Investment Rating - The report maintains a "Buy" rating for the automotive industry and highlights the potential of humanoid robots, recommending specific companies within this sector [5][8][41]. Core Insights - The humanoid robot sector is experiencing significant opportunities, with a notable order of 1.24 billion yuan awarded to Zhiyuan and Yushu by China Mobile, marking the highest order amount in the domestic humanoid robot industry [4][5]. - The automotive market is expected to see accelerated growth in robot application scenarios, with a focus on platform-based companies that hold competitive advantages [5][8]. - The report emphasizes the importance of intelligent vehicles and the ongoing collaboration between automotive manufacturers and technology firms like Huawei [6][7]. Summary by Sections Market Performance - The automotive sector's performance has been mixed, with the automotive index declining by 0.6%, underperforming the broader market [15][16]. - In the past year, the automotive sector has outperformed the market, with significant gains in new energy vehicles and intelligent vehicles [16][30]. Industry Data Tracking - In July, the average daily retail of passenger cars was 40,000 units, showing a year-on-year increase of 1% [36]. - The wholesale of passenger cars in the first week of July reached 233,000 units, a 39% increase compared to the same period last year [37]. Company Announcements and Industry News - Zhiyuan and Yushu's successful bid for a humanoid robot project with China Mobile is a significant development in the industry [4]. - The report highlights the launch of new models by various manufacturers, including NIO and Chery, indicating ongoing innovation in the automotive sector [60]. Recommended Stocks - The report recommends several companies for investment, including Shuanglin Co., Redik, and Jianghuai Automobile, all of which are expected to perform well in the coming years [10][43][42].

Core Viewpoint - High dividend stocks continue to rise, with a focus on "high dividend + low valuation" large-cap blue-chip stocks in the value ETF (510030) [1][4] Group 1: Market Performance - The value ETF (510030) opened slightly lower but then rose, with a current price increase of 0.27% [1] - The 180 Value Index has outperformed major A-share indices since the beginning of the year, with a cumulative increase of 7.24% compared to the Shanghai Composite Index's 4.73% and the CSI 300 Index's 2.03% [1][3] - As of July 11, 2025, the 180 Value Index's price-to-book ratio is at 0.85, indicating a relatively low valuation compared to the past decade [8] Group 2: Sector Analysis - The banking sector is the largest weight in the 180 Value Index, accounting for 50% as of June 2025 [5] - Insurance funds are expected to continue increasing their allocation to high-dividend bank stocks due to anticipated decreases in preset interest rates [4][6] - The focus on high dividend and high free cash flow return combinations is emphasized as a strategy to mitigate external uncertainties [6] Group 3: Investment Strategy - The value ETF closely tracks the 180 Value Index, which selects the top 60 stocks based on value factor scores, including major financial and infrastructure stocks [6] - The strategy suggests maintaining a "dividend core + small-cap growth" allocation to balance stability and growth potential [6]

Core Insights - The domestic passenger car market in China experienced an unexpected growth of 10.8% in the first half of the year, with June retail sales reaching 2.084 million units, a year-on-year increase of 18.1% and a month-on-month increase of 7.6% [1] - The market is seeing a shift with price wars becoming milder, while hidden incentives such as enhanced features and adjustments to owner rights are becoming more common [1] Sales Performance - In June, the wholesale share of domestic brands reached 67.1%, up 2.2% year-on-year, while the retail share was 64.2%, up 5.6% year-on-year [2][3] - Retail sales of domestic brands in June were 1.34 million units, a year-on-year increase of 30% and a month-on-month increase of 7% [3] - The cumulative retail market share of domestic brands in the first half of the year was 64%, an increase of 7.5 percentage points compared to the same period last year [3] Brand Performance - BYD's June sales reached 377,628 units, with a total of 2,113,271 units sold in the first half of the year, marking an 11% year-on-year increase [4] - Chery Group's June sales were 233,607 units, a 16.6% year-on-year increase, with 71,582 units being new energy vehicles, up 59.6% [4] - Geely's June sales were approximately 236,000 units, a 42% year-on-year increase, with a total of 1,409,000 units sold in the first half of the year, up 47% [4] Market Dynamics - The sales ranking for the first half of 2025 shows BYD leading with 1,610,042 units sold, followed by Geely with 1,225,673 units, and FAW-Volkswagen with 743,543 units, which saw a decline of 3.6% [7] - The luxury car segment saw retail sales of 230,000 units in June, a year-on-year decrease of 7% but an 18% increase month-on-month [3] Future Outlook - The market is expected to experience a gradual slowdown in growth due to high inventory levels and increased pressure on dealers' profitability as bank loan incentives diminish [8] - The overall production pace is anticipated to stabilize as automakers work to maintain relative price stability in the market [8]

