金吾财讯 | 交银国际表示，2月车市迎开门红。2025年2月，全国乘用车市场零售138.6万辆(同/环比+26.0%/-22.8%)。2025年1-2月乘用车零售累计同比增长1.2%。自主品牌表现优于行业整体，2月自主品牌零售91万辆，同/环比+51%/-17%，自主品牌全国零售份额同/环比增加10.6个/4.6个百分点至65.6%。2 月新能源汽车零售维持同比增势，新能源车零售销量录得68.6万辆(同/环比+79.7%/-7.8%)，新能源渗透率49.5%，同/环比+15/+8个百分点。2月乘用车出口(含整车与CKD(全散件模式))总量34.9万辆，同/环比+11%/-8%，1-2月乘用车厂商出口73万辆，同比增长6%。当月新能源车出口11.8万辆，同比+27.8%，占出口总量的34%。该行指，春节假期后的各行各业快速进入正常运作，多家车企(包括特斯拉、小鹏、智己、阿维塔、理想等)加大促销力度，叠加新车型发布，该行预计中国乘用车市场将继续回暖，3月乘用车产销有望实现显着的环比增速。该行建议关注乘用车板块优质标的比亚迪(01211/买入)智驾+DM5.0车型+出口 ；小鹏汽车(09868/XPEV US/买入)M03和P7+上量。
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