招商证券研究报告指，对于车企618促销，该行认为淡季产业库存上升，终端销售承压，促销是正常手段，而比亚迪(01211.HK) 电动化已大幅领先，冀以降价获得更多市场份额是乘胜追击，整合市场。该行认为，随着新能源车市场渗透率突破50%，未来销量会集中于国产龙头的趋势更明显。
另外，就长汽(02333.HK) 管理层日前的“汽车业恒大”言论，该行认为虽然是提醒产业健康发展之意，但观点略显偏激，引发市场过度担忧。至于发改委的表态旨在促使业界龙头公司平息争端，近期一系列舆论事件使消费者产生观望情绪，打乱行业供需节奏，官方希望尽快消除此类负面影响。
该行料促销对比亚迪业绩的负面影响有限，因公司海外业务今年及明年持续强劲增长，且出口利润率高于国内，加上碳酸锂单吨成本较去年大幅下降，可在一定程度上抵销促销影响。
该行维持长期看好比亚迪及吉利汽车(00175.HK) ，考虑当前市值规模，中短期吉利汽车的韧性或更大，予吉利目标价27.5元(另见表)，比亚迪目标价510元，均予“增持”评级。(ss/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-29 16:25。)
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