【券商聚焦】交银国际:新品周期有望推动销量环比改善 看好“金九银十”车市表现

金吾财讯
Aug 13

金吾财讯 | 交银国际表示,7月车市进入季节性调整期,部分购车需求阶段性后移。全国零售146.1万辆,同/环比20.9%/-8.8%,部分受到6月需求前置及消费者等待新品影响。结构上,新能源表现继续优于行业,零售渗透率升至65.1%的历史新高;乘用车出口91.8万辆,同比+87.8%,其中新能源出口54.0万辆,同比+147.8%,继续成为重要增量来源。新品周期有望推动销量环比改善,看好“金九银十”车市表现。随着6月需求前置影响逐步消化、新车型陆续投放,部分消费者购车决策有望逐步落地,该机构预计8月乘用车销量有望环比改善。进一步看,9-10月进入传统销售旺季,新车型密集投放、智能化配置价格持续下探,有望共同支撑“金九银十”车市表现。该机构认为行业机会仍主要集中在三条主线:一是具备明确新品周期和智能化优势的头部新能源车企;二是海外销量持续增长、具备渠道及本地化生产能力的自主品牌;三是物理AI在智能驾驶、人形机器人等领域逐步落地带来的估值增量。建议关注:小鹏集团(09868/XPEVUS/买入)新品及增程车型逐步放量,海外本地化生产和物理AI业务持续推进;吉利汽车(00175/买入)内部资源整合进一步深化,新能源产品矩阵持续完善;比亚迪股份(01211/买入)出口保持较快增长,高端品牌及智能化布局持续推进。

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