2025/11/24-2025/11/28 汽车周报：政策交易逐渐升温，T 链审厂定点再催化-20251130

Investment Rating - The report rates the automotive industry as "high" for investment potential [1]. Core Insights - The report suggests that the robotics industry chain companies have seen a price adjustment, leading to lower expectations, while industry advancements continue. Notable developments include Tesla's approval for a significant compensation plan and the upcoming mass production of humanoid robots in 2026. Domestic companies like Yushu are also expected to catalyze growth in the robotics supply chain [4]. - The report recommends focusing on technology-leading companies such as Tesla and Xiaopeng, along with related robotics industry chain companies like Hengbo, Shuanghuan, Longsheng, Fuda, and Yinlun. Companies with strong performance support and relatively low valuations, such as Kebo Da, Xingyu, Jifeng, and Songyuan, are also highlighted for potential growth [4]. - The report notes that the automotive industry index rose by 3.24% this week, outperforming the Shanghai and Shenzhen 300 index, which increased by 1.64%. The automotive sector's performance ranked 11th among primary industries, improving by five positions from the previous week [9][10]. Industry Updates - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the third week of November were 71,000 units, a 7% decrease year-on-year but a 7% increase compared to the previous month [4]. - The report indicates that traditional and new energy raw material price indices have risen recently, with traditional vehicle raw material prices increasing by 0.9% week-on-week and 0.2% month-on-month, while new energy vehicle raw material prices rose by 1.6% week-on-week and 1.4% month-on-month [4]. - The report highlights significant events, including the launch of the Leap Lafa5, a new electric sedan positioned for the global market, with a price range of 92,800 to 116,800 yuan and a focus on appealing to younger consumers [5][27]. Market Performance - The automotive industry recorded a total transaction value of 402.936 billion yuan this week, with a week-on-week decrease of 4.29%. The automotive industry index closed at 7545.76 points, reflecting a weekly increase of 3.24% [4][9]. - A total of 252 automotive stocks rose this week, while 16 fell. The largest gainers included Tianpu Co., Chaojie Co., and Fusa Technology, with increases of 35.3%, 28.4%, and 27.3%, respectively [13]. - The report notes that the automotive industry's price-to-earnings ratio stands at 28.06, ranking 18th among primary industries, indicating a moderate valuation compared to the Shanghai and Shenzhen 300 index [10]. Key Events - The report mentions several strategic partnerships and product launches, including BYD's collaboration with Midea to create a smart living paradigm and Changan Automobile's plans to release its first vehicle-mounted robot in the first quarter of next year [20][21]. - The report also highlights the construction of a joint battery factory by Stellantis and CATL in Spain, with an investment of 4.1 billion euros, indicating a growing reliance on Chinese battery technology in Europe [30].