当前，中国市场新能源车型的四驱渗透率仅为 17%，具有很大发展空间。 "未来，哈弗新能源只做四驱。"4 月 23 日上海车展首日，长城汽车旗下哈弗品牌总经理赵永坡在发布 会上宣布。据他介绍，长城自主研发的 Hi4 超混四驱技术能够在多个方面带来更好的用户体验，哈弗 将聚焦新能源四驱技术的迭代和产品研发。 本届上海车展期间，二代哈弗枭龙 MAX、官方改装车力魂·猛龙这两款搭载 Hi4 技术的车型一同亮相 哈弗展台。其中，橘黑撞色的力魂·猛龙官方改装车造型独特，展现哈弗在车型个性化定制方面实力的 同时，也与用户建立情感连接。 传统四驱车型的购买和使用成本都很高。在国内新能源市场，30 万元以上豪华车型四驱占比超 50%， 而在经济型 SUV 领域，仅有约 5% 的车型配备四驱系统；包括轿车、SUV 和 MPV 在内，当前新能 源车型的四驱渗透率仅为 17%。 哈弗试图解决高性能、高效率与高价值难以兼得的问题。一位哈弗用户评价称，Hi4 技术能够实现 "两驱能耗、四驱享受"。赵永坡寄望哈弗能够开启新能源四驱时代，让每个家庭都可以享受四驱。 不止驾乘体验出色，Hi4 技术让用车更省、更爽、更安全 Hi4 技术将长城的 ...

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Views - The automotive sector is expected to enter a phase of sales prosperity, event catalysis, and industry trend resonance, with continued optimism for investment opportunities in the automotive sector [8][18] - The 2024 vehicle trade-in policy has boosted passenger vehicle sales beyond expectations, and the continuation of this policy in 2025 is expected to support upward consumer spending on automobiles [8][18] Summary by Sections Recent Developments - The Tengshi N9 SUV was launched on March 21, with a starting price of 389,800 yuan, featuring advanced specifications such as a power output of nearly 1,000 horsepower and a 0-100 km/h acceleration time of 3.9 seconds [5][15] - The second-generation Haval Xiaolong MAX began pre-sales on March 21, with a starting price of 138,800 yuan, showcasing a comprehensive power system and intelligent driving features [6][16] - Elon Musk held a Tesla all-hands meeting on March 20, discussing innovations in production lines and plans for mass production of autonomous vehicles and humanoid robots [7][17] Market Performance - The automotive sector outperformed the Shanghai Composite Index during the week of March 17-21, with the automotive index declining by 0.8% compared to the Shanghai Composite's decline of 1.6% [20] - The report highlights a significant increase in the penetration rate of advanced driving assistance systems, benefiting leading automakers and related component manufacturers [9][19] Investment Opportunities - The report identifies several investment opportunities, including: 1. Domestic automakers entering a new phase of high-end development, with companies like Li Auto, JAC Motors, Geely, BYD, and Great Wall Motors expected to benefit [19] 2. The "affordability" of advanced driving technology is anticipated to significantly increase its market penetration, with recommendations for companies like XPeng Motors, Huayang Group, Desay SV, and Kobot [19] 3. The potential for mass production of robots, with recommendations for leading companies in the industry chain such as Top Group, Sanhua Intelligent Control, and Beite Technology [19] 4. Favorable conditions for high-quality auto parts manufacturers amid a complex export environment, recommending companies like Fuyao Glass, Xingyu Co., and Yinlun [19] 5. Recovery in the commercial vehicle sector, particularly for heavy trucks, with recommendations for leading companies like China National Heavy Duty Truck Group and Yutong Bus [19]