汽车行业周报-20251130

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, particularly focusing on the humanoid robot sector [2][6]. Core Insights - The automotive industry is accelerating its layout in embodied intelligence, driving a dual advancement in the automotive and robotics industries. Companies like Xiaomi, Changan, BYD, and others are heavily investing in humanoid robotics, leveraging their technological expertise and supply chain capabilities to reduce costs and facilitate rapid production [3][5][6]. - The humanoid robot sector has shown significant market performance, with the Huaxin humanoid robot index rising by 5.36% this week and a cumulative return of 90.3% year-to-date [14][17]. - Key companies in the humanoid robot supply chain are recommended for investment, including New Spring Co., Shuanglin Co., and others, due to their high-value components and growth potential in the market [6][7]. Summary by Sections 1. Humanoid Robot Sector Market Performance - The Huaxin humanoid robot index increased by 5.36% this week, with a year-to-date return of 90.3% [14]. - Within the humanoid robot sector, components such as motors and joints have shown strong performance, with increases of 6.7% and 6.0% respectively [17][21]. 2. Automotive Sector Market Performance and Valuation Levels - The CITIC automotive index rose by 3.3%, outperforming the broader market by 1.7 percentage points [29]. - The automotive sector's PE ratio is at 31.4, placing it in the 34.4% percentile over the past four years, while the PB ratio is at 3.0, in the 95.3% percentile [44]. 3. Industry Data Tracking - From November 1 to 23, the average daily retail of passenger cars in China decreased by 11% year-on-year, totaling 1.384 million units [50]. - The average price of aluminum has decreased recently, indicating fluctuations in raw material costs that could impact the automotive industry [58]. 4. Company Announcements - Notable announcements include BYD's investment in robotics and partnerships with academic institutions to advance humanoid robot technology [4][27]. - Companies like Kaidi Co. and Chang'an have made significant moves in expanding their robotics capabilities, indicating a trend towards integrating robotics into their operations [67][68].