Investment Rating - The industry investment rating is "Hold" [2] Core Viewpoints - The global smart automotive parts market is expected to exceed 100 billion USD by 2025, with the "Qijing" brand officially announced [5] - In August, domestic automobile sales increased by 16% year-on-year, and eight departments issued the "Automobile Industry Stabilization Growth Work Plan (2025-2026)" [5] - In September, retail sales of passenger vehicles increased by 6% year-on-year, with the launch of Changan Automobile's intelligent brand "Tianshu Intelligent" [5] Market Review - The automotive sector experienced a decline of 1.26%, with the automotive services sub-sector performing the best [6] - In September, the national retail sales of passenger vehicles reached 2.239 million units, a year-on-year increase of 6% and a month-on-month increase of 11% [6] - The retail sales of new energy passenger vehicles in September reached 1.307 million units, a year-on-year increase of 16% and a month-on-month increase of 17%, with a penetration rate of 58.5% [6] Recent Developments - CATL Intelligent completed its first round of financing, with a valuation exceeding 10 billion RMB, becoming the first unicorn in the smart chassis field [7] - The Ministry of Industry and Information Technology announced adjustments to the technical requirements for the exemption of vehicle purchase tax for new energy vehicles starting from January 1, 2026 [8] - In September, BYD's new energy vehicle sales decreased by 5.52% year-on-year, while Great Wall Motors saw an increase of 23.29% [8] Investment Recommendations - Focus on companies related to smart technology in vehicles and parts, as well as those with potential overseas sales [11] - Recommended companies include BAIC Blue Valley, Great Wall Motors, and GAC Group for complete vehicles, and several companies for parts [12]
汽车与零部件行业周报：9月乘用车零售同比+6%，FigureAI发布新一代人形机器人-20251013
Shanghai Securities·2025-10-13 12:29