Huachuang Securities·2025-09-14 09:46Investment Rating - The report maintains a positive investment rating for the automotive industry, particularly highlighting the performance of the robotics supply chain and suggesting a focus on leading companies and new opportunities [3]. Core Insights - The automotive sector's performance is primarily driven by the robotics supply chain, with catalysts expected to persist in the second half of the year. Traditional supply chains remain weak. The Ministry of Industry and Information Technology's "Automotive Industry Stabilization Growth Work Plan (2025-2026)" emphasizes the industrialization of intelligent connected technologies, including the conditional approval for L3 level vehicle production and accelerating breakthroughs in key technologies such as automotive chips, operating systems, artificial intelligence, and solid-state batteries. This indicates a shift in industry support from total volume logic to new technology logic [3][4]. Data Tracking - In August, new energy vehicle deliveries showed significant growth, with XPeng delivering 37,709 units, a year-on-year increase of 168.7%. BYD delivered 373,626 units, up 0.1% year-on-year, while traditional automakers like SAIC and Geely also reported substantial increases in sales [5][23][26]. - The average discount rate in late August was 9.9%, a decrease of 0.2 percentage points from earlier in the month, while the average discount amount was 22,198 yuan, down 344 yuan [5][27][28]. - The report recommends continued focus on electric vehicle manufacturers and traditional automakers with potential recovery, such as Jianghuai Automobile and SAIC [7]. Industry News - The report highlights several key developments, including the listing of Chery Automobile on the Hong Kong Stock Exchange and the launch of new models by various manufacturers, such as the LYNK & CO 10 EM-P and BYD's new SUV, the Titanium 7 [32][33]. - The retail sales of passenger vehicles in August reached 1.995 million units, a year-on-year increase of 4.6%, with new energy vehicles accounting for 110,100 units sold, up 7.5% year-on-year [32]. Market Performance - The automotive sector saw a weekly increase of 1.46%, ranking 17th out of 29 sectors. The overall market indices also showed positive growth, with the Shanghai Composite Index rising by 1.52% [10][36].