汽车行业周报：小米城市NOA重新定义智能汽车

Investment Rating - The report maintains a "Positive" rating for the automotive industry, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [32]. Core Insights - Xiaomi's City NOA redefines smart cars, with the Xiaomi SU7 Pro achieving over 10,000 deliveries in just 43 days, setting a record for new brand vehicle deliveries [8][4]. - NIO's sub-brand, Lido, has launched its first model, the Lido L60, with a pre-sale price of 219,900 yuan, expected to be delivered in September [7][8]. - The automotive industry is experiencing an upward turning point in market conditions, with a focus on Huawei and Xiaomi as key players for new growth opportunities [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, below the five-year median of 29.5 [17]. Industry Dynamics - Recent policies include the promotion of electric vehicle replacements and incentives for consumers to trade in old vehicles for new ones, with subsidies reaching up to 10,000 yuan in certain provinces [28][29]. - The National Development and Reform Commission has introduced regulations to support the development of new energy sources and enhance the electric power market structure [22]. Recent Company Announcements - Xiaomi has set a target to deliver 100,000 vehicles this year, following the successful delivery of its 10,000th SU7 [24]. - NIO has established a new independent sales network for its Lido brand, focusing on family-oriented vehicles and leveraging its existing battery swap infrastructure [7].