Guoyuan Securities·2025-07-13 12:13Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive industry is experiencing a healthy growth trajectory, with wholesale sales outpacing retail sales. The passenger car market saw retail sales of 238,000 units from July 1-6, 2025, a year-on-year increase of 1%, while wholesale sales reached 233,000 units, marking a 39% increase year-on-year [1][20] - The report highlights the ongoing implementation of anti-involution policies in the automotive sector, aimed at curbing unhealthy competition and ensuring sustainable growth [2][4] - Leading companies like Seres and Leap Motor are showing significant performance improvements, with Seres reporting a net profit increase of 66.20% to 96.98% year-on-year for the first half of 2025, and Leap Motor achieving a record delivery of over 48,000 units in June, a 138% increase year-on-year [3][4] Summary by Sections 1. Weekly Market Review (July 5-11, 2025) - The automotive sector index fell by 0.41% during the week, underperforming the broader market [12] - The passenger vehicle segment experienced a decline of 1.49%, while the automotive services sector saw a gain of 3.52% [15] 2. Weekly Data Tracking (July 5-11, 2025) - Passenger car retail sales for the first half of July totaled 238,000 units, with a cumulative retail of 11.14 million units for the year, reflecting an 11% year-on-year growth [20] - New energy vehicle retail sales reached 135,000 units, with a market penetration rate of 56.7% [20] 3. Industry News (July 5-11, 2025) - The report discusses the introduction of new national standards for passenger car braking systems, which will require the installation of anti-lock braking systems (ABS) starting January 1, 2026 [32] - The establishment of a feedback window for small and medium enterprises regarding payment issues with major automotive companies was announced, aimed at improving payment practices [40]