Core Viewpoints - The automotive industry is entering a new cycle driven by the upgrade of intelligent driving technology, with the "old-for-new" policy expected to boost domestic demand throughout 2025 [3][10] - The industry is experiencing significant trends in SUVs and new energy vehicles, now transitioning into intelligent driving, with a clearer market leader landscape emerging [3][7] Group 1: Market Conditions - Total demand has been improving, with strong performance in new energy vehicles. In the first four months of 2025, wholesale sales of passenger cars reached 8.638 million units, a year-on-year increase of 12.4% [6][22] - The penetration rate of new energy vehicles reached 46.8% in the first four months of 2025, with wholesale sales of new energy passenger cars growing by 45.2% year-on-year [6][24] - The low-end market (below 80,000 yuan) saw a significant increase in sales, growing by 69.8% year-on-year in the first four months of 2025, while the mid-range and high-end markets experienced declines [30][32] Group 2: Trends in Technology - The automotive sector is witnessing a technological leap with "end-to-end" advancements in intelligent driving, transitioning from policy-driven to consumer-driven growth in new energy vehicle penetration [7][10] - The penetration rate of high-level intelligent driving (L2 and above) is expected to grow rapidly, potentially reaching 10%-50% in the coming years [7][10] Group 3: Market Structure - The market structure is becoming clearer, with a focus on the expansion of market share. The market share of domestic brands rose to 65.4% in the first four months of 2025 [8][10] - In the high-end market (above 250,000 yuan), the market share of BBA (BMW, Benz, Audi) and Tesla remains significant at 38.6%, while domestic brands have substantial room for growth [8][10] Group 4: New Growth Opportunities - In the first four months of 2025, China's passenger car exports reached 1.607 million units, a year-on-year increase of 4.5%, with new energy vehicles accounting for 46% of exports [9][10] - The acceleration of electrification in Europe presents new opportunities for domestic companies, despite a temporary slowdown in the pace of new energy vehicle adoption [9][10] Group 5: Investment Recommendations - The report recommends focusing on strong intelligent driving vehicles as alpha opportunities in the new cycle of intelligent driving upgrades [10] - Key investment targets include Xiaomi Group, Xpeng Motors, Geely, BYD, and Li Auto, particularly those affected by price reductions from joint ventures [10]

CHINAFUND HEFFIF E PERFER = 12 BS F T = Z世代消费力解码:新消费投资地图 近日,中国基金报投资者教育社群联 长城基金推出"青年消费力大调研 线女士女弟派见弟里爷2000火女怒梦想 01 "性价比" 与"心价比" 全都要 理性VS感性:消费决策的双面图谱 年轻人不是无脑花钱,而是"精打细算用在日常, 花钱买个开心时绝不手软"。消费决策时,既看钱 包(性价比）,也看心情(心价比)。青年消费者 既注重商品的实际价值(性价比),也重视消费带 来的情感体验(心价比)，呈现出理性与感性并重 的消费特征。 23.3% 26.3% 13% 11.3% 1.9% 0.12% 精打细算型 情绪价值优先型 为爱发电型 实用主义型 潮流追随型 其他 02 "体验经济" 统治青年钱包 消费新内核:体验才是王道 "拥有"物质不再是年轻人的最高追求,大家更青 睐"经历"和"感受"带来的快乐。消费的核心也 从"买什么"转向了"做什么/感受什么"。年轻 人为"快乐体验"付费意愿碾压物质消费。 53.8% 兴趣爱好(潮玩/游戏): 21.1% 文化体验(古城旅行、演唱会等) 19.7% 美食餐饮(网红餐厅 ...

