Zhong Guo Neng Yuan Wang·2025-10-09 02:42Core Viewpoint - The retail sales growth of the passenger car market in September is expected to slow down due to a high base effect, with a projected year-on-year increase of 2% [1][2] - The release of the L2 strong standard draft is anticipated to enhance the safety and standardization of intelligent driving systems, increasing consumer trust and recognition of smart assisted driving features, which may lead to a steady rise in market penetration for related products [1][3] Retail and Wholesale Data - From September 1 to 21, the national retail of passenger cars reached 1.191 million units, a year-on-year increase of 1%, and a cumulative retail of 15.955 million units for the year, up 9% [2] - During the same period, wholesale of passenger cars was 1.307 million units, unchanged year-on-year, with a cumulative wholesale of 19.349 million units for the year, up 12% [2] - In the new energy sector, retail sales reached 697,000 units, a year-on-year increase of 10%, with a penetration rate of 58.5% [2] Market Trends and Projections - The passenger car market is expected to see a total retail of 2.15 million units in September, with a month-on-month increase of 6.5% and a year-on-year increase of 2% [2] - The new energy vehicle retail is projected at 1.25 million units for September, maintaining a penetration rate of 58.1% [2] Regulatory Developments - The Ministry of Industry and Information Technology has released a draft for mandatory national standards on intelligent connected vehicle driving assistance systems, which includes comprehensive safety requirements for various functionalities [3] - The draft emphasizes the need for driver monitoring systems to ensure safety, which is expected to drive the market for laser radar, high-performance driving chips, and driver monitoring systems [3] Market Performance - In the past two weeks, the automotive sector's performance ranked third among 30 industries, with a growth rate of 3.54% [4] - The price-to-earnings ratios for various segments are as follows: sales and services at 42.45x, components at 33.24x, motorcycles and others at 28.51x, passenger cars at 24.40x, and commercial vehicles at 16.04x [4] Investment Recommendations - Recommended companies in the complete vehicle sector include BYD, Li Auto, and Geely, while beneficiaries in the parts sector include Huayu Automotive, Bertel, and Desay SV [5] - New energy recommendations include Farah Electronics and Huawai Technology, with humanoid robot industry chain recommendations for Top Group and other related companies [5]