汽车及汽车零部件行业研究周报：比亚迪入局具身智能，产业链软件快速升级

Investment Rating - Buy (Maintain Rating) [1] Core Insights - New Model: The Xiaomi YU7 is expected to launch in June-July 2025 and is anticipated to become a bestseller, competing primarily with Tesla Model Y and Zhijie R7 [2] - Global Expansion: CATL is partnering with Stellantis to establish a battery factory in Spain, enhancing its global lithium battery supply chain [2] - Leading Companies: BYD is entering the field of embodied intelligence with a high self-manufacturing rate of core components [2] - Robotics: Tesla's Optimus robot has significantly improved its coordination and balance, expanding its application scenarios [2] Summary by Sections 1. Vehicle Sales and Market Dynamics - Overseas: In November, US light vehicle sales reached 1.36 million units, up 12% YoY, with electric vehicle sales at 142,000 units, up 26% YoY [6][7] - Domestic: From December 1-8, retail sales of passenger vehicles were 502,000 units, up 32% YoY, with electric vehicle sales at 255,000 units, up 72% YoY [46][47] - New Models: The Xiaomi YU7 is set to launch in mid-2025, with strong expectations for sales performance [51] 2. Leading Enterprises and Industry Chain - Battery Price Trends: As of December 13, lithium hydroxide prices were stable at 70,100 CNY/ton, while lithium carbonate prices decreased by 1.02% to 77,400 CNY/ton [53] - CATL's Expansion: The company is establishing a joint venture with Stellantis in Spain, with a total investment of 40.38 billion euros and a planned capacity of 50GWh [79] - Guoxuan High-Tech is planning to invest in high-performance lithium battery projects in Morocco and Slovakia, with a total investment of up to 1.28 billion euros [80] 3. New Technologies - Solid-State Batteries: China FAW has announced a patent for solid-state electrolyte membranes, indicating advancements in battery technology [16] - Robotics: Tesla's Optimus robot has enhanced its outdoor movement capabilities, indicating a shift towards more complex operational environments [18] 4. Investment Recommendations - The report emphasizes the importance of competitive landscape and internationalization in the automotive sector, recommending focus on leading companies in smart driving and core component supply chains [3]