汽车行业周报：Optimus硬件协调表现超预期，华为车业务合作伙伴扩容

Investment Rating - The report maintains a "Buy" rating for the automotive industry, highlighting specific companies as potential investment opportunities [2][5]. Core Insights - The report emphasizes the strong performance of Tesla's Optimus robot, which has exceeded expectations with its latest model featuring 22 degrees of freedom, indicating significant advancements in robotics technology [2][4]. - Huawei's expansion of partnerships in the automotive sector is noted, particularly with GAC to create a new high-end smart electric vehicle brand, showcasing the ongoing evolution of automotive intelligence [4][5]. - The report identifies a growing trend in the automotive industry towards smart driving and intelligent cockpit technologies, driven by increasing penetration of electric vehicles and supportive government policies [4][5]. Summary by Sections Market Performance and Valuation Levels - The automotive sector's performance is lagging behind the broader market, with the CITIC Automotive Index rising by only 0.1% compared to a 1.3% increase in the CSI 300 [17]. - The automotive industry's PE ratio stands at 29.8, placing it in the 19.2% percentile over the past four years, while the PB ratio is at 2.7, in the 85.1% percentile [25]. Industry Data Tracking and Commentary - Retail sales of passenger vehicles in November showed a year-on-year increase of 29%, with a total of 1.947 million units sold year-to-date, reflecting strong consumer demand supported by government incentives [37]. - The report notes a significant increase in wholesale volumes, with a 34% year-on-year growth in November, indicating robust market activity [38]. Industry Ratings and Investment Strategies - The report suggests focusing on companies with deep collaborations with Huawei, such as Seres and JAC Motors, as they are expected to capture market share in the high-end segment [53]. - It highlights the potential for growth in the automotive parts sector, particularly in lightweight materials and intelligent automotive technologies, recommending companies like New Spring and Top Group [53]. Company Announcements and Industry News - The report mentions that Seres is undergoing a major asset restructuring, which could enhance its market position [57]. - It also notes the successful IPO of Pony.ai on NASDAQ, marking a significant event in the autonomous driving sector [59].