终端景气支撑，步入向上拐点 | 投研报告

Group 1 - The core viewpoint of the report highlights that the market competition in the energy vehicle and lithium battery sectors is intensifying, leading to significant operational differentiation among automotive companies [1][2] - In Q2 2025, the domestic sales of new energy vehicles reached 3.599 million units, representing a year-on-year increase of 33.5% and a quarter-on-quarter increase of 26.4% [1][2] - For the first half of 2025, total domestic passenger vehicle sales amounted to 6.446 million units, reflecting a year-on-year growth of 37.7% [1][2] Group 2 - The report indicates that the automotive market is transitioning into a zero-sum competitive environment, exacerbated by price wars and evolving consumer demands [1][2] - The competition landscape is becoming more fluid, with a notable shift towards consumer preferences for comfort and product design, as the consumption attributes of vehicles are rapidly strengthening [2] - The financial reports from automotive companies in the first half of 2025 reveal increasing pressure on certain market players, showcasing clear operational differentiation among them [2] Group 3 - The report emphasizes that a strong new vehicle cycle is crucial for automotive companies to capture alpha growth and navigate the anticipated market demand shortfall in 2026 [3] - Companies like Geely, which are positioned within a strong new vehicle cycle and possess robust product development capabilities, are recommended for investment [3] - Additionally, attention is drawn to low-cost routes represented by Leap Motor and Xpeng Motors, as well as strong brand entities like Huawei and Xiaomi [3]