Investment Rating - The report maintains an "Overweight" rating for the automotive industry [6] Core Views - The automotive industry is expected to benefit from supportive policies for vehicle consumption and increasing sales of new energy vehicles [4][16] - The report suggests focusing on leading companies in vehicle intelligence, technological cycles, and model cycles, such as SAIC Motor, Xpeng Motors, Xiaomi Group, and Leap Motor [4][17] - For the parts sector, the report highlights the potential in electric intelligence and the AIDC liquid cooling supply chain, recommending companies like Huguang Co., Chuanhuan Technology, Yinlun Co., and Horizon Robotics [4][17] Summary by Sections Market Review - In the week from September 29 to October 10, 2025, the automotive sector declined by 1.26%, underperforming the overall A-share market, ranking 26th among all primary industries [18][21] - The automotive services sector saw the highest increase of 1.70%, while automotive parts experienced the largest decline of 1.71% [21] Industry Data Tracking - In August 2025, total automotive sales reached approximately 2.857 million units, with a month-on-month increase of 10.1% and a year-on-year increase of 16.4% [28] - The retail sales of passenger vehicles in September 2025 were about 2.239 million units, showing a year-on-year increase of 6% and a month-on-month increase of 11% [38] - The market share of new energy vehicles in August 2025 was approximately 48.8% [36] Industry News and Company Announcements - Geely Auto plans to implement a share repurchase program of up to HKD 2.3 billion [3] - The Wanjie M8 model has surpassed 100,000 deliveries as of September 29 [3] Investment Recommendations - The report suggests an "Overweight" rating for the automotive industry, emphasizing the importance of intelligent vehicle manufacturers and the electric intelligence parts sector [4][17]
汽车行业周报：吉利汽车拟实施最高23亿港元股份回购计划，问界M8于9月29日交付突破10万台-20251013
Yong Xing Zheng Quan·2025-10-13 09:56