汽车行业定期报告：车企纷纷入局具身智能

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry, indicating that the overall return of the industry is expected to exceed the market benchmark by more than 5% over the next six months [1][33]. Core Insights - The automotive industry is witnessing a significant influx of companies entering the field of embodied intelligence, which is expected to become a major growth area [13][34]. - The overall PE-TTM for the automotive industry is reported at 26.02 times, with a historical percentile of 62.71%, indicating a relatively high valuation compared to historical averages [5][16]. - The report highlights a strong performance in retail sales for passenger vehicles, with a year-on-year increase of 25% in December [11][18]. - The report notes that the penetration rate of new energy vehicles reached 45.6% in November, reflecting a growing trend in the market [98]. Summary by Sections 1. Weekly Topic: Companies Entering Embodied Intelligence - The report discusses the trend of automotive companies, including Tesla, BYD, and others, investing in the development of humanoid robots and embodied intelligence technologies [41][60][67]. 2. Market Performance - The automotive sector's performance from December 23 to December 27 showed a 0.7% increase, underperforming the CSI 300 index, which rose by 1.4% [69][70]. - Year-to-date, the automotive sector has increased by 18.8%, ranking 6th among 31 sectors [44][69]. 3. Key Industry Data - Passenger vehicle retail sales from December 1 to 22 reached 1.692 million units, a 25% increase year-on-year [11][18]. - The wholesale of passenger vehicles during the same period was 1.77 million units, reflecting a 30% year-on-year growth [51]. - The report indicates that the overall automotive sales for November were 3.316 million units, with a year-on-year increase of 11.7% [78]. 4. Industry News - Honda and Nissan announced a memorandum of understanding to merge their operations into a holding company by August 2026, which will become the third-largest automotive manufacturer globally [23][28]. - BYD has launched promotional activities for its new models, offering significant discounts [92]. 5. Inventory and Export Situation - The report notes that the inventory coefficient for automotive dealers was 1.11 in November, indicating a slight increase but still below warning levels [53]. - In November, automotive exports totaled 490,000 units, showing a 9.5% decrease month-on-month but a 1.6% increase year-on-year [97].