汽车行业2025年中期策略：“量稳价缓”判断不变

广发证券股份有...2025-06-30

乘用车及其零部件：（1）总量及结构：维持25 年（国内）终端销量“量稳价缓”的判断，小幅上调全年终端增速预期。围绕行业判断，我们认为25 年重点关注3 个重要的变化及跟踪体系：①中阶辅助驾驶：车企中阶辅助驾驶的技术储备差异相比之前电动化和混动化在边际上减弱，短期因目标和路径不同落地节奏存在差异，长期竞争核心依然是“成本”；②高阶辅助驾驶：消费者动态付费及使用意愿是客观衡量体验拐点的准绳；③“...

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