Shanxi Securities·2025-06-06 08:54Investment Rating - The report maintains an "Outperform" rating for the automotive industry [2][15]. Core Insights - The report highlights the rapid growth of the unmanned logistics vehicle market, with significant advancements in autonomous driving technology and increasing market demand [11]. - It emphasizes the competitive landscape, noting that multiple companies are vying for a share of the trillion-yuan unmanned logistics market, with projections indicating substantial growth in the coming years [11]. - The report identifies key players in the industry, including both leading autonomous driving companies and traditional automotive manufacturers that are actively exploring unmanned vehicle applications [11]. Summary by Sections Market Performance - The automotive industry has shown strong performance over the past year, with preferred stocks such as Jingwei Hengrun (688326.SH) and Jiangling Motors (000550.SZ) rated as "Buy-A" [4]. Technological Developments - Jiusi Intelligent launched its E-series unmanned logistics vehicle platform, marking a strategic upgrade with L4-level autonomous driving technology [5]. - New Stone's monthly delivery of unmanned vehicles has exceeded 1,000 units, with expectations to reach 2,000 units per month in the second and third quarters of 2025 [6]. - Yushi Technology submitted its prospectus to the Hong Kong Stock Exchange, reporting significant revenue growth and positioning itself as an industry unicorn [7]. Investment Recommendations - The report suggests focusing on leading autonomous driving companies and traditional automakers that are exploring unmanned vehicle applications, such as Pony.ai, WeRide, Jiangling Motors, and Dongfeng Motor Group [11]. - It also highlights the potential for growth in the smart driving chip sector and the importance of domestic replacements in the Tier 1 supply chain [11].