ZHONGTAI SECURITIES·2025-09-25 05:46Investment Rating - The report maintains a positive outlook on strong domestic automotive brands, emphasizing the importance of complete vehicles, intelligent driving, and robotics for the year [6][7]. Core Insights - The report highlights a significant increase in domestic vehicle registrations, with a total of 519,000 units registered in the week of September 15-21, surpassing the 400,000 weekly threshold, representing a year-on-year increase of 6.3% and a month-on-month increase of 13.3% [6][24]. - The report notes that the penetration rate of new energy vehicles reached 57.42%, with weekly registrations of 298,000 units, reflecting a year-on-year increase of 16.3% and a month-on-month increase of 11.2% [6][29]. - The report anticipates that the overall automotive market will see a rebound in orders, with September's third week showing an upward trend in orders, reaching historical highs [6][41]. Summary by Sections Core Insights - The report emphasizes a sustained positive outlook on strong domestic automotive brands, with a focus on complete vehicles, intelligent driving, and robotics as key investment areas for the year [6][7]. - It highlights that the total vehicle registrations for the week of September 15-21 were 519,000, exceeding the 400,000 threshold, with a year-on-year increase of 6.3% and a month-on-month increase of 13.3% [6][24]. - The report also notes that the new energy vehicle registration volume reached 298,000 units, with a penetration rate of 57.42%, indicating a year-on-year increase of 16.3% and a month-on-month increase of 11.2% [6][29]. Market Tracking - The automotive sector ranked third in weekly performance with a 3% increase, while the overall market showed a positive trend with several stocks performing well, particularly in the T-chain and robotics sectors [11][15][18]. - The report indicates that the automotive sector's valuation percentile is at 51%, placing it in the historical mid-range [11][15]. Industry Prosperity - The report tracks the overall industry sentiment, noting that the third week of September saw a significant increase in orders due to the launch of popular models [41]. - It also highlights the ongoing trend of domestic brands capturing market share from joint ventures, with domestic brands' market share increasing from 36% in January 2021 to 64% by December 2024 [37].