20230607-国元证券-汽车行业混动赛道周动态（2023年6月第1期）_7页_692kb

Market Overview: In early June, the SW automobile index experienced a decline, with the auto sector showing negative performance across sub-sectors like car services, auto parts, and vehicle types. Data visualization # included daily and cumulative trends highlighting overall downward pressure in the market.

Plug-in Hybrid Tracker: Recent updates involve multiple manufacturers unveiling new hybrid and plug-in hybrid models. Notable developments include Toyota enhancing its 2023 Hilux models with improved efficiency and range,东风日产 launching the启辰大V DD-i with various fuel economy figures,奇瑞 introducing a高性能电混系统 that targets high efficiency and future vehicle electrification, and Lexus announcing the LBX with a new 1.5L hybrid system. These launches focus on expanding user choice and reducing environmental impact.

Industry Chain Information: Analysis of the supply chain highlighted challenges and costs associated with hybrid vehicle production, such as the need for complicated design and higher expenses for components like high-pressure fuel systems in vehicles like福田汽车's offerings. Upcoming product releases from companies like SAIC Group aim to improve system efficiency and support the transition to cleaner energy.

Company Announcements: Listed below are key announcements from various stock holdings as of mid-June. Linglong Tire distributed profits for 2022 through cash dividends. Ningbo Huaxing allocated shares for distribution with specific dividend rates. Songzhi Co., Ltd. detailed its annual dividend payouts. Beijing Weikawei extended guarantees for its subsidiaries to fund various financing needs. Bright Auto Tech reported on the deregistration of stock options following workforce changes.

Important Data Analysis: Li Auto provided updated May delivery figures, showing a significant year-over-year increase with achievements surpassing multiple-month records and contributing to a new monthly revenue benchmark of over 10 billion RMB. The government meeting emphasized further policy support for new energy vehicles, investing in "vehicle-integration-energy-infrastructure-cloud" advancements, which is seen as bolstering market confidence and encouraging consumer engagement.

Investment Recommendation: Advisory suggests leveraging trends in automotive electric intelligence and hybrid technologies for long-term value, while noting the policy landscape's supportive stance on sustainability and technological innovation. Better infrastructure and green development are key recommended focuses.
Key takeaway summary: The hybrid vehicle market shows robust growth with policy support, though challenges in production costs may affect competitiveness.