汽车行业周观点：优选整车龙头和国产机器人产业链

Investment Rating - The industry rating is "Outperform the Market" [4][15] Core Viewpoints - The automotive sector is recommended to focus on leading vehicle manufacturers and the domestic robot industry chain [2][4] - Recent market trends indicate a slight decline in the automotive index, with a 0.44% drop, ranking 17th out of 31 sectors [2] - The report highlights a strong performance in the new energy vehicle sector, with significant sales growth in October [3][4] Summary by Sections Recent Market Trends - The automotive index has decreased by 0.44%, with the sector ranking 17 out of 31 [2] - Retail sales of passenger cars reached 1.812 million units in October, a 9% year-on-year increase [3] - The wholesale volume was 1.978 million units, showing a 4% year-on-year growth [3] Industry Changes - The EU has imposed a five-year final anti-subsidy tax on Chinese electric vehicles [3] - BYD reported the highest profits among A-share listed car companies for Q3, while other companies like SAIC and GAC continue to face losses [3] Investment Strategy - Focus on leading vehicle manufacturers such as BYD, Geely, and Li Auto, as well as companies involved in intelligent driving and robotics [4][5] - For auto parts, maintain a cautious stance on traditional suppliers but remain optimistic about those venturing into new production capabilities like intelligent driving and robotics [3][5] Recommendations - Recommended leading vehicle manufacturers include BYD, Seres, and Jianghuai Automobile [4][5] - For auto parts, focus on companies like Wan Feng Aviation and those involved in robotics such as Sanhua Intelligent Controls and Beite Technology [8][12] Low-altitude Economy - The low-altitude economy index remained stable, with significant events and policies expected to drive growth [9][10] - Key players in the low-altitude sector include Wan Feng Aviation and Zongshen Power, with a focus on upcoming exhibitions and policy announcements [11][12]