SIASUN(SZ:300024) Xin Lang Cai Jing·2025-07-27 12:34Core Viewpoint - The WAIC is expected to further strengthen the trends in intelligent driving and robotics industries [1] Passenger Vehicle Sector - The recent issuance of the third batch of "old-for-new" national subsidies is expected to improve consumer sentiment in the passenger vehicle sector [3] - New models such as the Leapmotor B01 have been released, with attention on the upcoming Li Auto i8, indicating a structural market trend driven by new product expectations and premium brands [3] - The "anti-involution" trend is stabilizing the pricing system of existing models, making new product capabilities and branding crucial for competition [3] Intelligent Driving Sector - The L4 intelligent driving industry is reaching a turning point in costs and technology this year, with ongoing evolution in technology iterations, industry structure, and new business models [4] - The WAIC is anticipated to catalyze developments in the sector, with Shanghai issuing multiple Robotaxi operation licenses [4] Robotics Sector - The robotics sector has shown significant strength since mid-July, driven by strong industrial trends and event catalysts [4] - Key events include the capitalized listings of Zhiyuan and Yushun, bulk orders for humanoid robots from China Mobile, and Tesla's Optimus development updates [4] - The market maintains a high recognition of the long-term industrial trends, with Tesla's Q2 earnings call indicating a positive outlook for the development of the Gen3 prototype by the end of 2025 [4] Commercial Vehicle and Heavy Truck Sector - Q2 performance has significantly benefited from the export growth of heavy trucks and large/mid-sized buses [4] - The acceleration of domestic subsidies since May has strengthened the fundamentals of these two core sectors, with expectations for further growth in Q3 due to a low base [4]