XPENG(US:XPEV) EBSCN·2025-04-27 08:00Investment Rating - The report maintains a "Buy" rating for the automotive and automotive parts sector, indicating an expected return exceeding the benchmark index by more than 15% over the next 6-12 months [9]. Core Insights - The 2025 Shanghai International Automobile Industry Exhibition showcased approximately 1,300 vehicles, with over 70% being new energy vehicles, highlighting the industry's shift towards innovation and smart technology [1]. - The report emphasizes the increasing prevalence of intelligent driving technologies, with companies like BYD and Nissan introducing advanced driver assistance systems, which are expected to intensify market competition [2]. - The introduction of new vehicles and the implementation of vehicle replacement policies are anticipated to boost industry sentiment and sales in 2025 [2]. Summary by Sections Automotive Sector - The report notes a decrease in the number of new heavyweight models compared to previous years, with some models already launched or scheduled for separate events [2]. - The focus on safety and intelligent driving is increasing, with models like the Guangqi Toyota and Leap Motor featuring advanced lidar technology priced below 150,000 yuan [2]. Automotive Parts Sector - Major global component manufacturers are showcasing their latest domain control platforms, indicating a shift towards electric and intelligent transformation [2]. - The report highlights the trend from L2 to L4 autonomous driving technologies, with companies like Momenta announcing plans for advancements in this area [2]. Investment Recommendations - The report recommends buying shares in XPeng Motors and suggests paying attention to Geely and BYD in the automotive sector. In the parts sector, it recommends Fuyao Glass and suggests关注博俊科技, 沪光股份, and 继峰股份 [2].