ZHONGTAI SECURITIES·2025-07-25 02:19Investment 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 highlights a sustained optimism for strong domestic automotive brands, with a focus on complete vehicles, intelligent driving, and robotics as key investment areas for the year [6][8]. - It anticipates a limited seasonal adjustment in Q2 2025, with a strong emphasis on investing in robust domestic brands and the robotics supply chain [7][8]. - The report suggests that the domestic market share of strong independent brands is expected to increase by 8-14%, with several brands projected to see significant opportunities for growth [7][8]. Market Tracking - The total insurance volume for the week of July 14-20 was 399,000 units, slightly below the 400,000 weekly threshold, with a year-on-year increase of 9% and a month-on-month increase of 8.1% [7][26]. - The report notes that the export volume in June reached 458,000 units, representing a year-on-year increase of 28% [7][26]. - The report indicates that the penetration rate of new energy vehicles reached 53.9%, with weekly insurance volume for new energy vehicles at 215,000 units, reflecting a year-on-year increase of 16% [7][30]. Industry Prosperity - The report tracks the industry’s prosperity through terminal data, orders, and export totals, indicating a general decline in orders during the second week of July [7][26]. - It highlights that the market share of independent brands has been steadily increasing, with a significant rise from 36% in January 2021 to 64% by December 2024 [38]. Key Stocks - The report emphasizes the importance of focusing on key stocks such as Xiaomi, Leap Motor, Xpeng, BYD, Seres, Geely, and Changan, with specific recommendations based on their market positions and product cycles [7][8]. - It identifies specific stocks with high potential for growth, particularly in the context of the ongoing transition towards electric vehicles and robotics [7][8].