3][17] Industry Data Tracking - Daily average retail and wholesale volumes for passenger vehicles showed significant declines, with retail volume down 14% year-on-year and wholesale volume down 42% [18][19] - As of February 23, 2024, prices for hot-rolled steel, butadiene rubber, and natural gas were reported at 3,930, 12,700, and 4,118 yuan per ton, respectively [20][21] Recent Industry/Key Company Dynamics - The National Financial Supervision Administration has introduced measures to guide automotive finance companies to focus on consumer credit services [25] - BYD's Qin PLUS Glory Edition was launched on February 19, with prices ranging from 79,800 to 125,800 yuan for the DM-i version and 109,800 to 139,800 yuan for the EV version [29][30] Recent New Car Launches - New models launched include the AION Y Plus from GAC Aion, which is a compact SUV priced between 145,800 and 155,800 yuan, and the Nezha X from Hozon Auto, priced at 99,800 yuan [32] Investment Recommendations - Recommendations for vehicle manufacturers include focusing on hybrid and overseas markets, specifically mentioning Changan Automobile, BYD, Great Wall Motors, and Jianghuai Automobile [33] - For automotive parts, the focus is on companies related to automotive intelligence and lightweighting, such as Bertley and Top Group [33]