Xinda Securities·2025-11-09 12:34Investment Rating - The industry investment rating is "Positive" [2] Core Views - The automotive sector underperformed the market this week, with the A-share automotive sector declining by 1.24%, ranking 28th among A-share Shenwan first-level industries [3][11] - Key news includes Xiaopeng's launch of the second-generation VLA model and the announcement by Volkswagen of self-developed chips [21] - The report suggests focusing on companies such as BYD, Geely, Great Wall, and others in the passenger vehicle segment, while in the commercial vehicle segment, attention should be on companies like China National Heavy Duty Truck and FAW Liberation [3][21] Summary by Sections 1. Market Performance - The A-share automotive sector lagged behind the market, with a decline of 1.24% this week [3][11] - The SW passenger vehicle index fell by 3.38%, with Haima Automobile and GAC Group leading the decline [3][6] - The SW commercial vehicle index decreased by 3.04%, with Weichai Power and *ST Yaxing leading the decline [3][6] - The SW automotive parts index saw a slight decline of 0.20%, with Quan Chai Power and Doli Technology leading the gains [3][6] 2. Industry News - Xiaopeng announced the launch of the second-generation VLA model and three other AI applications with clear mass production plans [21] - Volkswagen announced the development of self-designed chips in China [21] - Geely signed a strategic cooperation agreement with Renault to enhance collaboration in Brazil [21] - BYD plans to launch its luxury brand "Yangwang" in the Middle East next year, followed by expansion into Europe and America [21] - The termination of the U.S. federal electric vehicle subsidy led to a significant drop in October sales [21] - Porsche opened a research center in China to shorten development cycles from years to months [21] - China FAW signed cooperation memorandums with Volkswagen, Audi, and Toyota [21] 3. Key Data Tracking - The report includes tracking of key upstream data such as steel prices, aluminum ingot prices, and natural rubber prices [23][24][26] - The report highlights the importance of monitoring these prices as they impact the automotive supply chain and production costs [23][24][26]