汽车行业周动态：小米SU7定价超预期，上市大定火爆；四部门发文明确低空经济发展目标

Investment Rating - The report maintains an "Overweight" rating for key companies in the automotive sector, including Great Wall Motors, Yinlun Machinery, Top Group, and others [2][3]. Core Insights - The automotive sector experienced a decline in performance, with the Shanghai Composite Index down by 0.2% and the automotive sector index down by 2.0% during the week of March 25-29, 2024 [3][10]. - Xiaomi's SU7 vehicle launch exceeded expectations, with 88,898 pre-orders within 24 hours, indicating strong market demand [8][9]. - The report highlights a government initiative to boost the low-altitude economy, aiming for significant advancements in general aviation by 2030, potentially creating a trillion-yuan market [8][9]. - The report expresses optimism for the automotive industry's transition towards electrification, intelligence, and internationalization, particularly focusing on high-end domestic brands and the Huawei automotive supply chain [9]. Summary by Sections 1. Current Developments - Xiaomi's SU7 pricing was above expectations, with pre-orders reaching 88,898 units in the first 24 hours [8]. - A government plan was issued to enhance the general aviation sector, targeting significant improvements by 2030 [8]. 2. Sector Performance and Valuation - The automotive sector's PE-TTM (unadjusted) is reported at 30.0, with a historical valuation percentile of 13.5% [14]. - Sub-sectors such as passenger cars and commercial vehicles showed varied PE-TTM values, indicating differing market conditions [14]. 3. Key News and Announcements - BYD reported a 62% increase in electric vehicle sales for 2023, while Great Wall Motors achieved a 15.85% increase in total vehicle sales [19][20]. - The report includes various company earnings announcements, showcasing growth in revenue and net profit across several automotive firms [19][20][22].