汽车行业双周报（2025、04、11-2025、04、24）：上海车展如期举行，计划首发新车超百款-20250425

Investment Rating - The report maintains a standard rating for the automotive industry, indicating a positive outlook for the sector [1][50]. Core Insights - The Shanghai International Auto Show is set to take place from April 23 to May 2, 2025, with over 100 new car launches planned, of which more than 70% will be new energy vehicles [50]. - The Chinese automotive market continues to show rapid growth, with production and sales in the first quarter of 2025 increasing by 14.5% and 11.2% year-on-year, respectively [50]. - The report highlights the strong performance of the automotive sector, with the Shenwan Automotive Index rising by 5.62% in the last two weeks, outperforming the CSI 300 Index by 4.30 percentage points [10][11]. Industry Data Tracking - In March 2025, China's automotive production reached 3.006 million units, a year-on-year increase of 11.9% and a month-on-month increase of 42.9% [18]. - Automotive sales in March 2025 were 2.915 million units, reflecting a year-on-year growth of 8.2% and a month-on-month growth of 36.2% [18]. - The automotive export volume for March 2025 was 507,000 units, showing a year-on-year increase of 1.0% and a month-on-month increase of 15.0% [18]. - The dealer inventory warning index stood at 54.6%, down 3.70 percentage points year-on-year and 2.30 percentage points month-on-month [18]. Industry News - The 21st Shanghai International Auto Show commenced on April 23, 2025, featuring nearly 1,000 exhibitors from 26 countries and regions [26]. - The China Passenger Car Association reported that retail sales from April 1 to 20, 2025, reached 897,000 units, a year-on-year increase of 12% [29]. - A coalition of six major automotive organizations in the U.S. opposed the imposition of tariffs on imported auto parts, citing potential disruptions to the global supply chain [30]. - Shanghai and Toyota signed a strategic cooperation agreement to establish a research and production company for Lexus electric vehicles and batteries [31]. Investment Recommendations - The report suggests focusing on manufacturers enhancing brand competitiveness through intelligent technology, such as BYD and Changan Automobile [50]. - It also highlights the potential growth in the intelligent driving industry chain, recommending companies like Baolong Technology, Huayang Group, and Bertley [50].