汽车行业周报：国内市场稳定性凸显

Investment Rating - The report assigns an "Overweight" rating to the automotive industry, consistent with the previous rating [2][5]. Core Insights - The domestic market shows significant stability, with the National Development and Reform Commission issuing documents to enhance passenger vehicle scrappage subsidies and clarify commercial vehicle subsidy details. This is expected to sustain structural market trends, particularly in areas such as Huawei's automotive chain, smart driving, and Tesla's automotive chain [3][4]. - The report highlights recommended stocks in various categories: - Complete vehicles: Jianghuai Automobile, Changan Automobile, BYD, Chunfeng Power, Great Wall Motors, and Li Auto [4][5]. - Smart technology: Desay SV, Xingyu Co., Kobot, Huayang Group, Huayi Technology, and Baolong Technology [4][5]. - High-growth new energy: Wuxi Zhenhua, Ruihu Mould, Huguang Co., Songyuan Co., Top Group, Shuanghuan Transmission, Xinquan Co., Aikedi, and Yinlun Co. [4][5]. - The report anticipates stable domestic sales due to the implementation of scrappage subsidies and local replacement subsidies, while overseas demand faces increasing uncertainty due to concerns about the U.S. economy and potential impacts from the upcoming U.S. elections [4][5]. - The launch of Huawei's new smart vehicles in Q3 is expected to further drive growth in Huawei's automotive chain, with models like the BAIC Huawei Smart Model Enjoy S9 and Chery Huawei Smart Model Zhi Jie R7 set to enrich the smart vehicle supply [4][5]. - The automotive electronics sector, particularly smart driving, is expected to continue its strong performance, driven by advancements in technology and increasing consumer awareness [4][5]. Summary by Sections Investment Recommendations - The report emphasizes the stability of the domestic market and the continuation of structural trends, focusing on Huawei's automotive chain, smart driving, and Tesla's automotive chain [4][5]. - Recommended stocks include Jianghuai Automobile, Changan Automobile, BYD, and others in the complete vehicle category, as well as various companies in smart technology and new energy sectors [4][5]. Market Outlook - The domestic market is expected to maintain stable sales, while overseas demand faces uncertainties due to economic concerns and political factors [4][5]. - The smart driving sector is projected to benefit from ongoing technological advancements and pilot programs across various regions [4][5].