Shanghai Aijian Securities·2025-06-10 06:37Investment Rating - The automotive industry is rated as "Outperform" compared to the market [4] Core Insights - The automotive sector has shown a slight increase of 0.17% this week, underperforming the Shanghai Composite Index which rose by 0.88% [4][12] - The sales of passenger vehicles in May increased year-on-year by 13% and month-on-month by 10%, with a total retail of 1.93 million units [4][27] - NIO reported a revenue of 12.03 billion yuan in Q1 2025, a year-on-year increase of 21.5%, but a net loss of 6.89 billion yuan, indicating a narrowing loss compared to the previous quarter [4][26] - Changan Automobile has been upgraded to a central enterprise, which is expected to accelerate the development of its high-end electric and intelligent brands [4][8] Summary by Sections Market Overview - The automotive sector index closed at 6,982.4 points, ranking 25 out of 31 sectors, while the Shanghai Composite Index closed at 3,874.0 points [4][12] - The motorcycle and other segments increased by 3.58%, while commercial vehicles decreased by 5.35% [4][12] Sales Data - Daily retail sales of passenger vehicles averaged 95,364 units in the last week of May, a year-on-year increase of 6% [4][27] - Cumulative retail sales for the year reached 8.80 million units, up 9% year-on-year [4][27] Company Performance - NIO's Q1 2025 delivery was 42,094 vehicles, a year-on-year increase of 40.1% [4][26] - Changan's independent status is expected to enhance its decision-making capabilities and resource acquisition [4][9] Investment Recommendations - Focus on intelligent passenger vehicles, particularly companies like XPeng Motors and Xiaomi Group [4] - In the auto parts sector, companies like KEBODA and Baolong Technology are recommended due to their core technology in electric and intelligent supply chains [4] - For automotive services, attention is drawn to China Automotive Research due to the expansion of electric intelligent brands [4]