BYD(SZ:002594) 汽车琰究·2025-09-07 14:51Core Viewpoint - The automotive sector is experiencing growth driven by new policies and increasing demand for electric vehicles, with a focus on intelligent and globalized development of domestic brands [4][12][15]. Group 1: Weekly Data - In the week of August 25-31, 2025, passenger car sales reached 523,000 units, up 4.2% year-on-year and 9.5% month-on-month; new energy vehicle sales were 290,000 units, up 13.9% year-on-year and 8.1% month-on-month; new energy penetration rate was 55.3%, down 0.7 percentage points month-on-month [2][47]. - The automotive sector in A-shares rose by 1.0% from September 1 to September 5, outperforming the Shanghai and Shenzhen 300 index, which increased by 0.6% [3][30]. Group 2: Investment Recommendations - Recommended companies include Geely Automobile, Xiaopeng Motors, Li Auto, BYD, Xiaomi Group, Berteli, Top Group, Xinquan Co., Hu Guang Co., and Chuncheng Power [4][7][15]. - In the parts sector, focus on intelligent driving companies such as Berteli, Horizon Robotics, and Kobot; for new forces in the industry chain, recommend H-chain companies like Xingyu Co. and Hu Guang Co. [7][17]. Group 3: New Models and Orders - New model orders are performing well, with weekly sales for August showing a positive trend; Geely's merger with Zeekr received strong shareholder approval, marking a significant step in the "One Geely" strategy [6][13]. - The new Aion M7 model has started pre-orders, with over 150,000 orders in 24 hours, indicating strong market interest [6][13]. Group 4: Policy Impact - The continuation of the vehicle replacement policy is expected to stimulate demand; the new policy includes subsidies for scrapping older vehicles, which is anticipated to stabilize demand for 2025 [14][39]. - The expansion of the subsidy range to include vehicles meeting the National IV emission standards is expected to further boost the market [39][41]. Group 5: Motorcycle and Heavy Truck Market - The motorcycle market is expanding rapidly, with significant growth in large-displacement motorcycles; sales in July 2025 for motorcycles over 250cc reached 88,000 units, up 21.7% year-on-year [21][23]. - Heavy truck sales in July 2025 were 85,000 units, up 45.6% year-on-year, supported by policies encouraging the replacement of older vehicles [24][26].