Huachuang Securities·2025-07-27 14:13Investment Rating - The report maintains a "Buy" rating for the automotive industry, indicating a positive outlook for long-term growth despite short-term seasonal pressures [1]. Core Insights - The automotive sector is currently facing seasonal pressures, but recent discussions among government departments regarding new energy vehicles (NEVs) are expected to mitigate price wars in the short term and promote high-quality development in the long term [1][29]. - The report anticipates continued strong sales in the terminal market for the second half of the year, driven by new vehicle enthusiasm and inventory reduction [1]. - There is an expectation of policy adjustments for electric vehicles next year, suggesting investors should look for opportunities after market sentiment stabilizes [1]. - The Ministry of Industry and Information Technology is promoting future industries such as humanoid robots and low-altitude economy, which may enhance investment themes related to the automotive sector [1]. Data Tracking - In June, new energy vehicle deliveries showed significant growth for some companies: BYD delivered 382,585 units (up 12% year-on-year), Li Auto delivered 36,279 units (down 24.1% year-on-year), and Xpeng delivered 34,611 units (up 224.4% year-on-year) [3][19]. - Traditional automakers also saw growth, with Geely's sales reaching 236,000 units (up 42.1% year-on-year) and SAIC Motor leading with 365,000 units (up 21.6% year-on-year) [3][22]. - The average discount rate in early July was 9.9%, a slight increase from the previous month, indicating competitive pricing strategies among major brands [3]. Industry News - The report highlights various initiatives aimed at improving the competitive landscape of the NEV industry, including quality management and payment practices for suppliers in Guangdong and Anhui provinces [29]. - The Ministry of Transport reported that the coverage rate of charging stations in highway service areas has reached 98.4%, addressing concerns about charging infrastructure for electric vehicles [29]. - The report notes that the retail market for passenger vehicles is expected to reach approximately 1.85 million units in July, reflecting a year-on-year growth of 7.6% [30]. - Significant new product launches include the Wuling Hongguang EV and the Leapmotor B01, both of which are expected to enhance market competition [30]. Market Performance - The automotive sector saw a weekly increase of 1.23%, ranking 23rd out of 29 sectors, while the broader market indices also experienced gains [7].