Shenwan Hongyuan Securities·2025-11-25 04:12Investment Rating - The report maintains a positive outlook on the automotive industry, highlighting potential investment opportunities in technology-driven companies and the robotics supply chain [5][6]. Core Insights - The automotive industry is experiencing a rebound, particularly in the robotics sector, with companies like Tesla and Xpeng leading the way. The report suggests focusing on technology leaders and related robotics companies [5][6]. - The report emphasizes the importance of the upcoming 2026 timeline for the realization of technological advancements in the automotive sector, particularly in electric vehicles and AI integration [6][7]. - The report notes a significant decline in average daily retail sales of passenger vehicles, down 9% year-on-year, indicating a challenging market environment [5][51]. - The Guangzhou Auto Show showcased a shift in competition from individual models to comprehensive technology ecosystems, reflecting the industry's evolution towards system-level competition [10][24]. Industry Updates - The report indicates that the average daily retail sales of passenger vehicles in the second week of November were 67,000 units, a decrease of 9% compared to the same period last year [5][51]. - The automotive industry index fell by 4.89% this week, underperforming compared to the Shanghai Composite Index, which declined by 3.77% [11][14]. - The report highlights that 20 stocks in the automotive sector rose while 251 fell, with the largest gainers being Tianpu Co., Luochang Technology, and Zhejiang Rongtai [17][19]. Market Conditions - The total transaction value in the automotive sector for the week was 421.1 billion yuan, reflecting an 18.56% decrease from the previous week [5]. - The report notes a decrease in both traditional and new energy raw material price indices, indicating potential cost pressures for manufacturers [5]. - The report identifies key events, including the Guangzhou Auto Show, which highlighted the acceleration of brand clearing and systemic competition in the automotive market [8][9]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers such as NIO, Xiaomi, and Xpeng, as well as component companies with strong performance and growth potential [5][6]. - It suggests that companies with strong performance growth and capabilities in robotics or overseas expansion, such as Xingyu Co., Fuyao Glass, and Newquay Co., should be closely monitored [5][6]. - The report also emphasizes the importance of state-owned enterprise reforms and their potential impact on companies like SAIC and Dongfeng [5].