上海发布首批Robotaxi示范运营牌照，前三周乘用车零售同比+11%

Investment Rating - The automotive sector has been rated with a "Buy" for companies like Changan Automobile and a "Hold" for others like Horizon Robotics, indicating a mixed outlook across different companies [1][48]. Core Insights - The automotive sector experienced a 1.03% increase from July 21 to July 25, 2025, underperforming the CSI 300 index by 0.67 percentage points. The passenger vehicle segment rose by 1.33%, while commercial vehicles saw a significant increase of 4.26% [1][9][35]. - Shanghai issued the first batch of Robotaxi demonstration operation licenses, marking a significant step in the development of smart connected vehicles [3][37]. - Retail sales of passenger vehicles in July increased by 11% year-on-year, although there was a 12% decline compared to the previous month [3][38]. Summary by Sections Market Performance - The automotive sector's PE-TTM as of July 25, 2025, was 27.17, reflecting a 0.48 increase from the previous week. The valuations for passenger vehicles, commercial vehicles, and auto parts were 26.61, 39.83, and 25.41 respectively [2][10][36]. - The performance of automotive-related concept sectors improved, with smart vehicles and lithium battery indices rising by 3.13% and 3.69% respectively [2][17][36]. Sales and Production Data - In the first three weeks of July, the retail sales of passenger vehicles reached 978,000 units, a year-on-year increase of 11%, while wholesale figures showed a 22% increase year-on-year [6][38]. - The penetration rate for new energy vehicles in the passenger vehicle market reached 54.9%, with cumulative retail sales of 600.6 million units, marking a 32% year-on-year growth [6][38]. New Models and Innovations - A total of 19 new and updated vehicle models were launched during the week of July 21-25, 2025, including models from Porsche and BYD [34]. Investment Recommendations - The report suggests a cautious approach, with specific recommendations for companies based on their performance relative to the market. The commercial vehicle segment is highlighted as a strong performer, while the passenger vehicle segment shows mixed results [35][36].