Shenwan Hongyuan Securities·2025-09-22 09:11Investment Rating - The report maintains a positive outlook on the automotive industry, particularly driven by technology and state-owned enterprise reforms [4]. Core Viewpoints - The automotive sector is expected to benefit from a bull market, with technology-driven segments like robotics and low-altitude economy likely to follow the lead of TMT [4]. - The report highlights the performance of new energy vehicles (NEVs), which saw a retail volume of 268,000 units, a month-on-month increase of 22.94% and a year-on-year increase of 4.69%, resulting in a penetration rate of 59.56% [4]. - The report recommends focusing on domestic leading manufacturers such as NIO, Xiaomi, and Xpeng, as well as component companies with strong growth potential [4]. Industry Situation Update - In the 37th week of 2025, the total retail volume of passenger cars reached 450,000 units, with traditional energy vehicles accounting for 182,000 units and new energy vehicles for 268,000 units [4]. - The report notes a decrease in raw material price indices for both traditional and new energy vehicles over the past week [4]. - The automotive industry recorded a total transaction value of 922.739 billion yuan, with an industry index increase of 2.95% [4][12]. Market Situation Update - The automotive industry index outperformed the CSI 300 index, ranking 4th among primary industries in terms of weekly growth [12]. - A total of 151 stocks in the automotive sector rose, with the largest gainers being Junsheng Electronics, Shanzigao Technology, and Kaiter Co., which saw increases of 44.2%, 39.7%, and 33.8% respectively [18]. - Key events included the release of the national standard for intelligent assisted driving and the launch of NIO's new ES8 model [4][5][7]. Investment Analysis Recommendations - The report suggests focusing on two main lines: technology and state-owned enterprise reforms, recommending strong domestic manufacturers and component companies with robust performance growth [4]. - Specific recommendations include NIO, Ideal Auto, and companies involved in robotics and overseas expansion [4]. - The report emphasizes the importance of monitoring high-quality blue-chip stocks that are still at the bottom of the market [4].