汽车行业周报：FSD、机器人、出海预期改善持续催化，继续看好泛AI机会

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly in the context of AI opportunities and the expected improvement in overseas market conditions [2][3]. Core Insights - The report highlights that China's robotics capabilities have exceeded market expectations, with reinforcement learning and hardware optimization showing significant advancements. This has strengthened market confidence in mass production applications. The anticipated entry of Full Self-Driving (FSD) technology into China is also noted, with 2025 expected to be a pivotal year for Smart EV development [3]. - The report suggests focusing on companies like BYD, Xiaopeng, and Li Auto in the AI technology segment, as well as component manufacturers such as Top Group, Sanhua, and Best in the robotics supply chain. Additionally, the recovery in heavy truck sales in December is mentioned, with recommendations to pay attention to China National Heavy Duty Truck Group and Weichai Power [3]. - The report emphasizes that AI technology and state-owned enterprise reforms are key investment directions, with significant catalysts and valuation flexibility expected in the automotive intelligence and robotics sectors [3]. Industry Updates - In the second week of January 2025, retail sales of passenger cars reached 401,300 units, a month-on-month increase of 3.9%. Traditional fuel vehicle sales were 239,100 units (+3.49%), while new energy vehicle sales were 162,200 units (+4.51%), resulting in a new energy penetration rate of 40.42% [3]. - The report notes an increase in raw material price indices for both traditional and new energy vehicles, with traditional vehicle raw material prices rising by 3.0% week-on-week and 0.4% month-on-month, while new energy vehicle raw material prices increased by 2.4% week-on-week and 1.7% month-on-month [3]. - The total transaction value in the automotive industry for the week was 422.8 billion yuan, reflecting a 15% increase compared to the previous week. The automotive industry index rose by 4.57%, outperforming the CSI 300 index by 2.43 percentage points [3][19]. Key Events - The Ministry of Commerce released guidelines for the 2025 vehicle trade-in program, expanding the scope of vehicles eligible for subsidies and standardizing the subsidy amounts for trade-ins [4][6]. - Tesla's Berlin factory began production of the new Model Y on January 14, 2025, with expectations for European market sales to commence by the end of January [9][10]. - BYD held a design launch event for the Han L and Tang L models, showcasing their innovative design and technology, which is expected to strengthen BYD's position in the market [12][13]. Market Performance - The automotive industry index closed at 6428.59 points, with a weekly increase of 4.57%, ranking 8th among all primary industries in terms of weekly growth [19][21]. - A total of 274 automotive stocks rose, while 18 fell, with the largest gainers being Jun Chuang Technology, Tai Xiang Co., and Fu Da Co., which saw increases of 32.9%, 23.6%, and 23.0% respectively [25].