汽车行业周报：多家车企发布购置税补贴方案，曹操出行发布Robotaxi十年百城千亿目标-20251209

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [6] Core Insights - The automotive industry is expected to see stable growth in consumer demand due to supportive policies and increasing sales of new energy vehicles [16][4] - The report highlights the importance of focusing on leading companies in smart technology and the resonance of technology and model cycles in the vehicle sector, as well as the electric and intelligent incremental segments in the parts sector [4][16] Summary by Sections Market Review - The automotive sector rose by 1.38% from December 1 to December 5, 2025, outperforming the overall A-share market, ranking 10th among all primary industries [18][21] - The largest gain was in automotive parts, which increased by 1.83%, while passenger vehicles saw the smallest increase of 0.21% [21] Industry Data Tracking 1. Total Industry Volume: In October 2025, approximately 3.322 million vehicles were sold, with a month-on-month increase of 3% and a year-on-year increase of 8.8%. New energy vehicles accounted for about 51.6% of the market share [2][36] 2. Company Sales: BYD, Geely, and FAW-Volkswagen were the top three in retail sales for October 2025, with sales of approximately 296,000, 266,000, and 136,000 vehicles, respectively [2] 3. Weekly Data: For November 1-30, 2025, retail sales of passenger vehicles were about 2.263 million, down 7% year-on-year but up 1% month-on-month [38] 4. Raw Material Prices: As of December 5, 2025, the price of battery-grade lithium carbonate was approximately 93,250 CNY/ton, a decrease of 1% from the previous week [45] Industry News and Company Announcements - Several automakers announced purchase tax subsidy plans, including a maximum subsidy of 15,000 CNY from GAC and a cash discount of up to 17,000 CNY from Leap Motor [3][49] - Cao Cao Mobility announced a strategic goal for its Robotaxi service, aiming for a 100 billion CNY investment over ten years across 100 cities [3][49] Investment Recommendations - The report suggests focusing on companies that lead in smart technology and those that align with the technological and model cycles, such as SAIC Motor, Xpeng Motors, Xiaomi, and Leap Motor [4][16] - In the parts sector, it recommends looking at companies involved in electric and intelligent incremental segments, including Huaguang Co., Chuanhuan Technology, Yinlun Co., and Horizon Robotics [4][16]