Dongguan Securities·2025-09-19 09:31Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating an expectation that the industry index will outperform the market index by over 10% in the next six months [50]. 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, ranking 4th among 31 industries [11][12]. - The report highlights a systematic policy support cycle for automotive manufacturers, which is expected to positively impact sales growth and investments in new models and technologies [46]. - The report emphasizes the importance of the recently issued "Automotive Industry Stabilization Growth Work Plan," which aims for total vehicle sales of 32.3 million units in 2025, a year-on-year increase of approximately 3%, and 15.5 million units of new energy vehicles, a year-on-year increase of about 20% [46]. Industry Data Tracking - In August, China's automotive production reached 2.815 million units, a year-on-year increase of 13.0% and a month-on-month increase of 8.6%. Sales were 2.857 million units, up 16.5% year-on-year and 10.2% month-on-month. Exports totaled 611,000 units, reflecting a year-on-year increase of 19.6% and a month-on-month increase of 6.3% [18][19]. - The automotive dealer inventory warning index stood at 57.0%, showing a year-on-year increase of 0.80 percentage points but a month-on-month decrease of 0.20 percentage points [18]. Industry News - The Ministry of Industry and Information Technology is soliciting public opinions on safety standards for intelligent connected vehicles, which is expected to strengthen the safety baseline for the industry [26][28]. - The market for intelligent driving components and systems is projected to reach $100 billion by the end of the 14th Five-Year Plan, with significant growth anticipated in the coming years [29]. - The report notes a decline in retail sales of passenger vehicles in early September, with a total of 732,000 units sold, a year-on-year decrease of 4% [30]. Corporate News - NIO has completed a $1.16 billion equity issuance, with proceeds intended for investment in core technologies for smart electric vehicles [36]. - Chery Automobile plans to open its IPO on September 17, targeting a valuation of HKD 140 billion [37]. - The report mentions the launch of the Xiangjie S9T, priced from 309,800 yuan, featuring advanced technology and a long range [38][39]. Investment Recommendations - The report suggests focusing on manufacturers enhancing brand competitiveness through smart technology, such as BYD and Seres [46]. - It also highlights the potential for growth in the intelligent driving supply chain, recommending companies like Fuyao Glass and Junsheng Electronics [46]. - Additionally, it identifies Yutong Bus as a beneficiary of the "old-for-new" policy for new energy buses [46].