ZHONGTAI SECURITIES·2025-05-15 12:39Investment Rating - The report maintains a positive outlook on strong domestic automotive brands, emphasizing the importance of complete vehicles, intelligent driving, and robotics for the year [7][9]. Core Viewpoints - The report highlights a sustained optimism for strong domestic automotive brands, with a focus on complete vehicles, intelligent driving, and robotics as key investment areas for the year [7][9]. - It notes that the total insurance volume for the week of May 5-11 reached 454,000 units, exceeding the 400,000 weekly threshold, with a year-on-year increase of 27.6% and a month-on-month increase of 6.6% [8]. - The report anticipates significant year-on-year growth for companies like BYD, Great Wall, Li Auto, and Leap Motor in May [8][31]. Summary by Sections 1. Core Viewpoints - The report emphasizes a continued focus on strong domestic automotive brands and the importance of complete vehicles, intelligent driving, and robotics for investment opportunities in 2025 [7][9]. 2. Market Tracking - The automotive sector saw a weekly increase of 2% in the week of May 5-11, with the automotive sector ranking 14th among various sectors [11][15]. - The report indicates that the automotive sector's valuation percentile is at 38%, which is historically low [12]. 3. Industry Prosperity - The report tracks the total insurance volume, which for the week of May 5-11 was 454,000 units, with a year-on-year increase of 27.6% and a month-on-month increase of 6.6% [8][31]. - The report also notes that the penetration rate of new energy vehicles reached 49.1% during the same week, with a total of 223,000 new energy vehicles insured [36]. 4. Important News - The report mentions that the export volume in March was 390,000 units, reflecting a year-on-year decrease of 5% [59]. - It highlights that the total export volume for 2024 is expected to be 4.7 million units, with a year-on-year increase of 23% [59]. 5. Individual Stock Tracking - The report recommends focusing on stocks such as Xiaomi and BYD, with a particular emphasis on the potential for significant price increases in strong domestic brands [8][21]. - It notes that companies like Geely and Li Auto have shown positive trends in their stock performance, with Geely's stock increasing by 10% in the week of May 5-11 [22][23].