GOLDEN SUN SECURITIES·2026-03-09 10:24Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Insights - The passenger car market is expected to recover starting in March, following a dip in sales due to the Spring Festival holiday and other factors. The adjustment of the new energy vehicle purchase tax and subsidy policies in 2026 is anticipated to guide the industry towards high-quality development [9][10] - The automotive sector experienced a decline of 2.76% in the week from March 2 to March 8, ranking 16th out of 31 sectors. The Shanghai Composite Index fell by 0.93%, while the Shenzhen Component Index and CSI 300 Index decreased by 2.22% and 1.07%, respectively [14][15] - BYD has launched its second-generation blade battery and fast-charging technology, which is expected to enhance the sales growth of new energy vehicles due to improved charging efficiency [10][11] Summary by Sections Weekly Dynamics - Sales were impacted by the Spring Festival holiday, but a recovery is expected in March. The new energy vehicle purchase tax will shift from a capped exemption to a 50% reduction, and subsidy policies will be refined to encourage high-quality development [9] - The sales data for January and February showed a significant year-on-year decline, with the industry at a low point for the year. However, as car manufacturers resume normal sales activities, a recovery in market conditions is anticipated [9][10] Weekly Market Performance - The automotive sector's performance was down 2.76%, with the commercial vehicle segment declining by 3.76% and the passenger vehicle segment increasing by 0.85%. The overall market sentiment remains cautious [14][15] Investment Recommendations - Recommended stocks include: - Passenger Vehicles: Jianghuai Automobile, Geely Automobile, BYD, Xpeng Motors, Tesla - Commercial Vehicles: Weichai Power, China National Heavy Duty Truck Group, Yutong Bus, King Long Automobile - Liquid Cooling: Yinlun, Feilong, Ruikeda - Robotics: Zhejiang Rongtai, Siling, Delta Electronics, Top Group, Sanhua Intelligent Controls, Xinquan, Shuanghuan Transmission, Hengshuai - Autonomous Driving: Horizon Robotics, Hesai Technology, Suton, Pony.ai, Nexperia, Coboda, Jingwei Hirun, Bertley - Commercial Aviation: Chaojie, Haoneng, Jingwei Hirun [3]