汽车行业：美国拟禁止联网汽车使用中国软硬件，吉利将在越南建立合资汽车装配厂

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [1] Core Insights - The automotive industry is experiencing a shift with the U.S. proposing to ban connected vehicles using Chinese software and hardware, which may impact supply chains and market dynamics [10] - Geely is expanding its presence in Southeast Asia by establishing a joint venture assembly plant in Vietnam with an investment of approximately $168 million, aiming for an initial production capacity of 75,000 vehicles per year [11] - The report highlights a significant increase in new energy vehicle sales, with retail sales reaching 1.027 million units in August, marking a 17% month-on-month growth and a penetration rate exceeding 50% for two consecutive months [10] Summary by Sections Industry Key News - The U.S. plans to prohibit the use of Chinese software and hardware in connected and autonomous vehicles, with Canada considering similar measures [10] - A new $1 billion fund has been established in the U.S. to assist automotive parts suppliers in transitioning to electric vehicle production [10] - The automotive market has faced cumulative retail losses of 138 billion yuan due to ongoing price wars, with a reported discount rate of 17.4% in August [11] Market Performance - The A-share automotive sector underperformed the broader market, with the SW passenger vehicle index rising by 11.72% and the commercial vehicle index by 8.37% [5] - The report suggests that major automakers are accelerating their electric and intelligent vehicle strategies, supported by favorable policies that are expected to sustain industry growth [5] New Vehicle Releases - New models launched include the Zhijie R7, LYNK Z10, and Avita 07, with prices ranging from 21.99 to 33.98 million yuan for the R7 [21] - The report details various new energy and hybrid models introduced by different manufacturers, indicating a trend towards more environmentally friendly vehicles [21] Upstream Data Tracking - The report notes fluctuations in raw material prices, including a decrease in steel and aluminum prices since March 2024, while natural rubber prices continue to rise [8][24]