汽车行业周报：吉利发布千里浩瀚智驾系统，国内车企加速推进智能驾驶

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of March 9, 2025 [1]. Core Insights - The report highlights significant growth in the automotive sector, with February wholesale passenger car sales reaching 1.781 million units, a year-on-year increase of 35% but a month-on-month decrease of 15%. Cumulatively, 3.882 million units have been sold this year, reflecting a 13% year-on-year growth [6][31]. - The new energy vehicle (NEV) segment saw wholesale sales of 842,000 units in February, marking an 82% year-on-year increase, although it decreased by 5% month-on-month. Year-to-date, NEV sales total 1.732 million units, up 49% year-on-year [6][31]. - The report emphasizes the impact of government policies, with over 700,000 applications for vehicle replacement subsidies and over 300,000 for scrapping subsidies received since the beginning of 2025, indicating effective policy implementation [6][31]. Summary by Sections Passenger Vehicles - February wholesale passenger car sales were 1.781 million units, up 35% year-on-year and down 15% month-on-month. The cumulative sales for January and February reached 3.882 million units, a 13% increase year-on-year. The growth is primarily driven by policy support [31][32]. - Key stocks to watch include BYD (002594), Geely Automobile (0175.HK), Xpeng Motors (9868.HK), SAIC Motor (600104), Changan Automobile (000625), and GAC Group (601238) [32]. New Energy Vehicles - NEV wholesale sales in February were 842,000 units, an 82% year-on-year increase but a 5% decrease month-on-month. Cumulative sales for the year reached 1.732 million units, reflecting a 49% year-on-year growth. The continuation of the vehicle replacement policy is expected to further boost sales [31][32]. - Key stocks in this segment include BYD (002594), Geely Automobile (0175.HK), Huayu Automotive (600741), Xinquan (603179), Doli Technology (001311), Meilixin (301307), Sulian (301397), Chuanhuan Technology (300547), and Wuxi Zhenhua (605319) [32]. Smart Vehicles - Geely's Galaxy brand announced plans to launch a flagship product equipped with the Qianli Haohan H7 level smart driving solution later this year. The company aims to promote "fuel-electric equality" and "safety equality" in smart driving [31][33]. - Key stocks to monitor include BYD (002594), Geely Automobile (0175.HK), and SAIC Motor (600104) for complete vehicles, and Desay SV (002920), Huayang Group (002906), and others for components [33]. Heavy Trucks - In February, heavy truck wholesale sales reached approximately 80,000 units, a month-on-month increase of 11% and a year-on-year growth of 34%. The report suggests monitoring the impact of the new scrapping subsidy policy for National IV trucks on the heavy truck market [31]. - Recommended stocks include Weichai Power (2338.HK/000338), China National Heavy Duty Truck Group (3808.HK/000951), and Tianrun Industrial (002283) [31].