Minsheng Securities·2025-06-15 08:21Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry [5] Core Viewpoints - The automotive industry is transitioning from a zero-sum game to a win-win situation as multiple automakers commit to reducing payment terms to suppliers within 60 days, responding to government regulations and enhancing supply chain stability [2][10] - The report highlights the importance of intelligent and globalized breakthroughs in quality domestic automakers, recommending companies such as Geely, BYD, Li Auto, and Xpeng [12][4] - The upcoming Huawei Developer Conference is expected to catalyze advancements in embodied intelligence, with significant potential in hardware segments like dexterous hands and lightweight materials [3][11] Summary by Sections Weekly Perspective - Automakers are unifying payment terms to suppliers to enhance cash flow and supply chain stability, which may lead to the exit of financially weaker companies [2][10] - The report suggests focusing on quality domestic automakers that are accelerating in intelligence and globalization [12][4] Market Performance - The automotive sector underperformed the market, with a decline of 0.37% from June 9 to June 13, ranking 18th among sub-industries [27][29] Weekly Data - In the first week of June 2025, passenger car sales reached 362,000 units, a year-on-year increase of 12.4% but a month-on-month decrease of 22.3% [36][40] - New energy vehicle sales were 202,000 units, with a penetration rate of 55.7%, reflecting a 2.6 percentage point increase from the previous month [40] Key Companies - Recommended companies include Geely, BYD, Li Auto, Xpeng, and Xiaomi for passenger vehicles, and various suppliers in the new energy and intelligent driving sectors [4][15]