GAC GROUP(SH:601238) Yong Xing Zheng Quan·2025-09-22 11:05Investment Rating - The report maintains an "Overweight" rating for the automotive industry [6]. Core Insights - The automotive industry is experiencing a robust growth trajectory, supported by favorable policies and increasing sales of new energy vehicles [4][16]. - The report highlights the importance of focusing on companies that lead in smart technology and are aligned with the technological and model cycles [4][17]. Market Review - The automotive sector rose by 2.95% from September 15 to September 19, 2025, outperforming the overall A-share market [18]. - Among sub-sectors, automotive parts saw the highest increase at 4.29%, while commercial vehicles experienced the largest decline at 0.98% [20][23]. Industry Data Tracking - In August 2025, total automotive sales reached approximately 2.857 million units, reflecting a month-on-month increase of 10.1% and a year-on-year increase of 16.4% [25][26]. - The retail sales of passenger vehicles for the first half of September 2025 were 732,000 units, showing a year-on-year decrease of 4% but a month-on-month increase of 6% [36]. - The market share of new energy vehicles in August 2025 was approximately 48.8%, indicating a strong demand for electric vehicles [34]. Industry Dynamics - GAC Group and Huawei are collaborating to create a new high-end smart electric vehicle brand named "Qijing" [44]. - Leap Motor has announced the restart of its automotive manufacturing plans in Europe, aiming to launch two new models tailored for the European market [44]. Company Announcements - Junsheng Electronics received project confirmations from two major OEMs, with a total lifecycle order value estimated at approximately RMB 15 billion, set to begin production in 2027 [44]. - Licheng Group has been awarded a project for aluminum alloy wheels, expected to start production in July 2027, with a total sales value of about RMB 5.8 billion over the project's lifecycle [46].