CITIC Securities: Passenger car exports continue to exceed expectations, actively layout in the direction of high prosperity and growth.

CITIC Securities Research Report stated that this week, the production and sales data of major automobile manufacturers in March were intensively released. The performance of exports and high-end vehicle sales exceeded expectations again. CITIC Securities continued to point out that in the overseas market, new energy passenger car exports will become a structurally strong trend under high oil prices and geopolitical conflicts. The market is gradually becoming desensitized to high oil prices and war factors, actively seizing the direction of a high level of prosperity, and the continued surpassing of expectations in the engine prosperity brought by AI. FSD was approved in the Netherlands, and the first-level engine prosperity brought by robots is leading to continuous evolution in the industry. Currently, the stock prices of high-quality leading companies have gradually stabilized, and under the new catalysis of the passenger car sector in the second quarter, it is recommended to actively configure the layout.