Passenger Vehicle Exports Continue to Beat Expectations; Analysts Recommend Focusing on High-Growth Sectors

Passenger vehicle exports and sales of premium models in March once again exceeded expectations. Geopolitical conflicts and high oil prices have bolstered overseas demand, making new energy vehicle (NEV) exports a structurally strong driver. Although market sensitivity to high oil prices and war-related factors has gradually diminished, AI-driven advancements continue to propel the internal combustion engine (ICE)-related industrial chain beyond expectations. Full Self-Driving (FSD) capability has now been approved in the Netherlands, and robust activity in the robotics sector’s primary market is further accelerating industry evolution. Currently, share prices of leading high-quality companies have stabilized, and we recommend actively allocating positions in relevant sectors ahead of potential new catalysts in the second quarter.