Minsheng Securities·2025-11-09 11:04Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting key companies to focus on, including Geely, Xpeng, Li Auto, BYD, and Xiaomi Group [5][10]. Core Viewpoints - The automotive industry is undergoing significant transformation driven by electrification and automation, with a focus on the T-chain as a core investment theme [10][11]. - The report emphasizes the importance of the upcoming mass production of humanoid robots by Tesla and other companies, which is expected to catalyze growth in the robotics sector [11][19]. - The report suggests that the expansion of the used vehicle replacement subsidy policy will stimulate demand in the heavy truck market, contributing to a recovery in domestic demand [27][28]. Summary by Sections Weekly Market Performance - The automotive sector underperformed the market, with a decline of 0.5% from November 3 to November 9, 2025, ranking 25th among sub-industries [33]. - Specific segments such as commercial passenger vehicles and automotive parts saw increases of 1.5%, while passenger vehicles and commercial freight vehicles declined by 2.4% and 4.6%, respectively [33]. Passenger Vehicles - The report highlights the positive impact of the continued implementation of the vehicle replacement policy, which includes subsidies for scrapping older vehicles, thereby stimulating domestic demand [13][43]. - Recommended companies in the passenger vehicle segment include Geely, Xpeng, BYD, Xiaomi Group, and Li Auto, focusing on those with strong prospects for growth in smart and global markets [14][15]. Intelligent Electric Vehicles - The report anticipates accelerated growth in the intelligent electric vehicle sector, with a focus on the increasing adoption of advanced driving technologies [16][17]. - Key recommendations include companies involved in smart driving and intelligent cockpit technologies, such as Berteli and Horizon Robotics [18]. Robotics - The report identifies the mass production of humanoid robots as a pivotal development, with Tesla's Optimus V3 expected to launch in 2026, marking a new era in embodied intelligence [19][20]. - Companies involved in automotive robotics, such as Top Group and Berteli, are highlighted as key players in this emerging market [21]. Heavy Trucks - The heavy truck market is expected to benefit from expanded subsidies for replacing older vehicles, with a significant increase in sales observed in September 2025 [27][28]. - Recommended companies in this segment include China National Heavy Duty Truck Group and Weichai Power, which are well-positioned to capitalize on the recovery in demand [28]. Tires - The tire industry is experiencing growth driven by high demand and the expansion of production capabilities, particularly in overseas markets [29][30]. - Recommended companies include Sailun Tire and Senkiren, which are expected to benefit from their strong research capabilities and global expansion strategies [31].