Group 1 - BYD reported a value of 1360.61 with a decrease of 21.7% [2] - Ferrari's value is 887.78, showing a decrease of 13.15% [2] - Mercedes-Benz has a value of 597.78, with no percentage change reported [2] - BMW's value increased by 1.19% to 566.63 [2] Group 2 - Volkswagen's value is 537.15, reflecting a decrease of 0.48% [3] - General Motors reported a value of 513.31, with an increase of 2.3% [3] - Ford's value decreased by 5.16% to 468.44 [3] - Maruti Suzuki's value is 461.17, showing a decrease of 2.36% [3] - Porsche's value decreased by 6.5% to 444.88 [3] - Mahindra Automotive's value is 441.38, with a decrease of 13.28% [3] - Honda's value is 421.94, reflecting a slight decrease of 0.55% [3] - Hyundai's value increased by 21.73% to 373.36 [3] - Stellantis reported a value of 305.14, with a decrease of 9.08% [3] - Seres' value is 296.65, showing a decrease of 4.03% [3] - Tata Motors reported a value of 294.36, with a decrease of 7.21% [3] - Kia's value increased by 3.72% to 291.71 [3] - SAIC Motor's value is 284.62, reflecting an increase of 9.68% [3] - Li Auto's value is 280.63, with an increase of 4.66% [3] - Geely's value is 227.12, reflecting an increase of 1.29% [3] - Great Wall Motors reported a value of 226.47, with a slight increase of 0.11% [3] - Suzuki Japan's value is 220.92, showing an increase of 2.36% [3] - Xpeng's value is 165.68, reflecting a decrease of 0.28% [3] Group 3 - Changan Automobile's value is 156.36, with a slight increase of 0.12% [4] - Rivian's value is 156.09, showing a decrease of 3.48% [4] - Renault's value is 138.89, reflecting a decrease of 2.23% [4] - Subaru's value is 129.85, with an increase of 1.62% [4] - JAC's value is 119.19, with an increase of 0.49% [4] - Hozon Auto's value is 105.63, showing a decrease of 1.14% [4] - Isuzu's value is 93.51, with an increase of 0.58% [4] - GAC Group's value is 88.01, reflecting a decrease of 0.83% [4] - Leapmotor's value is 85.88, with no percentage change reported [4] - Weimi Auto's value is 83.69, showing an increase of 4.51% [4] - Ford Otosan's value is 83.18, reflecting a decrease of 0.92% [4] - VinFast Auto's value is 83.03, with an increase of 0.47% [4] - Nissan's value is 75.25, reflecting an increase of 2.18% [4] - Lucid Motors' value is 69.85, showing a decrease of 1.22% [4] - Zeekr's value is 69.83, with an increase of 0.84% [4]

