汽车行业周报：新M7Ultra交付破万台，看好自主车企爆款潜力

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [1]. Core Insights - The new M7 Ultra has delivered over 10,000 units, indicating strong potential for popular models from domestic automakers. Several new models from companies like BYD and Changan are expected to launch in the second half of 2024, which could drive performance improvements for these companies [1][8]. - The report highlights the rapid growth in orders and sales for newly launched models from domestic brands, suggesting a positive outlook for the automotive sector [1][8]. Summary by Sections Recent Trends - The automotive sector has seen a decline of 13% in the CSI 300 index over the past year, while the automotive sub-sector has outperformed with a gain of 0.34% [1][16]. - The report notes that the retail sales of passenger vehicles in May 2024 reached 1.71 million units, showing a year-on-year decrease of 1.8% but a month-on-month increase of 11.6% [24][29]. Key Industry Dynamics - The report discusses various industry developments, including a 510 million yuan subsidy in Henan to promote vehicle replacement and consumption [10]. - NIO has restructured its autonomous driving R&D department, merging perception and control teams into a larger model team [11][12]. New Model Launches - Several new models have been launched recently, including the Wuling Hongguang Mini EV and the BYD Tang EV, with more expected in the coming months [13][14]. - Upcoming models from brands like Changan and Huawei are anticipated to be released in the latter half of 2024, which could enhance market competition [1][8]. Investment Recommendations - The report suggests focusing on companies that are in a new product cycle and those expected to gain from overseas expansion, such as Changan Automobile and BYD [1]. - It also highlights the importance of companies with advanced smart technology capabilities, recommending stocks like XPeng Motors and Seres [1][3].