东吴证券：2025年全面看多整车板块

Core Viewpoint - The report from Dongwu Securities identifies the past five years of the automotive market as defined by "the electrification of vehicles," highlighting a common pattern of four upward trends driven by improvements in domestic demand for passenger vehicles, accelerated penetration of new energy passenger vehicles, and the addition of new mid-term logic such as intelligence, globalization, and robotics [1] Group 1: Market Trends - The automotive market is experiencing a systematic valuation repair and a diffusion trend projected for 2025 [1] - By 2025, domestic automakers are expected to accelerate their smart strategy and promote their robotics strategy [1] Group 2: Investment Recommendations - The investment recommendation for 2025 is to adopt a bullish outlook on the entire vehicle sector [1] - The selection criteria for stocks include intelligence as the core, monthly sales as the outcome, and robotics as an additional advantage [1] Group 3: Company Rankings - The first tier of companies includes XPeng Motors, SAIC Motor, and Seres [1] - The second tier includes Li Auto, BYD, Geely, Changan Automobile, GAC Group, Great Wall Motors, and Leap Motor [1]