GUOTAI HAITONG SECURITIES·2026-01-24 15:17Investment Rating - The report maintains an "Overweight" rating for the automotive industry [5][17]. Core Insights - The automotive sector has shown positive momentum, with the Shenwan Automotive Index rising by 3% in the past week and 9% over the past month. The new energy vehicle index increased by 2% weekly and remained flat monthly, while the automotive parts index rose by 4% weekly and 15% monthly [2][8][9]. - The domestic humanoid robot market is experiencing significant growth, with major manufacturers achieving substantial production and sales milestones. The Robotaxi industry is also advancing rapidly, with plans for large-scale deployment by companies like Cao Cao Mobility [15][16]. - The report emphasizes the importance of identifying high-value technology routes and companies with inherent advantages, particularly in the humanoid robot and automotive sectors [17]. Summary by Sections 1. Industry Weekly Market Review - The Shenwan Automotive Index increased by 3% in the week of January 16-23, 2026, and by 9% over the month. The new energy vehicle index rose by 2% weekly and remained flat monthly, while the automotive parts index increased by 4% weekly and 15% monthly [8][9]. - Notable stocks with significant gains over the past month include Chaojie Co., Hengbo Co., and Wanxiang Qianchao, while stocks with notable declines include Haima Automobile and Aolian Electronics [10][11][13]. 2. Domestic Humanoid Robots - The humanoid robot market in China is rapidly expanding, with Utree achieving over 5,500 units shipped in 2025. Other companies like Zhiyuan also reported significant production numbers, indicating a shift towards mass production [15]. 3. Robotaxi Industry Acceleration - Cao Cao Mobility plans to deploy 100,000 fully customized Robotaxis by 2030, with ongoing trials for their second-generation models. This sector is seen as a critical application for AI technology [16]. 4. Investment Strategy and Recommendations - The report suggests focusing on companies that can leverage the growing demand for humanoid robots and recommends leading firms in electric motors and reducers. It also highlights the competitive landscape for passenger vehicles and suggests companies like Great Wall Motors and BYD for long-term investment [17].