KAIYUAN SECURITIES·2025-12-07 10:13Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The automotive sector is experiencing significant growth, with a focus on high-end luxury vehicles and electric vehicles, indicating strong future performance potential [7] - The report highlights the rapid delivery milestones achieved by new energy vehicle brands, particularly Hongmeng Zhixing, which reached over one million deliveries in just 43 months [5][13] - The report emphasizes the increasing competition in the automotive market, particularly in the electric vehicle segment, and the need for companies to innovate and adapt to changing consumer demands [7][25] Industry News - Hongmeng Zhixing's "Five Realms and Ten Cars" has achieved over one million deliveries, setting a record for the fastest delivery by a new energy vehicle brand in China [5][13] - Zeekr has announced its entry into the South Korean market, signing agreements with four local dealers to establish a sales and service network [14] - The new Wuling Blue Mountain smart version has begun pre-orders, featuring advanced driving assistance technology [15] - Cao Cao Mobility has upgraded its Robotaxi strategy, planning to cover 100 cities over the next decade [16] - A new national standard for automotive steering systems has been released, supporting steer-by-wire technology and removing mandatory mechanical connections [17][18] Market Performance - The automotive sector's performance this week saw the CSI 300 index increase by 1.28%, with the automotive sector rising by 1.27%, ranking 10th among A-share industries [6][26] - The passenger vehicle index increased by 0.20%, with Xiaomi Group and SAIC Motor leading the gains [6][31] - The commercial vehicle index rose by 2.24%, with Yutong Bus and China National Heavy Duty Truck leading the sector [6][32] - The automotive parts index increased by 1.56%, with Fosa Technology and Aerospace Science and Industry leading the gains [6][33] Investment Recommendations - For passenger vehicles, the report recommends investing in Jianghuai Automobile, Seres, and Xpeng Motors, with Geely Automobile identified as a beneficiary [7] - In the automotive parts sector, companies like Desay SV, Zhejiang Xiantong, and Meili Technology are recommended, with additional beneficiaries including Weichai Power and Baojun Technology [7]