4Q汽车基本面延续旺销，投资主线关注机器人及液冷：汽车行业周报（20251006-20251012）-20251012

Investment Rating - The report maintains a "Recommend" rating for the automotive industry, focusing on robots and liquid cooling as the main investment themes for Q4 [1]. Core Insights - The automotive sector continues to show strong fundamentals in Q4, with a focus on investment opportunities in robots and liquid cooling technologies. The report suggests that while the market is currently experiencing adjustments, it presents new opportunities for investment. Key catalysts to watch include Tesla's product iterations, North American giants' market entries, and domestic industry subsidies [1][5]. Data Tracking - The discount rate in the automotive industry increased to 10.1% in late September, up by 0.5 percentage points from early September and up 3.1 percentage points year-on-year. The average discount amount reached 22,824 yuan, reflecting a month-on-month increase of 1,332 yuan [3]. - Key brands with significant discount rate changes include Brilliance BMW (+5.0PP), Ora (+4.3PP), and SAIC Passenger Cars (+1.6PP) [3]. Industry News - The report highlights that automotive dealers are facing significant financial challenges, with many experiencing cash flow deficits and risks of bankruptcy due to high inventory levels and aggressive pricing strategies [30]. - The Ministry of Industry and Information Technology announced adjustments to the technical requirements for new energy vehicles, which may impact the market dynamics for electric and hybrid vehicles [30]. - In September, wholesale sales of new energy passenger vehicles reached 1.5 million units, marking a 22% year-on-year increase and a 16% month-on-month increase [30]. Market Performance - The automotive sector experienced a decline of 1.47% this week, ranking 24th out of 29 sectors. The overall market indices showed mixed results, with the Shanghai Composite Index up by 0.37% [8][33]. - The report notes that the average price-to-earnings (PE) ratio for the automotive sector is currently at 35 [33].