汽车行业月报：Robotaxi商业化进展加速、车路云试点落地催化智驾，关注新车周期

Investment Rating - The automotive industry maintains a "Strongly Outperform" rating compared to the Shanghai and Shenzhen 300 index [2]. Core Insights - The report highlights the acceleration of Robotaxi commercialization and the implementation of intelligent driving initiatives, emphasizing the importance of the new vehicle cycle [1][2]. - The report suggests continuous attention to the marginal changes brought by advancements in intelligence, particularly in autonomous driving and the global expansion of strong domestic brands [2][3]. Market Review - In June, automotive sales reached 2.552 million units, a month-on-month increase of 5.6% but a year-on-year decrease of 2.7%. Cumulatively, from January to June, sales totaled 14.047 million units, reflecting a year-on-year growth of 6.1% [12][23]. - The inventory coefficient for automotive dealers in June was 1.40, indicating a decrease of 2.8% month-on-month and an increase of 3.7% year-on-year, remaining below the warning line [12][23]. Industry Overview - Passenger vehicle sales showed a steady increase, with June sales reaching 2.215 million units, a month-on-month increase of 6.7% but a year-on-year decrease of 2.3% [18]. - The market share of domestic brands in passenger vehicles rose to 64.6% in June, with sales of 1.432 million units, marking an 18.8% year-on-year increase [23][25]. - Commercial vehicle production and sales in June were 330,000 and 337,000 units, respectively, with a year-on-year decline of 4.9% [26][28]. Investment Recommendations - The report recommends focusing on the ongoing advancements in intelligent driving and the commercialization of Robotaxi, as well as the new vehicle cycle initiated by brands like Xpeng and Deep Blue [2][3]. - It suggests monitoring investment opportunities in the commercial vehicle sector, particularly in buses and heavy trucks, which are showing signs of recovery and strong export performance [2][3].