Minsheng Securities·2025-09-28 09:02Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, particularly focusing on quality domestic brands and emerging technologies [5]. Core Viewpoints - The automotive industry is undergoing significant transformation driven by smart electric vehicles and autonomous driving technologies, with a recommendation to focus on key players such as BYD, Geely, Xpeng, and others [10][11]. - The report highlights the importance of the T-chain in the robotics sector, particularly with Tesla's upcoming Optimus V3, which is expected to significantly impact the market [12][16]. - The report emphasizes the growth potential in the liquid cooling market, driven by the increasing demand for high-performance computing and AI technologies [20][22]. Summary by Sections Weekly Overview - The automotive sector underperformed the market, with a decline of 1.2% in the A-share automotive sector from September 22 to September 26, ranking 19th among sub-industries [32]. - Passenger car sales for the third week of September 2025 reached 516,000 units, a year-on-year increase of 13.4% and a month-on-month increase of 12.6% [44]. Passenger Vehicles - The report suggests that the continuation of vehicle replacement policies will stimulate domestic demand, with a focus on quality domestic brands like Geely, Xpeng, and BYD [13]. - The introduction of new models, such as the AITO M7 and Li Auto i6, is expected to drive sales growth in the high-end market segment [11][14]. Robotics - The report identifies the T-chain as a core focus area, with significant developments expected from Tesla's Optimus V3, which aims to produce hundreds of prototypes by the end of 2025 [12][16]. - The report also notes the acceleration of the domestic robotics sector's IPO processes, which could serve as a catalyst for market sentiment [19]. Liquid Cooling - The global liquid cooling market is projected to grow at a compound annual growth rate of 27.6% from 2024 to 2030, driven by the demand for high-performance computing [20]. - Liquid cooling technology is becoming essential for data centers, especially as AI computing power increases [22]. Motorcycles - The motorcycle market is experiencing rapid growth, particularly in the mid to large displacement segments, with sales of 250cc and above motorcycles reaching 84,000 units in August 2025, a year-on-year increase of 23.6% [23][24]. - The report recommends focusing on leading companies in the mid to large displacement motorcycle segment, such as Chunfeng Power and Longxin General [24]. Heavy Trucks - The heavy truck market is seeing a resurgence in demand, with sales of 92,000 units in August 2025, a year-on-year increase of 46.6% [26]. - The expansion of vehicle replacement subsidies is expected to further stimulate demand in the heavy truck sector [27]. Tires - The tire industry is benefiting from strong domestic and international demand, with leading companies expected to continue expanding their global presence [28][30]. - The report highlights the importance of technological advancements and product optimization in maintaining competitiveness in the tire market [29].