CAITONG SECURITIES·2025-11-29 08:02Group 1 - The overall demand for passenger vehicles is expected to remain stable, with incremental growth driven by high-end market expansion and exports [3][6][35] - The penetration rate of new energy vehicles (NEVs) is stabilizing, with domestic market competition gradually reaching a steady state [23][35] - The average price of passenger vehicles is anticipated to increase, particularly in the mid-to-high-end market, as domestic brands continue to replace foreign brands [6][35] Group 2 - The heavy truck market faces pressure domestically, but exports are expected to recover as the pressure on sales to Russia eases [46][50] - The export of medium and large buses is projected to maintain rapid growth, with profitability largely dependent on the European market [55] - The rapid growth of AI data centers is expected to create additional demand in the diesel engine sector [3][46] Group 3 - The smart driving sector is entering a new phase of resonance between China and the US, with advancements in L2 and L3 driving standards expected [58][63] - The Robotaxi market in the US is anticipated to experience explosive growth, driven by companies like Tesla and Waymo [72][75] - The integration of robotics into the automotive supply chain is becoming increasingly significant, with automotive suppliers likely to extend their capabilities into the robotics sector [87][90] Group 4 - Recommended stocks in the passenger vehicle sector include Jianghuai Automobile, BYD, and BAIC Blue Valley, with a focus on high-end vehicles and exports [4][94] - In the robotics sector, recommended stocks include Top Group, Yinlun, and BlueDye Technology, with a focus on companies capable of transitioning into robotics [4][94] - For smart driving, recommended stocks include Bertel, Horizon, and Pony.ai, focusing on the growth of L2 driving technology and Robotaxi commercialization [4][94]