汽车行业周观点：持续看好人形机器人国内外供应链的共振机会

Investment Rating - The industry rating is "Outperform the Market" [5] Core Viewpoints - The report maintains a positive outlook on the automotive sector, particularly favoring leading automakers, the Tesla supply chain, and the domestic robot industry chain [2][4] - Recent market trends indicate a decline in the automotive index by 2.5%, ranking 8th out of 31 sectors [2] - Retail sales of passenger vehicles from November 1-10 reached 567,000 units, a year-on-year increase of 29%, while wholesale sales reached 667,000 units, a year-on-year increase of 41% [3] Summary by Sections Recent Market Trends - The automotive sector has seen a decline in the index, with a notable drop of 2.5% this week [2] - The Guangzhou Auto Show highlighted "intelligent driving" as a key focus, with expectations for increased penetration rates by 2025 [3] Industry Changes - As of November 11, there were 1.886 million applications for vehicle scrapping and replacement subsidies [3] - Geely Holdings announced an optimization of the equity structure for its brands Zeekr and Lynk & Co [3] - The report anticipates a significant increase in the penetration of intelligent driving technologies in new vehicles priced above 100,000 yuan [3] Investment Strategy - The report suggests focusing on leading automakers and companies involved in robotics within the automotive supply chain [4] - Recommended stocks include BYD, Seres, Geely, Zeekr, Li Auto, and others [4][9] Recommendations - For automakers, the report recommends a combination of A-share BYD and Seres, along with Hong Kong/US-listed Geely, Zeekr, and Li Auto [4] - For automotive parts, companies with a focus on robotics such as Sanhua Intelligent Control, Top Group, and Shiyun Circuit are highlighted [4][9]