Xinda Securities·2025-10-12 08:52Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The automotive sector underperformed the market this week, with the A-share automotive sector declining by 1.26%, ranking 26th among A-share Shenwan first-level industries [3][9] - Key news includes the adjustment of the vehicle trade-in subsidy policy in Shanghai, the establishment of a smart robot subsidiary by Xingyu Co., and GAC Honda's plan to acquire a 50% stake in Dongfeng Honda Engine [3][23] - Tesla's third-quarter sales in China increased by 31% quarter-on-quarter, reaching a new high for the year, while BYD has entered the Argentine electric vehicle market [3][23][24] Market Performance - The A-share automotive sector's performance this week was a decline of 1.26%, with the SW passenger vehicle index down by 0.98% and the SW commercial vehicle index up by 0.79% [3][9] - Leading stocks in the passenger vehicle sector included Changan Automobile and GAC Group, while in the commercial vehicle sector, Jinlong Automobile and Dongfeng Motor led the gains [3][17][21] Industry News - The Figure 03 humanoid robot was officially launched, aiming for a production target of 100,000 units over four years [23] - Shanghai's new vehicle trade-in subsidy policy will be implemented from October 13, 2025, to December 31, 2025, with a focus on orderly consumer participation [23] - Tesla's new low-priced Model 3 and Model Y were launched in the U.S. market, priced approximately $5,000 lower than existing models [23] Recommendations - For passenger vehicles, recommended companies include BYD, Great Wall Motors, and Li Auto [3] - In the commercial vehicle sector, focus on China National Heavy Duty Truck and FAW Liberation [3] - In the auto parts sector, recommended companies include Tongyuan Safety and Fuyou Glass [3]