新消费的"新"，可以是新的东西，也可以是在传统消费形式上的创新。我认为，只要 是 你 花 钱 购 买 的 新 鲜 的 产 品 或 服 务 ， 比 如 玩 具 、 潮 玩 、 新 的 电 子 产 品 （ AR/VR 眼 镜 等）、智能驾驶汽车，以及滑雪、潜水等新的体验方式，都符合 新消费的定义 。 新消费其实是一个变迁的过程，现在的传统消费在过去实际上也是新消费，而且即便 是传统消费，也可以焕新变成新消费 。比如车的形式的转变——传统燃油车变成智能 技术汽车。这种变迁背后是人口代际的迭代，每一代年轻人都喜欢不一样的东西，7 0 后、80后、90后、00后、1 0后不同代际群体的喜好不同，表达个性的方式、交友的方 式也不同，由此催生了不同的消费需求。 现在一些新消费企业受到市场关注，并非只是因为概念火热，其背后逻辑是基本面比 较坚实，能交出好的经营业绩，才能支撑起股价上涨。因此， 在投资新消费标的时， 要清楚地区分：概念很受欢迎、很火热是一回事，业绩又是另一回事，我们还是要看 公 司 的 财 务 报 表 ， 看 收 入 、 利 润 是 否 在 增 长 ， 然 后 再 去 探 店 ， 进 行 印 证 ， 做 草 根 ...

● 本报记者 万宇 随着基金公司陆续发布下半年投资策略，公募基金下半年重点关注的投资方向浮出水面。多家基金公司 认为，下半年A股投资机会大于风险，结构性机会突出，其中，科技板块是多家基金公司下半年重点关 注的方向，年初火爆的科技公司估值已消化至合理位置，下半年或将涌现新的投资机遇。此外，有基金 公司认为，港股流动性的想象空间持续打开，下半年恒生科技成分股的估值有望持续提升，将继续关注 港股市场机会。 机会大于风险 华宝基金固定收益部基金经理徐锬表示，A股市场面临着政策发力与业绩企稳的机遇，需求端稳住楼市 股市与供给端整治内卷式竞争的政策导向日益明确。AI引领新的创新周期、新消费成为内循环新载 体、新能源走出内卷，是2025年展望中需要重视的变化。对此，投资者可考虑采取"深挖Alpha、等待 Beta"的投资策略应对。 聚焦科技板块 在具体投资机会上，科技板块仍然是基金公司下半年重点关注的方向。景顺长城基金基金经理农冰立认 为，当前市场的平淡状态有望被打破，下半年科技板块值得关注。年初火爆的科技公司估值已消化至合 理位置，下半年或涌现新的投资机遇。其中，AI相关的算力及应用公司，随着国内外新应用不断推 出，市场 ...

天津市东丽区副区长李全利表示，天津东丽区将加快科技成果转移转化、加快产业集聚、提升服务水 平，全力推动京津冀汽车产业链转型升级，为区域汽车产业高质量发展注入强劲动能。重点聚焦车载芯 片、燃料电池、智能驾驶汽车等关键领域，将京津冀打造成世界级新能源汽车产业集群，让中国智造的 汽车驶向全球。 中新网天津6月6日电(江莹)5日，2025京津冀汽车供应链创新协同对接会在天津召开。天津市工业和信 息化局党组成员、副局长崔伟表示，新能源和智能网联汽车产业，是京津冀协同发展的重要引擎。京津 冀三地产业基础雄厚、创新资源富集，拥有从整车到核心零部件的完整研发、设计、生产、验证体系。 同时，京津冀区域市场潜力巨大，预计到2030年，三地汽车产量将达到430万辆。伴随电动化、智能 化、高端化转型加速，未来五年，汽车零部件市场增量有望达到约4500亿元。 本次活动邀请了中国第一汽车集团有限公司、吉利汽车集团有限公司、长城汽车股份有限公司等15余家 整车企业和400余家零部件企业参加。会上，对中汽零部件联合创新实验室进行揭牌，联合创新实验室 将充分发挥中汽零部件和各企业各自资源优势，加强协同创新支撑。同时，现场还举行了智能网联新能 ...

