金吾财讯 | 中原证券研究称，近期，以旧换新实施细则在国家统一框架下持续落地并由地方加码，预计内需将边际修复并改善车型结构向中高端与新能源倾斜，同时，针对商用车领域，交通运输部印发实施细则，支撑全年重卡及公交内需与结构升级；动力电池回收体系建设进入加速期，行业正从"政策驱动"向"市场与规范双轮驱动"转变；出口延续高景气、结构优化，1-4月累计出口同比+61.5%，新能源占比超40%，成为对冲内需的核心引擎。建议重点关注两大主线：一是具备全球化渠道、产能与产品竞争力的自主龙头整车企业和零部件企业；二是继续关注智能化和回收利用产业链，包括智能驾驶、机器人与液冷核心零部件企业，以及动力电池回收利用产业链。
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