Yong Xing Zheng Quan·2025-06-10 03:48Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][6]. Core Insights - In May 2025, the national retail sales of passenger cars reached approximately 1.93 million units, representing a year-on-year increase of 13% and a month-on-month increase of 10% [2][16]. - The report highlights that under supportive policies, domestic automotive consumption demand is expected to grow steadily throughout the year [16]. - The market share of new energy vehicles in April 2025 was approximately 47.3%, with a notable decrease in price competition observed [16][37]. Summary by Sections Market Review - The automotive sector index rose by 0.17% from June 3 to June 6, 2025, ranking 25th among all primary industries [17][21]. - The motorcycle and other segments saw the highest increase at 3.58%, while commercial vehicles experienced the largest decline at 5.35% [21][22]. Industry Data Tracking - In April 2025, total automotive sales were approximately 2.59 million units, with a year-on-year increase of 9.8% [25][26]. - The report indicates that the wholesale of passenger cars in May 2025 was 2.329 million units, reflecting a year-on-year increase of 14% [39]. - The price of battery-grade lithium carbonate was approximately 60,200 CNY per ton as of June 6, 2025, showing a decrease of 1% from May 30, 2025 [41][43]. Industry Dynamics - The report notes significant strategic partnerships, such as Xiaopeng Motors' collaboration with Huawei for new vehicle HUD solutions [3][45]. - NIO plans to enter seven European markets between 2025 and 2026, launching five models [3][45]. Investment Recommendations - The report suggests focusing on leading intelligent vehicle manufacturers such as Xiaopeng Motors, BYD, Xiaomi Group, and Leap Motor in the vehicle segment [4][16]. - In the parts segment, it recommends investing in companies involved in electric and intelligent components, highlighting firms like Huguang Co., Wuxi Zhenhua, and Bojun Technology [4][16].