汽车行业周观点：优选整车龙头、特斯拉产业链、国产机器人产业链

Investment Rating - The industry rating is "Outperform the Market" [5] Core Views - The automotive sector is recommended to focus on leading vehicle manufacturers, the Tesla supply chain, and the domestic robotics industry chain [2][4] - The recent market performance shows a significant increase in the automotive index, with a rise of 7.29% [2] - The report highlights strong sales growth in the automotive sector, particularly in the new energy vehicle segment, which is expected to grow by 39% year-on-year in Q4 [3][4] Summary by Sections Recent Market Performance - The automotive index increased by 7.29%, ranking 8th out of 31 sectors [2] - Retail sales of narrow passenger cars reached 2.261 million units in October, a year-on-year increase of 11.3% [3] - The wholesale volume for narrow passenger cars was 2.732 million units, reflecting a year-on-year growth of 11.5% [3] Industry Changes - The "old-for-new" policy is expected to drive sales by over 1.4 million units this year, with a total expected annual sales of 22.8 million units, a 1.8% increase year-on-year [3] - Domestic sales of new energy passenger cars are projected to reach 3.55 million units in Q4, a 39% increase year-on-year, with an annual total of 10.68 million units, up 38% [3] Market Review - The report indicates a strong bullish sentiment for the automotive sector, particularly with the upcoming Guangzhou Auto Show and the anticipated performance of the Tesla supply chain [4] - Recommendations include focusing on leading manufacturers such as Geely, BYD, and Li Auto, as well as companies involved in new technologies like autonomous driving and robotics [4][6] Investment Strategy - The report suggests prioritizing investments in leading vehicle manufacturers and companies within the Tesla and Huawei robotics supply chains [6][10] - Specific companies to watch include BYD, Geely, and various robotics firms such as Sanhua Intelligent Control and Beite Technology [6][10] Low-altitude Economy - The low-altitude economy index increased by 9.74%, with significant policy support expected to enhance investment certainty in this sector [11] - Upcoming events like the Zhuhai Airshow are anticipated to catalyze further developments in low-altitude projects [13]