Nvidia(US:NVDA) CAITONG SECURITIES·2025-12-11 13:00Group 1: Automotive Market Overview - In November, the national retail sales of passenger cars reached 2.225 million units, a year-on-year decrease of 8.1% and a month-on-month decrease of 1.1%, aligning with the initial forecast of a "low start, medium growth, and stable end" trend for the year [5][11][20] - Cumulative retail sales for the year reached 21.483 million units, reflecting a year-on-year growth of 6.1%. The growth rate fluctuated throughout the year, with a notable slowdown in the fourth quarter due to high base effects from the previous year [5][11][20] - The "old-for-new" subsidy policy has been a significant driver for growth, with over 11.2 million applications for subsidies by the end of October, although the average daily subsidy scale dropped to 30,000 units in November due to the suspension of subsidies in various regions [5][11][20] Group 2: Intelligent Driving Developments - NVIDIA has officially open-sourced its new Vision-Language-Action (VLA) model, Alpamayo-R1, marking a significant shift in autonomous driving technology from mere behavior imitation to deeper causal reasoning [6][33] - The model's dataset, approximately 100TB in size, has been uploaded to the open-source community, indicating a move towards more accessible high-end autonomous driving models [6][33] Group 3: Investment Recommendations - The report suggests focusing on companies with strong positions in automotive intelligence and leading software capabilities, including Rui Ming Technology, Dao Tong Technology, Hei Zhi Ma Intelligent, Horizon Robotics, and others [8][39]