CHANGAN AUTOMOBILE-B(SZ:000625) Shanghai Aijian Securities·2025-06-10 07:25Investment Rating - The automotive sector is rated as "Outperform" compared to the market [4] Core Insights - The automotive sector index increased by 0.17% this week, underperforming the CSI 300 index which rose by 0.88% [4][12] - The sales of passenger vehicles in May showed a year-on-year increase of 13%, 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 [4][26] - Changan Automobile has been upgraded to a central enterprise, which may accelerate the development of its high-end electric and intelligent brands [4][9] Summary by Sections Market Overview - The automotive sector index closed at 6,982.4 points, ranking 25 out of 31 sectors, while the CSI 300 index closed at 3,874.0 points [4][12] - The motorcycle and other sectors increased by 3.58%, while commercial vehicles decreased by 5.35% [4][12] Sales Data - Daily retail sales of passenger vehicles averaged 95,000 units in the last week of May, a year-on-year increase of 6% [4][27] - Cumulative retail sales for May reached 1.93 million units, with a month-on-month increase of 10% [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 2024 new energy vehicle sales are projected to reach 740,000 units, a year-on-year increase of 53% [4][9] Investment Recommendations - Focus on intelligent passenger vehicles, particularly companies like Xiaopeng Motors and Xiaomi Group [4] - In the auto parts sector, companies like Kebo Da and Baolong Technology are recommended due to the rise of electric and intelligent core technologies [4] - For automotive services, attention is drawn to China Automotive Research due to the expansion of electric intelligent brands [4]