Huachuang Securities·2025-07-06 11:45Investment Rating - The report maintains a "Buy" recommendation for the automotive sector, highlighting optimistic expectations for the second half of the year [4][7]. Core Insights - June sales performance exceeded expectations, and the market is anticipated to remain strong in the second half of the year, with reduced risks from price wars due to a combination of "anti-involution" and strong sales [2][4]. - Concerns about potential fluctuations in sales due to subsidy policy changes next year may suppress investment sentiment, but there are opportunities for positioning after sentiment stabilizes [2][4]. Data Tracking - In June, new energy vehicle deliveries showed significant growth, with BYD delivering 382,585 units (up 12% year-on-year), while Li Auto and Leap Motor saw declines of 24.1% and 28.8% respectively [5][20]. - Traditional automakers also performed well, with Geely's sales increasing by 42.1% year-on-year to 236,000 units, and SAIC Motor leading the market with 365,000 units sold [5][23]. Investment Recommendations - For complete vehicles, the report recommends Jianghuai Automobile, with a positive outlook for the second half of the year. It also suggests monitoring Li Auto, BAIC Blue Valley, SAIC Motor, Seres, and Xiaomi Group [7]. - In the auto parts sector, it advises low-positioning strategies due to significant industry beta impacts, recommending companies like Xinquan, Xingyu, Aikodi, Haoneng, and Horizon [7]. - The heavy truck segment is expected to maintain strong growth, with recommendations for Heavy Truck A and Weichai H/A [7]. Industry News - In June, the retail market for passenger vehicles reached 2.032 million units, a 15% year-on-year increase, with new energy vehicles accounting for 107,100 units sold, reflecting a 25% growth [32]. - The report notes the launch of the new XPeng G7, which features advanced AI capabilities and is priced between 195,800 and 225,800 yuan [32]. Market Performance - The automotive sector index increased by 0.21%, ranking 23rd out of 29 sectors, while the overall market indices showed positive growth [10][34].