汽车行业周报：广州车展自主品牌加速智能化和高端化布局，吉利控股优化极氪、领克股权结构

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Insights - The automotive sector is experiencing a trend towards increased intelligence and premium positioning, as evidenced by the recent Guangzhou Auto Show showcasing 1171 vehicles, including 72 new models from domestic brands [24][28] - The strategic restructuring of Geely Holding, which involves increasing its stake in Zeekr and acquiring control of Lynk & Co, is expected to enhance competitive positioning and operational efficiency [3][22] - The report highlights the positive impact of government policies and new vehicle launches on the automotive market, predicting continued improvement in retail sales [28] Summary by Sections Recent Developments - Geely Holding is restructuring its ownership of Zeekr and Lynk & Co, aiming for Zeekr to hold a 51% stake in Lynk & Co through a series of transactions totaling approximately 93.67 billion yuan [3][22] - The Guangzhou Auto Show emphasizes the acceleration of smart and high-end vehicle development among domestic brands, with significant new product launches [24][28] Market Performance - From November 11 to November 15, the automotive sector outperformed the Shanghai Composite Index, with the automotive index declining by only 2.5% compared to a 3.5% drop in the Shanghai Composite [31] - The report notes that during the same period, several key automotive stocks, including Li Auto and Xpeng, experienced significant declines, with Li Auto down 8.8% and Xpeng down 13.5% [31] Industry Indicators - The report indicates a positive outlook for the automotive retail market, driven by new vehicle launches and supportive policies, suggesting that the overall consumption environment is improving [28] - The report recommends focusing on various segments within the automotive industry, including passenger vehicles, components, and commercial vehicles, highlighting specific companies that are expected to benefit from the market recovery [6][28]