Summary of SAIC Motor Corporation Conference Call Company Overview - **Company**: SAIC Motor Corporation - **Industry**: Automotive Key Points Sales Performance - In the first half of 2025, SAIC Motor's total sales reached 2.053 million units, representing a year-on-year increase of 12.35% [3] - June 2025 sales were 365,000 units, up 21.56% year-on-year [3] - Notable brand performances include: - SAIC Volkswagen: June sales of approximately 93,000 units, up 13% [3] - General Motors: June sales of 47,000 units, up 80%, with a cumulative total of 245,000 units for the first half, up 8.6% [3] - SAIC Passenger Vehicles: June sales of 63,000 units, up 15.5%, with a cumulative total of 368,000 units, up 9.8% [3] Export Performance - In the first half of 2025, SAIC Motor's wholesale export volume reached 490,000 units, and retail export volume reached 570,000 units [4][5] - The annual export target is set at over 1.1 million units, with the MG brand expected to export 650,000 units [4][5] New Model Launches - SAIC plans to launch several new models from the second half of 2025 to 2026, including: - Audi A5L and E5 (the first Audi model using Huawei inside technology) [6] - Roewe M7 and MG4 [6] - A total of 10 new models from Volkswagen targeted for the local market by 2026 [6] Collaboration with Huawei - The "Upper Boundary" project, a collaboration with Huawei, has a team of over 400 people [7] - The first SUV priced around 200,000 yuan is expected to launch in Q4 2025, available in both extended range and pure electric versions [7] - The project aims to introduce two additional new models next year, potentially leading to three models being sold simultaneously by the end of next year [7] Profitability Improvement - The profitability of the passenger vehicle segment has significantly improved due to strategic integration efforts [8] - The first quarter of 2025 achieved breakeven, with expectations of noticeable loss reduction in the first half [8] - The elimination of losses from General Motors and potential profit contributions from Audi are expected to enhance overall profitability compared to last year [8] Strategic Adjustments - In 2024, SAIC implemented three major adjustments: reducing inventory, focusing on retail, and addressing General Motors' risks [9] - These adjustments have positioned SAIC to operate in a light asset state in 2025, leading to improved efficiency and cost savings [9] Valuation Status - SAIC's current valuation is low, with a price-to-book ratio (PB) of approximately 0.67 to 0.68 [10] - The valuation has room for recovery, especially with the anticipated market effects from the collaboration with Huawei and new model launches [10][11] Market Impact of New Releases - The new models developed in collaboration with Huawei are expected to create significant market catalysts [12] - The first model is positioned competitively in terms of pricing and is anticipated to attract consumer interest due to its intelligent features [12] Future Outlook - The upcoming half-year report in August and new model launches in late summer are expected to catalyze upward movement in SAIC's PB ratio [13] - The introduction of additional new models in 2026 is projected to provide further growth opportunities [13]

Core Viewpoint - The rapid growth of China's passenger car exports is driven by changes in the international environment and the advantages of the domestic automotive industry, with significant future growth potential in overseas markets [1][2]. Group 1: Passenger Car Export Growth - In 2023, China became the world's largest automobile exporter, with a projected CAGR of 4.0% in overseas automotive sales over the next six years, indicating an incremental space of over 10 million vehicles [1]. - The company has been the champion of export sales among Chinese car manufacturers for eight consecutive years from 2016 to 2023, with the overseas sales proportion expected to increase from 2.5% in 2017 to 25.9% in 2024 [1]. - The company anticipates that the profitability of overseas models will exceed that of domestic ones due to export price differentials and improved operational efficiency, making export growth and the introduction of high-value-added models crucial for enhancing overseas profitability [1]. Group 2: Strategic Expansion and Organizational Changes - The company is transitioning from product exports to a full industrial chain export model, which is expected to enhance its adaptability and risk management in various overseas markets [2]. - The establishment of a new organizational structure, integrating various subsidiaries under a "large passenger vehicle sector," is expected to improve operational efficiency and profitability in overseas markets [2]. - Forecasted EPS for 2025-2027 is 0.95, 1.03, and 1.15 yuan respectively, with a target price of 23.75 yuan based on a 25x PE ratio, maintaining a buy rating [2].

Group 1 - The automotive industry is facing a significant issue of overcapacity, with a need to redefine and optimize production capacity and resource allocation [1][4] - In 2024, the automotive manufacturing capacity utilization rate is projected to be 72.2%, a decrease of 2.4 percentage points from the previous year, and lower than the overall industrial utilization rate of 75.0% [1][3] - The peak capacity utilization rate for the automotive manufacturing sector was 82.2% in 2017, indicating a downward trend in recent years [1] Group 2 - The global automotive capacity utilization rate is expected to drop to 65% by 2028, with a potential decline to 60% due to weak demand [5] - Some companies are adapting to the challenges by upgrading and transforming their production bases, such as SAIC Volkswagen, which is integrating resources and planning for future electric vehicle production [6] - Honda has announced the closure of two production lines in China to facilitate its transition to electric vehicles, while other companies like Lantu Automotive are also modernizing existing facilities instead of building new ones [7] Group 3 - The automotive industry is focusing on enhancing quality management and optimizing production layouts, with many companies integrating resources to improve production efficiency in preparation for industry transformation [8]

