Dongguan Securities·2025-08-08 10:57Investment Rating - The report maintains an "Overweight" rating for the automotive industry, expecting the industry index to outperform the market index by more than 10% in the next six months [43]. Core Insights - The third batch of the "old-for-new" national subsidies has been gradually issued, and the peak season of September and October is approaching, which is expected to boost market performance [3][38]. - The automotive sector has shown resilience, with the Shenyuan Automotive Index rising 0.57% over the past two weeks, outperforming the CSI 300 Index by 1.40 percentage points [10][11]. - The report highlights a significant increase in the wholesale sales of new energy vehicles, with July figures showing a 25% year-on-year growth [24]. Industry Data Tracking - As of August 7, 2025, the prices of raw materials have shown mixed trends: steel prices decreased by 0.38%, while aluminum, copper, and lithium carbonate prices increased by 0.78%, 0.22%, and decreased by 0.35% respectively [16][21]. - The retail sales of passenger vehicles in July reached 1.834 million units, a 7% increase year-on-year, while wholesale sales were 2.192 million units, also up 12% year-on-year [22][39]. Industry News - The China Passenger Car Association slightly raised its annual forecast for passenger vehicle retail growth to 6% for 2025, with total retail expected to reach 24.35 million units [23]. - The establishment of the China Changan Automobile Group in Chongqing aims to enhance competitiveness in the automotive sector [27]. - The report notes that the market is expected to recover in late August due to the issuance of subsidies and the upcoming peak sales season [38]. Company News - Li Auto, China Automotive Research, and Dongfeng Liuzhou Automobile released a joint statement regarding the Li Auto i8 crash test, emphasizing the importance of maintaining market order and fair competition [30]. - Xpeng Motors completed the debut of its new P7 model in China, featuring advanced battery technology and AI capabilities [32]. - Changan Automobile reported a 74.05% year-on-year increase in new energy vehicle sales in July, totaling 80,006 units [35].