Shenwan Hongyuan Securities·2025-09-14 10:42Investment Rating - The report maintains a positive outlook on the traditional automotive industry chain companies, particularly in the areas of robotics and low-altitude economy [4]. Core Viewpoints - In a bullish market, sectors driven by technology, including robotics and low-altitude economy, are expected to follow the lead of TMT [4]. - For the robotics sector, companies related to Tesla are recommended, with expectations of a rebound in the second half of the year [4]. - The low-altitude economy sector is anticipated to gain traction following the establishment of a leadership group by the Civil Aviation Administration [4]. - Attention is also drawn to high-quality blue-chip stocks that remain at the bottom, such as Xingyu and Kebo Da [4]. - The report highlights significant changes brought about by state-owned enterprise reforms, particularly in SAIC and Dongfeng [4]. Industry Situation Update - In the 36th week of 2025, retail sales of passenger cars totaled 361,000 units, down 29.8% month-on-month and 12.38% year-on-year [4]. - Traditional energy vehicle sales were approximately 143,000 units, down 37.6% month-on-month but up 24.34% year-on-year, while new energy vehicle sales reached 218,000 units, down 23.5% month-on-month and 2.29% year-on-year, with a penetration rate of 60.4% [4]. - The price index for traditional and new energy raw materials has increased recently, with traditional vehicle raw material prices up 0.4% week-on-week and down 1.1% month-on-month [4]. Market Situation Update - The total transaction value in the automotive industry for the week was 704.199 billion, down 9.69% week-on-week, while the automotive industry index rose 1.74% [4]. - The automotive industry index outperformed the CSI 300 index, which rose 1.38% [12]. - A total of 185 stocks in the industry rose, while 102 fell, with the largest gainers being Zhongtai Automobile, Haowu Shares, and Zhejiang Rongtai [18]. Investment Analysis Recommendations - The report recommends focusing on domestic leading manufacturers such as NIO, Xiaomi, Xiaopeng, and Li Auto, driven by technology and mid-to-high-end markets [4]. - It emphasizes the trend towards smart technology, suggesting attention to companies like Jianghuai Automobile and Seres, and recommends Li Auto, Kebo Da, and Desay SV [4]. - The report also highlights the importance of state-owned enterprise integration, recommending attention to SAIC Group, Dongfeng Group, and Changan Automobile [4]. - Companies with strong performance growth, robotics layout, or overseas expansion capabilities are recommended, including Fuyao Glass, New Spring, and Silver Wheel [4].