金吾财讯 | 交银国际表示，2024年乘用车零售销量同比增5.5%，12月同比增12.0%。2024年新能源汽车零售同比增长40.7%，新能源渗透率47.6%。2024全年乘用车出口同比增长25%，12月同比增长6%。
该行指，在以旧换新和报废更新补贴政策的拉动下，2024年中国乘用车市场实现5.5%的零售增速，新能源车渗透率达到47.6%。2025年1月8日，新一轮消费品以旧换新政策出台，汽车报废更新支持范围进一步扩大。
展望2025年，该行认为乘用车补贴范围和力度有望持续加码，新能源乘用车市场有望保持当前高增的势能，预计2025年新能源渗透率进一步提升至60%。
该行建议关注乘用车板块优质标的比亚迪(01211/买入)DM5.0车型+出口 和小鹏汽车(09868/XPEV US/买入)/蔚来(09866/NIO US/买入)的新车周期(M03/P7+/乐道L60)。
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