ZHONGTAI SECURITIES·2025-07-04 12:49Investment Rating - The report maintains a positive outlook on strong domestic automotive brands, emphasizing the importance of complete vehicles, intelligent driving, and robotics for the year [6][8]. Core Viewpoints - The report continues to favor strong domestic automotive brands, with a focus on complete vehicles, intelligent driving, and robotics throughout the year [6][8]. - It highlights the potential for significant investment opportunities in the automotive sector, particularly in the context of domestic brand growth and technological advancements [6][8]. Market Tracking - The total insurance volume for the week of June 23-29 reached 585,000 units, exceeding the 400,000 weekly threshold, representing a year-on-year increase of 31.5% and a week-on-week increase of 4.3% [7]. - New energy vehicle insurance volume for the same week was 297,000 units, with a year-on-year increase of 39.4% and a week-on-week increase of 4.9%, achieving a penetration rate of 50.8% [7][32]. - The report notes that the overall market remains stable, with some companies experiencing slight declines in deliveries, and anticipates a year-on-year decline in deliveries for July [7][37]. Industry Prosperity - The report tracks terminal data, orders, and export totals, indicating a stable overall situation in June, with some companies showing growth while others experience slight declines [27][46]. - It emphasizes the ongoing trend of domestic brands replacing joint ventures, with market share for domestic brands increasing from 36% in January 2021 to 64% by December 2024 [42]. Stock Tracking - The report recommends several automotive stocks, including Xiaomi, Leap Motor, Xpeng, BYD, Seres, Geely, and Changan, highlighting their potential for growth based on product cycles and market conditions [6][8]. - It notes that the automotive parts sector has shown strong performance, with a weekly increase of 4.6% and a year-to-date increase of 11% [15][19].