汽车行业周报：汽车“反内卷”政策有望逐步落地推进
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请认真阅读文后免责条款汽车华龙证券研究所投资评级：推荐（维持）最近一年走势分析师：杨阳执业证书编号：S0230523110001邮箱：yangy@hlzq.com联系人：李浩洋执业证书编号：S0230124020003邮箱：lihy@hlzq.com相关阅读《整合与出海并行，智驾与机器人齐飞—汽 车 行 业2025年 中 期 策 略 报 告 》2025.07.06《以旧换新资金分批下达，持续支撑乘用车市场销量增长—汽车行业周报》2025.06.23《多家车企做出账期承诺，汽车供应商现 金 流 有 望 改 善—汽 车 行 业 周 报 》2025.06.16 摘要：应商有望受益。等车型上市。 风险提示：宏观经济波动风险；相关政策不及预期；原材料价格波动风险；地缘政治风险；重点车型销量不及预期；智能驾驶进展不及预期；第三方数据误差风险；重点关注公司业绩不及预期。EPS（元）PE投资评级股价（元）2024A2025E2026E2027E2024A2025E2026E2027E13.8418.4022.4726.6623.817.914.612.3买入1.481.762.082.3714.812.510.59.3买入0.740.811.041.2717.415.912.410.1买入1.631.451.782.1911.613.110.68.6未评级3.946.408.219.8833.120.315.913.2未评级3.794.696.698.3032.826.518.615.0未评级-3.06-0.721.283.29--56.021.9未评级3.614.836.127.6528.621.416.913.5未评级1.912.493.163.9128.922.217.514.1未评级1.241.712.232.8124.818.013.811.0买入0.681.091.331.5526.116.313.411.5未评级1.992.523.194.0725.520.215.912.5增持1.432.373.183.9128.016.812.610.2未评级-1.11-0.440.190.93--175.235.9未评级1.782.102.603.1527.523.318.815.5未评级1.211.491.782.1228.222.919.116.1未评级0.941.291.621.9429.421.417.114.2增持0.210.330.470.82195.1125.687.950.2未评级0.580.831.031.0343.730.424.524.6买入0.971.421.761.9040.527.722.320.7买入1.862.102.432.7813.812.310.69.3未评级1.261.501.772.0614.512.210.48.9未评级1.311.471.671.8311.910.69.38.5未评级数据来源：Wind，华龙证券研究所，港股公司股价单位为港币，其他货币单位均为人民币，贝斯特2027年EPS以及未评级标的盈利预测均来自Wind一致预期。 内容目录1本周观点...................................................................................................................................................12行业动态...................................................................................................................................................12.1行业要闻............................................................................................................................................12.2上市车型............................................................................................................................................32.3公司公告............................................................................................................................................33本周行情...................................................................................................................................................34数据跟踪...................................................................................................................................................54.1月度数据............................................................................................................................................54.2周度数据..........................................................................................................................................145投资建议.................................................................................................................................................156风险提示.................................................................................................................................................15图目录图1：本周申万行业涨跌幅..................................................................................................................4图2：申万汽车子板块涨跌幅..............................................................................................................4图3：申万汽车板块PE（TTM）........................................................................................................5图4：申万汽车子板块PE（TTM）....................................................................................................5图5：我国汽车销量..............................................................................................................................6图6：我国汽车销量同比增速..............................................................................................................6图7：我国乘用车批发销量..................................................................................................................6图8：我国乘用车批发销量同比增速..................................................................................................6图9：我国乘用车零售销量..................................................................................................................6图10：我国乘用车零售销量同比增速................................................................................................6图11：我国新能源乘用车批发销量.....................................................................................................7图12：我国新能源乘用车零售销量....................................................................................................7图13：我国新能源乘用车批发销量同比增速....................................................................................8图14：我国新能源乘用车零售销量同比增速....................................................................................8图15：我国新能源乘用车批发渗透率................................................................................................8图16：我国新能源乘用车零售渗透率................................................................................................8图17：我国搭载L2.5及以上功能乘用车销量及渗透率...................................................................9图18：汽车经销商库存系数..............
