汽车行业周观点：短期看布局机器人的汽零标的、长期看整车

Investment Rating - The industry rating is "Outperform the Market" for the next 6-12 months, indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% [20]. Core Viewpoints - The automotive sector is experiencing strong sales driven by policy incentives, with a notable increase in retail and wholesale figures for passenger vehicles in November [2][3]. - The report emphasizes a short-term focus on automotive parts companies with robotics layouts and a long-term outlook on complete vehicle manufacturers [2][3]. - The report suggests that the market sentiment peaked post-Guangzhou Auto Show but remains optimistic due to strong sales data, indicating limited adjustment space [2][3]. Summary by Sections Recent Market Performance - The automotive index fell by 2.2% this week, ranking 20th out of 31 sectors [2]. - Retail sales of passenger vehicles reached 1.106 million units from November 1-17, a year-on-year increase of 30% [2]. - Wholesale figures for passenger vehicles were 1.271 million units, up 37% year-on-year [2]. Industry Changes - Over 2 million applications for vehicle scrappage and replacement subsidies have been submitted as of November 18 [2]. - Tesla's Optimus robot is projected to be priced between $20,000 and $30,000, with an annual production target exceeding 1 million units [2][3]. Investment Recommendations - Recommended stocks include Geely Automobile, Seres, Li Auto, and BYD for their strong fundamentals and potential for significant trading opportunities [3][4]. - For automotive parts, focus on companies with robotics initiatives, as the market for autonomous driving is expected to expand significantly by 2025 [3][11]. Strategy and Focus - The report advises prioritizing leading vehicle manufacturers and automotive parts companies involved in robotics [4]. - The anticipated growth in the autonomous driving sector and the introduction of Tesla's robots are seen as catalysts for investment opportunities [3][10].