【国金证券】汽车中期投资策略：弱化边际，重视空间-250624（23页）.pdf

1、S11305240500012025/6/2412051015202530352008-01-042010-01-042012-01-042014-01-042016-01-042018-01-042020-01-042022-01-042024-01-04050000010000001500000200000020082009201020112012201320142015201620172018201920202021202220232024wind3251-23%251-236%251-244%113639%2536372415%05001000150020002500112131415

2、1617181911011111212024-72025-7050,000100,000150,000123456789101112批发销量（辆）202320242025050000100000123456789101112上险销量（辆）20232024202543Q2323.103281-223882156023-24602017202513.610.412.57.420.36.58.76.08.213.2%10.0%10.7%4.7%14.4%13.6%14.2%10.0%0.0%10.0%20.0%0.010.020.030.0201720182019202020212022202320

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5、.372.462.292.302.3047.9261.283.392.657.516.485.374.714.644.024.354.475.716.943.371.772.193.72 0.97 1.60-0.80-0.39 0.06-0.97-0.14-1.03-0.13-1.17-0.82 1.773.967.68 8.64 10.249.45 9.06 9.12 8.15 8.01 6.97 6.85 5.68 4.86=-62024202578910111212343374130,8198/2728,99120,819)8/29187729/5167804/17151319/1015

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