汽车行业周报：从总量复苏走向价格修复

Investment Rating - The investment rating for the automotive industry is "Overweight" [2][5] Core Viewpoints - The automotive sector is transitioning from a recovery driven by policy support in the low-to-mid-end market to a broader demand recovery leading to terminal price restoration and expectations of recovery in the mid-to-high-end market [3][5] - Short-term opportunities are identified in smart driving, the Tesla supply chain, and the high-end vehicle supply chain [5] - Key recommended stocks include Jianghuai Automobile, BYD, Changan Automobile, Great Wall Motors, and Li Auto for complete vehicles; for the smart technology sector, recommended stocks include Xingyu Co., Kobot, Desay SV, Huayang Technology, and Baolong Technology; for the high-growth new energy sector, recommended stocks include Top Group, Shuanghuan Transmission, Ruihu Mould, Wuxi Zhenhua, Huguang Co., Songyuan Co., Xinquan Co., Aikedi, and Yinlun Co. [5] Summary by Sections Market Recovery - The core logic of the passenger vehicle sector since late July has been a total recovery driven by trade-in and scrappage subsidies, with significant order recovery observed in the 100,000 to 150,000 price range [5] - Since late September, market expectations for economic recovery have improved, suggesting a transition from a policy-supported phase to a sustained mid-term recovery in passenger vehicle demand, which is expected to enhance the profitability of both complete vehicle and component manufacturers [5] Smart Driving and Tesla - Tesla announced a special event on October 10, which may introduce Robotaxi, and is accelerating the development of Full Self-Driving (FSD) technology [5] - The roadmap released by Tesla indicates plans to launch a fully autonomous driving system in China and Europe by Q1 2025, pending regulatory approval [5] Liquidity and Valuation Recovery - The easing of liquidity conditions is expected to lead to a valuation recovery for small and medium-sized component manufacturers, which previously faced performance uncertainty due to sales pressures and liquidity constraints [5]