智通财经APP获悉，交银国际发表研究报告指，近期美国对中国加征高额关税，2024年中国出口美国仅有11.6万辆，在中国汽车总体出口的占比不足2%，其中主要是美系品牌的返销，因此该行认为中国自主汽车品牌基本不会受到美国加关税的影响。展望4月，2025上海车展将于4月23日至5月2日举行，及各地促消费政策的实施，五一出游需求拉动，有望推动汽车消费。该行建议关注乘用车板块优质标的比亚迪股份(01211)智驾+出口上量;小鹏汽车-W(09868)新车周期。
报告指，3月车市回暖，新能源车渗透率升至51.1%。3月全国乘用车市场零售194万辆，同比及环比增14.4%及40.2%，其中自主品牌零售122万辆，同比及环比增31%及33%。3月内地乘用车出口总量39.1万辆，同比减8%，环比增10%，1-3月出口112万辆，同比增1%。该行预计今年出口俄罗斯市场承压，对整体汽车出口增速造成压力。
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