Group 1: Market Overview - In the first 25 days of May, the national retail sales of passenger cars reached 1.358 million units, a year-on-year increase of 16% compared to the same period last year, and a month-on-month increase of 9% [1] - The retail sales of new energy vehicles (NEVs) during the same period reached 726,000 units, representing a year-on-year growth of 31% and a month-on-month increase of 11%, with a market penetration rate of 53.5% [1] - Cumulatively, 8.23 million passenger cars have been sold this year, showing a year-on-year growth of 9% [1] Group 2: HUD Technology Insights - The delivery volume of head-up display (HUD) vehicles in China is expected to reach 3.56 million units in 2024, marking a year-on-year growth of over 55%, with the penetration rate increasing from 11% in 2023 to 16% in 2024 [1] - The HUD market has surpassed the early adopter threshold of 16%, indicating a shift from linear to exponential growth in technology diffusion [1] - The domestic HUD industry chain benefits from a more complete structure and lower costs, approximately 50% lower than foreign counterparts, due to rapid development in the automotive sector [2] Group 3: Company Performance - Sunny Optical Technology (02382) is recognized as an industry leader in automotive lenses, with expectations for continued market share growth, driven by new growth engines such as laser radar, smart car lights, and HUD [3] - BOE Technology Group (00710) is a leading developer of TFT LCDs, focusing on automotive and industrial displays, with its BOEVx platform gaining market recognition for advanced display technologies [4] - Xinyi International (00732) reported a cumulative net revenue of approximately HKD 17.78 billion in 2024, a year-on-year increase of about 14.1%, with significant production capacity in TFT automotive displays [4]