交银国际指出，受益于以旧换新，2024年中国新能源汽车行业呈现强增长态势。2024年前十一个月新能源汽车渗透率达47%。随着更多增程/混动车型发布，该行预计2025年新能源汽车渗透率有望进一步提升。但需谨慎2024年12月销量冲刺后车市进入销售淡季，车市竞争加剧引发价格战。民生证券认为，展望2025，在12月11日至12日举行的中央经济工作会议上，将“大力提振消费、提高投资效益，全方位扩大国内需求”列为2025年九大重点任务之首，预计2025车市将持续火爆。Electric Vehicles stocks rebounded. As of the time of writing, NIO-SW (09866) rose by 5.25%, priced at 36.1 HKD; Li Auto-W (02015) increased by 3.25%, priced at 96.95 HKD; Great Wall Motor (02333) rose by 2.62%, priced at 13.34 HKD.
According to the Zhito Finance APP, automotive stocks generally rebounded. As of the time of writing, NIO-SW (09866) rose by 5.25%, reporting at 36.1 Hong Kong dollars; Li Auto-W (02015) increased by 3.25%, reporting at 96.95 Hong Kong dollars; Great Wall Motor (02333) rose by 2.62%, reporting at 13.34 Hong Kong dollars; LEAPMOTOR (09863) increased by 1.91%, reporting at 32 Hong Kong dollars; Xpeng Motors-W (09868) rose by 1.44%, reporting at 45.65 Hong Kong dollars.
In news, on January 1st, major automotive companies successively disclosed their December 2024 and full-year sales volumes, with many companies achieving new highs. Among them, BYD's December sales reached 0.5148 million units, with a full-year cumulative sales of 4.2721 million units, a year-on-year increase of 41.26%, exceeding the original sales target; Li Auto delivered 58,513 vehicles in December, a historic high; Xpeng Motors delivered a total of 36,695 new vehicles in December, achieving single-month delivery historical highs for four consecutive months; NIO delivered 31,138 new vehicles in December, a year-on-year increase of 72.9%, with total new vehicle deliveries for the year reaching 221,970 units, a year-on-year increase of 38.7%.
BOCOM INTL pointed out that benefiting from the old-for-new policy, the electric vehicle sector in China is showing strong growth momentum in 2024. In the first eleven months of 2024, the penetration rate of electric vehicles reached 47%. With more extended range/hybrid models being released, the bank expects the penetration rate of electric vehicles to further increase in 2025. However, caution is needed as after the sales surge in December 2024, the auto market will enter a sales slump, with intensifying competition leading to price wars. Minsheng Securities believes that looking to 2025, the Central Economic Work Conference held from December 11 to 12 will prioritize "vigorous promotion of consumption, improving investment efficiency, and comprehensively expanding domestic demand" as one of the top nine key tasks for 2025, and it is expected that the auto market will remain lively in 2025.
