BYD(SZ:002594) Minsheng Securities·2025-09-07 13:28Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting strong performance and growth potential in various segments [5]. Core Insights - The automotive sector is experiencing a robust recovery, with significant growth in passenger vehicle sales and a notable increase in new energy vehicle penetration [1][3]. - The report emphasizes the importance of intelligent and electric vehicles, predicting accelerated growth in these areas, particularly for quality domestic brands [12][13]. - The robotics sector is highlighted as a new catalyst for growth, with major players like Tesla advancing in humanoid robot production, which is expected to impact the automotive supply chain positively [2][15]. Summary by Sections Weekly Overview - The automotive sector outperformed the market, with the A-share automotive sector rising by 1.0% from September 1 to September 5, 2025, compared to a 0.6% increase in the CSI 300 index [1][25]. - Key companies recommended for investment include Geely, Xpeng, Li Auto, BYD, and Xiaomi, among others [10]. Weekly Data - In the fifth week of August 2025, passenger car sales reached 523,000 units, a year-on-year increase of 4.2% and a month-on-month increase of 9.5% [1][34]. - New energy vehicle sales for the same period were 290,000 units, with a penetration rate of 55.3% [1][34]. Key Developments - Geely's merger with Zeekr received shareholder approval, marking a significant step in its "One Geely" strategy [3][11]. - The introduction of new models, such as the Aion M7, is expected to drive sales further, with pre-orders exceeding 150,000 units within 24 hours [3][11]. Investment Recommendations - The report recommends focusing on quality domestic brands that are accelerating in intelligence and globalization, specifically naming Geely, Xpeng, Li Auto, BYD, and others [4][12]. - In the parts sector, companies involved in intelligent driving and new energy vehicle supply chains are highlighted, including Berteli, Horizon Robotics, and Top Group [4][13]. Robotics Sector Insights - The report notes the increasing pace of domestic humanoid robot manufacturers entering the market, with significant production goals set by Tesla for its Optimus robot [2][15]. - The potential for robotics to integrate with the automotive supply chain is emphasized, suggesting a strong overlap between automotive parts and robotics manufacturing [17]. Motorcycle and Heavy Truck Markets - The motorcycle market is seeing growth in the mid to high displacement segments, with sales of 250cc and above motorcycles increasing significantly [18][19]. - The heavy truck market is expected to benefit from expanded subsidy policies aimed at replacing older vehicles, with sales showing a year-on-year increase of 45.6% in July 2025 [20][21].