汽车行业周报：商务部、财政部等7部门联合发布《汽车以旧换新补贴实施细则》

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [2][11]. Core Insights - The report highlights the positive impact of the "old-for-new" vehicle policy, suggesting a focus on automakers that lead in intelligence, technology cycles, and model cycles, such as Seres, Xiaopeng Motors, BYD, and Xiaomi Group [2][11]. - It also emphasizes the growth potential in the electric and intelligent components sector, recommending companies like Huguang Co., Wuxi Zhenhua, Bojun Technology, Kebo Da, and Baolong Technology [2][11]. Summary by Sections 1. Market Review - In the week from April 22 to April 26, 2024, the automotive sector rose by 2.42%, outperforming the overall A-share market, ranking 12th among all primary industries [12]. - The automotive parts sector saw the highest increase at 2.99%, while passenger vehicles had the smallest increase at 1.52% [12]. 2. Industry Data Tracking 2.1. Monthly Vehicle Sales - In March 2024, total vehicle sales reached approximately 2.69 million units, with a month-on-month increase of 70.2% and a year-on-year increase of 9.9% [22]. - Passenger vehicle sales were about 2.24 million units, with a month-on-month increase of 67.8% and a year-on-year increase of 10.9% [22]. 2.2. Weekly Vehicle Sales - From April 1 to April 21, 2024, retail sales of passenger vehicles were approximately 852,000 units, a year-on-year decrease of 12% [35]. - Wholesale sales of passenger vehicles during the same period were about 932,000 units, a year-on-year increase of 8% [35]. 2.3. Sales Outlook - For April 2024, the narrow passenger vehicle retail market is expected to be around 1.6 million units, with a year-on-year decrease of 1.5% [36]. 2.4. Raw Material Price Tracking - As of April 26, 2024, the price of battery-grade lithium carbonate was approximately 111,300 yuan per ton, unchanged from April 19, 2024 [37]. 3. Industry Dynamics - The report notes the collaboration between Chery and Ebro-EV to produce electric vehicles in Spain, and BYD's strategic partnership for promoting hybrid RV chassis [44]. 4. New Vehicle Launches - New models launched include BYD's Tang EV and Chery's Jietu Mountain Sea T2, among others, during the week of April 22 to April 26, 2024 [45]. 5. Company Announcements - Huaneng Automotive reported a Q1 2024 revenue of approximately 42.86 billion yuan, a year-on-year increase of 47.60% [46]. - Huguang Co. reported a Q1 2024 revenue of approximately 1.53 billion yuan, a year-on-year increase of 134.12% [46].