汽车行业周报：小米产业链有望逐步进入预期强化期

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, consistent with the previous rating [7][12]. Core Insights - The Xiaomi supply chain is expected to enter a new phase of heightened expectations, with the second pure electric SUV anticipated to be officially launched in H1 2025 [8][9]. - The Q4 passenger car sales are projected to remain strong due to the support of trade-in policies, although there may be fluctuations during policy gaps [9][12]. - The market risk appetite is currently high, with the Xiaomi supply chain, Tesla supply chain, and robotics being the main focus areas within the automotive sector [9][12]. Summary by Sections Investment Recommendations - Recommended automotive stocks include Jianghuai Automobile, BYD, Changan Automobile, Great Wall Motors, and Li Auto, with beneficiary stocks such as Seres, Xpeng Motors, Geely, and Dongfeng Motor Group [9][12]. - For the Tesla supply chain, recommended stocks include Top Group, Shuanghuan Transmission, Rongtai Technology, Wuxi Zhenhua, New Spring, and Yinlun Holdings, with beneficiary stocks like Shiyun Circuit and Sanhua Intelligent Control [9][12]. - In the smart technology sector, recommended stocks are Xingyu Co., Kobot, Desay SV, Huayang Group, Huayi Technology, and Baolong Technology [9][12]. - For the high-growth new energy sector, recommended stocks include Ruihu Mould, Huguang Co., Songyuan Co., and Aikedi [9][12]. Market Trends - The new Xiaomi model is expected to enter a pre-heating phase, with the official unveiling of the SU7 on December 28, 2023, and its market launch on March 28, 2024 [9][12]. - The Full Self-Driving (FSD) technology is continuously being iterated, with significant mileage achieved in the FSD version [9][12]. - Anticipated policy benefits for Tesla with the potential re-election of Trump, which may support Tesla's autonomous driving qualifications and production capacity in North America [9][12].