汽车行业周报：上海车展临近，电动智能加速

Investment Rating - The automotive industry is rated as "Outperform" compared to the market [4] Core Insights - The automotive sector experienced a decline of 0.79% this week, underperforming the CSI 300 index which rose by 0.59% [4][12] - Passenger car sales showed a year-on-year increase of 13% in the second week of April, with a total retail of 5.642 million units since the beginning of 2025, reflecting a 6% year-on-year growth [4][12] - The upcoming Shanghai International Auto Show is expected to highlight the acceleration of electric intelligence, with a focus on smart driving technologies [8][10] Summary by Sections Market Overview - The automotive sector's index closed at 6,519.5 points, ranking 28 out of 31 sectors [4][12] - The automotive services sector saw an increase of 1.95%, while passenger vehicles and automotive parts both declined by 0.99% [4][12] Sales Data - In April, the average daily retail of passenger cars was 44,000 units, with leading sales from BYD at 53,400 units [4][12] Regulatory Developments - The Ministry of Industry and Information Technology emphasized the need for automotive companies to conduct comprehensive testing for driving assistance systems, increasing compliance costs and self-research pressures [4][12] Investment Recommendations - For passenger vehicles, the report suggests focusing on companies like Xiaopeng Motors and Xiaomi Group for their advancements in smart driving and intelligent cockpit technologies [4] - In the automotive parts sector, companies such as Kebo Da and Baolong Technology are recommended for their core technology supply chain developments [4] - The report also highlights the growth potential in automotive services, particularly for companies like China Automotive Research [4]