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, indicating a positive outlook for the sector [4]. Core Insights - The automotive industry experienced an overall decline of 0.6% from July 6 to July 12, 2025, with a notable increase in the dealer inventory warning index to 56.6%, reflecting a year-on-year decrease of 5.7 percentage points and a month-on-month increase of 3.9 percentage points [1][2]. - New vehicle launches include the Li Auto i8, set to debut on July 29 with a starting price of 350,000 yuan, and the Leap Motor B01, which will be launched in late July with a price range of 105,800 to 135,800 yuan [1][32]. Market Performance Overview - The automotive sector's performance was negative, with the CS Automotive index down by 0.6%, while the Shanghai A index rose by 1.1% and the Shenzhen A index increased by 2.0% during the same period [2][8]. - Among the automotive sub-sectors, the automotive services sector saw a weekly increase of 3.1%, while both passenger and commercial vehicle segments experienced declines of 1.4% and 1.0%, respectively [10][2]. Individual Stock Performance - Notable stock performances included Changchun Yitong (+17.4%), Jiuling Technology (+14.5%), and Fosa Technology (+13.7%), while Qin'an Co. (-10.0%), Quan Feng Automotive (-9.0%), and Ningbo Fangzheng (-8.0%) faced significant declines [14][18]. - Among covered stocks, Yunyi Electric (+6.6%), Huawei Technology (+6.1%), and Zhongrong Electric (+5.8%) showed positive movements, while Qin'an Co. (-10.0%), Xinquan Co. (-6.7%), and Rongtai Co. (-5.6%) experienced losses [18][14]. Recent Industry Developments - BYD has achieved L4-level smart parking capabilities, promising full liability coverage for accidents caused by its smart parking system [25]. - Chery Automobile plans to launch two new SUV models in the UK market, enhancing its competitive presence in Europe [24]. - The report highlights strategic partnerships, including a collaboration between CATL and Geely to deepen cooperation in battery technology and supply chain management [29].

行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 07 月 13 日 再谈反内卷，聚焦中高端及燃油车 边际改善机会 1.1 比亚迪首发 L4 级智能泊车 看好 ——2025/7/7-2025/7/11 汽车周报 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 汽车 ⚫ 观点：中国车市处于第三和第四消费时代之间，家庭和悦己并存。看到中高端市场，供 给驱动的销量攀升。我们看到中大型 SUV 和个性化产品均出现扩容的迹象，消费潜力 尚存，市场需要有跨越式领先的供给来激发。足够优秀的供给可以让消费者忽视降价预 期，我们相信 Yu7，尊界 S800 和后续的理想 i8/i6 都将是这样具备跨越式领先的产 品。与此同时，市场对于明年购置税影响的讨论，也将让 ...

Group 1 - The Ministry of Finance issued a notice to guide insurance funds for long-term stable investment and to strengthen long-cycle assessments of state-owned commercial insurance companies. The assessment method for "return on net assets" has been adjusted to include annual, 3-year, and 5-year indicators with respective weights of 30%, 50%, and 20% [1][5][16] - The Ministry of Industry and Information Technology (MIIT) is promoting digital transformation in manufacturing and small and medium-sized enterprises (SMEs) through pilot programs and guidelines, aiming to enhance the digital capabilities of key industries [2][3] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasized the need for state-owned enterprises to focus on strategic emerging industries and enhance their role in technological innovation and industrial control [3] Group 2 - The Ministry of Finance allocated 197 million yuan to support agricultural disaster recovery in seven provinces affected by floods and typhoons, focusing on crop replanting and infrastructure repair [4] - The National Development and Reform Commission and the National Energy Administration announced plans to increase the green power consumption ratio for steel, cement, polysilicon industries, and new data centers by 2025 [2] - The Shanghai Stock Exchange released guidelines for the "Science and Technology Innovation Growth Layer," allowing 32 unprofitable companies to enter this new tier without additional listing thresholds [5] Group 3 - The China Securities Regulatory Commission (CSRC) has initiated investigations into companies suspected of financial misconduct, including Yuandao Communication for false financial reporting and Jiaoda Anlian for information disclosure violations [7][32] - The National Energy Administration reported that the new energy capacity connected to the grid exceeded 203 million kilowatts in the first half of the year, marking a 108.7% year-on-year increase [20] - The automotive industry in China is experiencing stability compared to other countries, with a noted decline of only 12% in the passenger car market from 2018 to 2020, indicating strong macroeconomic support [21]