CITIC Securities: Passenger vehicle prosperity continues to recover, with facelift and model updates showing a trend of "price increases and more features"

Mars Finance reports that a research note from China Citic Securities Investment Research said that from March 1 to 22, wholesale volumes reached 1.084 million vehicles, up 62% month-on-month versus the same period last month. Clear signals show that conditions at the bottom of the cycle are rebounding. Aito M6 and Seres Z7/Z7T have both started pre-sales, and both come standard with an 896-line LiDAR; as advanced intelligent driving features are rolled down, the pace of commercialization is accelerating. Xiaoma’s 2026 target is 3,000 Robotaxis, with the domestic plan to enter 20 cities, and overseas expansion to Croatia, the UAE, Luxembourg, South Korea, and others. WeRide’s 2025 Robotaxi revenue is 150 million yuan, up 209.6% year-on-year; it has already been deployed across 12 countries and more than 40 cities, and the industry’s trend toward commercialization and scaling continues to advance. This year, multiple facelift and next-generation models have shown a “price increase with added features” trend, such as BYD’s new battery plus fast charging; Aito M9 and Zunjie S800 adding LiDAR; Xiaomi upgrading its batteries, motors, and compute; and in lower trims, LiDAR is being filled in, while in higher trims, an additional light-sensing panoramic sky is being added. Driven by “anti-price wars” and “proportion-based subsidies,” the average passenger vehicle price is expected to stabilize and rebound.