汽车周观点：5月第1周乘用车环比-5.9%，继续看好汽车板块

Investment Rating - The report maintains a positive outlook on the automotive sector, emphasizing the potential in AI robotics, smart technology, and favorable market conditions for 2025 [3][5]. Core Insights - In the first week of May, the total number of compulsory insurance for passenger vehicles was 416,000 units, reflecting a week-on-week decrease of 5.9% but a month-on-month increase of 26.5% [2][49]. - The SW automotive index increased by 0.5%, with the best-performing segments being motorcycles and other vehicles (+2.7%) and automotive parts (+2.4%) [2][15]. - Key developments include the launch of the 2025 model of the Li Auto L series, which features upgrades in intelligence and battery technology, while the official pricing remains unchanged [2][3]. Weekly Market Review - The automotive sector ranked 14th in A-shares and 7th in Hong Kong stocks this week, with the motorcycle segment showing the best performance [7][14]. - The report highlights that the automotive parts sector's valuation has increased, while the valuations for SW automotive and passenger vehicles have decreased [33][42]. Industry Changes - Significant changes in the industry include Li Auto's release of upgraded models, Geely's plan to acquire all issued shares of Zeekr, and a new client acquisition for a subsidiary of Wencan [2][3][61]. - The report predicts a total retail sales volume of 23.83 million units for 2025, representing a year-on-year growth of 4.7% [50][51]. Company Tracking - The report tracks several key companies, including Tesla, Li Auto, and Geely, noting specific developments such as the launch of new models and strategic acquisitions [62][63]. - The report emphasizes the importance of companies like Horizon Robotics and Black Sesame Technology in the context of smart driving technology advancements [63].