汽车与汽车零部件行业周报、月报：月度渗透率过半，供需进入新阶段

Investment Rating - The report suggests that the best investment phase for the automotive industry has passed, indicating a shift towards new growth curves and a focus on competitive advantages in existing markets [4]. Core Insights - In July, domestic new energy vehicle retail sales reached 879,000 units, a year-on-year increase of 36.9%, with a penetration rate of 51.1%, marking a significant transition in the supply and demand landscape [2]. - The report emphasizes the importance of exploring new growth opportunities in smart/automated driving, humanoid robots, and flying cars, while also focusing on companies with strong cost and brand advantages in the traditional automotive sector [2][4]. - The automotive industry is entering a new phase where consumer demand is shifting towards more integrated and brand-focused experiences, moving from early adopters to a broader market [2]. Summary by Sections Market Overview - In July, the retail sales of passenger vehicles were 1.729 million units, a decrease of 2% year-on-year, while wholesale sales were 1.956 million units, down 5% year-on-year [15]. - The new energy vehicle market saw retail sales of 879,000 units in July, up 37% year-on-year, with cumulative retail sales for the year reaching 4.991 million units, a 34% increase [15]. Industry Developments - Mercedes-Benz became the first international automaker authorized to conduct L4 autonomous driving tests in Beijing [23]. - GAC's robotaxi service received approval for road testing in Hengqin, marking a significant step in autonomous vehicle deployment [30]. - CATL signed a strategic investment agreement with Peak Aviation to develop eVTOL aviation batteries, indicating a push towards innovative transportation solutions [28]. Investment Recommendations - Long-term investment focus should be on automotive technology related to smart/automated driving, humanoid robots, and flying cars, driven by technological advancements and policy support [4]. - Short-term attention should be given to value-leading component manufacturers benefiting from macroeconomic cycles [4].