汽车行业周动态：汽车以旧换新政策加码，上海无人驾驶出租车有望8月对公众开放

Investment Rating - The report maintains an "Overweight" rating for the automotive sector, with specific recommendations for individual companies such as Great Wall Motors, Yinlun, Top Group, Aikodi, Fuyao Glass, and Kobot [3][10]. Core Insights - The automotive sector is expected to see an upward trend in sales due to the enhanced vehicle trade-in policy, which includes significant subsidies for both passenger and commercial vehicles. The total funding for the vehicle trade-in program is projected to increase from 11.2 billion to approximately 15 billion [8][9]. - The report highlights that the automotive sector outperformed the broader market, with a weekly decline of 1.8% compared to the Shanghai Composite Index's decline of 3.1% [10][11]. - The report suggests an upward adjustment in vehicle sales expectations, with a recommendation to increase allocation to the automotive sector. It anticipates a slowdown in price wars among luxury and joint venture brands [9][10]. Summary by Sections 1. Current Developments - The Chinese government has introduced a new vehicle trade-in policy that significantly increases subsidies for scrapping older vehicles, particularly for passenger cars and commercial trucks [8][9]. - Shanghai is set to open its autonomous taxi service to the public in August, with 20 L3 autonomous vehicles planned for deployment [8][9]. 2. Sector Performance - The automotive sector's PE-TTM (not adjusted) stands at 25.1, with historical valuation percentiles indicating a relatively low valuation compared to the past year [10][11]. - The sub-sectors of passenger cars, commercial vehicles, auto parts, and automotive services have varying PE-TTM ratios, with passenger cars at 26.7 and commercial vehicles at 31.9 [10][11]. 3. Key Company Recommendations - Recommended companies in the automotive sector include BYD, Great Wall Motors, Changan Automobile, and Li Auto for the complete vehicle segment, while Fuyao Glass and Kobot are highlighted for the auto parts segment due to their strong performance and growth potential [9][10]. 4. Market Trends - The report notes a decrease in trading volume for the automotive sector, indicating a potential shift in investor sentiment [10][11]. - The overall market sentiment is cautiously optimistic, with expectations of improved sales and pricing stability in the second half of 2024 [9][10].