Orient Securities·2026-03-01 10:16Investment Rating - The investment rating for the automotive and parts industry is maintained at Neutral [5] Core Insights - The report highlights that certain strong alpha automotive and parts companies are expected to withstand industry risks and achieve revenue and profit growth. The focus is on the gas generator and liquid cooling industry chain, as well as companies involved in humanoid robots and high-level autonomous driving that are set to enter supply chains for Tesla and other robotics companies [3][15] - The demand for self-built "shadow grids" in North America is increasing, with at least 47 data centers reported to be adopting gas power generation methods. This trend is expected to drive orders for gas power companies significantly [12] - The gradual implementation of vehicle trade-in policies is anticipated to improve passenger vehicle demand marginally, with government subsidies of 62.5 billion yuan already allocated to local departments [14] - The ongoing conflict between the US and Israel may impact China's passenger vehicle exports in the short term, but could also accelerate the penetration of new energy vehicles in the long term [15] Summary by Sections Investment Suggestions and Targets - Strong alpha automotive companies are expected to resist industry risks and achieve growth. Key sectors to watch include gas generators, humanoid robots, liquid cooling, and autonomous driving [3][15] - Recommended stocks include: - Gas generator related: Yinlun (002126, Buy), Weichai Power (000338, Not Rated) - Liquid cooling related: Invec (002837, Not Rated), Yinlun (002126, Buy), Top Group (601689, Buy), Feilong (002536, Not Rated) [16] - Robot related: Xinquan (603179, Buy), Top Group (601689, Buy), Yinlun (002126, Buy), Daimi (603730, Buy) [17] - Autonomous driving related: Jingwei Hengrun (688326, Buy), Bertley (603596, Buy), Desay SV (002920, Buy) [17] - Complete vehicles: BYD (002594, Not Rated), SAIC Group (600104, Buy), JAC Motors (600418, Not Rated), Seres (601127, Not Rated) [17] Sales Tracking - In the first week of February, wholesale sales of passenger vehicles reached 284,000 units, a year-on-year increase of 46%. Cumulative wholesale sales for the year are 2.257 million units, a decrease of 2% [19] - Retail sales for the same period were 328,000 units, up 54% year-on-year, with cumulative retail sales down 7% [19] Market Trends - The automotive sector is under slight pressure, with the passenger vehicle segment showing a decline of 1.41%, while other automotive sub-sectors performed better [30] - The report indicates that the automotive industry has underperformed compared to the broader market, with a 0.6% decline in the automotive sector compared to a 1.1% increase in the CSI 300 index [30][32]