汽车行业周观点：持续挖掘低空经济新标的，老标的调整即是布局机会

Investment Rating - The industry rating is "Outperform the Market" [3] Core Viewpoints - The automotive sector is experiencing strong sales driven by policy incentives, with a notable increase in vehicle sales and a rapid inventory reduction, indicating significant trading opportunities [3][2] - The report emphasizes the importance of focusing on leading automotive manufacturers and companies involved in robotics, as the market is expected to see continued growth in both segments [3][9] - The report anticipates a sustained "price war" in the automotive market, particularly with the introduction of new models and competitive pricing strategies [2] Summary by Sections Recent Market Performance - The automotive index rose by 3.6% this week, ranking 8th out of 31 sectors [1] - In November, retail sales of passenger cars reached 2.446 million units, a year-on-year increase of 18%, while wholesale sales were 2.943 million units, up 15% year-on-year [2] Industry Changes - The report highlights a call from four associations for domestic companies to be cautious in purchasing American chips [2] - Changan Automobile plans to raise no more than 6 billion yuan through a private placement to its controlling shareholder and subsidiaries [2] Investment Strategy - The report suggests selecting leading automotive companies and those involved in robotics, with a focus on companies like Geely, Seres, Li Auto, and BYD, which have strong fundamentals and bargaining power [3][6] - For automotive parts, the report recommends focusing on companies with robotics layouts, anticipating growth in the autonomous driving sector and the emergence of humanoid robots [3][9] Recommendations - Recommended automotive leaders include BYD and Seres in A-shares, and Geely, Zeekr, Li Auto, and Xiaomi in Hong Kong and US markets [6] - For automotive parts, companies like Sanhua Intelligent Control, Top Group, and Shiyun Circuit are highlighted as key investment opportunities [6]