汽车行业周报（25年第31周）：8月1-24日乘用车批发销量同比增长12%，华为上汽合作尚界H5开启预订-20250901

Investment Rating - The automotive industry is rated as "Outperform" [5][6][13] Core Views - The industry is transitioning into a technological era with significant advancements in electrification, intelligence, and connectivity, leading to structural development opportunities [13][14] - The domestic automotive market is expected to maintain a compound annual growth rate of 2% over the next 20 years, with a strong focus on electric and intelligent vehicles [14][22] - The report emphasizes the rise of domestic brands and the opportunities in incremental components driven by electrification and intelligence [9][25] Monthly Production and Sales Data - In July 2025, automotive production and sales reached 2.591 million and 2.593 million units, respectively, with year-on-year growth of 13.3% and 14.7% [1] - From August 1 to 24, 2025, retail sales of passenger vehicles were 1.285 million units, a 3% increase year-on-year, while wholesale sales were 1.341 million units, a 12% increase year-on-year [1] Weekly Market Performance - For the week of August 25-31, 2025, the CS Automotive index rose by 0.28%, while the CS Passenger Vehicle index increased by 0.71% [2] - The CS Automotive sector underperformed compared to the CSI 300 index by 2.44 percentage points [2] Key Companies and Investment Recommendations - Recommended companies include: - Leap Motor, Geely, and JAC Motors for strong new product cycles [3][5] - Intelligent component suppliers like KOBOT, Huayang Group, and Junsheng Electronics [3][5] - Robotics companies such as Top Group and Sanhua Intelligent Control [3][5] - Domestic replacement companies like Xingyu, Fuyao Glass, and Jifeng [3][5] Industry Trends and Projections - The report highlights the expected growth in new energy vehicle sales, projecting over 1.55 million units in 2025, a year-on-year increase of over 25% [25][29] - The rise of domestic brands is supported by technological advancements and market strategies from companies like Huawei and Xiaomi [25][28] Company Earnings Forecasts - Key companies' earnings forecasts indicate significant growth potential, with Leap Motor expected to achieve a notable increase in sales [5][31] - The report provides detailed earnings projections for various companies, emphasizing the strong performance of domestic brands [5][31]