中汽系统EPS等转向系统业务高速发展，智元举办首届供应商大会

Investment Rating - The investment rating for the automotive industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The automotive industry is experiencing varied performance across different segments, with the new energy vehicle index showing resilience while traditional automotive parts are facing declines [7][9] - The retail sales of passenger vehicles in China have shown significant growth, with a year-on-year increase of 18% in March 2025 [14] - The EPS (Electric Power Steering) business of China Automotive Systems is growing rapidly, with a 29.9% increase in revenue, indicating a trend towards more intelligent driving components [15] Summary by Sections Automotive Industry Market Performance - In the past week, the automotive index fell by 1%, while the new energy vehicle index rose by 1% [8] - Over the past month, the automotive index decreased by 2%, and the new energy vehicle index fell by 1% [9] - Year-to-date, the automotive index has increased by 12%, with the new energy vehicle index up by 1% [9] Key Stocks in the Automotive Sector - Notable gainers in the past month include Meili Technology (up 90%), Xuelong Group (up 67%), and Xiangyang Bearing (up 57%) [11] - Significant decliners include Beite Technology (down 25%) and Xusheng Group (down 23%) [12] Sales Data - From March 1 to 23, 2025, retail sales of passenger vehicles reached 1.154 million units, a 18% increase year-on-year [14] - New energy vehicle retail sales during the same period reached 622,000 units, marking a 30% year-on-year growth [14] Strategic Developments - Zhiyuan Robotics held its first supplier conference, focusing on collaborative innovation in robotics [16] - BMW and Alibaba announced a strategic partnership to enhance AI capabilities in vehicles, with new models expected to feature this technology by 2026 [18] - NIO signed a strategic cooperation agreement to build 100 battery swap stations in Beijing [19] Investment Strategies - The report recommends investing in companies with strong capabilities in autonomous driving and domestic replacement components, such as XPeng Motors and Nastec [20] - Companies like BYD and Li Auto are highlighted as having potential for growth despite increasing barriers to overseas markets [20]