Guohai Securities·2025-03-17 05:23Investment Rating - The report maintains a "Recommended" rating for the automotive sector [1]. Core Insights - The automotive industry is expected to enter a phase of high sales prosperity, event catalysts, and industry trend resonance, with continued optimism for investment opportunities in the automotive sector [4][15]. - The introduction of new models, such as the Leap B10 and the 2025 Xiaopeng G6/G9, has generated significant consumer interest, with the B10 receiving 31,688 orders within 48 hours of its pre-sale launch [2][3][13][14]. Summary by Sections Recent Trends - From March 10 to March 14, the A-share automotive sector underperformed the Shanghai Composite Index, with the automotive index rising by 0.8% compared to the Shanghai Composite's 1.4% [1][17]. - The performance of major automotive stocks in Hong Kong during the same period showed varying results, with Li Auto, Xiaopeng Motors, and NIO experiencing gains of 2.1%, 2.3%, and 9.2% respectively, while Leap Motors saw a significant increase of 15.1% [1][17]. New Model Launches - The Leap B10, a compact SUV, was launched with a price range of 109,800 to 139,800 yuan, featuring advanced technology and impressive specifications, including a maximum power output of 160 kW and a range of up to 600 km [2][13]. - Xiaopeng Motors launched the 2025 G6 and G9 models, priced at 176,800 to 198,800 yuan and 248,800 to 278,800 yuan respectively, with both models featuring significant upgrades and strong initial order volumes [3][14]. Market Outlook - The report anticipates that the automotive sector will benefit from the continuation of vehicle replacement policies, which are expected to support upward consumer spending in 2025 [4][15]. - Key investment opportunities are identified in several areas, including high-end domestic brands, affordable advanced driving technologies, and the robotics sector, with specific companies recommended for investment [4][15][16].