汽车行业双周报（2025、09、05-2025、09、18）：八部门印发《汽车行业稳增长工作方案》的通知-20250919

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [1] Core Insights - The automotive sector has shown strong performance, with the Shenwan Automotive Index rising 9.38% over the past two weeks, outperforming the CSI 300 Index by 6.33 percentage points [3][10] - The report highlights a systematic policy support cycle for automotive manufacturers, which is expected to positively impact sales growth and investment in new models and technologies [44] - The total vehicle sales target for 2025 is set at 32.3 million units, with a year-on-year growth of approximately 3%, while new energy vehicle sales are projected to reach 15.5 million units, reflecting a 20% increase [44] Industry Data Tracking - In August 2025, China's automotive production reached 2.815 million units, a year-on-year increase of 13.0%, and sales were 2.857 million units, up 16.5% year-on-year [17][19] - The automotive export volume was 611,000 units in August, marking a 19.6% year-on-year increase [17] - The dealer inventory warning index stood at 57.0%, indicating a year-on-year increase of 0.80 percentage points [17] Industry News - The Ministry of Industry and Information Technology is soliciting opinions on safety standards for intelligent connected vehicles, which is expected to enhance safety in the industry [24][26] - The market for intelligent driving components and systems is projected to reach $100 billion by the end of the 14th Five-Year Plan [27] - The report mentions a decline in retail sales of passenger vehicles in early September, with a total of 732,000 units sold, down 4% year-on-year [28] Corporate News - NIO has completed a $1.16 billion equity issuance, with proceeds aimed at investing in core technologies for smart electric vehicles [34] - Chery Automobile plans to open its IPO subscription on September 17, targeting a valuation of HKD 140 billion [35] - The launch of the Xiangjie S9T, starting at CNY 309,800, is noted, featuring advanced technology and a range of up to 801 km [36][37] Investment Recommendations - The report suggests focusing on manufacturers enhancing brand competitiveness through intelligent processes, such as BYD and Seres [44] - It also highlights the potential growth in the intelligent driving supply chain, recommending companies like Fuyao Glass and Joyson Electronics [44] - The report identifies Yutong Bus as a beneficiary of the "old-for-new" policy for new energy buses [44]