小米城市NOA重新定义智能汽车

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, indicating an expectation of overall returns exceeding the CSI 300 Index by more than 5% over the next six months [32]. Core Insights - Xiaomi's City NOA is redefining smart cars, with the Xiaomi SU7 Pro achieving a record delivery of 10,000 units in just 43 days, showcasing strong production capacity and supply chain efficiency [8][4]. - NIO's sub-brand, Lido, has officially launched, introducing its first model, the Lido L60, with a pre-sale price of 219,900 yuan, set to be delivered in September [7][8]. - The automotive industry is expected to experience a significant upward trend, with a focus on companies like Huawei and Xiaomi, as well as opportunities in exports [4][8]. Market Performance Review - The automotive sector index fell by 1.76% during the week of May 13 to May 19, underperforming compared to the broader market indices [10][11]. - The current valuation of the automotive industry stands at a PE ratio of 20.7, which is below the five-year median of 29.5 [17]. Industry Dynamics - Recent policies include initiatives to promote the replacement of old vehicles with new energy vehicles, with subsidies of up to 10,000 yuan available in various provinces [28][29]. - The National Development and Reform Commission has introduced regulations to support the development of new energy systems and market structures [22]. Recent Company Announcements - Xiaomi has confirmed the delivery of its 10,000th SU7 vehicle, with plans to expand production capacity to meet a target of 100,000 deliveries this year [24]. - NIO's Lido brand has launched its L60 model, which emphasizes family use and competitive pricing against rivals like Tesla [7][8].