汽车行业周观点（1209-1213）：低空板块技术面调整充分，静待下一个催化

Investment Rating - The industry investment rating is "Outperform the Market" [4] Core Viewpoints - The automotive sector is expected to benefit from the "old-for-new" policy, which is projected to increase domestic passenger car sales by approximately 2-2.3 million units this year, accounting for about 8%-10% of total annual sales [3] - The report highlights a strong sales performance for passenger vehicles, with retail sales reaching 502,000 units in early December, a year-on-year increase of 32% [2] - The report suggests a focus on leading automakers and automotive parts companies with robotics layouts, anticipating a rise in market concentration as weaker second-tier manufacturers exit the market [3] Summary by Sections Recent Market Performance - The automotive index rose by 0.7% this week, ranking 12th out of 31 sectors [2] - The "old-for-new" policy has led to over 5.2 million applications for vehicle replacements, with more than 2.51 million for scrapping and over 2.72 million for trade-ins [2] Industry Changes - The report notes the introduction of several new vehicle models, including those from Xiaomi and Tesla, indicating ongoing innovation in the sector [2] - The report anticipates that the penetration rates of intelligent driving and domestic brands will continue to rise, particularly in the luxury segment [3] Investment Strategy - The report recommends focusing on leading automakers such as Geely, Seres, Li Auto, and BYD, which are expected to benefit from strong fundamentals and pricing power [3] - For automotive parts, the emphasis is on companies involved in robotics, with a positive outlook for the sector as the penetration of intelligent driving increases [3][10] Suggested Focus Areas - Recommended leading automakers include BYD and Seres in A-shares, and Geely, Li Auto, and Xiaomi in Hong Kong and US markets [7] - Key robotics companies to watch include large-cap firms like Sanhua Intelligent Control and Top Group, as well as smaller firms like Beite Technology and Wuzhou New Spring [7][10]