Zhi Tong Cai Jing·2025-11-17 06:49Core Viewpoint - The current market has weak expectations for automotive stimulus policies and total production and sales for next year, leading to a diminished cyclical attribute of the automotive sector. The core focus is on technological attributes and emerging growth directions [1][2]. Automotive Sector - The automotive sector is experiencing a revaluation of its technological attributes, with a focus on structural growth. The strong performance of stocks like XPeng Motors and Weichai Power is noted, driven by XPeng's recent technology day showcasing advancements such as the second-generation VLA model, Robotaxi, and humanoid robot Iron, which have boosted market expectations [1][2]. - The automotive and robotics sectors are positioned as core applications of physical AI, with potential to catalyze a turning point in industry trends as technologies from Tesla, such as FSD V14 and Optimus, are set to be launched and mass-produced in 2026 [1][2]. Robotics Sector - The robotics sector has seen a continuous pullback since the fourth quarter, with some quality stocks entering a bottoming configuration. The industry is on the verge of significant advancements, and the current pullback is attributed to previous substantial gains and a temporary lack of catalysts [3]. - Market focus is on the upcoming Q1 2024 release of Tesla's third-generation Optimus prototype and the progress of the supply chain's fixed-point contracting [3]. Passenger Vehicle Sector - The passenger vehicle sector shows stable weekly insurance sales, with new models like XPeng's extended-range platform and the Xingtu ET5 demonstrating strong cost-performance ratios. However, market reactions are muted due to expectations of weaker total sales next year, with structural growth remaining in high-end and overseas markets [4]. - The lithium battery and materials segments are benefiting from a surge in demand for energy storage, leading to price increases in sectors like 6F, reinforcing a logic of rising volume and price [4]. Commercial Vehicle Sector - The commercial vehicle sector is performing well as a high-quality, undervalued asset, with expectations for steady growth in overseas markets, particularly in buses and motorcycles, which show higher growth elasticity [5]. - The heavy-duty engine supply chain is benefiting from the ramp-up of AIDC, with leading companies like Weichai Power expected to see a revaluation of their stock [5].