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Core Insights - In July 2025, automotive production and sales reached 2.591 million and 2.593 million units respectively, showing a month-on-month decline of 7.3% and 10.7%, but year-on-year growth of 13.3% and 14.7% [2][4] - For the period of August 1-10, 2025, retail sales of passenger vehicles totaled 452,000 units, a year-on-year decrease of 4% but a month-on-month increase of 6%. Wholesale figures reached 403,000 units, reflecting a year-on-year increase of 16% but a month-on-month decline of 3% [2][3] - From August 4-10, 2025, new passenger vehicle registrations were 382,000 units, down 5.3% year-on-year and 18.5% month-on-month, with new energy vehicles accounting for 218,400 units, showing a year-on-year increase of 2.4% but a month-on-month decrease of 11.9% [2][3] Market Performance - For the week of August 11-15, 2025, the CS automotive index rose by 3.21%, with the CS passenger vehicle index up 2.18%, and the CS commercial vehicle index increasing by 0.98%. The CS automotive parts index saw a rise of 4.12%, while the CS automotive sales and service index fell by 1.38% [2][4] - The electric vehicle sector increased by 5.41%, and the smart vehicle segment rose by 2.39%. In comparison, the CSI 300 index increased by 2.37%, and the Shanghai Composite Index rose by 1.7% [2][4] Cost Tracking and Inventory - As of August 10, 2025, prices for float glass, aluminum ingots, and zinc ingots changed year-on-year by -12.8%, +8.8%, and -0.1% respectively, with month-on-month changes of +5.7%, -0.7%, and +0.4% [3] - The automotive dealer inventory warning index for July was 57.2%, reflecting a year-on-year decrease of 2.2 percentage points and a month-on-month increase of 0.6 percentage points [3] Market Focus - Key developments include the launch of the Xiaopeng G7 Ultra with VLA smart driving upgrades, orders for Hesai's lidar from Toyota, and the testing of self-developed chips by Momenta. Tesla's Robotaxi is set for trial operations in September [3] - In the vehicle sector, Li Auto is restructuring its sales framework, and Wuling is deepening its collaboration with Huawei. New models include the pre-sale of the Zhiji LS6 and the long-range version of Tesla Model 3, with the new Tank 500 model achieving over 11,000 orders on its first day [3] - Policy updates include an additional 300 million yuan in replacement subsidies in Chongqing and new regulations on smart driving promotions from two ministries, alongside Italy's 700 million USD electric vehicle subsidy [3] Investment Recommendations - The company suggests focusing on the opportunities arising from the rise of domestic brands and the electric and intelligent trends in the automotive sector. Recommended stocks include Leap Motor, JAC Motors, and Geely for strong new product cycles, as well as companies like Coboda and Huayang Group for smart technology [4] - In the robotics sector, Top Group and Sanhua Intelligent Control are highlighted, while domestic replacement recommendations include Xingyu Co., Fuyao Glass, and Jifeng Co. [4]