Tesla(US:TSLA) Guoyuan Securities·2025-07-20 10:45Investment Rating - The report maintains a "Buy" recommendation for the automotive industry, focusing on the development of the intelligent driving industry chain and key players in the SOC chip sector [4]. Core Insights - The report highlights a slowdown in retail sales growth for passenger vehicles in July, with a year-on-year increase of 7% for the first half of the month, but a 5% decrease compared to the previous month. Cumulative retail sales for the year reached 11.47 million units, up 11% year-on-year [1][18]. - The new energy vehicle (NEV) market continues to show strong growth, with retail sales of 332,000 units in the first half of July, a 26% year-on-year increase, and a cumulative retail sales of 5.80 million units for the year, up 33% year-on-year [1][18]. - Significant milestones in intelligent driving technology are expected to boost market performance in the second half of the year, with major companies like Huawei and Tesla making advancements in L3 and L4 autonomous driving solutions [2][3]. Summary by Sections 1. Market Review (July 12-18, 2025) - The automotive sector saw a weekly increase of 3.28%, outperforming the Shanghai Composite Index by 2.96 percentage points. The commercial vehicle segment had the highest weekly gain at 5.42% [10][13]. 2. Data Tracking (July 12-18, 2025) - Passenger vehicle retail sales for July 1-13 were 571,000 units, with wholesale sales at 555,000 units, reflecting a year-on-year increase of 34% [18]. - The NEV market's retail penetration rate reached 58.1%, with wholesale penetration at 56.9% [18]. 3. Industry News (July 12-18, 2025) - GAC Group announced an expected loss of 1.82 to 2.6 billion yuan for the first half of 2025, citing multiple factors affecting performance [31]. - Huawei plans to launch an L3 technology solution in September, with further advancements expected in 2026 [32]. - The merger between Geely Auto and Zeekr Technology is set to enhance operational efficiency and strengthen market competitiveness in the NEV sector [39][40].