证券研究报告|行业定期报告 2025 年 09 月 14 日 汽车行业周报 车市稳中求进，《工作方案》出台护航汽车行业稳增长 中游制造/汽车 9 月 7 日至 9 月 13 日，汽车行业整体上涨 1.5%。本周，工信部等八部门印发了 《汽车行业稳增长工作方案（2025—2026 年）》，主要目标为：2025 年，力争 实现全年汽车销量 3230 万辆左右，同比增长约 3%，其中新能源汽车销量 1550 万辆左右，同比增长约 20%；汽车出口保持稳定增长；汽车制造业增加值同比 增长 6%左右。2026 年，行业运行保持稳中向好发展态势，产业规模和质量效 益进一步提升。《工作方案》从扩大国内消费、提升供给质量、优化发展环境、 深化开放合作等 4 个维度，提出了 15 个方面工作举措和 3 个方面保障措施。 ❑ 市场板块行情回顾 本周 CS 汽车+1.5%。本周（9 月 7 日至 9 月 13 日，下同）上证 A 指涨跌幅 为+1.5%，深证 A 指涨跌幅为+2.4%，创业板涨跌幅为+2.1%。本周各行业板 块多数上涨，涨幅居前的行业板块为 CS 房地产（+7.0%）、CS 电子（+6.0%） 和 CS 农林牧渔（ ...

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, particularly focusing on the mid-to-high-end market and strong alpha companies [3][4]. Core Insights - The Chinese automotive market is transitioning between the third and fourth consumption eras, with a notable expansion in mid-to-large SUVs and personalized products, indicating untapped consumer potential [4]. - The report emphasizes the importance of innovative supply to stimulate market demand, highlighting products like Yu7, Zun Jie S800, and upcoming models from Li Auto as key drivers [4]. - The report suggests continued attention to strong alpha manufacturers such as Li Auto, JAC, Xiaomi, and Seres, as well as their corresponding supply chain companies [4]. Industry Update - Retail sales of passenger cars reached 570,000 units in the 26th week of 2025, with a month-on-month decrease of 1.38%. Traditional energy vehicles sold approximately 274,000 units, down 7.43%, while new energy vehicles sold 296,000 units, up 4.96%, achieving a penetration rate of 51.93% [4]. - The automotive industry experienced a total transaction value of 425.645 billion yuan this week, reflecting a week-on-week decrease of 5.01% [4]. - The automotive industry index rose by 0.10% this week, while the Shanghai and Shenzhen 300 index increased by 1.54%, indicating that the automotive sector's performance was below the broader market [11]. Market Conditions - The report notes that 123 automotive stocks rose while 159 fell this week, with the largest gainers being TaoTao Automotive, Hunan Tianyan, and Zhengyu Industrial, which saw increases of 29.8%, 21.0%, and 18.3%, respectively [15]. - Key events include the launch of the Xiaopeng G7, which exceeded pricing expectations and features advanced autonomous driving capabilities, and the opening of BYD's factory in Brazil, enhancing its presence in the Latin American market [5][8]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies involved in the trend of smart technology, including Jianghuai Automobile and Seres [4]. - It also suggests monitoring state-owned enterprise reforms, particularly with SAIC Motor, and identifying component manufacturers with strong growth potential, such as Fuyao Glass and New Spring [4]. Key Events - Xiaopeng G7 was launched with a starting price of 195,800 yuan, featuring advanced AI capabilities and a significant increase in autonomous driving performance [5][41]. - BYD's new factory in Brazil aims for an annual production capacity of 150,000 vehicles, with plans to expand to 300,000 units, marking a significant step in its global strategy [8][9].