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汽车行业价格级别跟踪报告:2025年1-5月20万元以上销量占比降至21%
Huachuang Securities· 2025-07-27 05:13
Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [9][55]. Core Insights - The report highlights a significant shift in the automotive sales structure, with the proportion of vehicles priced above 200,000 yuan declining to 21% in the first five months of 2025, down 2.5 percentage points year-on-year [9][10]. - The report suggests that while competition has driven down vehicle prices, consumer preferences are shifting towards larger vehicles, indicating a trend of "cars becoming larger but cheaper" [10][9]. - The report anticipates a strong market performance in the second half of the year, despite the traditional off-season in July and August, due to factors such as reduced price war risks and inventory adjustments [10][9]. Summary by Sections Sales by Price Range - The report provides detailed analysis of sales trends across various price ranges, indicating that: - The 0-10 million yuan segment saw a slight increase in market share to 32.7%, up 0.7 percentage points year-on-year [10]. - The 10-15 million yuan segment increased to 33.8%, up 4.4 percentage points year-on-year, driven by models like Qin L and Galaxy E5 [10]. - The 15-20 million yuan segment decreased to 12.2%, down 2.6 percentage points year-on-year, influenced by price adjustments of models like Sea Leopard and Accord [10]. - The 20-25 million yuan segment increased to 9.1%, up 0.4 percentage points year-on-year, supported by consumption upgrades and electric vehicle growth [10]. - The 30-40 million yuan segment saw a decline to 6%, down 2.2 percentage points year-on-year [10]. Sales by Vehicle Class - The report categorizes vehicle sales by class, revealing: - In the 0-20 million yuan category, A-class vehicles' market share decreased to 38%, while B-class vehicles increased to 37% [10]. - In the 20 million yuan and above category, C-class vehicles gained market share to 48.9%, while A and B-class vehicles saw declines [10]. - The overall market dynamics indicate a shift towards larger vehicle classes, with a notable increase in the C-class segment [10]. Investment Recommendations - The report recommends focusing on companies like Jianghuai Automobile, which are expected to perform well in terms of volume and profitability [9]. - It suggests monitoring new models from companies like Li Auto and Xiaomi, as well as traditional automakers like SAIC and Great Wall, which are anticipated to reach profitability this year [9].
2025年中国混合动力汽车行业产业链、市场规模及发展全景研判:具有环保和经济性方面的双重优势,在汽车行业中极具发展前景[图]
Chan Ye Xin Xi Wang· 2025-05-15 01:39
内容概要:混合动力汽车(HEV)是将两种不同动力装置进行组合形成,结合汽车行驶情况对动力系 统进行灵活调整,以此保障汽车最佳性能实现。在诸多的新能源解决方案中,混合动力汽车因其在环保 和经济性方面的双重优势,受到了消费者的广泛欢迎,在汽车行业中极具发展前景。2024年全球混合动 力汽车销量约为1584万辆,较2023年增加233万辆。中国是全球最大的汽车市场,2024年中国混合动力 汽车市场规模约9167亿元,较2023年增长880.7亿元。混合动力汽车是燃油车向纯电动过渡的重要解决 方案,有着相对成熟的技术,就市场情况来看,有着不错的口碑和较高的销量。在如今电动汽车全球大 爆发的背景下,混合动力汽车将成为未来节能减排愿景的重要组成部分,纯电动汽车将成为混合动力汽 车销售的主流,公共领域用车将实现全面电动化。 上市企业: 比亚迪(002594.SZ)、理想(02015.HK)、塞力斯(601127.SH)、长安汽车(200625.SZ)、长城汽 车(601633.SH)、吉利汽车(00175.HK)、上汽集团(600104) 相关企业:丰田、本田、福特、宝马、奔驰、宁德时代、中创新航、大洋电机、精进电动、德赛 ...