XPENG(US:XPEV) Yong Xing Zheng Quan·2025-07-08 06:52Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][6]. Core Insights - The automotive market is expected to see steady growth in consumer demand supported by favorable policies, with retail sales of passenger vehicles in June 2025 reaching approximately 2.032 million units, a year-on-year increase of about 15% and a month-on-month increase of about 5% [16][39]. - The market share of new energy vehicles in May 2025 was approximately 48.7%, indicating a competitive pricing environment with a significant reduction in the number of models undergoing price cuts compared to previous months [16][37]. - The report suggests focusing on leading companies in intelligent vehicle technology and those benefiting from the vehicle replacement policy, such as SAIC Motor, Xpeng Motors, Xiaomi Group, and Leap Motor [4][16]. Summary by Sections Market Review - The automotive sector saw a slight increase of 0.10% from June 30 to July 4, 2025, ranking 25th among all primary industries [17][21]. - The motorcycle and other segments experienced the highest increase of 5.09%, while automotive parts saw a decline of 0.73% [21][22]. Industry Data Tracking - In May 2025, total automotive sales were approximately 2.686 million units, with a month-on-month increase of about 3.7% and a year-on-year increase of about 11.2% [25][26]. - The retail sales of new energy vehicles in May 2025 reached approximately 1.307 million units, reflecting a year-on-year increase of about 36.9% [33][37]. Industry Dynamics - Xpeng G7 was officially launched with a price range of 195,800 to 225,800 yuan, and VinFast's second factory in Vietnam commenced production with an annual capacity of 200,000 units [3][46]. - The report highlights the collaboration between Baic Blue Valley and partners to develop Robotaxi models [46]. Company Announcements - Mould Technology's subsidiary received a project order from a well-known North American electric vehicle company, with expected total sales of approximately 1.236 billion yuan [48]. - Longhua Group received a project development notification from a domestic new energy vehicle company, with an expected total sales amount of approximately 970 million yuan over four years [48].