持续看好强势自主整车，年度重视整车、智驾、机器人

Investment Rating - The report maintains a positive outlook on strong domestic automotive manufacturers, emphasizing the importance of complete vehicles, intelligent driving, and robotics for the year [5][6]. Core Viewpoints - The report highlights a sustained optimism for strong domestic automotive brands, with a focus on complete vehicles, intelligent driving, and robotics as key investment areas for the year [5][6]. - The first quarter of 2025 is expected to see limited seasonal adjustments, with a strong emphasis on investing in robust domestic brands and the robotics supply chain [6][7]. - The report suggests that the automotive sector is likely to experience a reversal in order volumes, with a recommendation to focus on investment opportunities in 2025 [6][7]. Market Tracking - Weekly core data indicates that total insurance registrations for the week of March 17-23 reached 430,000, exceeding the 400,000 threshold, with a year-on-year increase of 21.5% and a month-on-month increase of 2.1% [6][26]. - The report notes that the penetration rate of new energy vehicles reached 51.6%, with weekly registrations of 222,000 units, reflecting a year-on-year increase of 38.3% [6][28]. - Exports in January totaled 349,000 units, marking a year-on-year increase of 17% [6][6]. Industry Prosperity - The report tracks the industry’s prosperity through terminal data, orders, and export totals, indicating a recovery in orders expected by the end of March [6][44]. - The report anticipates that the market share of domestic brands will continue to grow, with a projected increase in the share of strong domestic brands by 8-14% for the year [6][40]. Stock Tracking - The report recommends focusing on stocks such as Xiaomi and BYD in the short term, while also monitoring other automotive stocks that may reach attractive valuation levels [6][18]. - Specific stock performance is highlighted, with BYD's weekly delivery at 63,000 units and expected sales of 253,000 units for March, reflecting a year-on-year decrease of 3% but a month-on-month increase of 23% [6][35].