BYD(SZ:002594) Minsheng Securities·2025-04-28 00:50Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting a strong performance in the sector and suggesting a focus on key companies such as BYD, Geely, and Xiaopeng Motors [5] Core Insights - The automotive sector is experiencing a significant transformation driven by smart electric vehicles and the acceleration of high-end supply at the Shanghai Auto Show [32][33] - The report emphasizes the importance of intelligent driving and the integration of robotics within the automotive industry, particularly focusing on companies with strong AI capabilities [32][42] - The report suggests that the T-chain and strong intelligent automotive manufacturers are well-positioned to capitalize on the robotics market [32][42] Summary by Sections 1. Weekly Overview - The automotive sector saw an increase in holdings, with passenger car sales reaching 387,000 units in the third week of April 2025, a year-on-year increase of 9.3% and a month-on-month increase of 10.3% [1] - The A-share automotive sector outperformed the market, rising by 4.66% during the week, with commercial passenger vehicles and automotive parts leading the gains [1] 2. Passenger Vehicles - The report highlights the ongoing support for vehicle replacement policies, which are expected to stimulate demand for passenger vehicles [34] - Recommended companies in the passenger vehicle segment include BYD, Geely, Xiaopeng Motors, and others, focusing on those with strong global expansion and intelligent capabilities [34] 3. Intelligent Electric Vehicles - The report notes that the long-term growth of intelligent electric vehicles is accelerating, with a focus on the new forces in the industry and the potential for increased market share [35] - It emphasizes the importance of monitoring tariff developments and their impact on the supply chain, particularly for companies with overseas operations [35] 4. Robotics - The report discusses the rapid advancement of humanoid robots, with significant breakthroughs in technology and market recognition of their capabilities [37][39] - It highlights the potential for Tesla to lead in the humanoid robot market, with plans to deploy thousands of units in its factories by the end of the year [32][39] - Recommended companies in the robotics sector include Top Group, Berteli, and others, focusing on those with strong production capabilities and market positioning [43] 5. Motorcycles - The report suggests a focus on high-displacement motorcycle manufacturers, with Spring Power being highlighted as a key player in the market [4][31] 6. Heavy Trucks - The report indicates a positive outlook for heavy trucks, particularly in the natural gas segment, recommending companies like China National Heavy Duty Truck Group [4] 7. Tires - The report recommends leading tire manufacturers such as Sailun and high-growth companies like Senkiren, emphasizing the ongoing globalization of the tire market [4]