2025年5月14日 1 目 录 证券研究报告 【中泰汽车|何俊艺团队】汽车周报（05/05-05/11） 持续看好强势自主整车，年度重视整车&智驾&机器人 | 汽车行业首席分析师：何俊艺 | 汽车行业分析师：刘欣畅 | 汽车行业分析师：毛䶮玄 | | --- | --- | --- | | S0740523020004 | S0740522120003 | S0740523020003 | | hjy@zts.com.cn | liuxc03@zts.com.cn | maoyx@zts.com.cn | | 汽车行业分析师：汪越 | 汽车行业分析师：白臻哲 | | | S0740525010002 | S0740524070006 | | | wangyue07@zts.com.cn | baizz@zts.com.cn | | 一、核心观点：持续看好强势自主整车，年度重视整车&智驾&机器人 二、行情跟踪：全行业&汽车板块&覆盖标的跟踪 三、行业景气度：终端&订单&出口总量+分车企数据跟踪 四、重要新闻 五、个股跟踪 六、风险提示 2 核心观点：持续看好强势自主整车，年度重视整车&智驾&机器人 3 ◼ 周 ...

Group 1 - A-shares market sentiment is recovering, with major indices showing significant gains, including a nearly 1% increase in the Shanghai Composite Index and over 2% in both the Shenzhen Component Index and the ChiNext Index on May 12 [2] - The overall profit of all A-share listed companies grew by 3.5% year-on-year in the first quarter, indicating a potential alignment between market sentiment and fundamental improvements [2][4] - The recent policy measures, including a 10 basis point cut in policy rates and a 50 basis point reduction in the reserve requirement ratio, have exceeded market expectations, enhancing market certainty [3] Group 2 - The first quarter results show a turning point in corporate earnings, with a net profit growth rate of 3.2% for all A-shares and 4.5% for non-financial and petroleum sectors, reflecting the effectiveness of policy measures [4] - The improvement in operating cash flow, capital expenditure, and free cash flow for A-share companies indicates a revaluation of intrinsic value, with the CSI 300's free cash flow yield surpassing 5% [4] - The market is expected to shift towards industry trends and thematic investments, with a focus on technology and small-cap stocks, as risk appetite increases [4] Group 3 - The capital market is anticipated to enter an upward trend, with technology stocks leading the charge and positively impacting other sectors, including consumer goods [6][7] - The AI sector, particularly humanoid robots and smart driving technologies, is expected to benefit from macroeconomic opportunities, making it a key investment focus [8] - Long-term funds, including social security and pension funds, have significantly increased their holdings in A-shares, exceeding 600 billion yuan, indicating growing confidence in the market [9][10] Group 4 - Policy optimization aimed at encouraging long-term capital inflow into the stock market is underway, with plans to increase the investment rights of social security and pension funds in equities [10] - The market is expected to focus on new production capabilities, consumption themes, and structural opportunities in technology, dividend blue chips, and military industries in the second half of 2025 [11] - The valuation of A-shares remains attractive compared to international markets, which may further enhance long-term investment appeal [11]

证券研究报告 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年5月5日 汽车周观点： 4月第4周乘用车环比+16.9%，继续看好汽车板块 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.4.28-2025.5.4 3 ◼ 板块观点重申：5月优先AI智能化+机器人！优选【小鹏汽车+地平线】！ （ ◼ 节前节后发生了哪些重要变化？中美贸易战或趋于缓和是最大的外在环境变化。美国允许对 进口汽车零部件、在美国组装汽车的汽车生产商进行一定程度的补偿，或是美国这轮持续加 征关税后的"松动表现"，有助于大幅缓解此前市场对汽车因为中美贸易战持续升级所带来 的三层担忧：1）贸易战升级对汽车外需的影响；2）贸易战升级引发间接的汽车内需价格战； 3）小米事故引发智驾强监管。而假期期间美股特斯拉/港股汽车表现均较为强势，港股地平 线/小鹏汽车等领涨。 ◼ 当前时点汽车板块如何配置？我们依然坚持看好2025年【AI智能化/机器人+红利风格】两 条主线并存选股思路，5月看好AI智能化/机器人反弹空间或更大。【AI智能化/机 ...