汽车行业周报（20250728-20250803）：7月淡季收官，下半年销量展望乐观-20250803

Investment Rating - The report maintains a "Buy" recommendation for the automotive industry, with an optimistic outlook for sales and pricing in the second half of the year [1]. Core Insights - The report highlights that July marks the end of the off-season, and there is an optimistic expectation for sales volume and pricing in the second half of the year, despite ongoing weak investment sentiment in the automotive sector [1][2]. - The impact of marketing activities and public opinion on high-end brands (priced between 200,000 to 600,000 yuan) is emphasized, indicating that poor execution can significantly affect sales and pricing [2]. Data Tracking - In July, new energy vehicle deliveries showed significant year-on-year growth for Xpeng, with deliveries of 37,000 units, a 229.4% increase year-on-year and a 6.1% increase month-on-month. BYD delivered 344,296 units, a 0.6% increase year-on-year but a 10.0% decrease month-on-month. Li Auto's deliveries were 30,731 units, down 39.7% year-on-year and 15.3% month-on-month [4][20]. - Traditional automakers also saw growth, with Geely's sales reaching 236,000 units in June, a 42.1% increase year-on-year. SAIC Motor ranked first with 365,000 units sold, a 21.6% increase year-on-year [4][23]. - The average discount rate in the automotive industry increased slightly to 10.0% in late July, with an average discount amount of 22,311 yuan, reflecting a 1.8 percentage point increase year-on-year [4][25]. Industry Research 1. Complete Vehicles: The report continues to recommend Jianghuai Automobile for its luxury vehicle offerings and strong competitiveness. It also recommends SAIC Motor and Great Wall Motors, while suggesting to pay attention to BAIC Blue Valley due to management reforms and the upcoming launch of the S9T model [6]. 2. Auto Parts: The report suggests selecting stocks based on low valuations this year and a projected growth rate of over 15% next year, recommending companies like Xingyu Co., Aikodi, and suggesting to watch New Spring Co., Jifeng Co., and Horizon Robotics [6]. 3. Heavy Trucks: The report notes a 42% year-on-year increase in heavy truck wholesale in July, with expectations for continued double-digit growth from August to October, recommending Shandong Heavy Industry and Weichai Power for current investments [6]. Market Performance - The automotive sector experienced a decline of 2.11% this week, ranking 16th out of 29 sectors. The Shanghai Composite Index fell by 0.94%, while the automotive index saw declines across various segments, including parts and passenger vehicles [8][33].