汽车与零部件行业周报：乐道L60、极氪7X上市，自主车企东南亚市场布局推进

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Viewpoints - The automotive market shows signs of recovery in September, driven by government policies and holiday demand, with retail sales of passenger vehicles expected to reach approximately 2.1 million units, reflecting a year-on-year increase of 4.0% [7][18] - New models such as the NIO L60 and Zeekr 7X are entering the market, intensifying competition in the electric SUV segment priced between 200,000 to 300,000 yuan [7][30] - Domestic automakers are expanding their presence in Southeast Asia, with Great Wall Motors initiating CKD assembly cooperation in Vietnam and GAC Aion opening a flagship showroom in the Philippines [8][30] Market Review - The automotive sector saw a weekly increase of 2.19%, ranking 7th among 31 primary industries, with the best-performing sub-sector being automotive parts, which rose by 2.77% [14][15] - The top five companies in terms of stock price increase were Yunnei Power (+21.74%), Wan'an Technology (+12.04%), Ruihu Mould (+11.64%), Xingyu Co., Ltd. (+10.53%), and Hengshuai Co., Ltd. (+10.32%) [14][17] Industry Data Tracking - From September 1 to 15, retail sales of passenger vehicles reached 828,000 units, with a year-on-year increase of 18% and a month-on-month increase of 12% [18] - The retail sales of new energy vehicles during the same period were 445,000 units, showing a year-on-year increase of 63% [18] Recent Industry/Key Company Dynamics - The Zhengzhou government has allocated 8.6 billion yuan for consumer goods replacement subsidies, including automotive [26] - The Ministry of Commerce reported over 1.04 million applications for the vehicle replacement subsidy program, leading to approximately 130 billion yuan in new car sales [26] - Great Wall Motors has signed a memorandum with Vietnam's Thanh An Group for CKD assembly cooperation, aiming for local production by the end of 2025 [29] - NIO's new brand, Lido, launched its first model, the L60, priced from 206,900 yuan, while Zeekr launched the 7X, starting at 229,900 yuan [30][31] Investment Recommendations - For complete vehicles, focus on companies with strong hybrid and overseas market strategies: Changan Automobile, Great Wall Motors, BYD, and Jianghuai Automobile [32] - For automotive parts, consider companies related to automotive intelligence and lightweighting: Bertley, Baolong Technology, Top Group, and others [32]